Your Responsibility To Eliminate Your Debt


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Your Responsibility To Eliminate Your Debt

  1. 1. HOME WELCOME WHAT IS EMPOWER NETWORK? VISION LEADERSHIP SYSTEM Subscribe to RSSGET MONEY CONTACT THOMAS AMAL THOMASAMAL.COMYour Responsibility To Eliminate Your Debtby Amal | on June 14, 2012 0 TweetYour Responsibility To Eliminate Your DebtWhile perusing one of my insurance companies website (Royal Neighbors), I came across thisarticle. It’s time that we eliminate debt. The employment numbers are down, money is scarce,banks are having issues, businesses are tightening their belts at all cost, so it’s imperative that we Go Daddy!do much better with our financial status. Take responsibility for your actions and correct them.How to Get Out of Debt Sooner1/26/2012 12:00:00 AMSo you have some debt that you’re sick and tired of paying for and you have made THEDECISION to get out of debt as fast as you can. But of course, you need to do more than make converted by
  2. 2. a decision to get out of debt; you need a plan. So where do you start?List your Income and Track ExpensesMany people don’t know how much they can commit to paying each month on debt becausethey don’t know where their money goes each month. Track your expenses for three months Postsand place them into one of the following categories: Look Who’s Telling Big Brother Enough Is Enough Needs: Necessary expenses such as housing, health care, utilities, and groceries. Wants: Optional expenses such as entertainment, vacation travel, dining out, and magazine subscriptions. Is Philanthropy The End Result Of Wealth? Only For The Wealthy..You’ll find it easier to reduce your expenses once you know where the money is going. Look forways you can cut back on your wants. Most of us can do this without making dramatic changes Ideas Of What Not To Do In Order To Havethat compromise our happiness or quality of life. The goal is to sacrifice some small things today A Productive Dayso you can pay off your debts and achieve more important goals in the future–like buying ahome, sending your children to college, or retiring early. Online Shopping, Its Advantages And WhyPay More than the Minimum on Your Debt It’s Become So PopularOnce you’ve set a budget and cut unnecessary expenses, you need to develop a debtrepayment plan so you can get out of debt faster. Ways to Obtain Money Fast With The Use Of The Internet While At HomeMost people have no idea how long they will be in debt if they just make the minimum monthlypayment on their credit cards. Let’s say you have three credit cards with a total balances of$10,000 as listed below. Get Started Now! Balance Minimum Monthly Interest # Years Until Credit Card is *Email Payment Rate Paid Off Credit $4,200 $53 15% 31 start now Card 1 Credit $2,100 $42 19% 8 Card 2 Credit $3,700 $40 11% 17 Card 3If you make only the minimum monthly payment every month on all three cards, it would take31 years to be debt free. And the total payments would cost you $32,408!Instead, try paying a little extra each month on the card with the highest interest rate. Whenthat card is paid off, apply those payments to the card with the next highest interest rate. If youfollowed this strategy and paid only $25 more per month, you could be debt free in less than 10years. And you would save over $14,000 in total payments![[Image:4946-1.gif]]Another place you can find money to pay down your debt is through your tax withholding. Ifyou normally get a tax refund, you can adjust your withholding so that less is taken out of eachpaycheck. This way you are getting that refund in each paycheck instead of in April, and canuse it on debt.Consider Other Strategies to Reduce Your DebtYou should also consider the following strategies to get out of debt sooner: Pay with cash. W hen you w ant something and are tempted to pull out your “plastic”, think for a moment of w hat the true cost w ill be. Interest alone could make that purchase price easily double! By paying cash you accomplish tw o things. 1) You pay w hat is on the price tag NOT additional interest charges and 2) you keep yourself out of debt. Exchange high interest rate for lower rates. A quick w ay to get out of debt sooner is by low ering the current rates you are paying. If you ow n your home you can tap into the equity of your home and use a home equity line of credit w hich generally has low er rates than credit cards and you may get a tax deduction on the interest you pay. A balance transfer offers you the ability to transfer an existing credit card balance to a different card w hich has a low er interest rate. Make sure that the interest rate of the card you are transferring to w ill not rise sharply in the near future. converted by
  3. 3. Call your lender and ask for a lower rate. You may be surprised at how often a company w ill w ork w ith you in order to keep your business. And if the company says no, you’re no w orse off.Stick to your plan It’s hard work getting out of debt. But if you stick to your plan you can get there. Once you are there, do yourself a favor and buy the things you want with cash. If you’re not paying interest to a creditor, you’ll ultimately have more money to use on thethings you really want out of life. Claim It, It’s Your Debt! Do Something About It!Admitting and recognizing the truth is the first step to recovery, well in this case just stopspending. Spending what you can’t afford is so out of step it’s a shame. Let’s stop living check tocheck. Hell, I discarded my charge cards years ago, stopped eating out (movies, parties,shopping and much more) and set a strict budget. Needs should always be priority over wants.Welcome to being debt free, it’s your responsibility.Now is the time that you stop being so scared, display your creativity and writingskills, let us know what you think pertaining to anything, click here. Can you believethat saving money is this easy? See what I did and you should to, here. Is thereanyone that doesn’t shop? Does anyone like to make money? How about shoppingand meanwhile make money? This is unbelievable, check it out here.This entry was posted in Empower NetworkTags: debt, responsibility« Previous Post Next Post » About The Author: Amal A former latchkey kid leading to being INDEPENDENT, self-reliant, DEDICATED follow er in my belief, FATHER of 3 men, HUSBAND, somew hat EDUCATED, filled w ith HOPE, GRATEFUL for life, HUNGRY for SUCCESS, alw ays w illing to give a helping hand, community facilitator, school board member, experienced in various industries, ENTREPRENEUR and a MAN STILL ON THE GRIND. Powered by Livefyre converted by
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