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Summary

Before we move on, let's review some key points from this chapter:

  • You need to know all the relevant details about your debt before you can properly manage it.

  • The rates you pay on your borrowing depend heavily on your credit score.

  • Retirement savings and financial flexibility need to be a key part of most people's financial plans, even when—especially when—they're paying off debt.

  • Some common “solutions” for debt, such as borrowing against home equity and tapping retirement accounts, often make matters worse.

  • If you can't pay off unsecured debts like credit cards and medical bills within three to five years, you may need to consider bankruptcy.


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