Archive for the ‘Credit Cards’ Category

Should You Be Worried About the Economy?

Saturday, June 27th, 2009

If you are worried about gas, try carpooling.

If you follow the news, chances are the state of the economy may have you a little concerned. Bad news is rampant, the housing market is shaky and doom appears to be around every corner. While there are some definite problems with the economy right now, that doesn’t necessarily mean that you need to start panicking. Smart money management is always important, but if you find that you are overly worried about the state of the economy, there are a few steps that you can take to shore up your financial defenses and stop worrying.

The first step is to take a hard look at your mortgage payments, car payments and any other loans that you may have. If they are calculated under a variable rate, now is the time to start allocating a little extra each month to ensure that you have enough to keep up with the payments. If your mortgage payment looks like it is going to be too high, act quickly by negotiating with your bank for either a payment deferment or even a refinance. No one wins in a foreclosure situation and most banks will be willing to work something out with you.

The second step is to think about consolidating your credit card bills if necessary. If you are paying on multiple cards that all have high interest rates, you could be wasting a lot of money each month. Take advantage of a low or no interest card that will allow you to transfer those high balances into one. Just make sure you read the fine print to see how long the interest rate will remain low. Or use Loanio to receive a loan from lenders, this is easy and painless to do. This not only helps you save money on high interest fees, but you can also save time by paying only one bill every month.

Next, you can take a look at what you’re spending and how rising prices are affecting you. For example, the cost of gas right now has many people worried. You may find that you’re spending more to get to work than you may make for the day, or the ratio may have changed dramatically. If this is the case, consider setting up a carpool with other workers to save money, or you may even be able to arrange to telecommute. There are many ways that you can reduce your monthly expenses and free up more money to handle the rising cost of necessities.

This is also a good time to think about setting up an emergency fund. This is a very beneficial type of savings account that can tide you over if you run short during the month, or if you end up with a personal crisis on your hands. When you have the security of a savings account, emergency fund or other means of income, you’ll be in a much better position to weather any economic storm.

While the economy has been better, there is certainly no need to start panicking right now. Simply follow smart money practices, and you’ll be in a position where you can withstand whatever comes.

Photo Credits: 1

Originally posted 2020-10-28 20:01:41. Republished by Old Post Promoter

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4 Ways To Get Out of Debt

Tuesday, June 2nd, 2009

Earn some extra money – hold a yard sale.

For thousands of people, the specter of debt is an all too real problem that affects not only their financial life, but the rest of their lives as well. However, there are steps that can be taken to get yourself out of debt, reasonably quickly, despite how much you owe. While the length of time needed to pay off those debts may vary, taking action as quickly as possible can help prevent debt from mounting up further. Let’s take a look at four easy ways that you can get out of debt, starting today.

1. Negotiate with Creditors and Consolidate.

Many creditors are willing to negotiate with you, especially if you have had a good payment history with them. The worst thing they can tell you is no, so it definitely pays to take the time to see if you can’t work out a better arrangement. Credit card companies, for example, will often reduce the interest, or they may be willing to take a partial lump sum on the balance.

If you are unsuccessful in negotiating your debts down yourself, you may want to consider consolidation by working with a reputable debt consolidation or debt relief organization. There are some questionable ones out there, so do your homework and be careful.

Finally, and arguably the best approach, is to get a lower interest rate loan (see #4) that will allow you to zero out your other debt and leave you with one simple monthly payment.

Consolidating your monthly payments and lowering the overall amount of interest you owe can have a dramatic effect on your finances.

2. Get a second job.

If you truly want to get out of debt quickly, one of the best ways is simply to get a second job until the debt has been paid off. You can funnel everything you make from your second job into paying off your debts and get them taken care of in short order. A second job doesn’t have to mean slaving away at McDonalds however.

You may be able to find ways of earning extra income from other avenues, such as leveraging your abilities to find work in your community, or by starting your own business to help you make enough money to pay off your debts in less time.

3. Reduce your junk.

Holding a yard sale may be a slower way of paying down your debt, but there are many ways that you can turn your household items into cash that can in turn be used to pay off your debts. You can sell items on Ebay, put ads in the paper and find people that are interested in buying your possessions. Depending on what you own, you may be able to quickly sell off everything to take care of your debts.

You may also want to consider cutting back on extraneous expenses, getting a cheaper car, and finding other ways to save money. With what you have left over, you can start using it to pay off your debts until you are completely caught up. Don’t let your debt control your life. You can find ways to get it paid off – and quickly.

4. Debt Consolidation via Loanio

Loanio is now open for for business! You could post a loan request there asking for a lower rate and then pay off your higher interest debts.

Loanio is an auction based, peer lending platform where individuals can borrow or lend money to each other. By cutting out “traditional lenders,” and adding an auction based element, borrowers can get lower rates and lenders can get higher returns than other banking options. Give it a try!Borrow money with Loanio.

Photo Credits: 1

Originally posted 2020-10-03 16:40:17. Republished by Old Post Promoter

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4 Tips for College Students Budgets

Wednesday, April 15th, 2009

Study and Save Money

If you are a college student, then your primary focus is probably set on your studies and trying to maintain your education so that you will be benefited in the future. Unfortunately, one of the things that you may not be putting enough consideration into is how you are handling your money. Even more unfortunately is the fact that failing to manage your finances now can put you in a pretty deep financial hole by the time you are graduating from college. For this reason above all else it is absolutely vital that you take control of your finances now so that you can have a bright financial future when you are through with your education. Here are some tips for college student budgets and how you can avoid college financial disasters.

1 – Only use credit cards in absolute emergencies.

Once you obtain a credit card, it can seem all too easy to begin racking up some debt, but this is a terrible way to start out, and may completely destroy your credit long before you graduate. Remember that the money that you spend on credit cards will eventually need to be repaid, and if you are not financially stable enough for this, you can put yourself into some serious debt with little effort. It is better to have a credit card that is intended only for emergencies rather than using it to purchase a new pair of shoes or to buy groceries if you can help it.

2 – Pay your credit card balance off every single month.

If you have a credit card, it has an interest rate, and if you want to avoid this interest, you absolutely have to pay your credit card balance off before each month is through. If you pay your balance off every single month, then you will avoid credit card debt and save a substantial amount of money that would normally have to go to interest rates and finance charges.

3 – Pay your bills off on time, every time.

Now is the most ideal time for you to begin building your credit history, and one of the best ways to do this is to always pay your bills off on time. If you are not able to pay your bills off on time, it can become quite expensive to deal with late fees and cut off charges. Many companies are more than willing to overwhelm you with late fees, shut off charges, renewal charges and deposits if you do not pay on time, and interest rates may also rise if you are late, costing you even more money in the long run.

4 – Start putting money away now.

Many college students never really grasp how important it is to save money. If you start saving money now, while you are still in school, you can reap a large number of benefits when you are older. Get into the habit of saving now, and you will begin to earn money from the money that you put away. When emergencies come up in the future, you will be better prepared which will save you time, money and hassle in the process.

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Originally posted 2020-12-15 05:36:10. Republished by Old Post Promoter

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