Debt Info Site

Credit card companies like to send offers in the mail in the hopes that they can entice people to sign up, charge things they can’t afford, and pay ridiculous interest rates. When you accept a credit card offer for 0% or other low interest amounts, it is typically for a short amount of time. If you are ever late or miss a payment, those interest rates can skyrocket to 30% (and sometimes more!).

 It’s true…you need credit cards to build credit for yourself to be able to get low mortgage and car loan rates, however, credit cards can also ruin your credit. Be cautious about which cards you sign up for, and be sure to pay off your balance every month. That way, if the credit card company does try to charge you 30% interest, it won’t really matter because you’ll never pay interest if you pay off the balance every month.

 At any rate, be smart about what you purchase. Don’t buy what you can’t afford. Chances are, that big screen hdtv may look fun now, but will it be worth it in a year when the latest model has come out, but you’re still paying for last year’s model? Save up, buy the tv (or whatever) when you can afford to, and enjoy the peace of mind that comes with living debt free.

As an addendum to the previous post, I actually spoke with a rep from United First Financial. Since the program utilizes detailed calculations and advanced algorithms, the concept behind the Money Merge Account was rather difficult for me to grasp. The rep was very responsive, professional, and knowledgeable. Apparently United First gives free seminars all over the country as well as one-on-one demonstrations on how the Money Merge Account actually works. Sounds good to me…what have I got to lose?

The StumbleUpon trend has been growing at a phenominal rate…and I count myself as one of its fans. Today I Stumbled a site that 6 Stumblers recommended as a debt-reduction resource. It’s found on Dr Karl Jeacle’s website. One Stumbler rated it “hands down this is the best online mortgage calculator I’ve ever seen in my time on the net.” Check it out if you could use a mortgage calculator!

The Money Merge Account (created by UFirst) is an effective resource that can help individuals achieve ownership of their home. The average traditional mortgage is about 30 years but it’s said with the use of the Money Merge Account, a mortgage can be paid off in nearly half the time (anywhere from 8 to 15 years).

Since a mortgage is usually the biggest debt most Americans will ever incur, it comes as no surprise it is also the biggest amount in interest they will pay as well. Apparently using the Money Merge Account software and an advanced home equity line of credit (the tools that drive the program), you can calculate the fastest way to pay off your mortgage. Sounds good, huh?

If you have a mountain of debt from a credit card, car loan, mortgage, or student loans, it can seem overwhelming to try to pay it all off. Although it is easier to rack up debt, there are ways to pay it off faster than the 18 years required with the minimum payment. Here are some ways to help you pay off your debt.

-Snowball your payments. Pay more than the minimum on your smallest credit card payment until it’s paid off. Then add that payment amount to your next lowest credit card bill. Continue this process until all your bills are paid off. (You could also pay on your highest interest card, but choosing the smallest debt can give you a sense of accomplishment quicker, which equals more motivation to be debt-free).

-Borrow from your 401K or savings account.  Many 401k plans will let you borrow up to half of your balance. If you are in deep in debt, using part of your savings account is wise because you will usually end up paying more than the account is earning with the high interest rates on your cards and loans.

-Take out a personal loan on your home or car.  Personal loans have a lower interest rate than credit cards. So you can pay off your credit card debt and pay back the loan at a lower interest rate, saving you money.

-Earn extra income. You can take a second job to earn some more money. Or you can do odd jobs like pet sit, baby sit, or clean houses. Use your talents to teach, consult, or buy into a franchise. An effective way to earn extra money is to sell items on eBay using a dropshipper or write an informative blog. Be creative with your talents and you could bring in more money than you think.

-Create a budget and be frugal.  When you are spending all your extra money to pay off debts, your must adhere to a budget to ensure that you are living within your means. Budget for food and gas strictly, down to the last penny. Try to cut costs by using coupons and looking for sales. You can save on many household products like toothpaste just by sending in rebate coupons, which can save you valuable dollars every month.