Get Out of Debt
All of us have one form of debt or another. A house mortgage, a car loan, credit cards...Some debt can be a good thing (I know, really?) as long as you stay on top of it, and pay your bills on time. Having good credit, meaning the debt you have you pay your bills on time, tells other creditors you are a good risk, so when you need to apply for more credit, you have a better chance to get it and at a lower intrest rate. The flip side is when debt takes over your life, when you can't afford the bills that you have, so you use your credit, and it is just a downward spial from there. Here are some hints to help you tackle your debt.
Over 1,000 of the Best Idead to Dig Out of Debt!
*You can't fix what you don't acknowledge, be honest about how much you really owe.
*Exam your monthly bills and find where you can cut costs. You have to pay your car loans and mortgage, but maybe you could downgrade your t.v. or phone package...do you really need all of those channels or minutes on your phone?
*Always pay atleast $10 more then the minimum due for credit cards and loans, you will be shocked how much in intrest you save in the end.
*Contact a debt counselor, most banks or some websites offer free services, you will be surprised what you will discover when you truly look.
*Utilize a debt calculator to figure out how much you need to pay to save on intrest rates.
*Set a family budget and stick to it. Look at these example budget sheets and make your own.
*Seperate your needs from your wants. Only purchase the needs until you get a handle on things.
*Build your savings, the worst will happen when you are least prepared for it.
*Avoid late fees by paying your bills on time.
*Pay all of your bills before making any other purchases.
*Most companies will be helpful if you just ask. Ask for payment plans. My vehicle loan company forgave 2 missed payment during the loan term as long as we called first. You will get the best results if you CALL first before there is a problem or late or final notice.
*Give yourself (and spouse) a monthly (weekly or bi-weekly) allowance and stick to it.
*Pay with cash if you can, it's amazing how we lose track of our spending when we swipe a card.
*Keep a balanced check book, or keep a close eye on your bank account.
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