Change jars - A novel way to get rid of debt

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Credit Card Debt Consolidation Secrets
Are you making only the minimum payment due on your cards each month, and watching the amount you owe rise with each billing cycle? Do you use your credit cards to purchase everyday household items, like groceries, that you used to buy with cash? If you answered yes to either question, you're probably dealing with mounting credit card debt.

Credit cards are extremely easy to use, but ne... Read debt consolidation article



Debt Consolidation Home Equity Loans - Lower Bills
Many lenders offer debt consolidation personal loans. Yet, getting approved for these types of loans is not an easy task. For starters, banks and credit unions require applicants to have a high credit rating and collateral. Because of strict lending requirements, few people are able to qualify. Fortunately, owning a home increases your options for eliminating debts.

Benefits of a Home E... Read debt consolidation article



Change jars - A novel way to get rid of debt
Many people have trouble budgeting - they get into debt, and they just can't find a place that they can cut out the spending. If you're having trouble doing this yourself, consider a "change jar." Get a jar or container of some kind and stick it on the table next to the bed or the door. Every day, contribute something to the jar.

It could be as little as whatever change you have in your pocket. If you think you can stick with it, shoot for something higher. Put in a dollar or two every day, and just don't touch it. At the end of the month, you'll have racked up quite a bit. Take your change down to the bank or to a converter machine and turn it into cash - then, no matter what, use that money to pay down your credit cards. Taking it to the bank probably makes the most sense - you'll already be there, and you can resist the temptation to go spend the money on something else. You can get coin rolls, or see if you can find a bank that has their own machine. If you are willing to roll the coins, do it - it'll save you the ten percent fees machines charge.

What if you feel like spending the money earlier? Don't. It's extremely important to maintain discipline - getting out of debt is just like a chore. You have to do it, and you have to do it every day. If you start to slip, you need to buck yourself up, or you'll be in credit card debt up to your eyeballs forever.

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Get out of debt plan - Pay your credit cards

Getting out of debt requires more than just simple willpower. Most people will need to go a step further: coming up with a plan to make sure that they will be able to permanently retire their debts.

First and foremost, you need to prioritize your debts. The biggest factor here is probably going to be interest rates. What is going to cost you the most to keep going as a debt? Most likely your credit cards will be the highest interest rates, and you need to pay these off first. If you can move the debt to a lower cost card, do it. Lower monthly payments means more money to pay off the principle on your debt. Bank loans will probably be at the bottom of your priority list. These don't usually cost you as much, and you can afford to wait on paying them down.

Second, you need to budget. Controlling your costs is the key to making sure that you can have enough money every month to make a payment. Cut out the frivolous purchases you make - how many times are you going out each week? What do you spend your money on? You need to know these things, and you need to limit yourself to a couple of "treats" per month.

Third, stick to the plan. Set a specific amount that you are going to pay down every month, and then do it. If you let yourself start to slide, you'll never be able to stay with it. Make sure that you have monthly goals - they can be your benchmarks, and they can make you feel good about accomplishing them. That will help keep you going for the next month.

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Change jars - A novel way to get rid of debt
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