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• Never take a debt where the monthly repayment is more than 50% of your take-home salary.
  
  
• Don`t let the interest component of a loan get out of control. So make sure that you do not borrow at exorbitant rates.
  
  
• Pay off your debt with your savings if the cost of debt exceeds the returns from your savings.
  
  
• There is always room for negotiation with your lender. Always be alert to find a better deal.
  
  
• Try to keep the number of credit cards that you own to the minimum.
  
  
• Never use one credit card to pay off the outstanding amount of another credit card.
  
  
• Every few months try and ensure that the balance in your credit cards is NIL.