How to Pay Off Credit Card Debt

How to Pay Off Credit Card Debt

How to Pay Off Credit Card Debt

I know, I know, we’ve all been there, and it’s easy to say, but usually hard to do. What’s more, all of this credit card debt didn’t appear instantly, and it’s not going to go away instantly either. We’ll try to show you how to pay off credit card debt in a reasonable time frame, but it’s very important that you have your mind set to do it.

Getting rid of this bad debt may seem next to impossible, but it is absolutely possible. If paying your bills at the beginning of the month gives you a View full post…

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How to Get Your Finances in Order

How to Get Your Finances in Order

4 Things You Can Do To Learn How To Get Your Finances in Order

Are you familiar with financial phrases like credit score, retirement savings, debt retirement, or account balances? If so, that’s great, you’re well on your way to learn how to get your finances in order.

If these phrases tend to cause a bit of anxiety, you’re not alone. About 75 % of the current millennial generation feel as you do, according to the National Endowment for Financial Education. This organization was founded in 1972 and is a non-profit 501 (c) (3) foundation with its primary purpose being to help Americans improve the quality of their lives by educating them with basic programs that teach one to make sound financial decisions.

Many millennials tend to shy away View full post…

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How to Get Rid of Debt Now

How to Get Rid of Debt Now

Do You Know How to Get Rid of Debt? – 10 Helpful Tips

Do you know anyone who is living a debt free life? Do you want to live without the stress of meeting loan obligations every month? Read on and see how to get rid of debt once and for all.

Debt-free individuals usually share the following ten similar characteristics that enables them to live below their means. There’s nothing here that is so highly technical that prevents anyone else from copying.

  1. Start paying attention to details – As an example, if you don’t review your monthly credit card statement closely, there may be charges on there that shouldn’t be. Debt free individuals monitor their personal finances very carefully.

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5 Benefits of Debt Free Living

5 Benefits of Debt Free Living

Debt Free Living – 5  Benefits Await You

Are your debts causing stress and you want a normal life? Do you struggle every month just trying to make the minimum payments on your credit cards? Do you really want to achieve debt free living?

It’s so easy in today’s life style to get caught up in the “charge it” philosophy. You see your friends and acquaintances driving that new car or buying a very large house with new furniture. You think to yourself, if they can do it, so can I. What you don’t see is your friend’s , large mortgage, car loan, and several maxed out credit cards used to furnish that new house.

The average American is used to living with debt. Credit cards are used to buy things we don’t need, car loans for seven years because we like a luxury vehicle. Larger homes than we need are bought because we can get a mortgage for 30 years to lower the payment. We won’t get into the sensitive area of student loans in this article.

Debt free living is not just a simple choice. It’s a brand new life style that you decide to undertake, and it is by no means an easy route. Many try it and fail for a variety of reasons. Primarily, it is their lack of financial discipline.

If you’ve had enough stress and anxiety due to juggling payments on credit cards with balances that never reduce, maybe it’s time for a change.
Instead of the debt route, choose the debt free living road. There are many benefits that we can list for living debt free. For our purposes here, we’ll list the five major ones:

Stop paying interest and fees.
Current averages say that the rate of interest on a credit card is around 15% and the average balance carried is about $5,500.00. To make matters worse, credit card interest is not tax deductible. Keep in mind that those are only averages. Many that I have seen in my practice have credit card balances of $25,000.00 and higher. The decision to go with debt free living isn’t easy, but it can be done. I know it’s a difficult decision to make a life style change and I speak from personal experience.

My wife and I made that change many years ago, and by eliminating all debt, we’ve been debt free for over 20 years. We use one credit card for certain purchases to get points that can be used as cash. That card is paid in full every month. We’ve been able to pay cash for a new car (not a luxury vehicle), and we have no mortgage or a home equity line. Once you attain debt free living, all of that interest, including your mortgage payment, can go into savings which takes us to our second point.

Set up an emergency fund
Recent statistics issued by the Federal Reserve show that about 25% of American households don’t have any savings. In addition, the average amount in retirement funds is about $35,000.00. These figures are deplorable at best.Every household needs to have an emergency fund that should cover your total living expenses for at least 6 months. When you’re living paycheck to paycheck, and mired in debt, it’s next to impossible to spare any money for it. If there’s one thing for certain, an emergency will happen.

Establish a retirement fund
This is one area that everyone needs to start and the earlier the better. Even if you can only spare a few dollars each month, that will mount up over the years. If you’re debt free, you’ll be able to fund this account more and have a nice nest egg when you finally retire. As we mentioned earlier, it’s a difficult road, but with a good budget and controlled spending, it can be done.

You’ll have the freedom to make life style changes
Living with heavy debt and struggling to make the monthly payments limits you tremendously. However, If you’re already on the road to debt free living, you aren’t bound with those chains. Perhaps you’re in a job that you no longer like, you now have the freedom to make a change. Or you may want to move to a different area of the country. This leads to our fifth point.

You can live with less stress and worry
I can tell you for sure, debt free living most certainly reduces and/or eliminates a lot of stress, both financially and personally. The peace of mind of not having to decide who and how much to pay each month is a stress reliever.

We realize that with the previous recession and current economy, many are in debt. Some have lost their job and some are trapped in jobs with stagnant wages. Even worse, many have upside-down mortgages with little chance of recovery.

There are so many others though that can make the decision to take the road to debt free living. The sooner they do, the sooner they can enjoy the five benefits above. Give it a try!

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Refinance With Bad Credit

Refinance With Bad Credit

Can You Refinance with Bad Credit

There are a few programs available, such as the Federal Housing Authority (FHA) and the Home Affordable Refinance Program (HARP) that have options for individuals with bad credit. These programs are not based on your credit score, and they don’t even require a credit check. Yes, you can refinance with bad credit.

Another organization, the U.S Department of Veterans Affairs (VA), offers mortgage refinancing to individuals who have bad credit. These are done through various lenders who determine their own requirements, and will vary by the lender.

Some of the statistics from August 2017 bear this out. Ellie Mae View full post…

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How To Protect Yourself From Identity Theft

How To Protect Yourself From Identity Theft

Do You Know How To Protect Yourself From Identity Theft?

Do you allow online vendors to store your credit or debit card information on their website? Do you use an app where you store your credit or debit card information? Do you know how to protect yourself from identity theft?

In today’s fast paced society, many Americans do just that so that they can make purchases more quickly. Actually, almost 100 million of our citizens are doing that.

Is it wise or safe to do that just to make a purchase one minute faster? Obviously, many will say yes, until the day that particular vendor has their website hacked. Then, when a hacker starts making purchases on that site with your credit card, your opinion will probably change.

Suppose you store a View full post…

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Common Money Myths & Debt

Some Common Money Myths and Debt

Don't be fooled by some of the money mythsEach of us has our own pre-conceived ideas as to how money plays a part in our daily lives. Because of those ideas, it’s no wonder money myths are so prevalent. What’s more, this hype perpetuates not only from friends and acquaintances, but financial professionals as well.

Some of these sayings remind me of the saying “old wives tales”, and indeed, they may be. This first one is a good example.

  1. Never payoff your credit card balance in full because it will affect your credit score in a negative way.

Wrong – Keeping an outstanding balance on a credit card will not improve your credit score. View full post…

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How to Pay Off Debt Fast

How to Pay Off Debt Fast and Stay Debt Free

 Learn how to pay off debt fastThese strategies will show you how to pay off debt, and are not unique – you may have heard them before. However, if you feel like you’re drowning in debt and don’t know what to do about it, you’re not alone. The average couple in the USA is faced with $15,000.00 in credit card debt alone in a 2014 analysis and it is climbing.

Some folks say there are some easy ways to learn how to pay off debt, but we both know, it is not easy. If it were, nobody would have open credit card debt. View full post…

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Hazards of Having A Credit Card – Are You Trapped?

Hazards of Having a Credit Card

Having a credit cardMy grandparents taught me something when I was young; paying for everything with cash keeps you out of debt.  Their philosophy was that it’s too easy to get in over your head and mismanage money if you are using a piece of plastic. They called this debt the hazards of having a credit card.

It is very easy to overuse and misuse a credit card.  Here are the following ways:

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Debt Management Tips

4 Debt Management TIPS for 30-Something Year Olds

4 debt management tipsHaving debt is never easy or fun.  In your 20’s, studies show this age group seem to be able to manage their debt without too much stress and struggle. This all seems to change once people hit their mid-30’s.

There is almost a tipping point that defines the future in the years between 35-44.  This age group appears to have the highest level of debt than any other age group according to the Census Bureau.   This age carries 25% more debt than the next highest debt age grouping.

Coming in at more than $100,000 in debt, it is easy to see why the 30 something year olds feel like they are at a tipping point.

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