Archive for December, 2007
Not surprisingly, the finest moments in our lives happen alone, usually when we come to a realization or some sort of conclusion. This type of “AHA” moment is rare but when it comes, there is a subtle but permanent transformation that happens from the inside out.
Being in debt is a decision. Not a conscious one, but deep down, you know you made the choices that lead to the current circumstances. This is what my father would tell me, he was never one to shy away from pointing out the blatantly obvious.
My salad days are over and back then, being green, I did make rash choices and sometimes foolish decisions with my finances. But I don’t beat myself up about it too much. When you are young and single, your priorities are different and fiscal responsibility is low on the list of things I wanted.
Being in debt is a subtle kind of mental torture. I guess it depends on how deep “in the hole” you are. When debt becomes un-manageable, it is time to re-evaluate ones methods of decision making. I realized (at some point I guess) that having power over my own finances was a lot more valuable than I gave it credit for.
It’s funny, people can tell you things, that to them is great advice, but until you go through the experiences and suffer through the adversity of the choices you make, until you come to the realization yourself, you literally cannot hear the truth. Yes being in debt is a decision and not something that happens to you. It is the “sweet” alternative to being poor.
When you make the choice to get wealthy…I mean really wealthy, you change in subtle ways. Your priorities shift and your capacity to tolerate boring stuff like financial responsibility becomes stronger. Going from debt to wealth is a choice. Poverty sucks as I am sure you are aware of, but if you are in debt, you are probably worse off than if you were just poor and living within your means.
I realized something that lead to my own fiscal transformation, and you are about to learn something unusual. By going into debt, you are actually on the right track. The way to wealth IS credit. Having good credit means you are good to borrow on wealth producing assets like houses.
But going into debt to buy cars and stereo’s, big screen tv’s and the like, that is where you go wrong. The other type of debt that is worth going into hock for is education. If you find good instruction on how to build your income some time in the not too distant future, then this type of education is well worth the risk. Education and value assets like homes are the only things I will happily go into debt for.
My transformation happened from the inside out. It happened in less than 60 seconds. A decision was made and it was a small permanent decision. But you could say it had been brewing for the 10 years that I mis-managed my finances and suffered the stress of debt.
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December 24th, 2007
If you’ve got overwhelming financial problems staring you in the face there is a good chance that credit card debt is the primary reason. Are they nearly maxed out with outrageous interest rates and minimum payments that barely pay the balance down? Do you get the dreaded late fee that negates the payment you did send? If this is you then you are no different from millions of other people who are dealing with the financial burden of high credit card balances everyday.
Credit cards are the leading cause of financial hardship for most people and finding a solution for this type of debt is a high priority for those affected. Getting out of the credit card trap can be difficult because every bank and store sends out credit applications offering more and more credit with higher limits. It turns into a never ending cycle that encourages consumers to spend more then they make.
So what are the best credit card debt solutions you can use to get out of this cycle of debt?
The first solution to getting out of control credit card debt is simple; destroy the evil things. Burn them, shred them, or flush them down the toilet. You can’t keep using them if they don’t exist. This is an immediate way to take back control of your money because when you use a credit card you are using someone else’s money. They in turn are making money through the interest rate they charge you for the use of their money. And that is the problem with borrowing money; in the long run it ends up costing you your future because you are always working to pay it back.
Once you have gotten rid of those credit cards and the temptation they offer it is time to get serious about paying off that debt. Some basic accounting comes in handy here. Get a pencil, a piece of paper, and all your past months statements. In a column write down the credit card name or bank issuing the card and then in subsequent columns write down the balance owed, the monthly minimum payment, the interest rate, and the interest being paid. Add each of those columns up and write down the total at the bottom.
Look at those totals closely. This is money that could easily stay in your control if that debt did not exist. Think about what you could do with that money if it wasn’t going out the door every month. If it makes you mad so much the better because getting out of credit card debt is about attacking the problem head on.
Now you need a plan. The credit card debt solution that works best for most people is to list them in order from lowest balance to highest balance. While paying the minimum payments on all your other accounts attack the card with the lowest balance by sending any extra money you can afford out of your budget or scrape together to that credit card. The reason to doing it this way is simple; you’ll be able to knock that one out in relatively short order and that will keep you motivated to jump to the next lowest and rolling the payment from your first card into the second. Just keep rolling down your list with the same determination and when you reach the card with the highest balance your momentum will roll right through it.
The best solution for dealing with credit card debt is to not use them. It is to easy to fall into the bad habit of using them to purchase those things you think you need. By avoiding that trap you can build a sound financial future that will allow you to live the kind of life you always wanted without resorting to their use. Make a life changing decision and take back control of your money from the credit card companies today.
For more detailed information about how to successfully deal with Credit Card Debt please visit the website Debt Reduction and Consolidation by Clicking Here
December 23rd, 2007
The growing need and aspirations of people have fueled the desire to have more and earn more. The salacious human mind sometimes goes out of their way to achieve the improbable and kiss the forehead of success. The journey of such a passionate and intriguing mind has been wonderful given the fact that it entails a sense of excitement and unpredictability. However, everything is not always right for these minds who some time cross the unwanted and unlawful boundary of reason and just.
Business is one such field of action where the people are trying to explore the numerous possibilities that it’s precarious yet alluring pulp offers. While scouting for such rollicking possibility that will help him fetch some good fortune and bring him name and fame, most of these entrepreneurs often fall short of money to give the proper shape to start it in his desired way. For an enigmatic mind like that of human, it is a petite problem which was solved quite amicably.
The answer was simple. There are people with a huge fortune and money who are more than willing to offer some money from the stockpile with a promise to earn some interest for it. This led to the growth of a business which offered to provide money to any one in need for it in exchange of some interest at the time of its repayment or as per the condition of the agreement. Bad debt collection comes into the picture at this juncture of the whole story. It is a situation when the borrower becomes a defaulter and refuses or fails to repay the debt as per the agreed terms. This necessitates the lender to use tactics to reclaim the debt and these tactics that are used in the due process of collecting the debt can be classified within the bad debt collection.
The various means or what can also be called as the bad debt collection solutions. The collection has become a very intangible part of this money lending business and its use has also become quite widespread. The lack of credibility among debtors makes it impregnable for the lenders to avoid bad debt and the related aspects of it. Bad debt collection is today one of the most intrinsic part of any money lending company. Since the realization of the debt is always under threat, any company with sense would never want their money to dry away and would do anything, including strong arm tactics to realize their money.
Rich Miller is a well known author on debt collection and related fields. He has many published works to his credit and his experience with the asset management has been instrumental in his success. More of his articles and tips on debt collection can be found on his website http://www.assetmanagementhome.com West Asset Management
December 23rd, 2007
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