If You’re Looking for Debt Relief, Don’t Do These Stupid Things

We went on a hunt; not a safari, but a hunt across the Internet to find out what are some of the wrong ways to get some debt relief. And there is a lot of advice out there on what you should do.

So we’ve compiled a list of 15 dumbest things to do if you’re already in debt. Here they are:

  • Continue to spend as if there is no tomorrow
  • Use a home equity loan to pay off credit cards instead of learning to manage the debt
  • Use one credit card to make a payment on another credit card
  • Not having an emergency cash fund
  • Switch credit cards to get lower interest rates so you can afford the minimum payments
  • Use credit cards to pay for everyday purchases such as gasoline and groceries
  • Make a payment on your credit card just so you can charge on it again
  • Pay only the minimum on your credit card each month
  • Take money from your 401k before the age of 59 ½ to pay off debt
  • Take out a second mortgage on your home to pay off your credit card debt
  • Lease a car instead of buy a car
  • Take a cash advance on your credit card
  • Get a payday loan
  • Use “retail therapy” to make yourself feel better about your debt
  • Use bankruptcy as debt relief