Fortunately, there are numerous Internet websites that offer constant new ideas for helping your re-evaluation your current finances so you can move forward with paying off all debts and creating a sizeable retirement account. One new article recently appeared on the website DailyFinance.com. It contains some very basic tips that can help each of us as we continue on into the new year to decide how best to retire our debts so more of our dreams can come true. A few other original ways of planning are combined with that article’s ideas below. Suggestions for Bringing All of Your Biggest Debt Challenges Under Control
- You must create an actual monthly plan and stick to it. Sit down and actually write down the names of all outstanding credit card and other debt/loan accounts owing and determine which ones have the highest annual percentage rates. Attack those first with the highest monthly payments, while still paying close attention to the others;
- Obey common sense—pay off the biggest debt with the highest interest rate first. First some odd reason, many of us fail to take these highest debts as seriously as we should. Keep in mind that the higher the debt, the more interest that will be charged based on that debt load each month. Many of these accounts’ request a minimum payment that will be totally negated by the next bill—as if you had made no payment at all;
- See if you can’t get any or all of the creditors to lower your interest rate. Some of these companies just won’t budge – but it’s always worth the effort;
- Consider buying software that will help you keep track of the annual debts you tend to occur each year. For example, if there are months were you tend to take a vacation, consider cutting back and only traveling out of town once a year – and enjoying what many people now call a “stay-cation” in your own home, phone unplugged, reading or just taking it easy at local venues with friends and family. Also, keep track of the common “unusual expenses” that actually occur annually –and when they come up so you won’t be surprised. Among these are: Annual fees for auto-towing services, car registration and inspection as well as the months when you need to possibly pay tuition for your children’s schooling and other similar annual, bi-annual or quarterly events;
- Try to pay more than the minimum on every debt each month. If you fail to do this, you are often just treading water and it may take your many years to pay off some debts;
- No matter how small the amount, Always put a little aside into a savings account each month. When you think about it, unexpected financial needs tend to “pop up” into most lives about every 60 to 90 days – so, be prepared;
- Use cash whenever possible and leave all but one “emergency” credit card at home when you go out. You are unlikely to ever experience an emergency mall shopping crisis. In other words, leave the tempting plastic cards at home whenever possible and just carry one general emergency credit card with you whenever you leave home. You’ll spend far less that way. Given all of the recent cyber-identity theft problems in America, consider using your checkbook again. You’ll be glad you did.
If you believe that you’re a victim of any abusive debt collection practices, contact the Law Offices of Georgia consumer protection attorney Shane Smith so that you can learn more about your rights under federal and state consumer protection statutes. Call (770) 487-8999 today to schedule your free initial consultation.