7. Letting your debt lie
If you've got debt that you can't pay off in full, you may end up paying more than you have to if you just assume that there's nothing you can do about it.
In fact, you might be able to reduce what you owe if you keep an eye out for lower rates that may be available to you.
If you got an adjustable-rate mortgage at a low teaser rate in the past couple of years and it's scheduled to reset to a much higher rate, now may be the time to consider getting a fixed rate mortgage.
If you've got credit card debt, transferring your balance to a lower rate card can save you money ... if you do it right. Make sure that there's not an onerous balance-transfer fee; and if there's not, move the balance to another card but be sure to pay it off before the low rate expires.
Also, to avoid lowering your credit score, don't close the higher-rate account after you transfer your balance out of it. If you do, you'll lower your total credit limit, and that will negatively affect your debt-to-credit-limit ratio.
