Personal Finance Knowledge – How to Tackle Your Credit Card Debt in 7 Steps

Do you have too much debt on your credit cards? Are you worried about your debt and want to reduce it? Then take comfort from the fact that you are not alone. In fact there are lots of people in the same boat as you. In order to get ahead of the game, you need to increase your personal finance knowledge and then apply your new found expertise. Do not hide your head in the sand. The fact you are actually reading this is a good start. It means you are more likely to start getting out of the hole you have created for yourself.

So what do you do? How do you actually start getting out of your dilemma?

If you continue searching online you will find loads of ways to do this. There are actually lots of solutions. Your problem now is choosing the correct solution for yourself and applying it.

Try and keep your solution as simple as possible. The simpler it is the more likely you totally understand it and the more likely you will apply your solution with discipline.

I suggest you study and apply the following basic steps, at least to start.

1 – Prepare a budget for yourself or for your family. This is easily said and most people will advise you to start with your budget, but I do not. There is one thing you should do first.

2 – The very first thing you should do is find out exactly where you are now. In other words, take stock of your present situation. Write it down or use a spreadsheet, whatever works for you. But get all the information you can from your credit cards. You will need how much you owe; when your payment is due; the APR; the reward points earned; any redemption offers for your reward points; plus anything else your card offers. Do this for each of your cards.

3 – Once you have done that you will be able to see which of your cards is hurting you the most. Usually it is the one with the highest APR or the highest balance. This depends on your specific situation.

4 – Do you have any reward points? Can they be used to make a partial repayment? Or can you use them to get something you need? Remember you will have to start spending less and if you can get what you need for points instead of money the better off you will be.

5 – Now prepare another table, this one comparing all the offers you have available for improving your situation. Offers such as; a bank loan; consolidating your debt; whatever you can find that could help you. Make your decision and go for it.

6 – Now you need to be disciplined. Prepare yourself a budget as described in item 1. If you do this now you will have a far better understanding of your present financial position. So your budget has …

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5 Tiny Methods to Double Your Dollars

The most beneficial strategy to save dollars is always to, this really is what you hear very generally, write a shopping list. Do not just stroll around the mall with your wallet filled with money and credit cards and acquire what your heart tells you to. Obtain what you brain thinks is required!

Subsequent, get a saving account. Bank inside your allowance or paycheck straight into the bank and withdraw only a certain amount each month. Remind yourself to only invest that level of revenue. Tell yourself all you’ve got is only that amount of funds! Ensure you apply for the bank card too so you are able to keep track on the level of funds you saved. There is going to be an enormous feeling of satisfaction seeing your income doubled each month.

Credit card’s promotions are extremely tempting particularly when you’ll find no cost film tickets, no cost bags, or even cutleries! Even so, the extra cards you’ve got inside your wallet, the much more you are going to often invest. This will likely lead to an excess in spending without even noticing till the end of the month when all of your bills arrive. Hence, preserve a card within your wallet at a time only or the most beneficial way is usually to just apply for 1 bank only.

Bring your meals to work/school! This actually operates! Spending possibly 5-10 bucks every day for any meal can sum as much as 100-200 a month. You are able to save about 100 bucks a month by bringing your own food to perform for a minimum of three days per week. The one hundred bucks extra can buy you per week of groceries.

Last but not least should be to reward your self! Set a target in addition to a prize with it. It might be the pair of footwear you’ve got usually wanted, a good meal or perhaps a slight boost with the quantity of revenue in your wallet the following month. Just ensure that to not commit all of the funds you may have saved.

These suggestions might be what you often read elsewhere and it might seem practically nothing to you since it is very basic but retain this in thoughts, just about every tiny step can be a Significant step in reaching your ambitions.…

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