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Financial Advice From a Fool Who's Struggled With Debt

Consumers added more than $32 billion in revolving debt in 2012, a recent study says. Overall, the U.S. populace owed credit card issuers more than $830 billion at the end of last year.

As good as that must be for the likes of Citigroup (NYSE: C  ) , which has seen sharp increases in consumer banking profits over the past two years, rising debt levels suggest that everyday shoppers haven't fared as well, says Tim Beyers of Motley Fool Rule Breakers and Motley Fool Supernova.

Fortunately, the indebted can take several practical steps to dig out. Principal among them, says Tim, who has also struggled with debt, is to use cash or charge cards as much as possible. That way, you're forced to pay your bill monthly.

Do you agree? Please watch the video to get two more of Tim's ideas, and then leave a comment to let us know the best financial advice you've received in your own battle with debt.

If you're an investor who prefers returns to rhetoric, you'll want to read The Motley Fool's new free report, "5 Dividend Myths ... Busted!" In it, you'll learn which stocks provide premium growth and whether bigger dividends are better. Click here to keep reading. 

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Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

  • Report this Comment On May 12, 2013, at 1:08 PM, CeaRay wrote:

    You’re out of your mine but as an investor I like the ideal but I real don't think anyone is going to buy into your story. If you’re in debt get a loan from Citi that will allow you to pay your loan off early with no penalty and cut your credit cards up.

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