Debt Elimination

What to Do After You Pay Down Your Debt

You did it. It took discipline and patience. You had to give up a lot of little “extras.” It wasn’t always easy. But you stayed the course, and you’ve finally done it: Your high-interest credit card debt is gone.  So, how do you keep debt from coming back? Should you adopt a strict “cash-only” policy? Should you cut up all of your credit cards? Should you close all of...

Debt Repayment: Which To Pay First?

Debt is no walk in the park. At times, it can seem more like an uphill battle. This is especially true when you’re dealing with multiple credit cards with large balances. Which one do you focus on first? Do you put all of your extra cash into one card, or spread it around evenly? Is there a “correct” order to debt repayment? More importantly, how do you keep your...

Debt Reduction Mistakes to Avoid

Do a quick Google search of something like “pay down debt” or “debt advice” or “credit card payoff” and one thing becomes very clear: Just about everyone has an opinion about the best way to pay down debt. Some folks are huge proponents of the snowball method; others are staunch believers in tackling the debt with the highest interest rate first – no matter what. Most debt repayment methods...

8 Worst Debt Pay Off Tactics

Paying off credit card is always a good thing – but when it comes to how you pay off your credit card, not all payment methods are created equally.  Some payment methods should be used with extreme caution.  Some should be avoided altogether – even if you have to stay in debt little longer. Surprised to hear me say that?  You shouldn’t be.  While I’m all in favor of...

Got Debt? Seven Repayment Strategies

Few things in life can be as stressful as living with credit card debt.  High-interest debt can make it difficult to do things you want to do, like build up retirement savings or an emergency fund; take vacations; or even buy a house.    If you’ve ever tried to pay down a large credit card balance, you know that it’s not easy.  But it’s also not impossible.  Want to...

Compound Interest: Making Money (or Debt) Grow

You’ve probably heard the term “compound interest” before.  But is it good, or bad?  Do you want it, or should you steer clear?  Well, that depends on whether you’ve got compound interest working for you, or against you.   Wealthy investors all over the world have long known how to make compound interest their friend.  But your credit company also knows the secret.  And if you’re carrying a lot...

Debt Repayment Strategies to Avoid

You probably know by now that I’m a pretty big advocate of responsible credit card use.  I don’t think credit cards are bad – but I do think that if you’re going to use them, you have to use them carefully and responsibly.  Don’t overspend.  Don’t treat them like cash or like an extra source of income.  And, most importantly, don’t carry a balance – you should be able...

Got Debt? Consider the Snowball Method to Pay it Down Quickly

If one of your goals for 2013 is to pay down your credit cards, it’s hard to go wrong with the “snowball method” of debt repayment.  Chances are, you’ve heard about it before:  it’s a favorite method of finance experts everywhere – and with good reason.  The snowball method is a simple approach that encourages focusing on one credit card at a time.  Through a strategy of prioritizing your...

Four Compelling Reasons For Getting Out of Debt

Nobody really wants to carry credit card debt – but it’s easy to rationalize debt as just one more unpleasant part of life.  For many people, credit card debt becomes an endless cycle – we pay it down, rack it up again, pay it down, rack it up again – and so on. But have you ever stopped to think about just how great it would be to live...

Need a Resolution You can Stick to? Pay Your Down Credit Card Debt. Five Steps to a Debt-Free 2012

Maybe you overdid the holiday spending this year.  Maybe you’re planning on buying a house or a new car soon and you want to get your finances on track.  Or maybe you’re just tired of dealing with the stress and anxiety that comes with your monthly credit card statement. Whatever the reason, if you want to pay down your debt in 2012, I’ve got a plan that can put...