Have you ever been in that position where you get the bills in the mail or online and they just seem to keep coming? One credit card after another, one utility after another! It seems to be never ending. Every paycheck is a struggle.
Well there are some things you may be able to do for yourself by your own means that can help. There is a particular book out there called "Rich Dad, Poor Dad" and it was written by a fellow who didn't just write it but did everything he teaches for himself, he has basically become the Rich Dad and the proof is in everything he does and writes. But besides what he has to say, there are lots of things you can do for yourself even before you borrow the book. And just in case you do want to buy the book Rich Dad, Poor Dad I suggest you check around. You can check out Amazon Books and compare.
In any case, one of the best things you can do is get your debt on ice(cards especially) and freeze what you are doing. The best way to get out of a hole is to first stop digging. Once you stop the credit from happening, then take it one step further and get rid of the interest. You can use the great offers by the major players to your advantage. And undoubtedly you will be able to save x amount of dollars a month. Whenever you condense all the amounts down to one payment you always end up having to pay less total. But DO NOT let this fool you! Just because you have a lower payment does not mean you are in the clear. You need to remember to take a good credit card offer and get things done. Use the difference between what you were paying and the new minimum to pay off extra principle. So for example, lets say you had a retail outlet card, 2 credit cards and a personal loan. In order of total owing lets say: 2500, 2500,5000, and 10000. Payments might look something like this:
2500 at 19% might be around 58/month 40 goes to interest
2500 at 17% might be around 56/month 38 goes to interest
5000 at 10% might be around 75/month 45 goes to interest
10000 at 8% might be around 225/month 60 goes to interest
so total you would have say $414/month going out in minimum payments with 183/month of that being paid to interest.
Say you transfer this all to an introductory offer by a major credit card. Now you have all 20000 with one card right. So payments might look like this:
20000 at 0% might be around $360/month with nothing going to interest.
So now you have an extra 54 bucks a month left over from what you were paying plus whatever you were spending on interest. So you take the extra 54 and add it to the payment every month. Now add the interest you were paying, in this case it was 183 dollars. Add them together and multiply over a year and you can see that Within a year you have ($237/month x 12 months) $2844 extra being paid to your debt! That is pretty close to that first card amount of 2500. And think, this is just the first year.
So you see in the end, it doesnt matter if you have bad credit, no credit, good credit, need business credit or you are just a student, there is a way to enjoy great rewards using your own will power as the tool to get you started.
Well hope this article helps anyone trying to make a difference in their struggle to beat out the interest monster.
Source: http://www.ArticlePros.com/author.php?Matthew Nore
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