What are the 3 Financial Mistakes You Should Avoid

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What are the 3 Financial Mistakes You Should
Avoid?

• by

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Relying Too Much on Credit Cards.

• Relying too much on credit cards for financial
  security is risky.

• Remember that charging expenses to these plastics
  do not come for free.

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If you fail to pay your full balance on time, you
will incur the interest rate charge. Most credit
cards have very high rates, especially credit
cards with rewards. You could be stuck in bad
debt so quickly, before you even realize how it
happened.
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• How to recover?

• Check which of your cards have the highest rate
  of interest and find a way to pay this balance
  first completely.
• Pay your balances one credit card at a time.
• Consider acquiring a balance transfer credit card
  with zero interest.

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• Credit cards should not be used to pay medical
  bills

• Medical bills and hospitalization costs can
  quickly throw you in a bad debt situation if you
  dont have insurance coverage. To prepare for a
  medical emergency, it is recommended that you
  acquire a health insurance policy.

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Borrowing Against Your 401(k) Fund.

• If you need a loan or financial assistance, dont
  take it out on your 401k. Even if you plan to
  return it, you will lose the interest earnings
  until you are able to pay it back. In case you
  lose your job, you will need to work on repayment
  within 60 days or pay the taxes.

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• How to recover?

• Pay back your loan at the soonest possible time
  and reserve this fund for your retirement years.
• Build your personal fund or a savings fund that
  you can use for financial projects and
  emergencies.

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• Asking financial help from the wrong experts.

• Many consumers who are stuck in a bad debt
  situation sought the wrong kind of help. Many of
  these agencies even claim to be non-profit
  organizations offering credit counseling services
  when in truth, their only purpose is to make
  money out of unsuspecting victims.

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• How to recover if you have been a victim of a
  fake credit counseling service

• File a complaint to the FTC right away.
• Learn from this experience and be more cautious
  the next time.
• Carefully check the companys background,
  reputation, and legitimacy by doing your own
  investigation.

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• Contact NHBS if you need free credit repair guide
  and credit repair Ebook.

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