Managing Credit Card Debt

Money Debt Worries, Attractive Young Woman Holding Credit Cards

Credit card debt is one of the worst kinds of debt that you can have. Not only are the interest rates normally very high, but owing a lot of money on your credit cards will also bring your credit score down. This is why so many people have a hard time managing their credit card debt. While the debt continues to accumulate, there seems like no way to get yourself ahead of it. There are a few things that you can look into however that may help you out.

First, if you have more than one credit card with debt on it, you will want to try and transfer as much of it as you can to the card with the lowest interest rates. This will help you to save money in the long run, and will allow you to pay off those cards with higher interest rates first. Be aware of some cards that charge you extra for balance transfers, and if you have one of those, do the math to see if it is still a good move for you.

If you can’t do that, consider signing up for a new card. Sometimes with new credit cards there will be no interest for a year, so you can transfer your debt over to the new card and take your time paying it off. If your credit score is low getting a new card may be difficult, but there are a lot of options available about there. See which cards offer introductory rewards, then make sure you use them to your advantage.

Transferring your debt not an option? Then you are going to need to formulate a plan to pay it back as it is. The best way to do this is to write down all of your different debts, then rank them from the highest interest rate down to the lowest. The goal is to pay off those debts that are going to cost you more the longer you take to pay them back. Then you want to go over your monthly budget and look for absolutely any place you can cut back. Every little bit that you can save, you want to move it towards paying back your credit cards. It may be rough going for a little while, but you really need to make your debt a priority. The sooner you can start making larger payments on your debt, the sooner it will go away, or at least be more manageable.

Lastly, if the above options won’t work for you, then you may need to seek the advice of a professional. There are many financial services out there that will help you to formulate a plan on how to best pay back your debt. Since they will be working with you directly on your finances, they can give you a more accurate plan of attack. While some of these services cost money, in the long run it may be a wise investment.

Hopefully this article was able to give you some ideas on how to manage your credit card debt. The important thing to remember is that you have options – you just need to find them and make the most of them. If you can do that, then before long your credit card debt will be under control, and your credit score will be back on the rise. Good luck!


How To Make More Money

Business Graph with arrow and coins showing profits and gains

Business Graph with arrow and coins showing profits and gains

We all wish that we had a little bit more money in our wallets at the end of the month. We could use it to help pay some bills, go out to dinner, or even take a vacation. Unfortunately, money doesn’t just go on trees. It probably seems like you are making as much as you can, and all of your expenses are necessary. However, there may be a few simple things that you can do to try and make a little bit more money. If you want to have some extra spending money, consider trying out some of the following ideas.

  1. Get A Raise – Sure, this probably sounds easier said than done, but it is also the best way to start making more money. If you can get paid more for the work you are already doing, that would be best. If you have not gotten a raise in a while at your current job, consider talking to your manager about getting one in the near future. If you are a good employee that has been there for a while, they will most likely at least consider it.
  2. Work More – If you can’t get paid more, try to put in more hours. See if you can work longer hours at your current job, or consider getting a side job. This isn’t feasible for a lot of people, as most of us are plenty busy already, but if you have some extra hours in the week, think about adding some work to them.
  3. Start A Business – Another option is to start your own business. This doesn’t have to be a full-fledged company, but something you do in your spare time to make some extra cash. Maybe there is a service you can provide to people on the weekends – like petting sitting – or a small hand made product you can sell to people. Think about what you are good at and look for ways to monetize it. Who knows, it could grow larger one day and turn into your full time job.
  4. Cut Back – Instead of adding to your income each week, cutting back on your expenses would have the same effect. Look at what you are spending money on each week and look for ways that you can cut back. Maybe instead of driving to work everyday, you take public transit twice a week. Or maybe you make your coffee at home before you leave instead of buying a cup every morning. Little things like this can go a long way, and at the end of the month you’ll have more money left over to spend on more important things.
  5. Sell – Lastly, if none of the options above will work for you, think about selling some of the junk that you have around your home. While this is not a long-term option, if you are in need of some quick cash it may be a good alternative. Take a look around your home and see what you no longer need. Then post some signs up around town advertising them, or put some ads up online. You’d be surprised at not only all of the junk that has accumulated in your home, but how much other people are willing to pay for it.


Hopefully at least one of these options will work for you. We know that making more money isn’t always easy, but if you put the time and effort into the ideas above, you should find yourself with a little bit of extra cash. Just make sure that when you do, you spend it on something smart. You don’t want to go through all of this just to waste your money on something you don’t need!



Starting A Savings Plan


There comes a point in most of our lives when we need a large amount of money for something. It could be for a deposit on a house, so you can afford a trip, send your child to college, or buy a new car. No matter what it is, if you know this expense is going to be in your future, you should start saving up for it now. The best way to do this is to start a savings plan, one that accumulates the necessary funds a little bit at a time. To help you do that, we have some tips that should make your savings plan more successful.

First, you need to identify your goal. You should think about not only what the money is going to be for, but how much you are going to need and when you are going to need it by. A savings plan will be much more effective, and you’ll be more likely to stick to it, if you have a clear goal in mind. Write down your goals so that you know what they are going to be. If you have several things you want to save up for, we recommend coming up with a separate savings plan for each goal.

Once you have defined your goal, it is time to formulate a plan. The best way to do this is take the total amount you want to save up and divide it by the number of weeks you have until your end date. This will tell you how much you need to save up each week until you reach your goal. You can then decide if you want to put this amount away every week, every two weeks, or every month. We suggest not going longer than that, as the point is to save up a little bit at a time.

Now that you know what you need to save up each week, you need a place to store it. We suggest opening up a separate bank account and having the money automatically deposited in there each week (or two). This serves two purposes. First, it keeps the money in a separate place so that you are not tempted to touch it. When you see a large amount of money in an account, it can be tempting to use it for something other than your goal. Keep it out of sight and out of mind in order to rid yourself of the temptation. Having the money withdrawn automatically from your bank account and deposited into your savings account also makes it easier to manage. You don’t need to remember each week, and when you go to check it, you’ll be pleasantly surprised how much is in there.

With your plan in place, the rest is easy. Just let the deposits go in each week, and don’t touch the money. Whenever you have extra money to spare, you can add it to the savings account if you wish. The hardest part of a savings plan is to not use the money early for something else, so if you can beat that, you should be in the clear. Hopefully these few tips will help you to do that, and your savings plan will be a success. Good luck!


avoid horror of student loan debt

Types Of Loans To Avoid


When it comes to getting a loan, there are good loans and there are bad loans. This is particularly true for people with bad credit scores, as lenders will try and take advantage of your situation. If you are currently looking for a loan outside of a bank because of your credit rating, we have a short list of the types of loans you may want to avoid. While not every lender for these types of loans is out to get you, more often than not these loans are not your best option.

The first type of loan you should try to avoid is called a payday loan. A payday loan is just how it sounds – a loan that you get until your next payday. These types of loans are meant to be for relatively small amounts over a short period of time. However, since these loans are being given out to people with bad credit ratings, and because they are over such a short period of time, the interest rates can be very, very high. This means that even though you are borrowing a small amount, you could end up paying back a lot more. If you are in a hard financial time, you probably don’t need that burden weighing over your head. The only time we suggest you consider getting a payday loan is if you have no other good options, and you have planned it out so that you are sure you can meet your payments. Otherwise, we recommend looking elsewhere for your bad credit loan.

The next type of loan that you should avoid if you can is a guarantor loan. These loans themselves are not terrible, however. With a guarantor loan, you ask someone else to sign the loan agreement for you, someone with a better credit rating. You can then get a loan at a reasonable rate, and still make all of the payments yourself. The only time your guarantor has to get involved after the initial paperwork is if you fail to meet your repayments. At this point the responsibility of the loan would shift to the guarantor, and they would need to make the payments. And this is where the problem lies. A guarantor can usually only be a close family member. Putting money between two people can put a strain on a relationship. And if you fail to make your payments, you are risking damaging what was once a good relationship. This is a unique considering you need to think about when going after a guarantor loan.

Lastly, we suggest you don’t get a doorstep loan either. A doorstep loan is essentially a payday loan, but it is at least a little better. With this type of loan, someone from the lender will conduct all of the transactions right from your home. They will come to deliver the loan, then come back to pick up the payments. This saves you the time and hassle from having to do it yourself. On top of that, these agents can discuss your finances with you if you are having any issues. It is a personal touch that draws many people in to getting a doorstep loan. Remember that they are essentially payday loans though, so you should only get one if again, you are certain that you can pay it back on time.

It is unfortunate that so many lending companies try to take advantage of people when they are having a hard time. We hope that this article was able to shed a little bit of light on which types of loans that you should avoid so that when you start you search, you can make your life a little easier.