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Revolving credit, like charge cards, department store cards, and gas accounts, have given us all the ability to buy almost anything we want. Very few things that we see in the stores are out of our financial reach as long as we have a wallet full of plastic. Who wants to admit that they can’t afford those perfect shoes or the latest cool electronic gadget? Unfortunately, that kind of thinking leads to big bills at the end of the month.

If you have been stressed out over ever-increasing debt then you need a plan to reduce the amount of money you owe. But if you don’t actually change the way you think about money then you are going to end up in the same place again, with more money going out each month than you have coming in. What you need is a plan that will get you out of debt now, help you stay out of debt permanently, and give you the tools to build wealth for the future.

Step 1: Get Out of Debt

It is easy to talk about making a plan, but all the plans in the world are worthless if they are so strict that you cannot stick with it. I will warn you, the first task is tedious, but it’s probably the most important part of all. Add up all of your revolving debt, figure out the average interest rate, and start paying more than the minimum due on the accounts that have the higher than average interest rates.

Try to stop using your charge cards entirely except for real emergencies. It’s crucial that you pay more each month than the amount you spend and the interest added together. That is the only way you will be able to get out of debt.

Step 2: Build Wealth

Here is the wealth building part of the equation. Once your debt is paid off continue to make your payments. Instead of paying the credit card companies, though, make the payments into a money market account for your future. You are already used to paying that money, so it will not be too painful to continue doing it, but now YOU are the one benefiting from those payments instead of the bank.

Freedom from debt and the building of actual wealth are within your grasp, but only if you can make a plan like this and then, most importantly, stick to it.

Want to get out of debt even faster?

Credit consolidation companies can sometimes reduce your debt by 50%. Take the next step and let us help you find the right company to work with you to reduce your balances and interest rates. Click here for a free consultation or check out more information about getting help with your credit card debt.

You have absolutely nothing to lose but you could regain your financial future.

Cut your debt in half with credit card consolidation. Read more…

Credit cards, and revolving credit in general, can be both a blessing and a curse. It is definitely a blessing in a time of need when you are short of money and have an emergency. Unfortunately it becomes a curse if you are not able to repay it on time. There are a couple of simple things you can do to better manage your revolving debt, which includes charge cards, gas accounts, and department store cards.

Stop Adding To Your Debt

The absolute best thing you can do to manage your revolving debt is to cut all of your charge cards in half. Sound dramatic? Sure, it is, but it is one way to make sure that you stop adding on to the amount that you owe.

If you are not ready to take such a drastic step, start with leaving all of your credit cards at home. Then they are available if you really have an emergency but are not in your wallet when you are out shopping. If you make it inconvenient to use credit you are much less likely to add to your balances.

Needs and Wants

The next step is to make a list of the things you spend money on each month. Now sit down and divide the list into two columns: one side for things you really need and the other side for things you want but don’t actually need. Each month reduce the amount you spend on wants and just spend on the needs. If you do this regularly, you will be surprised by how much you are able to save.

Now that you are saving money by spending less, it’s time to use it wisely. Start increasing the amount that you are paying on your revolving debt. Also you might consider contacting a debt management company who could give you even more ideas on how to save money and reduce your debt.

Credit consolidation companies can sometimes reduce your debt by 50%. Take the next step and let us help you find the right company to work with you to reduce your balances and interest rates. Clcik here for a free consultation or check out more information about getting help with your credit card debt.

You have absolutely nothing to lose but you could regain your financial future.

Want to get rid of your debt even faster? Credit card consolidation may be able to cut your debt in half. Read more…

Sometimes credit seem like more of a curse than a blessing. I never used to think this way until I realized that even after 4 years I hadn’t been able to pay off all of my revolving debt. I still had balances on my credit cards, gas accounts, and my department store accounts. I needed to sit down and figure this problem out. I had totally forgotten about one particular factor and that was the key to the whole problem for me. I fixed that and now I am living a totally debt-free life, and you can too. Let me tell you about the simple but effective tip that will help you to get rid of your debts like I did.

Say No to Increased Credit Limits and Extra Cards

It is very tempting to accept the all of the goodies that the charge card companies, banks, and department stores offer. Sometimes the department stores even offer great discounts if you will just apply for a charge card for their store. What harm could an increased credit limit or an extra card for a yourself or a family member possibly cause? The damage will be obvious when you look at the monthly bill. It feels good to have a higher limit or to share your credit with someone else but it is a very, very bad idea. The goal is to make your outstanding balance smaller not bigger, after all.

Just say “no” when the charge card company, bank, or department store offers to increase your limit or wants you to take another card. If you can reduce temptation you will increase the chances of paying off all of the money you owe.

I know this tip seems simple but try it and you can reduce your charge card balances before you know it. And you don’t have to wait 4 years to figure it out like I did. If you take action now you will be able to reach your debt-free life soon.

Overwhelmed by Credit Card Debt?

The more you know, the more you save
Click here for a complementary debt consultation

Plastic money has gone from being used exclusively for emergencies or special purchases to something to is often used to pay for everyday living expenses. Though revolving credit, which includes credit cards, gas accounts, and department store cards, can be a blessing when one is short of cash, they often turn into a curse when the bill comes due. To turn that curse back into a blessing all you need is a fool proof plan to better manage revolving debt.

Pay More Than The Minimum

If you only make the minimum payment on your revolving debt each month it will take a long time and a lot of extra money to totally pay off your total balance. For example, if you owe a total of $8000 today the minimum payment listed on your statement is around $340. When you pay that amount about $40 of your payment goes toward the interest. Let’s assume that you do not use this revolving account at all while paying the debt off. If you keep paying the minimum payment:

• it will take a total of three years to pay off the entire debt
• the amount of interest you will pay adds up to $3000
• you will have paid $11,000 to pay down an $8,000 loan.

There is an easy way to both speed up the process of paying back the money and reducing the amount of interest you are being charged. Simply make your payments a little more than the minimum amount on your bills each month. Using the example in the preceding paragraph, if you could find a way to make payments of $450 each month instead of $340 you would reduce the amount of interest you have to pay and cut down the repayment time incredibly.

Try this simple plan today and you will be on the road to a totally debt-free life!

Buried in debt?

The more you know, the more you save
Click here for a complementary debt consultation