SUCCESS

His strong belief is that we should only take on debts in 2010 that offer a return over time, such as a home and a degree.

"The difference isn’t the type of debt, but the margin of safety". Here are 3 New Frugality rules for managing debt wisely:

Credit Cards - Don’t own more than one credit card, unless you need a separate card for business expenses. Pay off your credit card bills in full monthly.

Mortgages - Put at least 20 percent down and get a low-cost, 30-year, fixed-rate mortgage.

Car Loans - Keep them under three years. A six-year auto loan may offer lower monthly payments, but the total cost is too steep. Buy a cheaper car. (I’m no fan of leasing, since leasing turns into a world of perpetual car payments and encourages you to buy more car than you need.) Make as big a down payment as you can, to keep the monthly payments lower. Be sure the loan has no prepayment penalty, so you can pay off the loan sooner if you want.

The New Frugality: How to Consume Less, Save More, and Live Better
 

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