Debt

How to Save Money with Credit Card Debt

Posted March 20, 2011 by Hasic M

Credit card debt is a burden that billions of people worldwide have to bare. Most people cannot seem to pinpoint exactly how they ended up in credit card debt, but most realize that it has something to do with how they spend their money.

Many individuals are careless and fail to pay attention to their spending. When you own a credit card, the urge to spend is prominent because the money is sitting right there. Unfortunately, credit cards draw interest, making it almost impossible to get out of debt.

Get on a Budget – Budget spending is a highly-effective way to reward yourself at the end of the week and still have money to put away for bills. Calculate how much you own in credit card debt first and then decide if you’re able to purchase extra items at the end of the week. If not, it’s best to move onto the next step.

Open a Savings Account – Your savings account can serve as a reminder and motivation to help you put away all of your leftover money. One might ask, “what leftover money”? The truth is that if you’re a big spender, there is always going to be something that you think you need. It’s best to simply forget about purchasing anymore luxury items until you’ve paid off your debt. Put all of your “chunk change” and excess money not spent on regular living costs into a savings and work toward paying off your credit card debt.

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Posted in Credit Card Management, Debt, Saving Money | No Comments »

Debt and Obesity Are Related, Study Finds

Posted January 2, 2011 by Matthew Constantin

Debt leads to depression. Depression leads to over-eating. Over-eating, simply put, usually causes obesity. These factors alone explain the relationship of how being over-indebted can be directly related to an individual being overweight, or worse, obese. In a landmark study conducted by Dr. Eva Mϋnster of the University of Mainz in Mainz, Germany, it was found that there is a clear connection between the two phenomena.

To reach her conclusions, Mϋnster collected data from 949 participants who were known to be over-indebted. She compared this set of data to the one she received from another survey, which measured the level of obesity in 8,319 mostly debt-free individuals representative of the German population. The study was conducted by viewing both groups’ statistics, which were measured in the same areas; socio-economic status, education, income, age, sex, and health factors such as weight (Body Mass Index), smoking and depression. (more…)

Posted in Debt, Financial Goals | 1 Comment »

Getting Out of Debt vs. Saving Money

Posted June 15, 2009 by Bernz

There are two conflicting tips that are offered by financial experts during these turbulent economic times. The first is to pay off your debts and to save money. For an individual who is already overextended, how would you know which one you should prioritize? Well, each situation is unique and it is difficult to generalize when it comes to situation of each person.

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However, there are several questions you need to ask yourself before making the decision:

• How much do you have in your savings right now?
• How much money do you owe?
• How much interest are you paying for your debts?
• How much are you earning every month?
• How secure is your source of income?

Essentially, people who are not worried about losing their current source of income in the near future should focus on debt repayment. They should start paying off the debts with the highest interest such as credit cards before moving to secured debts. In addition, if the amount of debt you owe is easily payable within one or two months, don’t put it off because it is just a waste of interest money. The main point is, you should plan debt repayments thoroughly and carefully. (more…)

Posted in Credit Card Management, Debt, Financial Goals, Saving Money | 1 Comment »

Managing Our Credit Cards – Are we Disciplined?

Posted April 7, 2009 by Bernz

I will never apply for another credit card again….. Really?

Well, yesterday afternoon I broke this rule. I have never open up a new credit card in almost 4 years. My wife and I only uses American Express card whenever we go shopping and pay this card in full every month. We like AMEX the fact that this is the only credit card that Cosco accepts and we do shop there almost every week.

credit-cards

As I said we decided on opening up a new credit card yesterday. A store credit card in fact! We were buying some stuffs for the Kids and the store was offering a whopping 40% additional discount if we open and actually use their store credit card, and the offer was good for yesterday’s purchases only. I was not very thrilled about this but the wife thinks it was well worth it.

This incident prompted me to write about how we can best manage our credit cards. Hope you find these tips helpful as we’ve use these ourselves in managing our credit cards when we use to have about 10 of them ourselves combined. (more…)

Posted in Credit Card Management, Debt, Financial Education, Saving Money | No Comments »

Financial Literacy- Does It Still Work?

Posted March 30, 2009 by Bernz

Financial literacy means being savvy with your cash flows and understanding your financial transactions in order to make better decisions that will protect and increase your wealth. Many feel that financial literacy is no longer useful or relevant in the face of our current economic meltdown. They feel that, no matter what consumers know or do, they will be hurt in this recession.

financialiqHowever, financial literacy is more important than ever. Understanding your financial position and how to navigate through tough economic times will give you a leg up in ensuring your financial security.

The people who will survive and thrive in today’s economy are those who have a handle on their personal finances. They know what they own and what they owe and they know where the cash is coming from and going. Every dollar that comes in has a name- meaning they know exactly where it is going.

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Posted in 401k, Debt, Estate Planning, Financial Education, Financial Goals, Index Funds, Investing Basics, Investing in Real Estate, Investing Strategies, IRA, Life Insurance, Loans, Mutual Funds, Retirement Planning, Roth IRA, Saving for College, Saving Money, Simple IRA, Stock Market Investing, Tax Reduction, Traditional IRA, Wealth Building | No Comments »


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