Using credit cards can be a good thing and a very bad thing as well because so many of us get new credit card offers in the mail and it seems like we just can not resist. It is ok if we use credit cards responsibly and try to pay them off at the end of each month so that we do not have to pay the interest they charge. This is not so easy to do because when we charge items we can not really afford when the bill comes due it is hard to pay it off totally.
There are some techniques that you can use to pay off your credit card bills once and for all. The first thing you need to do is to make a list of all the bills that you have and make sure that you list the minimum payments you make and the interest rate that they charge. If you have missed any payments on these cards then it is possible that they have raised your interest rate to the maximum usually around 25-35%.
Next you need to make a list of all the things that you spend money on during the month and make sure that you include all items. You wan to look at this list and decide what items n there that you can either do without or reduce in some capacity such as making your own coffee in the morning instead of paying $4 for one.
You want to search for a consolidation loan so that you can take all of your bills and roll them into one. The advantages are that you will only have to make one payment every month and the other is that you can negotiate a lower interest rate than you are currently paying.
Finally you want to take all the extra money that you were spending on things you did not need and make extra payments every month until you balance is zero.
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August 30th, 2008
Credit card debt is almost looked on as a fact of life anymore. Having it is the norm rather than the exception. Like most things that become commonplace, having credit card debt is no big deal. Right?
Well, maybe and maybe not. The answer is not as simple as it seems because there are many factors to consider. Each person’s particular circumstances are different, and what is excessive debt for one person might not be for someone else. A person might not have what seems like too much debt, but if they suddenly lose their job, that debt might look very different.
Even though there are different ideas and opinions about how much debt is too much, there are some guidelines to help you make that determination. The Consumer Protection Agency has come out with eight indicators to determine if you are at risk of having too much debt. The following indicators will help you to know if you are nearing the debt danger zone. You may be in the debt danger zone if you:
Have to use your credit card to pay for necessities like food or gas
Have a savings account that is depleted with no prospect of adding to it
Have only been able to pay the minimum balance on your credit cards over the last six
months
Are juggling several credit cards to keep up with debt payments
Are over 50% of your credit card debt limit
Have been using your credit card for cash advances to live from month to month
Are paying an increasing amount of your debt obligations with credit cards
If you’re experiencing firsthand a few or more of these, you’re not alone. Many people who are struggling to pay off credit card debt are also struggling to pay their car payments and the monthly mortgage payment.
If you’ve determined you’re in the debt danger zone, your next step should be to ask yourself what you’re going to do abou (more…)
August 29th, 2008
Everyone faces challenges and obstacles, and sometimes the pressure is difficult to handle. If you feel overwhelmed, as if you’re balancing on the edge of a cliff, and are unsure how to meet your financial demands, you’re experiencing stress. It may seem like a small word, but the effects of stress can be devastating. When life’s demands begin to interfere with your ability to cope, stress becomes an emotional and physical threat.
With today’s economy placing more and more consumers in a financial hardship, consumers find themselves facing the effects of stress. Extended or repeated stressful situations begin to take their toll on your body. Extended periods of stress can greatly increase your chance of heart disease, overeating, and risk of infection combined with panic attacks, anxiety, memory issues and often times depression. Each individual reacts to stress differently, some thrive under stress, while others feel the overwhelming need to sleep. The harsh reality is that prolonged exposure to stressful situations can be harmful to your physical and mental well being.
Families are more routinely subjected to financial difficulties today, and the effects of that stress can harm family relationships. The number one cause of marital problems is money. And if you believe your children don’t feel the effects, you are sadly mistaken. Could it be that perhaps our children have felt the stresses of our situations, and perhaps that is why more and more children are turning to drugs and alcohol. How do we teach our children to cope with the stresses life brings, when we ourselves are unsure?
Finding assistance to help you cope with unnecessary financial stress may be the answer. If you are facing an overwhelming financial burden, (more…)
August 28th, 2008
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