Avoid financial disaster by being prepared
News from The Coloradoan:

One good thing about the current economic downturn is more people desire to do a better job of managing their money. Prevention is worth a pound of cure, and this is especially true when it comes to money. Check through the following list to see if there are some areas in your financial life you could be managing better.

Avoiding these pitfalls will help you be more financially secure.

» Neglecting your credit scores: Regularly review your credit report (free from annualcreditreport.com). Check for errors to improve your credit score.

» Equating monthly payments with affordability: Monthly payments do not reflect the true cost of ownership. A car, for example, requires insurance, gas, repairs and maintenance, which need to be included when deciding affordability. Lower payments also often reflect a longer repayment time which means increased interest being paid which increases the cost of the purchase.

» Overpaying on a mortgage: Refinan…………… continues on The Coloradoan

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