Sometimes it is easier said than done. When it seems overwhelming, it is hard to stand up and stand your ground. This has been a trying time lately for me. The possibility of filing for bankruptcy, which has been avoided for the last ten years, is looming ever larger and ever more powerful.
If I can help it, I don't want to go down that road.
Bankruptcy stays on your credit for seven years. My credit already leave a lot to be desired, and, if you have ever missed credit card payments, overdrawn your checking account, or any other financial stumble, your credit score is probably less than stellar. I have resisted asking for debt because I am a proud man. A pride cometh before a fall.
I am not a loser, except when it comes to managing my own finances. Always secretive, it has come around to bite me in the butt (so to speak). My intention has always been to take care of my own, but I am not as able to continue as I once was. Bob Seger summed it up in Against The Wind "We're just older now and still running against the wind.". Perhaps one of the darkest things I can ever recall is the speech that Chief Joseph of the Nez Perce gave at his surrender "..I am tired. My heart is sick and sad. From where the sun now stands, I will fight no more forever."
That is why I have written Never Surrender, A Practical Guide to Forever Eliminating Your Credit Card Debt. It will be available next week. Sign up on the right of the blog to be notified of its availability. Have a GREAT day!
Showing posts with label credit score. Show all posts
Showing posts with label credit score. Show all posts
Tuesday, June 9, 2009
Wednesday, May 27, 2009
Warrior Wednesday
In our quest to eliminate credit card debt and to straighten out our financial lives, a little bit of help along the way is sometimes welcome. One way to straighten things out is to pay our balances in full each and every month. When you get to that point, you might consider getting some free money from your credit card. While perusing Dolans.com, I ran across some suggestions that they have.
American Express offers their Blue Cash program which allows you to earn up to 5% back on everyday purchases. When you get to where you don't need a credit card, this can serve as a bit of an incentive, and it can help to increase your credit score. Having a good credit score is a great way to have lower costs for your loans that you will occasionally need and can save you thousands of dollars over your lifetime.
If your are a working class family, there may be a free health insurance program for them. For the inside scoop, visit InsureKidsNow.gov. If your employer offers the FSA program at work, you could consider that the next time open enrollment comes along. Mine has come in handy. I have my amount set this year at $700 which is available for me on January 1. Having a crown done is not a cheap procedure and it nearly depleted the funds that were in my FSA. What is great is that I will now owe $196 less on taxes next April because of it.
Other places for freebies that will cost you little or no money include TotallyFreeStuff.com and JustFreeStuff.com. You should at least check them out to see what sort of things that you can get and not have to pay for.
Have a GREAT day, and visit my site. My eBook is nearly complete now and should be available in mid-June.
American Express offers their Blue Cash program which allows you to earn up to 5% back on everyday purchases. When you get to where you don't need a credit card, this can serve as a bit of an incentive, and it can help to increase your credit score. Having a good credit score is a great way to have lower costs for your loans that you will occasionally need and can save you thousands of dollars over your lifetime.
If your are a working class family, there may be a free health insurance program for them. For the inside scoop, visit InsureKidsNow.gov. If your employer offers the FSA program at work, you could consider that the next time open enrollment comes along. Mine has come in handy. I have my amount set this year at $700 which is available for me on January 1. Having a crown done is not a cheap procedure and it nearly depleted the funds that were in my FSA. What is great is that I will now owe $196 less on taxes next April because of it.
Other places for freebies that will cost you little or no money include TotallyFreeStuff.com and JustFreeStuff.com. You should at least check them out to see what sort of things that you can get and not have to pay for.
Have a GREAT day, and visit my site. My eBook is nearly complete now and should be available in mid-June.
Sunday, May 17, 2009
Would You Like to Save 10% Today?
As you can tell, I am somewhat anti-credit card. Is there a time that a credit card could be good? Perhaps. I may be just a bit one-sided in my view because I have been struggling for years with eliminating my credit card debt. To be sure, great progress has been made in that struggle, great strides have been made to streamline my spending as much as possible in order to free up money to further reduce the debt, but there is a long way to go.
I work (second job) on the weekends at a major home improvement store as a cashier. There is a guy who works there (we'll just call him Mr. T) who is a good worker. One of our objectives to ask people as they check out if they would like to save 10% on their purchase for opening up a store credit card. Mr. T does well at that. (Our company offers employees a financial incentive for getting people to take the card.) One customer did the smart thing.
She opened up the card, saved 10%, and immediately afterward made a payment to pay the balance off in full. That way, she saved the money, but she did not have any balance on her card (at over 22% interest). It might have lowered her credit score a bit, but I believe that she used her credit wisely and wasn't looking to make a major purchase like a home very soon.
It wouldn't work for me because the credit score is less than stellar. But it did give me something to think about. Perhaps you should think too!
Visit my website for ideas about making some money to eliminate your credit card debt. My newly-written eBook about credit card debt is now complete and will be available soon. Have a great day!
I work (second job) on the weekends at a major home improvement store as a cashier. There is a guy who works there (we'll just call him Mr. T) who is a good worker. One of our objectives to ask people as they check out if they would like to save 10% on their purchase for opening up a store credit card. Mr. T does well at that. (Our company offers employees a financial incentive for getting people to take the card.) One customer did the smart thing.
She opened up the card, saved 10%, and immediately afterward made a payment to pay the balance off in full. That way, she saved the money, but she did not have any balance on her card (at over 22% interest). It might have lowered her credit score a bit, but I believe that she used her credit wisely and wasn't looking to make a major purchase like a home very soon.
It wouldn't work for me because the credit score is less than stellar. But it did give me something to think about. Perhaps you should think too!
Visit my website for ideas about making some money to eliminate your credit card debt. My newly-written eBook about credit card debt is now complete and will be available soon. Have a great day!
Monday, April 13, 2009
The Bill Is HOW Much?
Nobody likes surprises like getting a bill that runs higher than expected. When I worked customer service for a major telephone company, we would be deluged with calls from customers whose first bill was much higher than normal. They probably failed to register in their minds that the first bill includes the installation charge, plus prorated fees (that company charged a month in advance for your service and then, when you left, refunded any extra that they had collected). Credit card debt can be much the same way.
You have to read the fine print. When applying for a credit card, though, how many people actually do that? Usually there is a clause concerning universal default rate stating that the credit card company has the right, at their discretion, to increase you rate if you are late on a payment. That payment doesn't necessarily have to be with that particular company, it can be any payment. It isn't fair, but because you signed the agreement, they can stick it to you.
The best way to avoid this and stay out of further credit card debt?: Pay your bills on time. In this economy, money can be tight, but it is important to take care of things before they get worse. One of the reasons I took a second (or third) job was to ensure that I could eliminate my credit card debt once and for all. It doesn't have to be a glamorous job either. Even though I now have an MBA, it isn't below me to be a cashier or to clean buildings...whatever it takes.
Just keep at it, keep track of your progress and stick to a plan. You can succeed!
You have to read the fine print. When applying for a credit card, though, how many people actually do that? Usually there is a clause concerning universal default rate stating that the credit card company has the right, at their discretion, to increase you rate if you are late on a payment. That payment doesn't necessarily have to be with that particular company, it can be any payment. It isn't fair, but because you signed the agreement, they can stick it to you.
The best way to avoid this and stay out of further credit card debt?: Pay your bills on time. In this economy, money can be tight, but it is important to take care of things before they get worse. One of the reasons I took a second (or third) job was to ensure that I could eliminate my credit card debt once and for all. It doesn't have to be a glamorous job either. Even though I now have an MBA, it isn't below me to be a cashier or to clean buildings...whatever it takes.
Just keep at it, keep track of your progress and stick to a plan. You can succeed!
Saturday, April 11, 2009
Better Late Than Never?
That's a phrase that you should eliminate from your vocabulary when it comes to eliminating your credit card debt. While there is some truth to the old adage, the credit card companies would lead you to believe that everything's going to be alright.
Here is three reasons why you should strive to make your payments on time:
* Late Fees - when you are late with a payment (the credit card companies are getting more and more strict about reception of "their" money) you can be hit with a late fee from anywhere to $10 all the way up to $49. If you carry five credit cards, that could add up to an extra $247 a month or $1,225 a year. This extra money does not to help lower your balance, but it does help make the credit card companies some extra pure profit.
* Higher Interest Rates For All - Being even a hour late on some cards will "allow" the cards to raise your interest rate, sometimes over 20%, even if you thought that you were enjoying the low introductory rate. More money for them, less freedom for you.
* Credit Scores - One of the factors that goes into a credit score is the timeliness of your payments. Make those payments on time, your assumed credit risk stays lower and you can end up saving thousands of dollars on loans, particularly with big-ticket items like a house or car.
You should know what your credit score is, and it is much easier today than it was twenty years ago. You might try places like freecreditreport.com.
Here is three reasons why you should strive to make your payments on time:
* Late Fees - when you are late with a payment (the credit card companies are getting more and more strict about reception of "their" money) you can be hit with a late fee from anywhere to $10 all the way up to $49. If you carry five credit cards, that could add up to an extra $247 a month or $1,225 a year. This extra money does not to help lower your balance, but it does help make the credit card companies some extra pure profit.
* Higher Interest Rates For All - Being even a hour late on some cards will "allow" the cards to raise your interest rate, sometimes over 20%, even if you thought that you were enjoying the low introductory rate. More money for them, less freedom for you.
* Credit Scores - One of the factors that goes into a credit score is the timeliness of your payments. Make those payments on time, your assumed credit risk stays lower and you can end up saving thousands of dollars on loans, particularly with big-ticket items like a house or car.
You should know what your credit score is, and it is much easier today than it was twenty years ago. You might try places like freecreditreport.com.
Thursday, March 26, 2009
It Takes Discipline
No matter what strategy you will use to lower your credit card debt, there is no "easy" way to hold it...it takes discipline. I realize that it may take some conditioning to get you to whee you have developed some financial muscles to overcome a rising wall of debt, it can be done. You wouldn't expect an eighteen month-old to be able to run a lap around the local high school track: it is a progressive thing. You don't have to have all of the answers at the very beginning. Nobody does.
The key is to do something. Ignoring the challenge does not make it go away. In fact, that is probably the worst thing that you can do...nothing. Do something. Decide to end your reliance on high interest credit cards once and for all and do something. Maybe it would begin with a taking inventory of what you owe. Knowledge is power. Read articles on the Internet about it. Talk to others about it. Arm yourself with knowledge and begin to build those financial muscles so that you will learn more, be able to do more, and gain confidence in the process. Use the little successes to build upon and have even greater successes. I began with analysis and I began by using a budget. At first I had to guess at it, but I used tools like the budgeting tools at mint.com.
Over time, I saw patterns of spending begin to emerge and I tackled one challenge at a time. There is a lot more out there too.
I will begin talking about some ways to save money so that you can begin to free up cash to help in your credit card debt elimination.
More at my website.
The key is to do something. Ignoring the challenge does not make it go away. In fact, that is probably the worst thing that you can do...nothing. Do something. Decide to end your reliance on high interest credit cards once and for all and do something. Maybe it would begin with a taking inventory of what you owe. Knowledge is power. Read articles on the Internet about it. Talk to others about it. Arm yourself with knowledge and begin to build those financial muscles so that you will learn more, be able to do more, and gain confidence in the process. Use the little successes to build upon and have even greater successes. I began with analysis and I began by using a budget. At first I had to guess at it, but I used tools like the budgeting tools at mint.com.
Over time, I saw patterns of spending begin to emerge and I tackled one challenge at a time. There is a lot more out there too.
I will begin talking about some ways to save money so that you can begin to free up cash to help in your credit card debt elimination.
More at my website.
Tuesday, March 24, 2009
To Consolidate or Not
At times, it can be extremely tempting to consolidate all of your debt into one, convenient payment. Let's look at some pros and cons
PROS
* Instead of having multiple payments to juggle and figure out which one gets paid at which time, when you consolidate, you will have a single payment to be made at one place.
* You know how much interest you are paying each month because it is all in one convenient location.
*Having everything in one place will show you immediate progress toward the whole.
CONS
* Depending on the interest rate that you get for your consolidation, you may end up paying more for everything in the long run.
* Once you have consolidated, it is much more difficult to get the interest rate lowered.
* The intimidation of one monthly lump sum may seem a bit unsettling at first.
I was fortunate the first time through (you will recall that I have been saddled with debt many times in my life) that I was able to secure a personal loan at my credit union. My father was kind enough to cosign for me and I was able to get a low rate with a decent monthly payment. It was certainly lower interest rate than I was paying combined on my credit cards. If you have someone who can cosign for you, a personal loan might be a good thing for you (but I am not in the position to offer you loan advice).
Read more at my website.
PROS
* Instead of having multiple payments to juggle and figure out which one gets paid at which time, when you consolidate, you will have a single payment to be made at one place.
* You know how much interest you are paying each month because it is all in one convenient location.
*Having everything in one place will show you immediate progress toward the whole.
CONS
* Depending on the interest rate that you get for your consolidation, you may end up paying more for everything in the long run.
* Once you have consolidated, it is much more difficult to get the interest rate lowered.
* The intimidation of one monthly lump sum may seem a bit unsettling at first.
I was fortunate the first time through (you will recall that I have been saddled with debt many times in my life) that I was able to secure a personal loan at my credit union. My father was kind enough to cosign for me and I was able to get a low rate with a decent monthly payment. It was certainly lower interest rate than I was paying combined on my credit cards. If you have someone who can cosign for you, a personal loan might be a good thing for you (but I am not in the position to offer you loan advice).
Read more at my website.
Monday, March 23, 2009
Highest Interest First
For The Very Disciplined
There is a school of though promoted out there that, when one exams it for the long-term effects, is an extremely good program. It makes sense because you will save money by paying less to eliminate you debt by paying the debts that have the highest interest rate first, thereby immediately lowering the interest in dollars by paying the highest percentage interest debts first. This is promoted by John Cummuta and if you are a highly disciplined individual, you will find that this is an excellent program. Unlike last time when we discussed paying the lowest balance first and building on that success to build momentum to pay off the next-lowest bill, that plan advocates the strength in conditioning and has rewards of seeing you credit card debt eliminated chunk by noticable chunk. In the short term, you see success happen fairly rapidly. In the long term, you may have paid more interest (money) to see this success.
Let's face it: if you were extremely disciplined, you probably would not be in the hunt for credit card debt elimination. This plan has you analyze all of your debt (not just your credit card debt) and rank them by interest rates. The theory goes that if you spend every extra dollar eliminating the highest interest first, you will pay less in interest because that balance diminishes more quickly. From a strictly analytical view, this plan does eliminate your debt well. While you may not pay off the credit card with the lowest balance first, you may pay it off before the highest interest credit card is paid off, but then you will have more money each month available to pay down that higher interest.
Next, we will examine consolidation. Visit my website for more information.
There is a school of though promoted out there that, when one exams it for the long-term effects, is an extremely good program. It makes sense because you will save money by paying less to eliminate you debt by paying the debts that have the highest interest rate first, thereby immediately lowering the interest in dollars by paying the highest percentage interest debts first. This is promoted by John Cummuta and if you are a highly disciplined individual, you will find that this is an excellent program. Unlike last time when we discussed paying the lowest balance first and building on that success to build momentum to pay off the next-lowest bill, that plan advocates the strength in conditioning and has rewards of seeing you credit card debt eliminated chunk by noticable chunk. In the short term, you see success happen fairly rapidly. In the long term, you may have paid more interest (money) to see this success.
Let's face it: if you were extremely disciplined, you probably would not be in the hunt for credit card debt elimination. This plan has you analyze all of your debt (not just your credit card debt) and rank them by interest rates. The theory goes that if you spend every extra dollar eliminating the highest interest first, you will pay less in interest because that balance diminishes more quickly. From a strictly analytical view, this plan does eliminate your debt well. While you may not pay off the credit card with the lowest balance first, you may pay it off before the highest interest credit card is paid off, but then you will have more money each month available to pay down that higher interest.
Next, we will examine consolidation. Visit my website for more information.
Sunday, March 22, 2009
Which Way Is Best?
When it comes to developing a plan to eliminate your credit card debt, there is a plethora of advice out there: some advocate paying your lowest balance first, some will preach about highest interest balances first, while others advocate evenly splitting your payment between all of the cards. Which one is right? Yes. In other words, there are good points to each method and one can argue in favor of each one, because it a certain style fits your personality, then that is the one for you.
Paying Your Lowest Balance First.
This one has some merit. Here is the premise of this plan: Let's say you have five credit cards, all with various balances and all with different interest rates attached. Just for illustrative purposes, we'll suppose that the minimum payment on each add up to $175 per month. You have scrimped and saved and you have an extra $75 per month (for a total available of credit card reduction cash of $250 per month). With this plan, you would pay just the minimum on four of the credit cards and apply the entire amount towards the card with the lowest balance. Once that card is paid off, you would then apply the extra $75 plus the amount that you had been paying on the lowest balance credit card to what you were paying on the next-lowest balance. When the second lowest balance card is paid off you add all you were paying on that one to the next one, and so on.
The cool thing about this is that you can see some measurable results in a fairly quick (relatively speaking) fashion. This helps to add to the feeling of success and may help you to stay the course. Some feel very strongly about this method. You can find more here.
Tomorrow, we will look at paying the highest interest cards first. Visit my website for more information.
Paying Your Lowest Balance First.
This one has some merit. Here is the premise of this plan: Let's say you have five credit cards, all with various balances and all with different interest rates attached. Just for illustrative purposes, we'll suppose that the minimum payment on each add up to $175 per month. You have scrimped and saved and you have an extra $75 per month (for a total available of credit card reduction cash of $250 per month). With this plan, you would pay just the minimum on four of the credit cards and apply the entire amount towards the card with the lowest balance. Once that card is paid off, you would then apply the extra $75 plus the amount that you had been paying on the lowest balance credit card to what you were paying on the next-lowest balance. When the second lowest balance card is paid off you add all you were paying on that one to the next one, and so on.
The cool thing about this is that you can see some measurable results in a fairly quick (relatively speaking) fashion. This helps to add to the feeling of success and may help you to stay the course. Some feel very strongly about this method. You can find more here.
Tomorrow, we will look at paying the highest interest cards first. Visit my website for more information.
Friday, March 20, 2009
Slow And Steady Wins The Race
When first you look upon the burden of the mounting credit card debt, it may (or may not) be a task that seems formidable at best. Just as a beginning runner may look at the course of 26.22 miles for a marathon as un-doable, sometimes it is a matter of taking it one step at a time: perhaps you start by jogging to the end of your driveway, then to the end of the street, then to the end of the next block, and you build on your confidence of doing more and more until a five mile run seems like a walk in the park (pun intended). Such is true with credit card debt.
You can "build your endurance" for eliminating credit card debt. Perhaps, if you are in a deep dependence on a credit card, use the credit card with limits, or use it every other purchase...you just have to start somewhere. My use curtailed gradually in the months before I ceased using them altogether (with the exception of one department store card that I use every three months or so, but only when I already have the cash to pay for the purchase, but I use the card to help my credit score), I began to use them less. It wasn't because I had developed a "master plan", but as the limits on the cards were reached, I quit using them (not because I wanted to, but there was nothing left to use on the cad). The constant late fees, high interest rates and the beginning cacophony on menacing phone calls all began to wear on the nerves. I finally had to shout (to myself) ENOUGH!! I then quit cold turkey and started using only my checking debit card. If I didn't have enough, I would do without. It is amazing when I look back at how much I wasted. The truth of the matter is that if I can do it, so can you. Read more at my website.
You can "build your endurance" for eliminating credit card debt. Perhaps, if you are in a deep dependence on a credit card, use the credit card with limits, or use it every other purchase...you just have to start somewhere. My use curtailed gradually in the months before I ceased using them altogether (with the exception of one department store card that I use every three months or so, but only when I already have the cash to pay for the purchase, but I use the card to help my credit score), I began to use them less. It wasn't because I had developed a "master plan", but as the limits on the cards were reached, I quit using them (not because I wanted to, but there was nothing left to use on the cad). The constant late fees, high interest rates and the beginning cacophony on menacing phone calls all began to wear on the nerves. I finally had to shout (to myself) ENOUGH!! I then quit cold turkey and started using only my checking debit card. If I didn't have enough, I would do without. It is amazing when I look back at how much I wasted. The truth of the matter is that if I can do it, so can you. Read more at my website.
Wednesday, March 18, 2009
Credit Card Debt Elimination, A Break
CELEBRATE!!
Getting out of credit card debt can be a long, tedious, and sometimes overwhelming process. To be sure, it takes months, even years of steady, applied discipline. Keeping track and negotiating lower rates takes time and energy. If you have/had an extensive list of credit cards, it can be downright daunting. One thing that I have found that helps me to stay focused and to keep the edge sharp and clear is to take occasional break from the grind. I am not advocating pulling out your credit cards and going all-out with a limousine-chauffeured event (complete with an open bar). You certainly don't want to erase everything that you are working toward and then some, but I have found that as I reach a milestone (say, paying off a credit card, or reaching a certain percentage of credit card debt erased) it helps to keep the focus my celebrating in a small way. I may enjoy an inexpensive meal at one of my favorite restaurants (I now rarely eat out, unlike a daily routine years ago) or purchase a book that I have had my eye on (it has a more lasting effect). It may be something as simple as watching your favorite show on television, talking a walk in a park that you haven't visited in a while, or spending time with those that you love. Whatever. Just take a brief respite from the difficult goal that you have set for yourself and you will find that you will have more overall zest for that credit card debt elimination.
Take a break! Enjoy life! (But don't forget to get back into the game).
See more at my website.
Getting out of credit card debt can be a long, tedious, and sometimes overwhelming process. To be sure, it takes months, even years of steady, applied discipline. Keeping track and negotiating lower rates takes time and energy. If you have/had an extensive list of credit cards, it can be downright daunting. One thing that I have found that helps me to stay focused and to keep the edge sharp and clear is to take occasional break from the grind. I am not advocating pulling out your credit cards and going all-out with a limousine-chauffeured event (complete with an open bar). You certainly don't want to erase everything that you are working toward and then some, but I have found that as I reach a milestone (say, paying off a credit card, or reaching a certain percentage of credit card debt erased) it helps to keep the focus my celebrating in a small way. I may enjoy an inexpensive meal at one of my favorite restaurants (I now rarely eat out, unlike a daily routine years ago) or purchase a book that I have had my eye on (it has a more lasting effect). It may be something as simple as watching your favorite show on television, talking a walk in a park that you haven't visited in a while, or spending time with those that you love. Whatever. Just take a brief respite from the difficult goal that you have set for yourself and you will find that you will have more overall zest for that credit card debt elimination.
Take a break! Enjoy life! (But don't forget to get back into the game).
See more at my website.
Saturday, March 14, 2009
Credit Card Debt Elimination, Part II
As you will recall, yesterday I began talking about credit card debt elimination. We left off with the suggestion of calling the credit cad company in regards to asking for relief. Oftentimes, that is all that it takes is to ask. There really is nothing to fear for asking for a lower interest rate (I have seen my initial interest rate on a certain, unnamed credit card) creep from the "teaser" rate of 0.00% to an astronomical 29.99%. One could have a $1,000 balance which going from paying nothing for the convenience of paying with plastic to paying $24.99 per month for the same privilege, but only with the 29.99% interest charge. Spread that out over a year, and that equates to $299.90 each year. If it takes 10 years to finally get that balance to zero, it could potentially end up costing nearly $3,000. Would you let somebody "loan" you $1,000, but they wanted $4,000 in return? I cannot imagine that you would.
Having some sort of financial freedom boils down to saving money on things. It all adds up. Little by little, bit by bit, it accumulates until it is a seemingly insurmountable burden. One of the things that I learned after a few months with mint.com was that I was spending a percentage of my money on sodas at the gas station. Sure, $1.28 a pop didn't seem like much, but there were also accompanying occasional candy bars or snacks, but when I looked at the monthly summary, it was over $50. (Over a period of a year it was $600). I couldn't imagine that if someone were to offer to sell me a card that allowed me to get a soda and some candy every work day for a year for $600, I would go for that offer. (It gets worse if you were charging it to a credit card.)
For credit card debt elimination, begin by asking for a lower rate. The way that the economy is affecting everybody, credit card companies will be willing to keep you as a customer with a lower rate, after all, oatmeal is better than no meal.
For more, please visit http://www.money-for-my-life.com/.
Having some sort of financial freedom boils down to saving money on things. It all adds up. Little by little, bit by bit, it accumulates until it is a seemingly insurmountable burden. One of the things that I learned after a few months with mint.com was that I was spending a percentage of my money on sodas at the gas station. Sure, $1.28 a pop didn't seem like much, but there were also accompanying occasional candy bars or snacks, but when I looked at the monthly summary, it was over $50. (Over a period of a year it was $600). I couldn't imagine that if someone were to offer to sell me a card that allowed me to get a soda and some candy every work day for a year for $600, I would go for that offer. (It gets worse if you were charging it to a credit card.)
For credit card debt elimination, begin by asking for a lower rate. The way that the economy is affecting everybody, credit card companies will be willing to keep you as a customer with a lower rate, after all, oatmeal is better than no meal.
For more, please visit http://www.money-for-my-life.com/.
Thursday, March 12, 2009
The "B" Word, cont.
The "Budget" can be a formidable task for the uninitiated, but it needn't be. I used to live paycheck to paycheck (and in some respects, I still do), but since I have started to use a budget, I feel a lot more in charge of my financial situation. A lot of books on personal finance have been written, and I have read quite a few of them. Most of them advocate using a budget of some sort.
Now, don't be intimidated and think that you have to learn Excel skills or take a class in accounting. You can make it as simple or complex as you desire. I happen to have created a few workbooks in Excel and they suffice for my situation. I also stumbled across a great online source at mint.com and I have been very happy with that. It takes a little bit of time to set up, but now I have my banking, investment, 401K, and other information available at the click of a button. What they at mint.com do it once you have set up your accounts, it will be able to display in chart form what you spend, where you spend it, and ways for you to be able to save a little bit of money. Believe me, the little bits add up over time.
Now, don't be intimidated and think that you have to learn Excel skills or take a class in accounting. You can make it as simple or complex as you desire. I happen to have created a few workbooks in Excel and they suffice for my situation. I also stumbled across a great online source at mint.com and I have been very happy with that. It takes a little bit of time to set up, but now I have my banking, investment, 401K, and other information available at the click of a button. What they at mint.com do it once you have set up your accounts, it will be able to display in chart form what you spend, where you spend it, and ways for you to be able to save a little bit of money. Believe me, the little bits add up over time.
Sunday, March 8, 2009
Credit Card Debt and Credit Scores
We have already established that we have a credit card debt challenge and that we are acknowledging that it does exist and that we need to do something about it before it does something to us! There are two keys to eliminating or diminishing the credit card debt that we have: 1) stop increasing the amount of the debt and 2) paying down, or lowering the amount of debt that we already have. This is both a simple solution and one that may seem excrutiatingly difficult. A lot of that hinges on your mindset. If you think it is impossible, think again.
Nothing is impossible and you may have to seek out assistance. This can be particularly challenging to those that have large egos, have never "stooped" to seeking assistance, and those that are too afraid to ask. It never hurts to ask, because if the person(s) you ask for assistance say "no", they are are no worse off than when you were before you asked. I know, I have been there. I, for years, was afraid to ask anybody (parents, friends, spouse) for any help because I had always been an independent person and capable of being self-sufficient.
For more information, click here:
Nothing is impossible and you may have to seek out assistance. This can be particularly challenging to those that have large egos, have never "stooped" to seeking assistance, and those that are too afraid to ask. It never hurts to ask, because if the person(s) you ask for assistance say "no", they are are no worse off than when you were before you asked. I know, I have been there. I, for years, was afraid to ask anybody (parents, friends, spouse) for any help because I had always been an independent person and capable of being self-sufficient.
For more information, click here:
Subscribe to:
Posts (Atom)
