Category: Personal Debt

Take A Bite Out Of Your Credit Card Debt

If you have found yourself with thousands or tens of thousands of dollars of credit card debt, the sudden realization can be a disheartening one. As time goes on, you begin to feel trapped like a prisoner, barely keeping your head above water from month to month. The great news for anyone battling credit card debt is that there are numerous options through which you can begin to get your finances under control. These options will not only save yourself from undue stress but will also help you save money in the long run.

Up Your Minimum Payments

This may seem like a chore, but I’ve never met one person who couldn’t cut at least a few dollars more to the credit card companies each month. By doing this, you will eat into the interest faster and pay these cards down quicker than by doing nothing different. If your monthly minimum is $50 for a credit card, upping it to $100 will save you hundreds to thousands of dollars over the course of the debt. It’s not just about paying it off faster, but about paying it off for less as well.

Shift Debts to Other Credit Cards

If you currently have debt across multiple credit cards, you should be examining which cards have lower interest rates and which ones are higher. If your lower interest cards have available credit on them, shifting your higher-interest debts to the lower-interest credit card will help you avoid unnecessary interest and pay the debts down faster. Generally, there is a one-time charge for a balance transfer (2-3% of the balance), but it is worth it when moving debt from a credit card with 19% interest to one with 12% interest.

Use Savings to Pay It Off

While this is generally not a good idea, if you are up to your eyeballs in debt and cannot function month to month, cashing out your savings accounts to pay off credit card debt may be a better (or the best) option. You no longer will have your savings to rely on but you can zero out your credit card debt and avoid unnecessary interest that would otherwise continue to hound you for months and years to come. Paying off a debt at 15% interest is the same as earning 15% in an investment as you will be saving all that money that otherwise would be going to the credit card company in the form of interest month after month.

Free Yourself From Debt

Debts can complicate the whole way you use to lead your life. When multiple debts pile up there is no way for the debtor other than to avail the debt consolidation services or file for bankruptcy. Consolidating your debts can aid simplify your repayment course of action, as all of your existing loans might not have similar payment dates and terms. There are two way for consolidate your debts, secured and unsecured debt consolidation loan.

Debt consolidation is a form of debt relief that is the most common and popular choice among Americans. Debt consolidation loans are offered to the debtors in two ways that are secured and unsecured consolidation loans.

Debt consolidation is becoming more and more the “norm” now days. With personal secured you can easily pay off all the existing high interest debts. By consolidating all the existing debts, you can easily pay off the debts.

There are many companies now that offer bad credit debt consolidation loans. These programs would undoubtedly help you overcome your debt problems almost immediately, as you would not need to worry about multiple accounts and accumulate more missed or late payments, instead you could concentrate on managing one single account that would have all your previous debts consolidated within it. With this you would be able to pay off your accumulated debts faster, and in a more effective way.

Consolidating your debts will give you the benefit of a low monthly payment scheme and longer term of repayment.

Worrying figures released in relation to UK debt

As many households know only too well, the cost of living has soared over recent years, whilst the economic climate has resulted in many people experiencing a drop or a freeze in income. This combination has led to huge problems for many people who are no longer able to make their finances stretch far enough and are therefore struggling to make ends meet each month.

Figures have now been released showing that for some households personal debt levels have shot up over the past year, with debt levels having increased by a massive 48 percent over the past twelve months. The average unsecured debt is said to have increased to £7944, up from £5360 just a year ago. The figures were released by insurance provider Aviva, which carried out a study into the state of household finances.

The study also found that fewer households were now able to save any money as a result of the difficult financial climate, with the number of families failing to save any money at all soaring to a record high of 42 percent. Amongst those that are putting money aside each month, the savings level has dropped from £22 in January of last year to £21 this year.

One Aviva official stated: “Families in the UK are still very concerned by the rising cost of living and levels of unemployment. While average incomes have increased over the past year, the prices of essential goods and services have also increased, meaning that families are struggling to keep up. Many appear to have acclimatised to this economic environment by shopping around and seeking to minimise their spending in certain areas. However, at the same time there are still a worrying number of families with insufficient savings or large debts.”

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Importance of Budgeting

The most excellent thing that you can do with your money is to give it a perfect plan. In other words give your money a budget, an expenditure plan or a cash flow plan so that you are able to spend wisely. Call it by any name it does not matter; as ultimately it all means a simple thing and that is planning how to spend your money.

Remember if you do not have a budget you will surely overspend and at the end of the month you will end up without any cash on hand and in case you face any emergency then you may have to seek for loans. Thus and at such times in case any urgent situation crops up then you will have to go in for debt to meet the financial responsibilities. Most people do not realize this and they buy things which they cannot afford ultimately ending up in some bad money traps like the ’90 day finance’ loans, etc.

Personal budgets are important for those consumers who always spend more than they earn. They get themselves into unwanted debt at the end. If you want to save for the future then spend less and try to save a bit every month. If not, your debt will increase every year and you will feel like a slave. Irrespective of the amount of money you earn, you will end up paying to others by way of debt rather than spending for yourself. Also the interest which you pay for your debts will be an unnecessary expenditure, unless of course if your interest rates are very low. Thus, keep in mind that debt and its expenses is not the best gift you can give yourself. And for this you will have to budget your expenses.