This is 5 Step that can help you improving your Credit Rating.
1. Order your credit reports.
2. Examine your reports carefully.
3. Double-D strategy -- dispute and document.
4. Solve and dissolve debt.
5. Add stability to your credit file.
Ps: Please think without think how you want to waste your money. This is nice solution that might be can help.
Showing posts with label make money. Show all posts
Showing posts with label make money. Show all posts
Saturday, October 25, 2008
Friday, October 17, 2008
Use Home Equity Loan Method
This is one worse way you can make and try if you want..
Use a home equity loan to pay off credit-card debt
Lenders love to tout home equity loans and lines of credit as a way to pay off your plastic. You'll even see some personal finance journalists parroting the company line that such loans make sense, because home equity rates are typically lower than the interest rates you'd pay on your cards -- and the interest is usually tax deductible.
Americans have been taking this advice with a vengeance, cashing out more than $2 trillion of the equity in their homes between 2002 and 2005, according to SMR Research and Freddie Mac. Comparatively low home-equity rates, and stubbornly high credit-card rates, have convinced millions that this is the way to go.
The only way this maneuver really helps you, however, is if you stop using your credit cards to run up debt. Otherwise, you're just digging yourself a deeper hole.
Unfortunately, the ability to live within their means is beyond many people. Nearly two-thirds of the people who borrowed against their home equity to pay off credit cards had run up more card debt within two years, according to a study by Atlanta research firm Brittain Associates.
Oh, sure, you can borrow more against your home to pay off the new debt -- thus whittling away the amount of equity that's available to you in an emergency, and ensuring that you continue to pay hundreds or thousands of dollars a year in interest to your lender. The credit-card balances you should be paying off every month instead get stretched out for years, ultimately costing you more in interest -- even with the tax savings.
Ps: Its risky. But its up to you want to try or not.
Use a home equity loan to pay off credit-card debt
Lenders love to tout home equity loans and lines of credit as a way to pay off your plastic. You'll even see some personal finance journalists parroting the company line that such loans make sense, because home equity rates are typically lower than the interest rates you'd pay on your cards -- and the interest is usually tax deductible.
Americans have been taking this advice with a vengeance, cashing out more than $2 trillion of the equity in their homes between 2002 and 2005, according to SMR Research and Freddie Mac. Comparatively low home-equity rates, and stubbornly high credit-card rates, have convinced millions that this is the way to go.
The only way this maneuver really helps you, however, is if you stop using your credit cards to run up debt. Otherwise, you're just digging yourself a deeper hole.
Unfortunately, the ability to live within their means is beyond many people. Nearly two-thirds of the people who borrowed against their home equity to pay off credit cards had run up more card debt within two years, according to a study by Atlanta research firm Brittain Associates.
Oh, sure, you can borrow more against your home to pay off the new debt -- thus whittling away the amount of equity that's available to you in an emergency, and ensuring that you continue to pay hundreds or thousands of dollars a year in interest to your lender. The credit-card balances you should be paying off every month instead get stretched out for years, ultimately costing you more in interest -- even with the tax savings.
Ps: Its risky. But its up to you want to try or not.
Monday, October 6, 2008
Wednesday, September 24, 2008
How You Choose Contractor?
If you want to find Contractor, what requirement you need to see?
Look for experience. While inexperienced contractors often cost less, it pays to hire a contractor who has swung a hammer more than once and understands the difficulties that can arise on a remodeling project. You’ll want to hire someone who has done a home remodeling project before; otherwise, you may end up spending more to fix mistakes.
While new construction contractors may be skilled, they often aren’t used to working closely with individual homeowners, which can make for some sticky interactions, Deras says. She recommends hiring a local contractor who knows folks at the building department. That contractor will know which permits to get and who to work with, thus speeding the project along.
Ask whether the contractor employs subcontractors. If he does, find out about the subcontractors’ experience, and the contractor’s experience with them. Herriges, for example, has used the same plumber on a variety of projects over the past 32 years.
Get references. This seems like common sense, but when work on your home involves thousands of dollars, you need to do a bit of digging around in a contractor’s background. Find out if he or she is a member of any local or national trade associations and is in good standing with the Better Business Bureau. Ask for references from other jobs he or she has done.
If the job costs more than $30,000, go and see the contractor’s work firsthand, says Herriges. You’ll also want to verify the contractor’s license and insurance. Ask to see the actual documents. If the contractor is not insured, you’re financially liable for any accident that occurs on your property.
You can read full articles in this site : How to choose your Contractor!
PS: Thats why i said to him, choose it wisely, Never choose it because that contractor is your old friends.
Look for experience. While inexperienced contractors often cost less, it pays to hire a contractor who has swung a hammer more than once and understands the difficulties that can arise on a remodeling project. You’ll want to hire someone who has done a home remodeling project before; otherwise, you may end up spending more to fix mistakes.
While new construction contractors may be skilled, they often aren’t used to working closely with individual homeowners, which can make for some sticky interactions, Deras says. She recommends hiring a local contractor who knows folks at the building department. That contractor will know which permits to get and who to work with, thus speeding the project along.
Ask whether the contractor employs subcontractors. If he does, find out about the subcontractors’ experience, and the contractor’s experience with them. Herriges, for example, has used the same plumber on a variety of projects over the past 32 years.
Get references. This seems like common sense, but when work on your home involves thousands of dollars, you need to do a bit of digging around in a contractor’s background. Find out if he or she is a member of any local or national trade associations and is in good standing with the Better Business Bureau. Ask for references from other jobs he or she has done.
If the job costs more than $30,000, go and see the contractor’s work firsthand, says Herriges. You’ll also want to verify the contractor’s license and insurance. Ask to see the actual documents. If the contractor is not insured, you’re financially liable for any accident that occurs on your property.
You can read full articles in this site : How to choose your Contractor!
PS: Thats why i said to him, choose it wisely, Never choose it because that contractor is your old friends.
Monday, September 15, 2008
How to Cut the Cost of Auto Insurance?
Good tips for you todays. Did you want to lower the cost of your auto insurance? It may not be as difficult as you think.
With a phone call or quick trip to the Internet, you could cut your premium and keep a few extra dollars in your pocket. Here’s how:
1. Try bundling. Opting for multiple policies with the same company “is definitely one way to trim costs,” says Doug Borkowski, director of the Iowa State University Financial Counseling Clinic. Look into grouping types of coverage (such as home and auto) or insuring more than one car with the same company.
2. Inform your agent of your good habits. Make sure your agent knows about all the safety features in your car (such as antilock brakes and side-curtain airbags), your teen’s good grades and that you haven’t had an accident since college. All will likely help you keep more of your cash at premium time.
3. Raise your deductible. The classic law of insurance is the lower your deductible, the higher your premium. If you can afford to keep your deductible at $500 or $1,000, you’ll usually see the best rates, says Jack Hungelmann, insurance agent and author of Insurance for Dummies (Wiley). If you go above $1,000, you won’t see much in the way of savings—and you’ll get a huge bill if you have an accident.
And more and more tips. You can know more here if you like : More tips Please!
With a phone call or quick trip to the Internet, you could cut your premium and keep a few extra dollars in your pocket. Here’s how:
1. Try bundling. Opting for multiple policies with the same company “is definitely one way to trim costs,” says Doug Borkowski, director of the Iowa State University Financial Counseling Clinic. Look into grouping types of coverage (such as home and auto) or insuring more than one car with the same company.
2. Inform your agent of your good habits. Make sure your agent knows about all the safety features in your car (such as antilock brakes and side-curtain airbags), your teen’s good grades and that you haven’t had an accident since college. All will likely help you keep more of your cash at premium time.
3. Raise your deductible. The classic law of insurance is the lower your deductible, the higher your premium. If you can afford to keep your deductible at $500 or $1,000, you’ll usually see the best rates, says Jack Hungelmann, insurance agent and author of Insurance for Dummies (Wiley). If you go above $1,000, you won’t see much in the way of savings—and you’ll get a huge bill if you have an accident.
And more and more tips. You can know more here if you like : More tips Please!
Thursday, September 4, 2008
Did your kids have money allowance?
Want your kids to be smart with money? The first step is the hardest: you’ve got to give them some of the green stuff to manage.
An allowance gives parents the opportunity to teach money skills. And it works because it’s relevant to kids, says Lynne Strang, vice president of communications for the American Financial Services Association Education Foundation. “You’re talking about their own money versus someone else’s money,” she says.
Here are seven steps to giving an allowance:
1. Decide whether the allowance will be conditional.
Some parents tie an allowance to completing specific, regular chores, like making the bed, taking out trash or maintaining a neat room. Others don’t like the idea, fearing that—if the child doesn’t want to work—he or she will just forgo the allowance to opt out of helping around the house.
So should an allowance be tied to performing certain jobs?
“I think we fall somewhere in between,” Strang says of her group. “It’s a good idea that kids are expected to have certain core responsibilities.”
Tying an allowance to completing certain regular household chores “is a really bad idea,” says Joline Godfrey, author of “Raising Financially Fit Kids.” “An allowance is not a salary or entitlement. It’s a tool.”
At the same time, if kids do something extra (cleaning out the garage or washing the car), “it makes sense that the parent would pay for jobs that go above and beyond,” Strang says.
If you do decide to assign chores, you’ll want a simple way to keep track of who is doing what each week, says Strang. If kids need some structure or a visual reminder, keep the chores chart in a prominent place, where you and they see it regularly.
Your ultimate goal? Encourage the child to keep track of it on his or her own, says Godfrey. Because, she says, “unless you find a way to put some responsibility on the kids, it’s exhausting.”
2. Set an amount.
“This is a personal decision” that varies from family to family, Strang says.
Some factors to consider: How old is the child? What obligations do you want the child to manage (e.g., school lunches, activity fees)? Realistically speaking, how much money does the child need for those items? And how much discretionary money do you want left?
3. Establish a regular pay day.
How often do you want to pay an allowance? For smaller kids, paying a weekly allowance usually works fine. For high schoolers, consider a monthly plan, says Strang. It more closely mirrors the challenges they’ll face in adulthood, namely budgeting a set amount of money across a month.
It also gives you an excuse to sit down with them and analyze monthly expenses and income, she says.
4. Start small with young kids.
Don’t be afraid to say “this is your lunch money budget” or “this is your comic book budget,” says Godfrey. “Start with something concrete and real that can be understood,” she says. And when the child masters that, you can add to his or her financial responsibilities.
YOu can contunue read here. Because i feel you can know more about your kids and how to control their allowance.
Ps: I hope, when i have kids, they will never ask about money. All money is mine. Haha!
An allowance gives parents the opportunity to teach money skills. And it works because it’s relevant to kids, says Lynne Strang, vice president of communications for the American Financial Services Association Education Foundation. “You’re talking about their own money versus someone else’s money,” she says.
Here are seven steps to giving an allowance:
1. Decide whether the allowance will be conditional.
Some parents tie an allowance to completing specific, regular chores, like making the bed, taking out trash or maintaining a neat room. Others don’t like the idea, fearing that—if the child doesn’t want to work—he or she will just forgo the allowance to opt out of helping around the house.
So should an allowance be tied to performing certain jobs?
“I think we fall somewhere in between,” Strang says of her group. “It’s a good idea that kids are expected to have certain core responsibilities.”
Tying an allowance to completing certain regular household chores “is a really bad idea,” says Joline Godfrey, author of “Raising Financially Fit Kids.” “An allowance is not a salary or entitlement. It’s a tool.”
At the same time, if kids do something extra (cleaning out the garage or washing the car), “it makes sense that the parent would pay for jobs that go above and beyond,” Strang says.
If you do decide to assign chores, you’ll want a simple way to keep track of who is doing what each week, says Strang. If kids need some structure or a visual reminder, keep the chores chart in a prominent place, where you and they see it regularly.
Your ultimate goal? Encourage the child to keep track of it on his or her own, says Godfrey. Because, she says, “unless you find a way to put some responsibility on the kids, it’s exhausting.”
2. Set an amount.
“This is a personal decision” that varies from family to family, Strang says.
Some factors to consider: How old is the child? What obligations do you want the child to manage (e.g., school lunches, activity fees)? Realistically speaking, how much money does the child need for those items? And how much discretionary money do you want left?
3. Establish a regular pay day.
How often do you want to pay an allowance? For smaller kids, paying a weekly allowance usually works fine. For high schoolers, consider a monthly plan, says Strang. It more closely mirrors the challenges they’ll face in adulthood, namely budgeting a set amount of money across a month.
It also gives you an excuse to sit down with them and analyze monthly expenses and income, she says.
4. Start small with young kids.
Don’t be afraid to say “this is your lunch money budget” or “this is your comic book budget,” says Godfrey. “Start with something concrete and real that can be understood,” she says. And when the child masters that, you can add to his or her financial responsibilities.
YOu can contunue read here. Because i feel you can know more about your kids and how to control their allowance.
Ps: I hope, when i have kids, they will never ask about money. All money is mine. Haha!
Monday, September 1, 2008
I just want to Loving you more..
You want money? Have big problem with your financial? I advice you to read this article. Even maybe you already rich and have no problem with your life, why not you add more knowledge today?
Getting paid can be a nightmare for any business, but dealing with accounts receivable can be particularly harsh for sole proprietors. Focusing on collections means losing out on billable hours. Soloists can learn a lot, however, from the methods of Rosemary Sadez Friedmann, who owns an interior-design business with $2.5 million in revenues in Naples, Fla. She's been on her own for 19 years, dealing with a high-end crowd that can be particular about what it's paying for.
Friedmann's first principle is to stagger the timing of all her long-term jobs. Ideally, if she's working on three projects simultaneously, at any given moment she'll be starting one, in the middle of a second, and concluding a third. That way, she has to worry about collecting from only one customer at a time. "If a big job has to be done immediately, I usually have to beg off," she says.
Her key to successful staggering is limiting herself to four large-scale projects a year. She's learned from experience that any more of a workload is all-consuming and compromises the time management benefits that the staggering was designed to create. Friedmann maintains her pace by practicing a crucial soloist art: staving off customers without actually saying no to them.
With rare exceptions, Friedmann meets with all prospective customers, as a visible attempt to work their needs into her strategic scheduling. If the scheduling proves impossible, she often compensates by offering to work as an hourly consultant, thus generating good word of mouth without overlooking her major project commitments. The initial interview also allows her to screen customers. If they don't seem like trustworthy payers, she can decline to do the job or offer to do it only if the customer signs a property lien.
Friedmann hasn't lost out on a payment in more than four years. And just as important, she's managed to stay solo for all that time, when many with her income might have splurged on an employee to handle the headaches. "I often think, 'Boy, it would be so much easier if I had someone else who could just make phone calls,' " she says. "But the other side of the coin is, I'm in tune with every side of my clients' accounts. And there's nothing that's going wrong."
Ps: You also can make money from Mutual investment if you want!
Pss: I also hope my men know what he doing now. I'm not angry dear. I'm just want to loving you more..
Getting paid can be a nightmare for any business, but dealing with accounts receivable can be particularly harsh for sole proprietors. Focusing on collections means losing out on billable hours. Soloists can learn a lot, however, from the methods of Rosemary Sadez Friedmann, who owns an interior-design business with $2.5 million in revenues in Naples, Fla. She's been on her own for 19 years, dealing with a high-end crowd that can be particular about what it's paying for.
Friedmann's first principle is to stagger the timing of all her long-term jobs. Ideally, if she's working on three projects simultaneously, at any given moment she'll be starting one, in the middle of a second, and concluding a third. That way, she has to worry about collecting from only one customer at a time. "If a big job has to be done immediately, I usually have to beg off," she says.
Her key to successful staggering is limiting herself to four large-scale projects a year. She's learned from experience that any more of a workload is all-consuming and compromises the time management benefits that the staggering was designed to create. Friedmann maintains her pace by practicing a crucial soloist art: staving off customers without actually saying no to them.
With rare exceptions, Friedmann meets with all prospective customers, as a visible attempt to work their needs into her strategic scheduling. If the scheduling proves impossible, she often compensates by offering to work as an hourly consultant, thus generating good word of mouth without overlooking her major project commitments. The initial interview also allows her to screen customers. If they don't seem like trustworthy payers, she can decline to do the job or offer to do it only if the customer signs a property lien.
Friedmann hasn't lost out on a payment in more than four years. And just as important, she's managed to stay solo for all that time, when many with her income might have splurged on an employee to handle the headaches. "I often think, 'Boy, it would be so much easier if I had someone else who could just make phone calls,' " she says. "But the other side of the coin is, I'm in tune with every side of my clients' accounts. And there's nothing that's going wrong."
Ps: You also can make money from Mutual investment if you want!
Pss: I also hope my men know what he doing now. I'm not angry dear. I'm just want to loving you more..
Sunday, August 24, 2008
Say No to Tax?
You hate Tax? same with me!
No one likes paying tax. Everyone understands that tax is a necessary evil and that without it our government would not be able to afford our roads, health services, education, welfare system etc. However you are not obliged to pay more tax than that for which you are legally liable.
Here are some tips to keep your tax down:
- Reduce all stock to levels and cut costs.
Never carry excess stock because that is money that is sitting on the shelves and not in your bank. - Clear out stock that is slow.
Clear stocks and turn them into cash. If necessary reduce your prices and turn stock into cash rather than have it sitting on the shelves or in the warehouse. Best to cut your losses and use the cash to buy in stock that does sell. - Reduce rental costs.
Cut your rental cost by letting out or letting go space that are excess to your requirements. Talk to your landlord about what you can do. It may be that you can obtain approval to rent out areas that you don't need. - Pay your bills on time but not before the due date.
Do not pay your bills too early because having the money sitting in your bank will reduce your bank fees and interest costs. Make use of any early payment discounts offered and, where necessary, if the funds are short talk to your suppliers and see if they would allow you extra time to pay. - Make sure you are making a profit on your sales.
The correct profit margin you put on to your products is critical and will determine whether you will be profitable or not. - Use your credit card.
Credit cards often have an interest-free period so make use of it. Advantage can be taken of this fact by using your card to pay some expenses and then paying the credit card on the due date. The result is that you effectively obtain an interest-free period through the use of this facility. - Dump and no longer stock products that are not profitable.
Check your product range and discontinue all slow moving stock that is not generating profit. It is far wiser turning poor products into ready cash and using that cash for those products which provide a profit contribution. - Look after your customers.
No customers mean no business. Your customers are critical to your success, so look after them. Satisfied customers will keep coming back to buy. Unhappy ones will never be seen again. When they stop coming back, sales will be lost and your business will suffer. - Reduce credit to customers.
Don't sell on credit unless you have to. Provide credit to customers who are regulars and who support the business all the time. Give credit to those who pay their bills on time. Late payers should be dropped as the costs of servicing them will drain your profits. - Keep all papers.
Remember papers are "worth more than money". Keep a record of all claims you make and all receipts to justify those claims. It is very important for you to write/record in your working papers the basis or reasoning or viewpoint relating to every claim you make. If your basis is sound but wrong then you will have a better chance to resist any claim for tax avoidance or evasion directed at you. If you have no basis at all and no thought given to how you arrived at the claim made, and your claim is rejected, you could be up for the "high jump" and be charged with the intention to evade tax.
By: Peter Viliamu
Ps: I feel pity to him because need to pay tax every year. Huu
Tuesday, August 19, 2008
Did you know how to Credit Repair?
In this tough economy, when every dollar counts, it is crucial to learn how to do credit repair yourself. Each and every day, thousands of desperate people are needlessly running to credit repair agencies spending hundreds, even thousands of dollars trying to get their credit up to par.
But it really isn't that difficult at all to repair credit yourself if you know the basic things that most credit repair services would otherwise do for you for a fee.
If you aren't aware of those simple actions, here are 5 quick and easy steps to do credit repair yourself.
1. Access a copy of your credit report - you are entitled to a copy of your credit report for free once a year. You can access it in the mail, by phone, or even online. Although you get this free credit report, be sure to also get your credit scores along with your report, as this is the foundation for doing credit repair for yourself.
2. Check your credit report for errors - this is one of the biggest factors that credit repair agencies bank on - the mistakes that can you easy remove yourself while you're in the process of credit repair. Look for wrong addresses, wrong social security numbers, accounts with balances that you've already paid off, and even accounts with late payments that were actually made on time.
3. Negotiate account payoffs - here's another area that you are typically charged for by credit repair agencies which you can avoid by doing the credit repair yourself. All you have to do is call your creditors on collection or past due accounts and ask them to settle with you. Just let them know that you will pay off the balance, but that you are only able to pay a certain amount. If the creditor agrees, you have just saved a few hundred dollars and you now have a zero balance on that account.
4. Raise your credit limits - you may be asking yourself, "How can raising your credit limits help when you are doing credit repair yourself?" The magic about this is that 30 percent of your credit score is directly impacted by the balance on your account compared to the limit on that account. So there is only two ways to change this aspect of your credit score. Either you pay down the balance or you raise up the credit limit. Either can give you an equal result when doing credit repair yourself.
5. Continue monitoring your credit score - here's where most people miss it big time. They take the initial actions to repair their credit themselves, but then they never follow up to be certain that those actions really helped their credit scores. That's the pitfall of doing credit repair yourself; you may not have a good system for following through until you get the results in your credit that you are looking for. The best tool to use here is a calendar and simply putting reminders every one to two months to check your credit report and credit scores again.
As you can see, these are all simple steps that will guide you along the way to do the credit repair yourself. If you can do these 5 simple steps, then you have just saved yourself hundreds of dollars by not having others do it for you
Author by Alex Navas
Ps: We still have no problem with our credit. So, my husband no need to do credit repair. So, we are save!
But it really isn't that difficult at all to repair credit yourself if you know the basic things that most credit repair services would otherwise do for you for a fee.
If you aren't aware of those simple actions, here are 5 quick and easy steps to do credit repair yourself.
1. Access a copy of your credit report - you are entitled to a copy of your credit report for free once a year. You can access it in the mail, by phone, or even online. Although you get this free credit report, be sure to also get your credit scores along with your report, as this is the foundation for doing credit repair for yourself.
2. Check your credit report for errors - this is one of the biggest factors that credit repair agencies bank on - the mistakes that can you easy remove yourself while you're in the process of credit repair. Look for wrong addresses, wrong social security numbers, accounts with balances that you've already paid off, and even accounts with late payments that were actually made on time.
3. Negotiate account payoffs - here's another area that you are typically charged for by credit repair agencies which you can avoid by doing the credit repair yourself. All you have to do is call your creditors on collection or past due accounts and ask them to settle with you. Just let them know that you will pay off the balance, but that you are only able to pay a certain amount. If the creditor agrees, you have just saved a few hundred dollars and you now have a zero balance on that account.
4. Raise your credit limits - you may be asking yourself, "How can raising your credit limits help when you are doing credit repair yourself?" The magic about this is that 30 percent of your credit score is directly impacted by the balance on your account compared to the limit on that account. So there is only two ways to change this aspect of your credit score. Either you pay down the balance or you raise up the credit limit. Either can give you an equal result when doing credit repair yourself.
5. Continue monitoring your credit score - here's where most people miss it big time. They take the initial actions to repair their credit themselves, but then they never follow up to be certain that those actions really helped their credit scores. That's the pitfall of doing credit repair yourself; you may not have a good system for following through until you get the results in your credit that you are looking for. The best tool to use here is a calendar and simply putting reminders every one to two months to check your credit report and credit scores again.
As you can see, these are all simple steps that will guide you along the way to do the credit repair yourself. If you can do these 5 simple steps, then you have just saved yourself hundreds of dollars by not having others do it for you
Author by Alex Navas
Ps: We still have no problem with our credit. So, my husband no need to do credit repair. So, we are save!
Credit Card Debt Problem
But the options seem limited; you probably think that it's almost impossible to make your paycheck stretch enough to get a handle on all of your debt. It can be easy to let credit card debt take over your life - don't let it! Whether you had an accident and had to live off of your credit cards for a few months, or just weren't smart with your debt, there are ways that you can control your debt and pay it down - without asking your boss for a 50% pay raise! Here are the best tips for credit card debt consolidation:
* Put down the credit card: It may seem like common sense, but if you're still charging purchases, you will never escape your credit card debt. Hide your credit cards and use your debit card to make your everyday purchases - you'll soon spend well within your budget!
* Put down the credit card: It may seem like common sense, but if you're still charging purchases, you will never escape your credit card debt. Hide your credit cards and use your debit card to make your everyday purchases - you'll soon spend well within your budget!
It's no secret that credit card debt has become a major problem facing our economy today. If you're one of the millions of consumers suffering from major credit card debt, then you're probably desperate to get your massive bills under control.
* Cut down on luxuries: Do you eat out for lunch everyday? Do you absolutely have to have that four dollar latte every morning? Luxuries like these are exactly that - luxuries. When you're trying to get rid of credit card debt, you have to give up a few unnecessary luxuries. Try bringing your own coffee to work, or make lunch at home. The peace of mind you'll have once your debt is gone will definitely be worth it.
* Look into a balance transfer: If you've been carrying a hefty balance on your credit cards, you may as well be flushing fistfuls of cash down the toilet. When you carry over a balance on your card month after month, your interest rate skyrockets, which puts even more pressure on your wallet. Consider a balance transfer to a low interest rate credit card, which will help save you hundreds of dollars in interest; not to mention make it much easier to pay down your credit card debt.
A balance transfer is a viable option for many individuals, but a warning about low interest rate cards: make sure that you're not buying into an introductory offer. The worst thing that can happen is watching your credit card bill skyrocket once the incentive period is over!
* Try consolidation loans: Many banks will offer you private debt consolidation loans to help you pay off that credit card debt. But make sure you're not charging anything to your cards while paying off the consolidation loans, as you'll just be digging a deeper financial hole.
* Make extra payments: Many people pay only the minimum payments on their credit cards, but this prolongs the life of your debt - not to mention the hundreds of dollars that you're throwing away on interest alone. Make sure you pay above the minimum repayment and if possible make small extra repayments during the month when you can afford it. You'll see your debt shrink in no time.
Here's another tip for making extra payments: use the money you previously spent on unnecessary luxuries towards your credit card debt. For example, if you spent four dollars a day on your large coffee for a month, that's $120...for some people, that's like another credit card payment! If you budget your monthly expenses based on what you need - not what you want - you'll find the money to make those extra payments.
* Dip into your savings account: This suggestion may seem a little shocking, but if you're drowning in credit card debt, it's worth dipping into your savings to alleviate the debt. However, if you can possible avoid it, try not to cash out your 401(k) or any other retirement savings you may have.
* Borrow funds against the value of your life insurance: If your life insurance has cash value, borrow against the policy. Again, this suggestion may seem a bit shocking, but you need to get rid of that credit card debt! However, make sure you pay back the loan, as any leftover debt will paid off by using part of your policy. This may seem insignificant now, but your grieving family will thank you for it.
* Get a home equity loan: If you're a homeowner, and have accumulated equity over the years, consider a home equity loan (HEL) in the amount needed to pay off your credit card debt. Home equity loans often have lower interest rates than those of credit cards, so you'll be trading off your debt at 18% interest rate for one at 6%. Just using this method you'll find you have extra cash to pay your debts off.
But before you take out a home equity loan, make sure you've learned your lesson regarding credit card debt. Don't take out a loan, and then continue to use your credit card to make purchases - you'll only further bury yourself with debt.
* Talk to the credit card companies: After all, they're human too! If it seems like you've tried everything to get your debt under control, with no success, try taking your case to the credit card companies. Let your creditors know your situation. Maybe you still haven't recovered from that accident, or you had a huge unexpected purchase to make; regardless, ensure you mention the word bankruptcy in the conversation. The last thing credit card companies want to lose is their money, so they'll often renegotiate your interest rates and debt balance in order to protect their assets.
* Go to credit counseling: Credit counselors can be an invaluable help if you have major credit card debt, they can often help cut your debt balance in half. This is often the last step taken by individuals before declaring bankruptcy, and one of the most successful.
If your stressed out and it seems like you are up to your eyeballs in debt then don't panic, it is possible to get yourself out of debt without working 3 jobs or going bankrupt. Just follow these tips, and you'll be debt-free in no time; but beware! Make sure you've learned your lesson, or else you'll repeat the debt cycle again and again.
Want to know more about finance? You can see more articles here soon.
* Cut down on luxuries: Do you eat out for lunch everyday? Do you absolutely have to have that four dollar latte every morning? Luxuries like these are exactly that - luxuries. When you're trying to get rid of credit card debt, you have to give up a few unnecessary luxuries. Try bringing your own coffee to work, or make lunch at home. The peace of mind you'll have once your debt is gone will definitely be worth it.
* Look into a balance transfer: If you've been carrying a hefty balance on your credit cards, you may as well be flushing fistfuls of cash down the toilet. When you carry over a balance on your card month after month, your interest rate skyrockets, which puts even more pressure on your wallet. Consider a balance transfer to a low interest rate credit card, which will help save you hundreds of dollars in interest; not to mention make it much easier to pay down your credit card debt.
A balance transfer is a viable option for many individuals, but a warning about low interest rate cards: make sure that you're not buying into an introductory offer. The worst thing that can happen is watching your credit card bill skyrocket once the incentive period is over!
* Try consolidation loans: Many banks will offer you private debt consolidation loans to help you pay off that credit card debt. But make sure you're not charging anything to your cards while paying off the consolidation loans, as you'll just be digging a deeper financial hole.
* Make extra payments: Many people pay only the minimum payments on their credit cards, but this prolongs the life of your debt - not to mention the hundreds of dollars that you're throwing away on interest alone. Make sure you pay above the minimum repayment and if possible make small extra repayments during the month when you can afford it. You'll see your debt shrink in no time.
Here's another tip for making extra payments: use the money you previously spent on unnecessary luxuries towards your credit card debt. For example, if you spent four dollars a day on your large coffee for a month, that's $120...for some people, that's like another credit card payment! If you budget your monthly expenses based on what you need - not what you want - you'll find the money to make those extra payments.
* Dip into your savings account: This suggestion may seem a little shocking, but if you're drowning in credit card debt, it's worth dipping into your savings to alleviate the debt. However, if you can possible avoid it, try not to cash out your 401(k) or any other retirement savings you may have.
* Borrow funds against the value of your life insurance: If your life insurance has cash value, borrow against the policy. Again, this suggestion may seem a bit shocking, but you need to get rid of that credit card debt! However, make sure you pay back the loan, as any leftover debt will paid off by using part of your policy. This may seem insignificant now, but your grieving family will thank you for it.
* Get a home equity loan: If you're a homeowner, and have accumulated equity over the years, consider a home equity loan (HEL) in the amount needed to pay off your credit card debt. Home equity loans often have lower interest rates than those of credit cards, so you'll be trading off your debt at 18% interest rate for one at 6%. Just using this method you'll find you have extra cash to pay your debts off.
But before you take out a home equity loan, make sure you've learned your lesson regarding credit card debt. Don't take out a loan, and then continue to use your credit card to make purchases - you'll only further bury yourself with debt.
* Talk to the credit card companies: After all, they're human too! If it seems like you've tried everything to get your debt under control, with no success, try taking your case to the credit card companies. Let your creditors know your situation. Maybe you still haven't recovered from that accident, or you had a huge unexpected purchase to make; regardless, ensure you mention the word bankruptcy in the conversation. The last thing credit card companies want to lose is their money, so they'll often renegotiate your interest rates and debt balance in order to protect their assets.
* Go to credit counseling: Credit counselors can be an invaluable help if you have major credit card debt, they can often help cut your debt balance in half. This is often the last step taken by individuals before declaring bankruptcy, and one of the most successful.
If your stressed out and it seems like you are up to your eyeballs in debt then don't panic, it is possible to get yourself out of debt without working 3 jobs or going bankrupt. Just follow these tips, and you'll be debt-free in no time; but beware! Make sure you've learned your lesson, or else you'll repeat the debt cycle again and again.
Want to know more about finance? You can see more articles here soon.
PS: I hope my husband will find a good money this month. Its because i want him to buy me some bag. Its really good and i like it. Where a re you hunny..
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