11 Bad Ways To Pay Off Your Debt

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10. Delivery of post-dated checks to creditors

When debt collectors knock on the door, sometimes they’ll ask you to hand them a post-dated check if you don’t have the money on hand. It’s a risky business. Your economic situation may change in the future and if you write bad checks it will only slow you down financially. Additionally, unscrupulous creditors have been known to cash post-dated checks prematurely.

11. Do something illegal

It should go without saying, but you should avoid any illegal activity no matter how much you want to pay back. Sadly, people of all ages – including older Americans – have been known to steal, steal their cars, or even set their homes on fire to collect insurance money. These actions are not only illegal and morally wrong, but could also cost you a lot more than money. You could end up in jail and lose your personal freedom. No amount of money is worth that – not even enough money to pay off the last penny you owe.

Lynnette Khalfani-Cox, The Money Coach (R), is a personal finance expert, television and radio personality, and the author of numerous books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom.

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