mortagesandforeclosures

by Mike King

We have a worldwide financial crisis. Many people fall into a bad debt because of higher expenses versus income earned. These expenditures may be necessary or not, but most average family have the tendency to overshoot on their monthly budget. Research says that 40% of families spend more than they should.

It is not surprising how some people can spend more than $9,000 worth of credit card debts. Did you know that according to Experian, about one in every ten has 10 credit cards? Credit cards are known as one of the biggest culprit in causing debts for many people.

Well, the first step to be debt free is planning. You have to plan your monthly budget. Set aside a specific amount for fixed monthly expenses, savings, then leisures. As much as possible stick to this budget plan. Then you will never be having debt problems, along with that, you may even live a happier life, without money worries.

Remember, cash is always a better alternative as compared to credit cards. You should also avoid opening up credit card accounts, even if these companies have tempting offers and rewards perks for their card holders. You may need to have a separate account where your funds can be easily withdrawn when you need them. When you deposit money into this account, be sure you will not be using the funds here unless necessary. It is also advisable to open a bank account for savings only.

Suggestion, no matter how tempting a credit card offer is, never take it even if it's a balance transfer. Credit card companies are now charging high interest rates and still increasing. Even with those 0% interest on balance transfer, if balance is not paid in 6 months or whatever is the agreement, you will incur a late charge fee. What you should do is just pay off your existing credit card and next time use cash.

Explore your other debt help options by consulting with your bank or card company today. This loan lets you borrow a huge amount to wipe off your debt, so you will only be paying your lender every month on a fixed interest rate. You can opt to get a credit card debt consolidation loan, so that you can erase your outstanding balances on one, two, three, or all of your active credit cards.

About the Author:

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