Reducing Your Credit Card Debt Forever!
One thing I strongly recommend is to reduce credit card debt.
Actually scrap that don't only reduce your debt get rid of it all together.
Credit cards are one of the worst things a person wanting to invest and save can have and really there are not to many good things I can say about them.
OK I will make a confession now, I own one but the only reason I do is because I get interest free days on the card and I let my actual money accumulate and make me money until I am required to make the repayment.
This reason alone is the only excuse I can think of for having one.
Credit cards are notorious for charging ridiculous amounts of interest and once your card gets to far in debt sometimes it can be extremely hard to get back in the black.
Some people might say they need one for purchasing things over the internet which is true in some cases but there are other alternatives available including debit cards which use your own funds rather than borrowed money.
Credit card debt is definitely not something you want to leave for to long and if you do have cards currently outstanding I would suggest consolidating them into a personal loan then giving them the boot for good.
Many lenders will provide a facility to have all your debt managed under the one single loan and that way reducing your repayments and in most cases the interest rates.
You cannot begin a wealth creation strategy until you have all your bad debt managed effectively and so that should be your first priority before the real money making begins.
All bad debt will usually end up costing you more than any money you have working for you and its important to give it the flick! What I find amazing is the amount of people currently out there willing to pay the big money on interest rates simply leaving their cards in debt and paying interest each month, a lot realise it but simply don't care, maybe it's the stigma associated with being a card holder and waving that piece of plastic around who knows? Also on a side note please don't be lured into a card simply for frequent flyer miles or other bonuses cash is king and everything they offer can be bought with the money you will save.
If you are in control of your finances and can make the payments interest free monthly on your card then by all means it can be a convenient way of doing business, the truth is though most people are not and will end up forking out massive amounts of money in interest.
Actually scrap that don't only reduce your debt get rid of it all together.
Credit cards are one of the worst things a person wanting to invest and save can have and really there are not to many good things I can say about them.
OK I will make a confession now, I own one but the only reason I do is because I get interest free days on the card and I let my actual money accumulate and make me money until I am required to make the repayment.
This reason alone is the only excuse I can think of for having one.
Credit cards are notorious for charging ridiculous amounts of interest and once your card gets to far in debt sometimes it can be extremely hard to get back in the black.
Some people might say they need one for purchasing things over the internet which is true in some cases but there are other alternatives available including debit cards which use your own funds rather than borrowed money.
Credit card debt is definitely not something you want to leave for to long and if you do have cards currently outstanding I would suggest consolidating them into a personal loan then giving them the boot for good.
Many lenders will provide a facility to have all your debt managed under the one single loan and that way reducing your repayments and in most cases the interest rates.
You cannot begin a wealth creation strategy until you have all your bad debt managed effectively and so that should be your first priority before the real money making begins.
All bad debt will usually end up costing you more than any money you have working for you and its important to give it the flick! What I find amazing is the amount of people currently out there willing to pay the big money on interest rates simply leaving their cards in debt and paying interest each month, a lot realise it but simply don't care, maybe it's the stigma associated with being a card holder and waving that piece of plastic around who knows? Also on a side note please don't be lured into a card simply for frequent flyer miles or other bonuses cash is king and everything they offer can be bought with the money you will save.
If you are in control of your finances and can make the payments interest free monthly on your card then by all means it can be a convenient way of doing business, the truth is though most people are not and will end up forking out massive amounts of money in interest.
