Pay off your Debts in the Fastest Time Possible

Blue Trust Loans

With debt at an all-time high, many North American households are turning to bankruptcy as a last resort. The economic downturn has made many homeowners feel helpless and powerless. As a result, low interest credit cards have been maxed out, mortgage payments have been missed and paycheques are never enough. Thankfully, with a bit of planning and self-discipline, you can be on the road to debt-free living, without having to claim bankruptcy or even get involved with a debt consolidation company. Here are some practical tips.

Amber Tate is a professional blogger who writes for a myriad of publications in the insurance industry. She has recently renewed her life insurance policy, which has saved over $200 a year.

  • Keep track of your expenses for one month: For one full month, write down every single penny you spend; this includes coffee on the way to work, gas, gift cards, the coffee fund at the office; don’t miss a single penny.
  • List what’s coming in and what’s going out: At the end of the month, list all of your expenses, and all of your income. Include inheritance money, dividend income, trusts, etc. You should have two columns: Income and Expenses.
  • Start with your most expensive debt first (i.e. highest interest rate): Usually, your credit card will have the highest interest rate, and therefore is the most expensive. To start, pay the minimum payments on all your debt, and put an extra $25 or $50 on your most expensive debt. Keep doing that until that credit card is paid off.
  • Then go to the next one: Let’s say you were putting $50 extra plush $20 minimum payment on that first card; now that it is paid off, take that $70 and put it towards the next highest debt; and so on and so forth, until you have eliminated all of your credit card debt. The key is to not use the cards while you are paying them off.
  • Never spend more than you make: This is what gets people into so much debt. Do you really need those new shoes or that new necklace? Learn to save for what you want and pay cash.
  • Keep credit cards for emergencies only: When your car breaks down, or you need a new furnace, you can use your credit card. When you use them for every day purchases, you will enter into a never-ending cycle of debt and despair.
  • Build up your savings: Get into the habit of saving at least 10% of your income and putting into a savings account. This way, you’ll have a nest egg that you can choose to leave in the bank, use for your child’s education, or invest for a greater return.

Getting out of debt is not easy, and it will not happen overnight. You may even find that you need to increase your income by getting a second job, at least on a short-term basis in order to decrease your debt load. You will also need some self-discipline; leave your credit cards at home when you go shopping, and make a list when you go to the grocery store. You can save even more money by clipping coupons and buying in bulk.

Get relief from debt

Amber Tate is a professional blogger who writes for a myriad of publications in the insurance industry. She has recently renewed her life insurance policy, which has saved her over $200 a year. Compare quotes today at Kanetix.ca!

Cell Phones: Bad Credit Service Contracts

Blue Trust Loans

Many folks are looking for cell phone contracts for people with bad credit due to the current economic climate that many individuals are finding themselves in. This is particularly the case for folks who may be able to pay their bills on time, but simply have had one or two credit snags that have prevented them from getting more traditionally based cell phone contract service. The good news is that there are number of cell phones bad credit options for these types of folks that extend not only beyond getting prepaid cell phone plans, but also ways that they can get a traditional contract while also improving their overall credit score.

The first and clearly the most obvious way that people get around the whole bad credit issue when it comes to cell phones is to simply go to prepaid cell phone plan which can come in number of different forms. One of the most common forms of people often get these particular plans in is a prepaid or pay as you go cell phone plan. You can also opt to go with a flat rate monthly plan which is commonly offered by many of the major national carriers in addition to the local regional service providers.

Another option for those of you who have a bit more discretionary money to spend, can choose to not only provide or purchase a whole new cell phone at retail price, but then you can also opt to pay a fairly substantial down payment, depending on the service provider you’re dealing with. With this down payment will effectively do is allow you to gain access to their network and sign up for a traditional cell phone contract. Essentially the money that you’re putting down acts as a type of collateral against your poor credit, or lack of any real credit at all. The benefit to doing this particular route, as not only do you get the phone and network that you want, but you will also get a chance to improve your overall credit score by making your payments on time every month.