Frequent readers of personal finance blogs are familiar with the importance of getting out of debt and staying out of debt. The reasons for avoiding debt are both economic and emotional, and they are so well known that we can call “staying out of debt” Personal Finance Truism #1. Let’s briefly review the reasons behind Personal Finance Truism #1:
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Debt
Debt. It can be used wisely to help free up money to build wealth, but most of us struggle with debt. Take a look at articles that help you deal with debt and eliminate your bad debt.
What Is A Reverse Mortgage Loan?
A loan that has been popping up more often these days is the Reverse Mortgage. This mortgage works differently then other types of mortgage loans in that it works in reverse in a way. Let me tell you a little more about reverse mortgages…
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Buying Stuff on Credit is Expensive [Infographic]
You know that making purchases using credit cards is expensive if you do not pay off your balance each month. Indeed, carrying a balance on your credit card is one of the biggest ways that people waste money each month. However, it is hard to see this, since the minimum payments required by credit card companies are so small and seem so affordable. The Credit CARD Act of 2009 has required credit card companies to list total payoff amounts, and alternatives to only paying the minimum, on statements, but many still overlook some of the issues associated with a slow repayment of credit card debt.
This infographic from Go Banking Rates offers a look at just how expensive it can be to make purchases using credit:
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Too Much Debt? 5 Steps To Pay Off Your Debt
I still remember the first day of class at college.
The professor walks into the classroom and hands you a piece of paper called a syllabus. In that paper is all of the work you will complete over a four month period. However, you automatically begin to feel overwhelmed. How, you ask yourself, am I going to finish all of this?
In my case, I would total up all of the number of pages that needed to be read in a semester. I would then take that number and divide it by the number of days in the semester. Suddenly, reading 15 pages per day seems a lot more manageable than reading four books.
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Sure-Fire Tips To Renegotiating Your Credit Card Debt
There’s a lot to be said for paying your bills on time, but some quick and easy negotiation can actually save you money each month on your credit card account if done properly.
The key is to never take the number on your billing statement for granted, as everything from the fees to the interest rate can usually be lowered with some tact.
However, you cannot expect to simply ask for a lower debt and get it without effort.
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