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Are You Beating Up On Yourself About Debt?
When you hear the word "debt", whats the first thought or feeling that comes to you? For most people debt is "bad" or it becomes the "enemy" and is something that should be avoided like the plague.
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Debt - Strategically Pay It Back
When paying back debt, a little strategy goes a long way. It can
literally save you hundreds, even thousands of dollars in
interest charges. And the best part is that the best, most
effective strategy is so easy to follow.
List Your Debt Make a list of all your debt: The amount of each,
the monthly payment and the interest rate. You may have trouble
finding this information, but it's worth bringing it all
together into one place and documenting it in a format you can
follow. You can't manage your debt strategically if you don't
even know the full extent of it, now can you?
Remember to include your credit cards (be sure to include the
different rates and balances for purchases and cash advances)
other cards, loans, mortgages, and even money you've borrowed
from friends or family. All debt counts when you're trying to
pay it off completely or to get it down to a manageable level.
Bad Debt and Good Debt Go through your debt and organize them
into "good" and "bad" debt. This may sound a bit odd, but all
debt is not created equal - certain types of debt are nowhere
near as bad as other debt. A mortgage, for example, is an
investment in a house, paid over a fixed term - there's no real
risk of paying a ridiculous amount of interest or never getting
it paid off. On the other hand, the interest you're paying on a
credit card isn't tax deductible and isn't associated with an
asset of value and so that debt is "bad" debt. Below are a few
examples of both types of debt:
Good Debt - Mortgage, Student Loan, Car Loan Bad Debt - Credit
Cards, Store Cards
As a rule, good debt is for a fixed amount of time and allows
you to buy something of value that without the debt, you
couldn't otherwise afford. On the flip side, bad debt is
"revolving" and is used as a substitute for cash to purchase in
many instances, non-essential products and services.
Prioritize For the time being, cross your good debt off the
list. You shouldn't consider paying your good debt off early
until you've paid all your bad debts off.
First, arrange your debts by interest rate, with the highest
interest rate at the top. Odds are that the debt at the top will
be a store card or credit card, which could have a very high
interest rate. Next, try to transfer as much money as you can
from the high-interest cards down the list to the lower-interest
ones.
Once you've done that, focus all your energy on repaying the
debt with the highest interest rate. Pay the minimum on
everything else and throw as much money as you can find at
paying that debt off as quickly as possible.
A few ideas to come up with some additional monthly income are:
Cancel any non-essential monthly commitments and put that money
towards your payments. Until you pay off your bad debt - stop
saving. Keep track of where your money goes, for a month or two.
This will enable you to find areas where you're spending money
frivolously that you could be using to pay off your debt.
Do your best to give up any expensive habits you might have.
You'll be shocked at how fast your debts can go down if you put
the money you normally spend on smoking, drinking or gambling
towards them! I'm not trying to spoil your fun here. Simply make
a few small sacrifices for a while, and your life will be so
much better in the long run.
You have to be aggressive against your high interest carrying
bad debt and focus on eliminating at all costs. This is a war,
be the aggressor, win the monthly battles and before you know it
you'll win your war against debt.
About the author:
Kevin Erickson is a contributing writer for:
http://www.aneyeondebt.com and http://www.debtmergeresources.com
and http://www.debtmgmtresources.com. This article may be
reproduced only in its entirety.
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