Five Tips to Paying off Credit Cards

Paying off a credit card can be a real pain. It seems to take forever! You make the payments every month like clockwork, yet somehow the balance doesn’t seem to decrease – or if it does, it’s only pennies at a time. Maybe the interest rate on your card is way too high, and it feels like you’ll be paying off the card for years to come. Here are five tips to help you pay the card off faster: 1. Call your credit card company and ask them for a lower interest rate. Depending upon your credit rating, you may … Continue reading →

5 Reasons to Payoff Your Loans Early

Many people often wonder why you should payoff your loans early. Often they look at loans as a time commitment and as long as you are making your monthly payments you really do not need to worry about the loans that you have taken out. Paying your loans off early can be a great benefit to you and your family. Here are five reasons to pay off your loans early. 1) You will save money on interest payments. For the average mortgage you end up paying at least as much in interest as you originally borrowed. You end up paying … Continue reading →

Is Debt Consolidation a Good Idea?

Debt consolidation companies are a big business. Many are non-profit organizations that will help you pay off your debt. They will negotiate with your creditors to bring down the amount that you owe them. They will take a monthly payment from you and distribute it to all of your creditors. This will mean that you may save money over time, you will pay just one company, and eventually your debt will be paid off. This sounds like the perfect solution to many people. However, debt consolidation does have definite drawbacks. It does not look particularly good on your credit report … Continue reading →

Dave Ramsey’s Baby Steps

Popular personal finance expert Dave Ramsey doesn’t give advice based on pie in the sky theories; he’s lived it. He was a millionaire at the age of 26 when he lost it all in just three years. After digging himself out, he began sharing what he had learned with others through books, seminars, and a popular radio show. Ramsey focuses on helping people dig out of debt and gain control of their financial futures. His method uses a series of baby steps that he walks his followers through. Here’s a summary of those steps: 1. Build a “Baby Emergency Fund” … Continue reading →

Payday Loans for Times When Cash is Short

Payday loans are there to help a person make ends meet. The reason is simple. Many people simply have too much of the month left, or the week, when the paycheck is gone. For these people payday loans are a way of borrowing and stretching the budget a bit. With a payday loan a consumer will form a relationship with a payday loan company. This will involve filling out an application form and providing bank account information. Payday loans are paid back to the lender using a check, which is post dated, so the checking account information is needed. It … Continue reading →

Is using home equity to pay off credit card debt a good idea?

Using home equity in the form of home equity loans or lines of credit has become very commonplace in our society. Home equity is touted as the answer for everything from remodeling the kitchen to sending a kid to college. One especially popular use of home equity is to pay off other types of debt, particularly credit card debt. But is it a good idea? By far the best argument in favor of using home equity to pay off debt is a purely financial one. It often makes mathematical sense for two big reasons: 1. Because the debt is secured … Continue reading →