If you’re like most Americans, debt is a way of life, says Jason Rich. So what separates the rich from the poor? He claims that the wealthy use debt to improve their financial situation -- something he calls “Smart Debt” -- and the poor use debt for instant gratification by which they just keep getting deeper in the hole.Rich is a bestselling author with some 30 books to his credit, including the Wall Street Journal bestseller, "The Unofficial Guide to Starting a Business Online," and, "Job Hunting for the Utterly Confused."  He has a new book on the market called "Smart Debt" (Entrepreneur Press), that offers strategies to avoid wasting money on fees and interests as a result of credit cards.

To him, Smart Debt means getting the best interest rate, budgeting the right amount of your income to pay off the debt, and borrowing only what you can afford. In other words, it is putting your money to work … but for you.

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