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How to Become Debt Free By Budgeting Your Money

April 24th, 2018 Comments off

Ok, so you have stumbled across create a budget and are probably wondering how in the world to get out from beneath a mountain of debt. This is a problem that plagues many people but the answer is much easier than the actions. Even though it is tough to get debt free, it CAN be done and I will show you how to get there.

One of the first huge steps in becoming debt free is in knowing where you stand financially. Knowing where you are financially means you HAVE TO draw up a budget. Creating a financial budget is EXTREMELY important to your long-term success. For you to get debt free you need to know what monthly income you have coming in and what monthly expenses you have going out every month. My personal budgets take this one step further; you also must take into account expenses that are likely to occur annually, such as vehicle registrations.

What do you put in a budget? I’ll show you what a typical expense budget might look like for the average American.

Rent/Mortgage – $995

Auto Insurance – $120

Auto Loan – $405

Auto Loan #2 – $300

Life Insurance – $64

Water – $40

Electricity – $81

Garbage – $19

Natural Gas – $120

Childcare – $495+

Gasoline – $300

Groceries – $995

Telephone – $40

Cable – $50

Internet – $49

Cell Phone – $99

Credit Card – $99

Student Loans – $101+

Total – $4385++

Looking at the finances shown above, each item taken alone doesn’t seem like too bad an idea. But together things start to get out of control. In the above budget we have almost $4400 of monthly expenses, AFTER taxes. In order to BREAK EVEN on this type of financial budget you HAVE TO be raking in about $70K per year. Keep in mind this doesn’t include children’s doctor’s visits, and all the other annual crap we haven’t even addressed yet, such as enrollment fees, the vehicle expenditures such as registrations and the one off mechanical failures that can cost an arm and a leg. It’s no wonder people are up to their eyeballs in debt. Most people don’t make $70K,$70,000 and most people have all kinds of one off expenditures that aren’t outlined on the above financial budget. In order to know where you can cut back, you must know what you have.

My first assignment for you people out there reading this is to do this very first step. Make a budget and BE HONEST – it will do you no good if it is not right. As soon as we get this done we will be talking about such things as discretionary spending and debt equity. Let us get our financial budgets prepared so we can begin working on a plan to BECOME DEBT FREE!!!

Richard DFO Hijinx has an article showing you how to create a financial budget

Lessen that Debt!

April 10th, 2018 Comments off

From the neighborhood grocery store to the biggest of banks, everyone was affected by the previous years recession. The worlds most powerful financial institutions collapsed right before our very eyes. This created a domino effect that led to smaller companies closing shop and their employees losing their jobs.

But with most people thinking that all this was caused by the biggest businesses, this is only partially true. It all started with the sub-prime crisis. Borrowers with low credit scores were given loans with interest rates so high hundreds of thousands of them, werent able to pay back.

Everybody blamed the Treasury department for the mess. Although they were in charge of lending together with the banks, it was the sub-prime crisis that fuelled this economic collapse. People with bad credit history were allowed to take on mortgages with the condition of higher interest rates in return. That alone made it unmanageable for most which led to the free fall of everything.

In short, the US and the entire world were crippled by one thing, bad debt.

Though getting credit is not always a bad thing. Even the richest governments and businesses borrow money. But it only turns out well if you can manage it correctly. For those who are already unable to repay their loans, it is good advice to start looking for a debt settlement program.

This also gives a sigh of relief to those in debt because it gives them a chance to clear their records while paying off a smaller amount than what was originally being asked of them. This could be possible with the help of these companies that offer debt settlement services. If the debt settlement program eventually works for you, youll be able to keep your house.

In the search for a company that provides debt settlement services, make sure you go for someone you can trust and is easy to work with. Their purpose is to help you lessen your burdens. You can have them organize your different credit card statements and settle it all at once, they can ask your creditors to give you lower interest rates, and they can also assist you to get a better credit standing despite your debt. You wont need to hear from those pesky collectors again!

You can also compare how different companies charge for their services. Some companies take off a certain percentage of the amount you pay to your creditors. Others collect payment from you when they have done the settlements in your behalf while some companies ask to get paid first before they even start assisting you. Talk to different people. Ask around for their recommendations. Do so as soon as possible so that debt gets cleared as soon as possible as well!

My name is Mike Edwards and I am a professional writer with a good knowledge of the Debt Settlement Program that Christian Debt Consolidation offer. I have also been very impressed with the Debt Settlement Services they offer and suggest you check them out.

Debit Card- Offering Electronic Access To The Bank Account

March 27th, 2018 Comments off

A debit card (also identified as a bank card or a check card) is a plastic card that offers the cardholder electronic access to his or her bank account/s, by a financial organization.

 

In lots of countries, the use of debit cards has turned out to be so extensive that their volume of exercise has gone beyond or completely substituted the checks and, in a number of cases, cash dealings. Similar to credit cards, debit cards are used extensively for phone and Internet acquisitions.

 

In Australia, the two most widespread debit card brands are Visa and MasterCard debit card, even though there are other providers in Australia and around the world.  Moreover, if it is a Visa or MasterCard, you can make use of it in literally millions of places around the world.

 

St. George bank put forward Visa debit cards on some current accounts.  These consist of Complete Freedom Account, SENSE current account, Express Freedom Account, Complete Freedom Student Account and Retirement Access plus Account.  The Complete Freedom account is basically a free current account meant for high earners.  The Complete Freedom Student account is a similar account intended for student’s and trainees, but with less offers.  The Express Freedom account is a Freedom account bound for minor earners, with a monthly fee of $3 and free banking otherwise.   SENSE account is an incorporated savings and current account.

 

Since St George debit card is a Visa card, therefore it is extensively acknowledged both in Australia and out of the country, in up to 29 million outlets.  This means that it is acknowledged in the similar way that a credit card would be in lots of parts of the world, in the way that an EFTPOS card would not be.  The card can also be used, devoid of any charges on the widespread Westpac ATM network.

 

The VISA Suncorp debit card is accessible to a number of Suncorp transaction accounts, for example the Everyday Basics account, the Everyday Options account, the 55 Plus account, and the Cash Management Account.  These are only offered to Australian people who are more than 18.

 

The big appeal of the Suncorp VISA card is that there is no yearly charge.  There is also the facility to permit other people the capacity to have a debit card connected to the account and this service is free of charge.

Tips to Help You Eliminate Debt

March 12th, 2018 Comments off

Sadly there are many people who are dealing with a huge amount of debt. The statistics surrounding debt in American are astounding, and if you are in debt yourself, it’s time that you learn how to eliminate debt. If you are trying to figure out where the money went and how you ended up so deeply in debt, it’s time to take a closer look at your financial situation and then find a way to pay off debt. Here are some top tips that can help you to get back in control of your finances so you can get rid of that debt.

Establish the Amount of Debt You Have Before you can even begin clearing your debt, you first need to determine exactly how much money you owe. Because you may not realize just how much you do owe, you need to sit down and do some figures in order to determine what the total amount is. However, even though you may find the result to be shocking, it’s important that you don’t become despondent, but rather, you should realize that you now have a goal that you can work towards.

No More Spending When You Cannot Afford It One of the biggest causes for people accumulating debt is that they tend to live well beyond their means. One of the first things you need to do when you start trying to pay off your debt is that you need to put a stop to spending money on things you simply cannot afford to buy. If you don’t have the money for it, then simply don’t purchase it.

Start Saving Money One of the best ways to clear debt is to start saving money. Essentially, you should aim to accumulate at least enough savings to cover three to six months worth of expenses. Doing this will essentially provide you with a bit of a buffer in case of an emergency, such as an accident or unemployment. By having some money saved, you’ll be able to get through a crisis should it happen, without ending up even further in debt.

Buy with Cash Buy with cash if you want to eliminate debt. It’s easy to start spending more money when you only have to pull out your credit card. When you pay with cash, you are more likely to be careful about what you spend, avoiding overspending. It’s good to just avoid charging if at all possible so you can get yourself on a cash basis, which can aid you with getting out of debt.

Avoid Minimum Payments When you only make the minimum payments towards your debts, the vast majority of that money goes towards paying off the interest rather than the debt itself. In order for you to get ahead, you need to pay more than the minimum whenever possible.

Enter Into Negotiations In the vast majority of cases, creditors will be more than happy to negotiate a deal with anyone who is facing large amounts of debt, particularly if they are serious about clearing it. Essentially, if you’re serious about clearing your debt, then it would be in your own best interest to get in touch with your creditors in order to determine whether or not they are willing to accept a reduced amount, or perhaps, at least lower the interest rate. In fact, many creditors will waive the interest altogether. Remember, creditors also realize that it’s in their own best interest to work with you or else they could end up being on the loosing end.

Try to Increase Your Income In many cases you may find that you need to increase your monthly income in order to get rid of your debt. If your current situation does not allow for you to be able to pay off your debt, then you have no option but to look for alternative means of earning some extra money. This could mean you either begin looking for another job, or of course, you could try to find a second job in order to boost your current monthly income.

For more useful articles about eliminating debt visit my How to Eliminate Debt Blog. Take action today so you can live a better tomorrow.

Debit Card – Preferred Choice Of People Nowadays

November 7th, 2017 Comments off

A debit card is fundamentally a card that offers all the advantages of a credit card without getting troubled regarding the balance due.  Rather than wasting money on credit, it is connected to a bank account, with the intention that the only money you are using is the money you previously have.  If you have difficulty in keeping record of your credit card expenditure, then this might be the way out, you would require.

In Australia, the two most regular debit card brands are Visa and Mastercard, even though there are other providers in Australiaand around the world.  If you either have a Visa debit or a MasterCard debit card, then you can make use of it in literally millions of places around the world.

A debit card offers you the best of both the worlds.  It lets you have more independence in buying – you can utilize it on the phone, online and at approximately any place you ever have to.

Other debit cards than visa or MasterCard, which are frequently used inAustraliaare:

CommSec Debit Card

This card offers fee-free access to finances in the CommSec Cash Account (CCA), in the course of every Commonwealth Bank ATM inAustralia. It can moreover be exercised to make acquisitions everywhere in the world, online or over the phone wherever the MasterCard logo is demonstrated, and cash extractions at non-Commonwealth Bank ATMs flaunting the MasterCard emblem (charges might apply).

St George Bank offers a Visa card accessible on several accounts. These consist of the Express Freedom, Complete Freedom, Complete Freedom Student and also the Retirement Access Plus accounts.

The fees at St George for a Visa Debit card is a little more uncertain than several other banks as the monthly fee amount depends on what sort of bank account you have your Visa debit card connected to. However whichever you prefer, it won’t be too much of a stress on your wallet, since the most costly monthly fee for all the accounts obtainable is extremely low.

To conclude, lots of people are finding out the hard way that Credit Cards can get them into various monetary problems, and the uptake of debit cards lately shows that customers perceive them as a helpful option to credit.