Rounding Up Those Personal Loans

For the Fiorentino family of Freeport, N.Y., the debt party of the 1980s is over. Like many U.S. couples, Teresa and Greg Fiorentino both worked, bought a modest house and borrowed heavily on their credit cards to finance a rising standard of living. But after Teresa, 36, quit her job as an airline reservations agent to have children, the Fiorentinos found their debt payments were devouring 65% of their income. A few months ago, they decided to stop using their credit cards. Greg, 45, has joined a savings program, and the couple have vowed to reduce 90% of their debt within...

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