A blog with saving money, ways to save money, credit repair, repair your credit, how to budget, saving tips, debt consolidation, tips for saving money, fix my credit, best way to save money, auto title loan, credit repair and how to fix bad credit tips.
Do you need help with high credit card debt? I know how overwhelming it can be to implement a successful debt management plan, but you're not alone and you have options because there are plenty of debt relief services available to help you.
The problem is that the internet is chock full of information and it can be difficult to tell which source is reliable. Which can lead to you procrastinating and putting off trying to seek help altogether and that will lead to your debt rising and you'll just feel like you're digging yourself into a deeper and deeper hole.
But don't give up!! Even if you've recently experienced a layoff, reduction in salary, unemployment, high medical bills or any other type of "life event" or hardship that may have been the cause of your credit card debt getting out of control there are still many debt relief solutions for you to look into like a debt consolidation loan, for example. Bankruptcy isn't always the answer to your high credit card debt problem.
1. Your 1st step has to be an unwavering decision to take action and stick to it. It may be a struggle to stick with it but the longer you wait the worse it'll get.
2. Mark a block of time on your calendar to sit down and write down all of your necessities on 1 list and your income on another list. *Tip- if you don't need
it for basic survival, health reasons or as a means to produce income, it is not a necessity at this time in your life. Subtract your necessities from your income and
subtract your debt from that figure. Do you have anything left to work with? Subtract 30% of the new figure and put it into an interest bearing account. Divide
the new figure by 4 and this is your weekly budget. Even if it's just $80 which would come out to $20 a week you have to stand firm on that amount. You've
already covered the bills and necessities.
3. Try to negotiate a lower interest rate with your creditors and if you're just a little bit behind ask the lenders if you can skip a payment and add it on to the end of your term.
4. Create an additional source of income which is easier to do now more than ever.
5. Consult with a debt relief counselor, select one that requires no obligation and provides a free quote. If your debt is $10k and above, get your free consultation by calling the number below.
**Call Now: 844-435-6150
Mon-Thu : 9:00 am to 11:00 pm
Fri : 9:00 am to 9:00 pm
Sat : 10:00 am to 8:00 pm
(all times Eastern)
You may encounter a hurdle or two until things get better but just keep trying and you'll make it over.
*Disclaimer-Always consult with an accountant or attorney for legal & financial advice.
This article is provided for informational purposes only.
I will earn a small commission for any completed transaction from the links provided in this article and that earned commission is not at any additional cost to you.
**For residents in Alabama Alaska Arizona Arkansas California Colorado Delaware District of Columbia Florida Hawaii Idaho Illinois Indiana Iowa Kentucky Louisiana Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Pennsylvania Rhode Island South Dakota Tennessee Texas Utah Virginia Washington Wisconsin Wyoming
Life....It just happens sometimes and oftentimes once our credit gets out of control it has a snowball effect and can become really overwhelming.
Don't give up!! You're certainly not alone and with a little bit of your time and focus you can tackle it.
Nobody goes out and buys a car with a $500 car note to intentionally not be able to keep up with the payments.We all anticipate earning enough income to comfortably pay all of our bills, but LIFE happens and now the $500 that was supposed to be allocated to that car payment might have to cover your mortgage, a medical emergency, or some other more pressing life event.
First before you take any action, you'll have to believe that it's possible to repair your credit which could greatly improve your life. They've tied credit into almost every necessity there is, from car insurance to employment and really just about everything actually. You have to have a good FICO score for basic survival nowadays.
Another scenario is for the younger people, fresh out of college, strapped with student loans and credit card bills trying desperately to find a job that'll pay enough. I have an inspiring success story to tell you about a young man who experienced the very same credit issues and through his hard work, persistence & determination he's now a very successful Real Estate Investor.
Success can happen for you, it's wise to take advice from someone who's been there because they can empathize with your struggles and show you how to make it through.
Always remember that even though your skies seem cloudy right now--the sun IS shining somewhere--so grab a little piece of it and keep on pushing. You'll make it!!
Thanks so much for taking the time to read this and if you liked it, put a share on it!!
Is your monthly budget depressing? Saving or investing are probably the last things on your mind if that's the case, but it shouldn't be. Paying yourself first is a tip I first read about in Rich Dad, Poor Dad over a decade ago and it is still the best money advice you can practice.
The concept is simple: when you receive any form on income, before you do anything else with the money, pay yourself first. You are your most important account. Before you pay your electricity bill or go buy groceries, set money aside. Some of you are probably thinking that sounds absurd, obviously paying your mortgage should come before stacking cash in a savings or investment account, shouldn't it? The answer is no. This advice isn't just about trying to save money, it's a practice that teaches you to value saving over spending. By mentally training yourself to pay yourself first you have placed a level of importance on saving that may not have existed before. Through repetition of this practice saving money becomes engrained into your being as a habit and a necessity, not just a back-up plan in case you have an extra $25 laying around.
So now you want to know how to do this? It all starts with a budget. A personal budget is the foundation of any form of financial success. Determine your base needs and compare it against your income. Items like cable TV and high speed internet are not necessities and therefore should not be listed yet. Mortgage, electricity, water, and gasoline are examples of base needs to get to work and not lose your house. After your base needs are listed choose a number to save. It can be $20, $50, $300. Now prioritize this number to the top of your budget. All the rest of your spending needs to reflect changes that allow for this savings amount to be paid to yourself. The savings amount you have determined has now become an expense, a requirement. If you fall $20 short of being able to pay yourself then you need to make changes elsewhere, such as losing the MLB package from your service provider or cutting back on eating out one or two nights a week.
The results will amaze you. If you are paying yourself first each paycheck you will watch your money grow and your financial worries decrease exponentially. Luck is not needed, only desire and practice. Happy saving!