January 2010 Archives

Smart people who are dumb with debt

The Moolala Method is rooted in the observation that smart people often do dumb things with their money. I have certainly fit that description at times over the years, and perhaps you have too. When it comes to high interest debt, there are lots of reasons why someone might carry it for a short period of time – a job loss, unforeseen repairs, the Holt Renfrew 60% off sale etc – but over time, paying the 19% + interest that many credit cards charge just doesn’t make financial sense.

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