If you are in dire need to boost your credit score and need that VA loan badly to meet your immediate demands, there is good news and there is bad news. The good news is that improving your credit score is possible. The bad news, however, is that there is no “quick fix”. And, if somebody says that he or…
Almost everyone has a model of the perfect dream home in their mind. And being human our dreams often change and lead us to wanting to upgrade our resources and belongings. Sometimes it’s because our family is growing and sometimes it’s just because we want a bigger kitchen or a more open floor plan. But, when you do make the…
Jumbo Loans The rising property rents may have made you quite restless by now and your desire to have your own home has never been stronger. Every month when rent is due you think about the large chunk of your income that goes to the landlord and how much wiser it would be to put this money towards your own…
Credit cards are a great way to buy products and services but they can cause some real financial trouble if you fail to consistently make payments on time. Given the high interest rates that are applicable on late payments, credit card debt can pile on quickly which makes paying off a credit card increasingly difficult over time. However, people who are smart with their finances know that they can do away with their credit card woes. Here are some debt management tricks and tips to help you pay off your credit card bills quickly.
Cut Costs Now
If your debt is piling up, the best thing to do is leave your credit cards at home whenever you go shopping. Make sure to eliminate all unnecessary expenditures. Maintain a record of how much you spend and where you spend it including the smallest of transactions. Have only one card and make it your “for emergencies only” card.
Making a “snowflake” payment means paying small bits of money to your credit card in addition to your required monthly payment. Some call this “found” money. First you’ll need to check with your bank to ask whether or not they permit you to pay these mini-installments. If they do, there are a lot of things you can do to help find money. Maybe you’ll receive a refund from an insurance claim. You might pet-sit or house-sit, mow lawns or clean swimming pools. And with the help of the Internet there is always the option of selling things on Craigslist, E-bay, Etsy and Amazon.
Use the Debt Snowball
An example of the “debt snowball strategy” would be for you to pay $100 on the first card and $50 on the second card. It may take some time but eventually you will have paid off the first card and then can begin paying $150 on the second card. You may be pleasantly surprised to notice how quickly you will clear your credit card debt.
Borrow from Friends or Family
Taking a loan from a bank establishes a time limit in which it needs to be repaid to avoid penalty charges. Borrowing money from your family and friends to pay off your credit cards can be a less stressful option because the time limit for repayment won’t be as stringent. However, this does not mean that you don’t need to pay them back in a timely manner or that you don’t need to pay a minimum interest even if they do not ask. It’s also very important to let them know how much they are appreciated for helping you through a bad time.
It’s imperative to understand the value of money before you start handling it because it makes no sense to work hard to pay off debts if you continue spending excessively. You must work on reducing your expenses and try to save money for your future assets. Also, if you continue to spend money blindly, you may very well find yourself in bankruptcy.
Once you approach your credit card debt with these strategies you will begin to see it waning away. Make it a rule to spend within your means and to save a set amount each month. Remember your expenses should be income minus savings and not the other way round. All the best with your finances!
For more debt management tips, check this video: https://www.youtube.com/watch?v=JRpY9pBCQ5A&feature=youtu.be
When it comes to buying a home, the best time to apply for a VA loan is when the market is in your favor as the buyer. These not only help you be able to use things to your advantage but also help you get the best interest rates possible! However, before applying for any VA loan, there are a…