Latest Articles
Personal Bankruptcy – If it’s Unavoidable, File Now
The Bankruptcy Abuse and Consumer Protection Act, signed into law by President Bush last April, promises changes to Federal bankruptcy law that have been long sought by the lending industry. The bill promises sweeping changes to Federal law, and...
Raise Your Credit Card Limits
Many credit card holders aspire for a higher credit card limit. The obvious reason for this is that a higher credit card limit enables the purchase of otherwise unaffordable merchandise.
First and foremost, credit card holders need to remember...
Signature loans: a signature can relieve stress of no collateral and bad credit
The dynamics of loans borrowing procedure has brought new ways of borrowing in the forefront. Signature loans are remote from traditional forms of loans borrowing which requires collateral to be placed as the guarantee of the loan borrowed....
Tips For Debt Management
Let's face it, debt is a difficult subject to tackle. According
to multiple sources of data, the American consumer can eliminate
ALL forms of debt, including mortgage debt, in 7.5 years,
provided he/she use only the money earned. However, in order for
this to work, one must be committed to either pay down the debt
manually, or subscribe to a debt consolidation program to reduce
one's budget. The program may seem drastic, but so are the
results! How badly do you really want out of debt? Follow along
for some solid debt management advice.
Debt Management Preparation
Pull together your most recent six months worth of receipts (if
you don't keep receipts, start doing so now). Don't bother
gathering tax information (you'll be paying that no matter what)
and household utilities (ditto). Be mindful of your credit card
bills, and make use of their categorization (auto, grocery,
food, etc). If your bills aren't categorized, categorize them
yourself. Next,
you'll need to think of some ways to save money
on EACH category, at a goal of 10% savings per category. This
savings will become your "nest egg?of sorts under the debt
management plan.
Debt Management Execution
In a spreadsheet or a piece of paper, list each bill, category,
payoff amount, minimum payment, and APR.
Next, determine which bills are taking the most money away from
you, and eliminate those bills first. For example, Visa bill at
18.99% interest takes precedence over the 9% auto loan. This is
not to say that the auto loan should be ignored. Rather, the
minimum payment should be made on the auto loan (and all other
bills) while the remainder of one's "nest egg?should be applied
to paying off the Visa bill. Percentages will forever rule your
life if you are in debt; turn the table and rule them.
About the author:
Jeffrey Cash For more helpful information Mrquikcash.com
Written By: Jeffrey Cash