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.
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.
Most of us have asked ourselves that question on numerous occasions, sometimes in disbelief. We never dreamed that it would be possible, until we look at our credit card balances that have been slowly increasing. Would living on a budget prevent that?
Usually, overspending is not a conscious effort. It could start with something as simple as meeting friends on the way to work for a latte. Your cash is spent so you just charge the drink, no big deal.
A couple of times during the week, the same friends suggest that you have dinner with them. You are shocked when the credit card bill arrives and you add up those unplanned charges that total $320.00.
You didn’t realize how easy it was to overspend without being aware of it. Now how do you tell your friends that you can’t View full post…
Posted: August 11, 2017 Under: Budgeting By: Gust Lenglet
Should I Pay Off Debt With All of My Emergency Fund?
You can ask several financial planners this same question and you will get different responses. Some will advise you to get rid of all credit card debt. Some will say to setup an emergency fund first to cover such expenses as a major car repair or some large expenditure in your home.
What are you supposed to do, however, if you have an emergency fund and the balance in it is just enough to repay all of your credit card debt? Wouldn’t the credit card debt with very high interest rates be considered an emergency expenditure?
Don’t deplete the emergency fund to repay debt
The general consensus here is no, don’t use the entire balance of the emergency fund to repay your credit cards. Instead, just use some of the cash savings to repay some of the debt. Keep some of the savings available for a bona fide emergency.
With student loans at an all-time high and record delinquencies, millennials want to know how to pay off debt fast. Increasing debt is becoming a major concern and more than half of a survey group said they felt overwhelmed because of high debt.
The millennial group surveyed had twice as many complaining of high debt as the 49 to 59 age group and the obvious question is why? What do you think the reason is? Please share your comments below.
These 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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