Archive for January 6th, 2008
If your credit card debt was accumulated over a long period of time it can seem like the problems it creates sort of snuck up on you. But once this debt starts intruding into your financial stability then it becomes time to seek some form of relief from the problems high balances can have. You will have to accept that it may take some time and patience to pay down those balances and it will require some sacrifices to be made in the area of how much you spend each month.
The first step on the road to credit card debt relief is to stop using them. To help you accomplish this the best thing to do is destroy the things. Cut them up, shred them, burn them, or throw them in the blender but the point is the temptation to use them will be too great if you keep them around even if you have no intention of using them.
The next step is to create a little credit card mini budget. This will give you a clearer idea of how much you owe and the ability to start prioritizing your debt payment plan. Too many people are unsure of what they owe and how much the interest is costing them each month so listing out their debts is usually provides quite a shock once they see it all written down.
The best way to start your budget is to gather up all your statements from the past month, get a piece of paper and a pencil, and in the first column make a list of all the credit cards you have by name or company. Then make four more columns and write down the balance owed, minimum payment, interest rate, and interest paid for each card. Add those columns up and you will know exactly how much you owe, how much is going out in minimum payments, and how much interest you are paying out every month. If your figures are like the majority of peoples who suffer from high credit card debt you will see exactly why you need to destroy all your cards.
Now that you know what you owe and to whom it is time to devise a strategy to pay those balances down, because until you do so your financial future is mathematically on hold. There are several trains of thought on the best way to pay down card balances, some of which include paying the highest interest rate off first and working your way down, paying off the highest balance first and working your way down to the lowest, or doing the opposite and paying off the lowest balance first and working your way up. All three choices work well but it will take discipline on your part to stick with the plan until you are debt free.
Just remember that once you find relief from credit card debt you should endeavor to stay debt free and let your money go to work for you, instead of some big bank using your hard earned paycheck for their own wealth building purposes.
For more detailed information about how to successfully find Credit Card Debt Relief please visit the website Debt Reduction and Consolidation by Clicking Here.
January 6th, 2008
If your credit card debt was accumulated over a long period of time it can seem like the problems it creates sort of snuck up on you. But once this debt starts intruding into your financial stability then it becomes time to seek some form of relief from the problems high balances can have. You will have to accept that it may take some time and patience to pay down those balances and it will require some sacrifices to be made in the area of how much you spend each month.
The first step on the road to credit card debt relief is to stop using them. To help you accomplish this the best thing to do is destroy the things. Cut them up, shred them, burn them, or throw them in the blender but the point is the temptation to use them will be too great if you keep them around even if you have no intention of using them.
The next step is to create a little credit card mini budget. This will give you a clearer idea of how much you owe and the ability to start prioritizing your debt payment plan. Too many people are unsure of what they owe and how much the interest is costing them each month so listing out their debts is usually provides quite a shock once they see it all written down.
The best way to start your budget is to gather up all your statements from the past month, get a piece of paper and a pencil, and in the first column make a list of all the credit cards you have by name or company. Then make four more columns and write down the balance owed, minimum payment, interest rate, and interest paid for each card. Add those columns up and you will know exactly how much you owe, how much is going out in minimum payments, and how much interest you are paying out every month. If your figures are like the majority of peoples who suffer from high credit card debt you will see exactly why you need to destroy all your cards.
Now that you know what you owe and to whom it is time to devise a strategy to pay those balances down, because until you do so your financial future is mathematically on hold. There are several trains of thought on the best way to pay down card balances, some of which include paying the highest interest rate off first and working your way down, paying off the highest balance first and working your way down to the lowest, or doing the opposite and paying off the lowest balance first and working your way up. All three choices work well but it will take discipline on your part to stick with the plan until you are debt free.
Just remember that once you find relief from credit card debt you should endeavor to stay debt free and let your money go to work for you, instead of some big bank using your hard earned paycheck for their own wealth building purposes.
For more detailed information about how to successfully find Credit Card Debt Relief please visit the website Debt Reduction and Consolidation by Clicking Here.
January 6th, 2008
New Year means new moves.
As we said sayonara to 2007, we bid hello to a year of fresh starts. And what way to start this year than to trim down on our debts.
I know, everyone of us have debts in one way or another. Maybe painful to admit, but borrowing is something that is almost next to the inevitable things on earth. Once or more occasions in our lives were forces to owe someone money. We make promises to pay them off as soon as possible but they end up piling faster than the birds migrate south during winter.
Slowly but surely
There have been a gazillion money saving tips on being debt-free in this lifetime and we tend to take them seriously at first but eventually we fall from grace and set them aside with the thought of a promising tomorrow. But thing is, they won’t go away when we wake up. They’ll hunt us till we want to just sleep all the time so we don’t have to stressed out. So, here are five money saving tips on slowly but surely taking out debts out of our system.
1. Don’t treat the past as past
When it comes to debt, anyway. Surely, we had things that we regret spending on. So, the first way to being debt-free is to take note of our “spending shortcomings” in the not-so-distant past and make sure that we will NOT do them again. Looking back isn’t enough, learn from them.
2. Put pay the bills on the of your must-do list
This may sound stressful because we all try to evade bills talk as much as we can. But facing the reality that they will be there even if we move houses will lessen our worries. Make sure that your first priority on pay day will be to pay the bills.
3. Flush a portion of your bonuses to your outstanding debts
The last month of the year was THE month for bonuses. So, if there’s still something left, use them to pay your debts.
4. Pay-off your outstanding credit card balances
Be content with just one card. If you have more than one, examine the one which you regularly use and a higher limit and payoff the ones which you rarely swipe. This way, you have gotten rid of a considerable percent of your debts.
5. Keep track of what you owe
Adding to this tip, check them regularly. It’s somewhat stressing but the rewards are very fruitful. For a more interactive approach, you can log on to geezeo.com and wesabe.com. These two websites will be able to show your financial activities.
6. Earn extra
Sometimes, no matter how we live frugally, it all comes down to the fact that we don’t earn enough. So, why don’t you opt for a second job. It may be lesser hours or a full-time one but the bottom line is, we need to earn more to get rid of our debts and by earning more, we owe less.
Easier said than done
Know that these money saving tips spell easy to do. Decreasing our debts is hard to do. The challenge is to do them one day at a time.
She landed a job as an accountant in a pro-bono law office a year ago after her mom asked her if she has a job already during thanksgiving dinner. She also works as a part-time math tutor to keep up with her one-bedroom apartment a mile away from the production studios in Burbank. Maintains a blog on money saving tips.
January 6th, 2008
