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They were made aware that adopting a more intelligent financial strategy could lead to considerable savings—suggestions included prioritizing high-interest debts, effectively engaging with credit card balances, and minimizing extravagant monthly expenditures, like car payments that amounted almost to their mortgage.
Potential Steps Forward
1. Creating a Debt Payment Strategy
The couple was advised to focus on repaying debts with the highest interest rates first. Although they initially relied on minimal payments for several promotional balances, they recognized that aggressive repayment could save them from crippling interest charges in the long run.