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Once you allow yourself to get into unmanageable debt, there's no easy way out. Debt consolidation may sound like an easy cure, but many professionals and business owners have discovered that so-called debt consolidation led them down the road to an even more burdensome debt load. "Consolidating debts may be only digging yourself a deeper hole," says Certified Financial Planner Brent A. Neisner, of Greenwood Village, Colorado. "Before you take that step, you should ask yourself how you got into debt trouble. Overspending almost always involves emotional and psychological issues that aren't going to go away by treating the symptoms." 7. Eliminate Preapproved Offers from How to Win the Credit Card Game • Don't think of your credit card as a means for obtaining a loan; that's the most expensive way to borrow money. If you need to borrow, almost any other source will be a smarter choice. • Don't be tempted to use your credit card to finance a lifestyle you cannot afford. • Charge only what you'll have the cash to pay for when the bill arrives. Your Mailbox Those preapproved credit offers that find their way into your mailbox represent a temptation for identity thieves who might try to open new credit accounts in the name of your practice. You can opt-out by visiting the official Credit Reporting Industry website at www.optoutprescreen. com or by calling 888-567-8688 to opt-out via telephone. • Set up a system that will ensure paying your credit card bills on time. Most credit card companies impose oppressive penalty fees for late payments, and a record for paying late can seriously damage your credit score. • Don't use your credit card for cash advances. You will be charged interest from the day you take the cash, even if you pay the full balance when you get the bill. • Less is more when it comes to the use of credit cards. If possible, keep only one credit card for business and one for personal use. A pocket full of credit cards can sweep you up in the illusion that you have more money than you actually have, and that's where credit trouble begins. • Think twice before using the "convenience" checks that come from some credit card companies. These checks are treated as a cash advance, so interest begins to accrue immediately, and the rate on a cash advance is higher than the rate for regular purchases. Celebrate ABMP's 25th anniversary and you may win a refund on your membership. ABMP.com. 97