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increasing search engine rank to increasing profits. Free how to make
money online techniques. We accept article submission with a reciprocal
text ad on a useful page.
| Tips on Eliminating Credit Card Debt |
Easy credit has been one of the major factors behind the
looming financial crisis we now face as a nation. While there is
not a lot that we can do about the mortgage meltdown or
collapse of the dollar, there are steps that we can take to get
our own financial house in order, and one of those is
eliminating credit card debt.
Growing up as a child, I recall that my parents owned neither a
house or a car. While my father worked his entire life, he had a
large family, and never seemed to be able to save enough
money to buy a house. In those days, in order to be able to buy
a house you had to be able to either pay cash, or put a very
large down payment on it. There wasn't a whole lot of 'credit'
available. People back then basically had to live within their
means. Unfortunately, easy credit has enabled most of us to
live well beyond our means. I once had a friend say to me, "Bill,
you can afford anything you want, you just have to stretch the
payments out longer". While exaggerating a bit, the truth is most
of us live as if we can afford anything we want. In order to get
our financial house in order, we first need to see where we
stand.
I have an acquaintance who could not seem to make any
headway financially. He was always complaining about his
wife's spending habits saying that she was constantly
spending, keeping them both in debt. I asked him if he had ever
sat down with her and made a comparison of income versus
expenses. After gazing at me for a few minutes with a blank
expression on his face, he admitted that he had never done
this. After much prodding, and a few arguments with his wife
over money, he finally sat down with her to do an examination of
their finances. To his surprise, he found that their fixed monthly
bills were larger than their income! After several apologies to
his wife, they agreed that they had to make some changes, and
for them that was his wife getting a full time job, and cutting
back on spending in a couple of areas. One of the first things
you should do is take some time to do an evaluation of your
finances to see exactly where you stand. Are you spending
more than you are making? If the answer is yes, than you need
to make some changes, specifically spending less and/or
earning more.
looming financial crisis we now face as a nation. While there is
not a lot that we can do about the mortgage meltdown or
collapse of the dollar, there are steps that we can take to get
our own financial house in order, and one of those is
eliminating credit card debt.
Growing up as a child, I recall that my parents owned neither a
house or a car. While my father worked his entire life, he had a
large family, and never seemed to be able to save enough
money to buy a house. In those days, in order to be able to buy
a house you had to be able to either pay cash, or put a very
large down payment on it. There wasn't a whole lot of 'credit'
available. People back then basically had to live within their
means. Unfortunately, easy credit has enabled most of us to
live well beyond our means. I once had a friend say to me, "Bill,
you can afford anything you want, you just have to stretch the
payments out longer". While exaggerating a bit, the truth is most
of us live as if we can afford anything we want. In order to get
our financial house in order, we first need to see where we
stand.
I have an acquaintance who could not seem to make any
headway financially. He was always complaining about his
wife's spending habits saying that she was constantly
spending, keeping them both in debt. I asked him if he had ever
sat down with her and made a comparison of income versus
expenses. After gazing at me for a few minutes with a blank
expression on his face, he admitted that he had never done
this. After much prodding, and a few arguments with his wife
over money, he finally sat down with her to do an examination of
their finances. To his surprise, he found that their fixed monthly
bills were larger than their income! After several apologies to
his wife, they agreed that they had to make some changes, and
for them that was his wife getting a full time job, and cutting
back on spending in a couple of areas. One of the first things
you should do is take some time to do an evaluation of your
finances to see exactly where you stand. Are you spending
more than you are making? If the answer is yes, than you need
to make some changes, specifically spending less and/or
earning more.
Once you know where you stand financially, be determined to
eliminate debt by using a systematic approach. Increasing
your monthly payment will reduce your debt and pay it off faster
because the extra amount goes to paying off the principle.
Always try to pay more than the minimum payment. Credit card
debt will come down much faster by making payments in
large chucks as opposed to making the minimum payment.
Be determined to increase the payment amount by again
either reducing spending in other areas, or if necessary,
increasing income. Even a part time income that allows you to
make an extra $200 a month payment will reduce your debt
much faster.
There are some specific strategies you can use to help
eliminate credit card debt. First, make certain that you make
all credit card payments on time. Having just one late payment
on a credit card can make your interest rate jump 500%! How
is this possible you ask? Say you're paying 4.99 percent
interest on a credit card. Have a payment arrive late, and your
rate can jump all the way up to 25%, or in some cases more!
That's 5 times what you we're paying and that will make a
huge difference in how much interest you pay. One of the best
ways to make certain that you don't experience this shocker is
to make your payments online. Making your payments online
is usually done in real time, as opposed to putting your faith in
snail mail. I once mailed a letter from a post office 2 miles
from where the credit card office was located, and had a late
payment because the letter arrived two weeks after it was
mailed! Save yourself this potential headache by setting it up
to make your payments online.
One tactic that credit card companies like to use is luring you
in with 'teaser' rates. This is where you get a promotional rate
for a specified period of time. While you can save money
taking advantage of these rates, you have to make certain that
it's worth your while to transfer balances from another card
because of 'transaction' fees. With recent changes in the
credit card industry, you can be assessed hefty amounts for
transferring balances from one account to another. If you are
going to transfer from an account with a high interest rate to
one with a lower one, make certain that the promotional
period lasts long enough to make it worthwhile. It should be
for at least a year, and if possible longer. Again, remember
that if you make a late payment your rate will shoot up to a
much higher rate. Avoid late payments like the plague!
Another thing to watch out for is opening up too many
accounts. If you are in the habit of constantly opening up new
accounts to take advantage of promotional rates, be aware
that this can impact your credit score by sending 'red flags' to
credit agencies. You might be better served to find a credit
card with a lower fixed rate that remains the same until the
balance is paid off. While you may pay a bit more in interest
this way, you won't be constantly paying transaction fees and
possibly harming your credit score.
Another recommendation advocated by many financial
'experts' is to consolidate your balances into one account.
This strategy has several advantages including some listed in
the previous section, but also it is much easier to manage
one payment than trying to make numerous payments to
various credit card companies. You will not only find it easier
to avoid late and missed payments, but you'll experience less
stress making one payment as opposed to five or six spread
out all over the place.
As we watch the upheaval in the financial markets, it's hard to
say where it will all end, but the smart bet says that it won't be
a good thing for most of us. Now more than ever, it's
imperative that we get our own house in order by getting our
spending and debt under control. Your financial health
depends on it!
Bill Thomas ..Earn Money from Home
http://affiliatecashsecrets.com/index/52042/8
eliminate debt by using a systematic approach. Increasing
your monthly payment will reduce your debt and pay it off faster
because the extra amount goes to paying off the principle.
Always try to pay more than the minimum payment. Credit card
debt will come down much faster by making payments in
large chucks as opposed to making the minimum payment.
Be determined to increase the payment amount by again
either reducing spending in other areas, or if necessary,
increasing income. Even a part time income that allows you to
make an extra $200 a month payment will reduce your debt
much faster.
There are some specific strategies you can use to help
eliminate credit card debt. First, make certain that you make
all credit card payments on time. Having just one late payment
on a credit card can make your interest rate jump 500%! How
is this possible you ask? Say you're paying 4.99 percent
interest on a credit card. Have a payment arrive late, and your
rate can jump all the way up to 25%, or in some cases more!
That's 5 times what you we're paying and that will make a
huge difference in how much interest you pay. One of the best
ways to make certain that you don't experience this shocker is
to make your payments online. Making your payments online
is usually done in real time, as opposed to putting your faith in
snail mail. I once mailed a letter from a post office 2 miles
from where the credit card office was located, and had a late
payment because the letter arrived two weeks after it was
mailed! Save yourself this potential headache by setting it up
to make your payments online.
One tactic that credit card companies like to use is luring you
in with 'teaser' rates. This is where you get a promotional rate
for a specified period of time. While you can save money
taking advantage of these rates, you have to make certain that
it's worth your while to transfer balances from another card
because of 'transaction' fees. With recent changes in the
credit card industry, you can be assessed hefty amounts for
transferring balances from one account to another. If you are
going to transfer from an account with a high interest rate to
one with a lower one, make certain that the promotional
period lasts long enough to make it worthwhile. It should be
for at least a year, and if possible longer. Again, remember
that if you make a late payment your rate will shoot up to a
much higher rate. Avoid late payments like the plague!
Another thing to watch out for is opening up too many
accounts. If you are in the habit of constantly opening up new
accounts to take advantage of promotional rates, be aware
that this can impact your credit score by sending 'red flags' to
credit agencies. You might be better served to find a credit
card with a lower fixed rate that remains the same until the
balance is paid off. While you may pay a bit more in interest
this way, you won't be constantly paying transaction fees and
possibly harming your credit score.
Another recommendation advocated by many financial
'experts' is to consolidate your balances into one account.
This strategy has several advantages including some listed in
the previous section, but also it is much easier to manage
one payment than trying to make numerous payments to
various credit card companies. You will not only find it easier
to avoid late and missed payments, but you'll experience less
stress making one payment as opposed to five or six spread
out all over the place.
As we watch the upheaval in the financial markets, it's hard to
say where it will all end, but the smart bet says that it won't be
a good thing for most of us. Now more than ever, it's
imperative that we get our own house in order by getting our
spending and debt under control. Your financial health
depends on it!
Bill Thomas ..Earn Money from Home
http://affiliatecashsecrets.com/index/52042/8
homebizseo.com
Tips on Eliminating Credit Card Debt
By: Bill Thomas
I read recently that the average family has at least $10,000 in
consumer credit card debt. Being one of those 'average'
families, I've been there, and know how difficult it can be to
make any headway in getting out of debt. For many years now,
credit card companies have been making it SO EASY for all of
us to get into debt by offering credit cards to practically anyone
regardless of creditworthiness or ability to pay. I have a family
member who lives on a disability income of about $700 a
month, and he carries a couple credit cards in his
wallet!(continued below ...)
Tips on Eliminating Credit Card Debt
By: Bill Thomas
I read recently that the average family has at least $10,000 in
consumer credit card debt. Being one of those 'average'
families, I've been there, and know how difficult it can be to
make any headway in getting out of debt. For many years now,
credit card companies have been making it SO EASY for all of
us to get into debt by offering credit cards to practically anyone
regardless of creditworthiness or ability to pay. I have a family
member who lives on a disability income of about $700 a
month, and he carries a couple credit cards in his
wallet!(continued below ...)
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