.: Top Ten Tips for Getting Out of Debt
By:Russ Dalbey
Believe it or not, I’ve been in debt. BIG DEBT. I mean, there were times when I would look for things to sell just to pay the bills.
It was the worst feeling in the world!
I always had stacks of unpaid bills, creditors calling me and a real uneasy feeling in my stomach. And I wasn’t the only one. It seemed like everyone I knew had the same problem.
The truth is, debt has reached epic proportions in our society. Whether you're rich, poor, or somewhere in the middle, chances are you've got debt that's working against your dreams of financial independence.
But it doesn’t have to be that way. In fact, I want you to take some action today to start getting out of debt. You’ll be AMAZED at how much better you feel when you don’t have bills hanging over your head. (And you don’t have to win the Powerball jackpot to get out of even the most unbearable debt!)
I’ve been there, and now I’m debt free. Here a few tips I used a long the way:
1. If you're in over your head with multiple credit card accounts, you need to destroy your cards right away. Just keep one card for emergencies. Remember, credit cards have compounded interest – so you actually get charged interest ON INTEREST! So, don’t use them unless you can pay them.
2. Pay more than the minimum payment every month – in fact, pay as much as you can. Money in your account isn’t making you money as fast as your unpaid credit card debt is losing you money!
3. Pay off the credit card with the highest interest rate first and pay the rest in descending order. If you tackle the biggest money drain right away you could make a huge impact on your cash flow in a matter of one month.
4. After you pay off one credit card, don't let up. Apply the money you've been paying that particular company to paying off another credit card or another outstanding bill. Set a “credit pay-off budget” and stick to it as you pay down cards. Once you get to the last one, it will seem easy!
5. Don’t “rotate” your debts – pay every one every month. It’s easy to pay a few on time one month, and switch around for the next month. That just keeps you further behind.
6. If you own a home, consider taking out a home equity loan. You could save hundreds, possibly thousands of dollars by paying off your high-interest credit debt by moving those balances into a fixed-rate home equity loan.
7. Pay additional money towards your mortgage principal. This can add up to tens of thousands of dollars!
8. Open a savings account or an IRA with some of the funds you were dedicating to a now-paid credit card. Special tax-protected investments like an IRA can save you thousands in taxes over the years.
9. Consider debt consolidation. It could help you to consolidate and pay your debt off more quickly. Beware of companies that make unbelievable promises about "fixing" your credit, though - at best, they can be very expensive. At worst, they can be fraudulent. You might be best off consulting with a reliable non-profit credit counseling agency first, such as Debt Counselors of America (DCA) - www.dca.org/.
10. If you need help along the way, contact the Consumer Credit Counseling Service (1-800-388-2227). They will help you organize and consolidate your debt.
I know you're focused on financial success and maximizing your wealth. Don't overlook how much your debt can undermine your efforts to get ahead. If you take even a few of these tips to heart, you'll soon be well on your way to a debt free, financially successful future. I know you can do it!
Warmly,
Russ Dalbey
The Dalbey Wealth Institute
Article keywords: finance, wealth, family, debt
Article Source: http://www.articles32.com
www.dalbeywealthinstitute.com
.: New Finance Articles
1). Stockbrokers: Who Are They How Do They Work
Who do stockbrokers work for? There are various answers to that question. To begin with, a stockbroker buys and sells stocks on behalf of their clients or their company. A stockbroker is also an advisor, a researcher, a compiler of investment information, and a sales person. A stockbroker can also be a support mechanism to a new public company or an old Fortune 100 company.
2). Reading Commodity Prices - Is There An Easy Way To Read These Prices?
When you first enter the world of commodities, you may find that reading prices can be a challenge. You may not know what to consider when it comes to these types of prices and which prices you should even be reading in the first place. Read on to uncover the secrets of reading commodity prices ...
3). No Cost Financing For Home Owners
What is No Cost Finacing for Home Owners and when is it a good option.
4). Benefits Of Direct Debit Payments
Direct Debit is a system by which monthly payments are taken directly from your account
5). How You Can Remove A CCJ And Repair Your Credit History
Even though County Court Judgements (CCJs) are quite common in todays society they can still effect your ability to get a mortgage or loan.
6). How To Select A Commercial Collections Agency
Collecting money is harder than it looks. It takes more than a couple of ledgers, calculators and assistants to get this kind of task over and done with. This is especially the case if you have a running business which also calls for a significant amount of your attention.
7). Learn Technical Analysis - How Can Expectancy Increase Profits?
When it comes to explaining expectancy in the market, you must first look at financial analysis as well as technical analysis. These two types of analysis are usually combined together to gain information on future trades. Read on to find out more ...
.: Top Finance Articles
1). Fade The Gap And Make $$'s Every Day In Stocks
Avery Horton “The Rumpled One” is a traders’ trader who makes a great income day trading a very simple day trading method called “fading the gap.”
If you could trade a method that took you less than 30 minutes to perform in the morning for $0.30 to $1 profit with 80% accuracy….would you trade it?
When you can trade 1,000+ shares in a stock that is $300 to $1,000 profit on each successful trade EVERY DAY.
2). The Good, the Bad, and the Ugly: Why Your Broker May Not Be Recommending The Most Competitive Annuity
There are over two thousand life insurance companies offering over fifteen thousand different annuities, and they run the gamut from horrific (I wouldn’t offer it to an enemy) to outstanding (I own it myself, and recommended it my parents). To make matters more confusing, annuities can be very complicated, with lots of different hard-to-understand variations.
3). The Secret Formula To Picking A Million Dollar Forex Trading Strategies
All successful traders have forex trading strategies that they follow to make profitable trades. These forex trading strategies are generally based on a strategy that allows them to find good trades. And the strategy is based on some form of market analysis. Successful traders need some way to interpret and even predict the movements of the market.
4). Top Ten Tips for Getting Out of Debt
Top Ten Tips for Getting Out of Debt
5). Five Rules to Consider Before Filing Banckruptcy
Five different rules to consider when trying to decide if filing bankruptcy is the right move. If bankruptcy is the right move, which chapter should you file?
6). Who Is Responsible For Closing Costs
Buying or selling a home is a euphoric experience for both of the parties involved. This euphoria can cool when you learn which party is responsible for the closing costs.
Who Is Responsible For Closing Costs
When looking to buy or sell a home, every person eventually arrives at the question of funding closing costs on the transaction. To put it simply, both buyers and sellers typically are responsible for some of the closing costs.
7). Locate And Find Debtors With A Credit Collection Agency
It can be a frustrating experience trying to collect a debt from a customer who just seems unwilling to pay. Letters sent to their address go ignored, and phone calls are answered with empty promises of payment. While this is certainly a bad scenario, what if a customer who owes you money just disappears? It is possible to locate and find debtors with a credit collection agency, and in this article we’ll explain to you the methods behind their tracking.