July 27th, 2017

Getting Out of Debt

“Raise” your debt.

How can raising debt be helpful, you might say? Here’s what we mean.  If you are due for a raise, allocate some or, ideally all of that extra money to paying down your debt. This is money you have been living without so use as much of it as possible...

Save more in order to spend less.

Typically when we think about reducing debt, we think about the best approach to paying off credit cards or finding ways to slow unnecessary spending.  We often think of unnecessary spending as items like that expensive cup of coffee or those must-have shoes. But we can also find ways to...

Buy with cash.

Of course paying cash isn’t likely to be a realistic option for major purchases like a home, a car, or maybe even a dishwasher. But for any purchase that isn’t a true necessity, make an effort to wait until you have been able to save up the cash before you...

One card is all you need.

There are constant temptations to open credit card accounts – whether it is bonus travel points, short-term low or no interest promotional periods, special discounts for initial purchases with a new department store credit card, or a variety of other limited-time offers. While there is a benefit to responsible ownership...

Spend less than you earn.

Duh, you say? Well if it was that easy, nobody would be in debt, right? So the philosophy is simple but the execution simply isn’t, at least for most people.  One of the first steps most any financial counselor would recommend is developing a budget that shows how much your...

Reducing debt takes willpower.

Google the phrase “getting out of debt” and you’ll get more than 257 million hits.  That isn’t the least bit surprising given the fact that almost every one of us has had to find ways to change our spending habits over the last several years.   You’ll find tips for reducing...

Reestablishing credit after a divorce

Divorce is a stressful situation emotionally, and often financially.  Being smart about establishing, or re-establishing credit can make a tremendous difference, particularly for anyone who has had only joint credit accounts with a spouse.  Finding out your credit score is the starting point to knowing where you stand and what...

Pay more than the minimum

We all know that the less we pay on our credit card debt each month, the longer it will take to pay down the debt.  But did you realize that paying the minimum balance has other implications?  Paying the minimum balance can actually: Cause your interest rate to increase Impact...

Tips for trimming expenses

One of the reasons we don’t like to put a budget on paper is because we’re afraid to learn the truth about our spending habits.  In theory, a budget is extremely simple:  less should be going out than is coming in.  In many situations, the more controllable part of the...

Managing debt.

Understanding the different types of credit can help you better manage your debt. Secured credit includes loans or lines of credit that are secured by either the item being purchased, like an automobile, or secured by some other form of collateral, like your home.  Secured credit will almost always have...

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