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Becoming Free of Debt
What keeps the most people from developing wealth? What is the greatest obstacle to retirement? If you could eliminate one thing to position yourself for financial peace and security, what would be? The answer to each question above is debt!...
Credit card debt management
Credit cards that are used in moderation could be helpful in
managing your finances. This means that splurging through the
use of credit cards is almost financial suicide.
Here are few tips to manage the way you use your credit card...
Get Out Of Debt With These Budget Building Secrets
Many people dread the task of building a budget because they
view it as overwhelming and frustrating. But it will make the
job easier if you look at it in another way; the only way to
financial freedom. Do you feel as though there is no way to...
Is It Safe To Consolidate Debt Online?
Some people are motivated to consolidate debt online because they know they can save a lot of money by taking advantage of low interest rates. Others are panicking to find a quick and easy solution to help them deal with a mountain of debt.
...
Lower Credit Card Debt
You can lower credit card debt through a variety of options.
Consolidating your debt into one loan can help lower interest
rates and monthly payments. If you need additional help, you can
use a debt management or debt negotiation company. Both...
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Using 0% APR Credit Cards to Become Debt-Free
Normally, when you're looking to consolidate credit card debt
you have the following options: get a debt consolidation loan
-or- apply for a home equity loan. But if your credit card debt
is still manageable, you may want to consider consolidating your
balances to a 0% APR
credit card instead. Using a 0% APR credit card will help
you spend more money paying off your balances, and less on
interest charges!
To use a 0% APR credit card to pay off your debts, follow these
steps:
1.) Transfer your existing credit card balances to a new 0% APR
credit card.
2.) Continue to pay down your balance as usual. But instead of
paying only the minimum each month, also pay the amount of
interest you would have paid with your other card. This will
reduce your debt even quicker!
3.) Watch your introductory period. When it's about to expire,
shop around for a new 0% APR credit card and transfer your
balances again.
4.) Continue this cycle until you become debt free!
0% APR Credit Cards vs. Debt Consolidation:
So you're considering a debt consolidation loan instead of a 0%
APR credit card. Let's see how much you could save and how much
quicker you could pay off your debt using the method shown
above. Here's an example:
Assume you have an existing credit card debt of $15,000. You
would like to pay $250 per month until the debt is paid off.
Your debt consolidation loan was approved at 7% (much lower than
your original 12% credit card!).
Beginning Balance $15,000
Total Principal Year 1 $2,014
Total Principal Year 2 $2,160
Total Principal Year 3 $2,316
Total Principal Year 4 $2,483
Total
Principal Year 5 $2,662
Total Principal Year 6 $2,855
Total Interest Paid $3,516
Total Amount Paid: $18,516
TOTAL # Payments Made: 70
Now let's compare paying off this same debt using 0% APR cards
Beginning Balance $15,000
Total Principal Year 1 $3,600
Total Principal Year 2 $3,600
Total Principal Year 3 $3,600
Total Principal Year 4 $3,600
Total Principal Year 5 $ 600
Total Interest Paid $ 0
Total Amount Paid: $15,000
TOTAL # Payments Made: 50
You save $3516 over a six year period! Plus you'll be done with
your payments 15 months sooner! Imagine being debt free over a
year before you planned!
Words of Advice:
Although using 0% credit cards to pay down your debt is a great
option, try not to switch credit cards too frequently. Doing so
can negatively impact your credit report. Shop around for 0% APR
credit cards that have the longest introductory periods and the
lowest APRs (after the intro period) to buy you a little
breathing room. Also, don't fall into the trap of spending again
on your old credit cards. Either close them or deactivate them
so that you don't get yourself into further debt. And don't
overspend with your new card either (even if it is 0%)! Finally,
make sure you apply the money you saved on interest to your new
payments to help eliminate your debt faster.
To see a complete list of 0% APR credit cards, please visit:
ASAP Credit Card
About the author:
by ASAP
Credit Card - Copyright © 2005
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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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| Debt relief - Wikipedia, the free encyclopedia |
| Debt relief is the partial or total forgiveness of debt, or the slowing or stopping of debt growth, owed by individuals, corporations, or nations. ... |
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| BBC News looks at the progress of international debt reduction efforts, and the sticking points which continue to hamper the process. |
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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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