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Being In Charge Of Your Financing by Rachel Dorris http://www.financefaith.com So many of us leave school thinking we know everything there is to know and the world is very rosy. Lots of companies offer us store and credit cards, some are even gold or platinum and it makes us feel very important to be able to use these and know that we have credit limits of more money than many of us have even dreamed of. But sometimes the bubble bursts and we discover that if we don't pay what we owe there are huge charges put on our accounts and these companies are really not very nice to know. If you can persuade yourself to use a debit card rather than a credit card it will be a huge achievement. It may not be as glamorous but it will keep you within your budget and not allow you to be tempted by the huge levels of credit that are being offered to you. The only time it's worth having a credit card is for emergency. If you are already in debt and you need to pay some cards off, then try to take on board the following tips. If you go over your limit or if you don't pay the amounts off each month you will be charged heavily. A direct debit from the bank will stop you from forgetting and if you can't afford to pay the whole amount off, then you could pay, say $15 off each card. This will stop you being charged late penalties and although you'll still be charged interest on the remainder, you'll at least be saving something. If you have so many credit card debts that you don't know where to start, then look at the interest rates and pay off whoever is charging you the most. If you can't do this but you own your house you could try negotiating a new mortgage. There are lots of deals on at the moment and it may be possible to incorporate all your debts under this one payment which will be less interest than you'd be paying from the credit card company, but remember it will be over a far longer term. Once you've finished paying off any one item it's worth keeping paying the money into a savings account. This will pay for repairs to the car, or a holiday and it will give you some comfort to know that you do have something behind you. If you've got into trouble with gas, electric or phone companies you could try putting pots near everything that you use. Every time you need to use the device you put some money into the pot. If you're honest this should more than cover the bill when it arrives. No-one finds it easy to save but it really is the only way, apart from winning the lottery or inheriting a fortune, that you'll become financially secure. There'll be many times that the way forward is so slow that you regret your decision to be responsible, but, in the long run, it'll be worthwhile. |