You Say To Yourself, What Can I Do To Reduce Or Eliminate My Debt

Category: Finance, Credit.

I m sure your answer is yes to this question.

Did you know that there are a lot of people in the United States who are in more debt today than we ve ever been? Yeah, you may want to loose your debt, but aren t sure exactly how to do this. We re also saving much less! Even though we make more money we re saving a lot less than our grandparents did! That s right. I know you re saying, things cost much more these days.

In fact, the interest rates that are currently being charged on credit cards average eighteen percent and upward. Yes, but we, I know re still spending more, which keeps us from saving the money we should for a rainy day. Ouch! Of course, your credit card company would like you to keep a balance on your credit card so they can collect interest from you! That s a lot of interest to pay for a credit card especially if you don t pay off your balance each month. Remember you re charged interest on your unpaid balance, that s how the credit card companies make lots of money.

Well, here are some tips to help you begin your path to financial freedom by reducing and eventually eliminating your debt: 1) Review all of your current billing statements to determine how much you owe your creditors. You say to yourself, what can I do to reduce or eliminate my debt? By doing this, you ll know exactly where you stand with your bills and exactly how much you owe. 2) Look at the highest interest rates you are paying and the balances of these particular credit cards. This will assist you in reducing the amount of interest you are paying to your creditors sooner. 3) Pay more than the minimum amount due on your credit cards! Based on those balances, attempt to start paying off the credit cards with the highest interest rates first. You want to get your debt reduced and eventually eliminated by paying over the minimum balance that the credit card company is requiring you to pay.

You definitely don t want to pay your credit card company any more money than you need to! Remember debt elimination is your goal, so this will help you to work towards that! 4) Make sure to pay your bill on time in order to avoid late fees and extra interest charges added to your credit balances. Remember, the more money you keep for yourself, the more you have to save. 5) Don t use your credit cards! Yes, I know you ll need one for emergencies. That s right, you re trying to become debt free, so you ll need to eliminate or reduce your spending on your credit cards. But, that s just it, emergencies only! Your goal is to stay out of debt and to become debt free. 6) You may want to take money from your savings or money market account to pay off your credit cards so you can become debt free or reduce your debt.

So don t use your credit card for anything else other that a true legitimate emergency. If you decide to do this, make sure you keep some money in your savings for an emergency or a rainy day! 7) If you think you need debt counseling, then you may want to seek professional help to assist you with reducing or eliminating your debt. These tips should help you get started on your way to becoming debt free for the future. Just do some research via the internet to locate a company that specializes in this. You ll be glad that you decided to take this crucial step in taking control of your personal finances by losing your debt! Remember, it s important for your future.

Read more...

At Gas Stations You Save Even More - Finance and Credit Blog:

With the Chase PerfectCard MasterCard you can earn rewards everywhere! At gas stations you save even more.

Filing Bankruptcy Is Not And Should Not Be An Easy Choice - Gracie Sharlow's Finance and Credit blog:

Sounds painful, doesn t it? However, you need to be careful about when you file.

For A Majority Of The Instances When Workers Are Negatively Used By Their Own Company Is Through The Medium Of Finances - Finance and Credit Articles:

There are millions of workers in America that have gained employment from businesses that are owned by other business leaders, which basically means that these people work for other entrepreneurs that have started their own business.