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Debt Interest Doesn't Wait And Neither Should You
The number one reason people don't get out of debt is they don't
try. This may apply to you. You want to, but never seem to do
it. You put it off for whatever reason.
You want to wait for your life to be just right before you make
the...
Debt Reduction Solution - Play it Safe
All types of debt reduction solutions are but consolidation
plans where you have to choose one and work on. When the debt is
piled up, the best plan is to lower the interests and/or
payments. Well, everybody knows it. But, remember to take...
Do you need a debt consolidation loan?
If you are in financial difficulties due to debt or have built
up a variety of debts over time, a debt consolidation loan may
be for you. But before you take that route, you should consider
all the options.
However you got into debt -...
Reducing Debt Before It's Too Late ... How To Avoid The Pitfalls Of Creeping Debt
Reducing debt usually isn't a high priority for people until they have already gotten into trouble with overspending. Using a few basic guidelines, and debt calculations, can help you see when your debt load is getting into the danger zone.
...
UK Personal Debt Problems Creating Hardship For Nation's Young Adults
Problem personal debt levels, especially for people under 25, in the UK have risen since last year according to the Consumer Credit Counselling Service (CCCS). In a report released this week they revealed that the average client aged under 25 coming...
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Do You Have Debt - Then Don't Save
Humans are funny creatures. We don't always do what's best for
us - instead, we do what feels best at the time, and try to
blank out any reasons why it might not be the best thing to do.
It's called self-justification. Or just plain illogical to many.
Maybe that's why there are so many people who have both savings
and debts.
A Matter of Psychology
Yes, it feels better to save. Saving feels like building a
foundation for your future, while paying off debt feels like
throwing your money down the drain. That money is for the kids'
education, or for improving your house, or whatever else - and
it's in an account earning a good rate of interest. What could
be wrong with that? Absolutely lots, if you have debts.
Don't Be Fooled - Here is a Real Life Factual Example
There are almost no savings accounts that offer interest rates
as high as the ones credit cards charge. Here's a question: if
you have $10,000 in a savings account earning 5% per year and
$5,000 on a credit card at an interest rate of 20% per year, how
much money do you have? After just five years, the answer is
effectively $0 - your debt would have grown to around $12,500,
the same amount that your savings are now worth.
You might not believe it now, but it really is much better to
pay off your debt. If you used half your savings to pay off that
debt, you'd be in such a better position that it's really
amazing. You avoid five years of compound interest on the debt,
but you still get to keep $5,000 in your savings account,
earning interest - after five years, that's about $6,380.
If you'd still rather keep your savings intact instead of using
them to pay off your debts, ask
yourself this simple question:
is your pride worth $6,380 of your family's money?
Think of Your Financial Health
When you have enough money to pay off your debt, there's
absolutely no reason to keep it. Debt is for people who don't
have the money, and need to borrow it. Debt costs money, and
savings make money - you want as much of your finances as
possible to be savings, not debts. If your savings account and
credit card are with the same bank, then you're effectively
paying for the privilege of borrowing your own money from them.
Why would you do that?
There are other benefits to paying off your debt with savings.
You'll be less stressed about your debts, and your credit report
will show that you were able to pay everything back - getting
you a much better interest rate if you ever need to go into debt
again.
I know it can be hard. You just have to remember that any money
you've 'saved' hasn't really been saved at all. It's money you
should have been spending instead of making purchases with a
credit card. Yes, it feels much worse to spend money thinking
that you're spending away your future - but always remember that
when you use a credit card to spend that same money, you're
spending away your future, plus interest. Anyway, if you've got
the debt, then those savings have already been spent - stop
denying it to yourself.
About the author:
Original Source: Articles-Galore.com
Information supplied and written by Lee Asher of The Home Income Portal
Home of Serious Online Business Options.
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