Credit cards are one of the quickest and easiest ways to find yourself in debt. Quite often people have cards with limits that are simply unrealistic for them to pay off, which works for the banks because they continue to profit from the interest. If you’ve had enough of always owing money, here are 5 quick tips to help you get rid of your credit card debt.
If you have a couple of cards which you are trying to pay off, consider transferring the debt onto the one with the lowest interest. This will allow you to focus on one monthly payment, rather than trying to juggle several cards at once. You can also pay off the cards with a low interest personal loan, with similar benefits.
Set up a direct transfer to automatically allocate a certain percentage of your wage straight onto your credit card. This will ensure the card receives regular payments, and you’ll find that the balance is paid off much quicker than when you do manual transfers. In turn, you’ll be losing less money to interest, which will help your financial situation even further.
If you are only meeting the minimum repayment on your credit card, you will be faced with the frustrating feeling that your debt just won’t go away. Aim to pay more than your minimum every month, even if it is only by a small amount, and you’ll be surprised just how much of a difference it will make in the long run.
The important thing to remember when you are using your credit card is that it is not your money. The balance might be available to use, but every time you do, your debt level gets higher and higher. To avoid this, try using your debit card for online and over-the-phone purchases instead. Most banks offer their debit cards through Visa or MasterCard, allowing you to use it like a credit card. The only difference being that it’s your own savings you’re using, not the banks credit.
If you have tried all of these steps yet still find yourself struggling with credit card debt, you can seek professional help. Reputable agencies such as Fox Symes will be able to give you a range of information and support to help you get out of debt. One of their most popular services is to consolidate all of your high interest credit cards into one monthly payment, with a much lower interest rate. They also have the means to negotiate with your creditors to organise an agreement which allows you to take control of your debt, by setting realistic repayment goals with the minimum rate of interest.
Unfortunately credit cards are one of the most common forms of debt, and can quickly lead to much larger financial difficulties. Following these tips will help you to reduce your credit card debt as quickly as possible. Just remember, if you’re experiencing difficulty or want professional advice on how to get out of debt, help is available. As Australia’s largest provider of debt solutions, Fox Symes can help you to get out of debt for good.
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You do not have to wait to get that salary raise to start saving. The sooner you start saving, the better your chances are of having something substantial years down the road. There are a lot of small investment options that low income earners can take advantage of. The most important part of investing is not the amount being invested, but the discipline of saving a certain amount on a regular basis. Putting your money in a savings account or even a high-yielding time deposit account is also not the right way to invest. These instruments only hold your money for safekeeping. Investing means growing your money. What you want are investment instruments that can grow your money higher than the projected inflation rate.
These are a couple of the small investment options you might want to consider:
It is important to remember that these investment options come with risks. You do not want to decide on an investment instrument without giving it much thought and investigation. Make sure that you are investing money that you are prepared to lose. Your investment decision should depend on your own financial goals and not what anybody else tells you is best.
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If you come to think of the main reason why people strive hard to finish school and get a high paying and stable job in the future, it would always boil down to earning money. The latter is believed to be your ticket to survive this demanding world wherein almost every move requires a payment.
If majority of people would go after a high paying job, there are few risk takers who would go after the source of jobs and that is engaging to businesses and creating jobs in the long run.
If you’re really aiming for financial freedom, go for a money making activity wherein you won’t be having any log in requirements. In short, start your own business and own your time. It won’t be easy at first but once your business will find its rightful path, you will be sitting pretty and will just let your workers do the job for you.
You’ll never know when will your employer be keeping his company operational, not unless your boss is the government and your position is permanent. However, time will come wherein you are no longer learning anything as your work becomes a routine. This will be the start of your craving of something new and you would suddenly want to become your own boss.
It isn’t going to be an easy choice as starting a business would always be a risk. However, how would you know if you’ll succeed if you won’t even try it? Remember that all of today’s businesses have their own humble beginnings and everything that they are now is a product of hard work. These business magnates are all but human beings as well just like anybody else. The only difference is that they just took the risk and face the challenges with an open mind. Now they’re enjoying their own version of financial freedom and won’t be pressured on pleasing their superiors in the workplace.
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