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Adverse debt levels blight UK consumers personal finances
Debt levels are at an all time high in the UK. The younger generation tend to be feeling the pinch the most, but parents are increasingly being required to bail them out, often at great expense to their own limited mortgage or retirement savings. ...
Collection Agency Secrets for Collecting on Bad Debt
Getting worried that one of your clients, customers or patients will never pay? Have you given up on a customer who's essentially said he won't pay? Congratulations--being stiffed by a customer or patient is a milestone in the growth of a business...
Getting A Run For Your Money: How Do You Consolidate Credit Card Debt
Spending is such a hard habit to break, especially when people
use their credit cards. Once they get addicted, they
continuously endure the agony of spending in spite of imminent
problems that tag behind.
And when things eventually get out...
Poor Credit Debt Consolidation Loans
Poor credit debt consolidation loans are an excellent option to
consider if you are an individual who wouldn't qualify for a
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Risks Associated with Secured Debt Consolidation
Consolidating many small debts into one large debt is well known
to be a good first step in getting out of debt, but that's not
to say that it comes without risk.
The main reason for this risk is that in order to secure a lower
interest rate...
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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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| Special report: debt relief | Special reports | Guardian Unlimited |
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| Economic Policy and Debt - The Enhanced HIPC Initiative |
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| Oxfam - Debt and Aid - Debt Relief for Nicaragua: breaking out of ... |
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| What debt relief means for Africa | csmonitor.com |
| This weekend's $40 billion debt cancellation deal could spark major improvements in the lives of the world's poorest people. |
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