10. Save $100s per month – Have relative like parents/grandparents or wife/husband to take a cheap, consolidated loan to cover your expensive credit card debt while you pay that loan and co-guarantee the loan
The idea is simple, instead of you paying $600+ per month worth of credit card payments (like for $20,000 worth of credit card debt at 16% APR), ask a relative to loan you $20,000 by him/her (and you co-signing as loan-guarantee) for a $20,000 loan, and you make the monthly payments for this $20,000 loan.
The result is that your credit card debt is gone, your credit score goes up, and within 5 years, the loan is paid back.
The monthly payments may be lower because of APR or you could spread the loan over 10 years, like with a home-equity loan.
As well, your credit score improves, resulting that you can also refinance (mortgage, car finance, insurance) at better rates, thus saving you several $100rds.
Because you are the co-guarantee on the new loan with the bank, they are ensured you will pay back the loan.
Saving before buying
One in five people surveyed say they're saving to buy something they want, instead of charging it, says WSL Strategic Retail. For luxury items over $1,000 (like flatscreen, laptop), it is better to save (and wait to purchase) than instantly charge on credit card. The advantage is also that you keep your credit card debt to a controlled limit and you reduce impulse buying on credit card.