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The Rules of Wealth, 3rd Edition by Richard Templar

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RULE 44

Pay off your loans and debts as a priority

Do you clear your credit card balance every month? If you do, and you don’t have any other outstanding loans/debts then well done you. You’re not wasting money paying interest and you’re already in a strong position to go forward. Skip the rest of this Rule and carry on.

If you do have a credit card balance (or five), an overdraft and/or other loans or debts,* then you certainly aren’t alone. We live in a ‘have it now, pay later’ society. Trouble is, debt bogs us down and holds us back. We’re simply throwing money away paying off the interest (you borrow, say, £20,000 and can end up paying several thousand pounds extra back in interest – the actual amount you end up paying depends on how long ...

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