If you’ve ever thought “I wish I had more money”, consider this;
Let’s say you have credit card debts of $20000. Which means a minimum monthly repayment of (at 3%) $600. But if you didn’t have that debt to repay, you’d have $600 of free income every month. That’s $7200 a year. Free income for you [...]
Unlike debt consolidation, which negotiates a lower rate of interest over a longer period of time, debt negotiation involves negotiating to reduce the overall amount of your debt with your lenders.
The basic idea is simple, you select a agent to deal with your lenders. They contact your creditors and make an offer of reduced payment [...]
If you own a property, it’s possible to consolidate your debt at a much lower rate of interest by securing the debt over your house. Of course, if you take this option, your home will be at risk if you fail to keep up with the repayments.
If you don’t like the sound of this option, [...]
Think of different ways to increase your income and free up extra money to pay down your credit card debt.
Could you work more hours, claim any overtime or extra responsibilities. Or how about a second job for a few months?
Alternatively, have you got any assets that could be used to reduce your credit card debt? [...]
If you have more than one credit card account, take a look at the rate of interest that applied to each card. Use the Annual Percentage Rate (APR) to sort out the cards with the highest to the lowest rate. Once you’ve done everything that you can to reduce the interest rates, focus on repaying [...]
It pays (literally!) to know all the terms and conditions of your credit card agreement. Find out all the ways it’s possible to incur additional fees and penalties…and then take steps to avoid them.
Know your credit limit and stick to it. Know the minimum monthly payment and when it has to be paid by. To [...]
Search the internet for the credit card with the lowest rate of interest and apply to transfer the balance of your existing credit card account(s) to the new lender. The less interest you pay each month, the more cash you’ll have to reduce your overall debt.
You may even be able to get a 0% interest [...]
But in the meantime, you can take steps to reduce the amount of interest you pay. Contact your credit card issuer(s) and ask them to reduce the rate of interest on your account. They’ve always got some sort of special offer that they could give you for perhaps 6 months. At this stage, it’s always [...]
I know my shopping is out of control when even a trip to the grocery store is exciting!? I’m going to go on this debt diet, not just for myself, but my 13 year old has also become a shopaholic.? This is not something I want her to emulate.? I feel I [...]
Most credit card companies require that you repay a minumum amount each month, normally “3% of the outstanding amount or $10″ whichever is the lowest.
But that’s one of the biggest financial mistakes that anyone can make. Banks and credit card lenders all over the globe make billions in profits because people repay their debts are [...]
With a good credit score an applicant will receive prompt response from many lenders, all of them offering low interest rates and low down payment options. The loan amount offered also may be high. On the contrary a low credit score would result in a lot of rejection from various mortgage financers. Because creditors wouldn’t come forward easily to give credit to individuals that have a history of difficulty in repaying existing loans. (more…)