Posts Tagged ‘paying off 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 »

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.

debtorsave

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 »


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