Here’s a great article from AARP for getting ou
t of debt. It’s discusses older American’s, but the step apply to all ages.
The Mindset of Debt
There are times in life we all have had debt, sometimes more than others. If your resolution is to payoff your debt once and for all, it takes conscious efforts on your part.
This is a great article about breaking your spending addiction, not only paying off your debt but staying debt free.
IRS and Travel
If you love to travel like we do, you better read on. Do you owe the IRS money? If you owe a
substantial money and haven’t made payment arrangements, your passport could be in jeopardy.
Here’s some more information from AARP’s travel newsletter.
Another reason to stay on top of your finances.
With Interest Rates Rising, You Might Want To Consider …..
Welcome to 2019!
I hope you had a great holiday and are looking forward to another year beginning.
2018 was a challenging year. The Federal reserve raised interests rates four times – yikes! The stock market lost all of it’s gains for the year. What does that mean to you? Rising interest can mean larger monthly payments. Stock market loses could mean less money for retirement. Let’s talk about what rising interest rates means to your wallet.
Mortgages / Home Equity Lines
Do you have a fixed or variable interest rate on your mortgage? If you have a variable rate, that could mean your interest rate could go up. For an adjustable rate first mortgages, they typically change at a certain point (see you mortgage documents), but most home equity lines of credit change as interest rates change. High interest rates means larger payment is due. This might be the time to modify to refinance to a fixed rate.
Credit Cards
Most credit cards typically have variable interest rates. High interest means a larger minimum payment is due. If you carry a balance from month to month, you may want to transfer your debt to a zero or lower interest rate credit card while you are paying down your debt.
You never know what is going to happen, so you need to be prepared for whatever life throws at you. Be proactive and your debt paid off, so that interest rate hikes won’t hurt your finances.
Sticking To A Budget In The New Year
Happy New Year and welcome to 2018!
The reality of January has arrived, bills from the holidays are coming in, it’s cold outside and you have set your 2018 goals. If one of your goals is to budget your money, then here are some tips that might help you stay on track.
Check out this great article by the Daily Worth about budgeting.
Are You In Credit Card Debt?
Are you one of the increasing many who rely on credit cards to live?
Since the financial crisis, we have seen consumer debt decline. That’s a good thing. But not anymore. Credit cards debt has now hit the $1 trillion mark according to the Federal Reserve. To read more, click here
For more tips, visit my website.
Fees, fees and more fees!
How many credit cards do you have that charge a fee?
Do you pay:
annual fee?
foreign transaction fee?
balance transfer?
cash advance?
and more
We’ll you are not alone. There are so many credit card to choose from, that you can avoid these fees by having the right credit card for this situation. We have a card that we use for foreign travel – no fee. We have a low interest card 8% with no fees for when we need to finance a purchase (that we know we won’t be able to pay off in full when the bill arrives). So it’s understanding what your needs are and what credit card meets them.
CreditCards.com released a report listing what credit cards offer what. This will help you to decide if you have the correct credit card for your needs and may help you to save money.
Your Path to Great Credit
You know that your credit is an important part of your financial life. You know that the higher your score the better the terms are when you apply for credit – lower interest rate, lower monthly payments and more. You may have wanted to improve your credit score, but it’s too confusing and you don’t know where to start.
Let me tell you that this is a journey and there is no instant magic pill. It takes hard work and dedication on your part. Where do you start? The first step is to know your credit score. You can get a close approximation of your FICO score. Yes, it’s time to face the reality and look at it. You need to know where you stand. To see your credit score, go to my resource page and see how to access your credit score for free.
The next step is to make a plan. These are the small steps you take each week to do just one thing to improve your credit score. They can range from not using a credit card to make a purchase, make sure to pay that bill on time, bringing in more money to be able to make that payment and more.
I know this is hard. Years ago I had way too much credit card debt and I couldn’t image that I would every be debt free. But there came a day when I came to the realization that I needed to deal with it. I made a plan and stuck to it and was out of debt. As a result, my credit score increased to be excellent. I know that you too can do this.
Here are some more information to help you understand what it’s costing you.
We’ll talk more about this tomorrow.
Do you have debt that you want to payoff?
Learn how these people overcame their debt.
What have you done to paydown your debt?