With the stock market in a shambles and your retirement account hurting you may want to take a look at your credit cards to increase your rate of return.
What do I mean by that?
Well, quite simply you have something that does have a guaranteed rate of return. Unfortunately for you it does not benefit you. That guaranteed rate is on your credit card. Think for a minute, what is the current rate on your credit card? Do you have a credit card at 16.99% who is getting that rate? Simple, your credit card company.
Your credit card is the only guaranteed rate of return you have in your control. At this time you definitely should look at ways to eliminate some of your credit card debt. The stock market will come back at some point in time, hopefully pretty soon.
That being said if you want to have more to invest in the future you need to take steps today to position yourself for that opportunity. Imagine for a moment not having to pay that $150 credit card payment and instead put that money into an IRA for your future.
Why should you continue to pay your credit card companies a guaranteed rate of return? I'm sure you'd like to guarantee yourself a 16.99% rate of return wouldn't you? You need to look at my book for some real techniques to reduce your interest cost.
Once again at this time it would be wise to start reducing your credit card debt and then you will have more money to invest later.
Visit http://www.debtstrength.com
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