The total countrywide charge card debt comes to over seven thousand dollars for every man, woman and child in the country. Recent figures from the Federal Reserve, the organization that keeps track of the flow of money in this country, shows that People in the United States owe more than two trillion dollars on their charge cards. The staggering amount of revolving debt in this country affects everybody, but what can be done about it?
Here are several tips that should help you get a head start on managing your bills:
Organize your monthly payments - Take stock of every single credit card or other obligation that you have. List your debts based on the rate of interest, from highest to lowest, and make a note of how much you owe. Knowing the rate on your debts is crucial; it represents the cost of continuing to owe money to that particular creditor. You want to pay down your debts by eliminating the loan with the steepest interest rate as soon as possible. Pay as much as possible to the highest interest lender and make the minimum monthly payments to the others. When the debt with the highest interest is gone, repeat with the next one on your list.
Discuss lower interest rates - Call your creditors and ask them if they will lower your rate of interest. It is expensive for charge card lenders to find new customers; they would much rather keep you than have to replace you. A few credit card companies will occasionally agree to lower interest rates for their customers who are in good standing. If they consent to lower your rate, you have saved some money. Be sure to pay your bills in a timely manner, or they may raise your rate again.
Pay cash when you can - It is simple to use a credit card; much simpler than paying cash. Get in the habit of using a check or paying cash rather than reflexively using the credit card. Give some thought to not spending anything at all if you can't actually afford it. Remember, a charge card purchase is borrowed money, not a gift. Use your charge cards wisely, and if you can't do that, try not to use them at all.
A big part of the battle for financial freedom is getting organized. In order to get your finances in order, you must organize them, reduce costs when possible and make sure that you stay away from trouble down the road. Financial freedom is hard work, but well worth it.
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