To follow up on our earlier post about Suze Orman’s class last night on Oprah’s Best Life Series, we wanted to share some of the scariness of what the credit cards are up to.

Apparently if you have a credit card and you are paying the minimum and adding to your balance monthly, then it is obvious that you are living on your credit card. Right? Lenders are closing these accounts and then changing the interest rate to 32%.

In this economy that is going to put a lot of folks under.

I think we haven’t seen the worst yet.

If you are living on your credit card right now, get back on the right path and do it fast. It appears they’ll be no letting up from the credit cards. We might be giving them billions of dollars but they aren’t showing the love to your average citizen.

Best Wishes,

Miel

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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