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4 Financial Moves That Will Help You Erase Debt This Year

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It’s possible to erase debt this year. But you have to be committed to the task. Because let’s admit it to ourselves. It’s very hard to get out of debt. Even if you have the funds to pay it off, you can still find yourself struggling with every payment.

Why? The temptation to spend it on something else is just so great. So you have to make sure that you can curb this temptation so you can stick to your monthly debt payments. Otherwise, you won’t be able to reduce your debts. The longer it takes for you to pay it off, the more costly it will be for you.

The truth is, there are many strategies that’ll help you erase debt this year. You just have to be specific about what you want to accomplish by the end of the year so you can choose which one you want to use. What’s important is that you consider your specific financial situation before you make a choice. That way, you are sure to afford the payments. But that’s not the only reason. If you choose the right option, every payment should get you closer to your financial goals.

4 moves that will erase debt and improve your finances

So what can you do to completely erase debt and eventually improve your finances this year?

There are 4 financial moves that you can do.

Increase your monthly income

To erase debts you have to increase your monthly payments. The more you pay each month, the faster you’ll get out of debt. When that happens, you’ll save money on the interest and other fees that are usually associated with being in debt.

The best way to increase your monthly debt payments is to find a way to earn more. When you increase your monthly income, you can put more money towards your debt payments.

Increasing your income is not just about asking for a raise. You can get a side gig to help support your primary source of income.

During the pandemic, the need to get a side gig was greater than ever. Reports revealed that 64% of Americans sought a side gig after they encountered problems with their primary jobs. Some were forced to get pay or time reductions while others completely lost their jobs. Although that could mean that a lot of people are looking for side gigs right now, it shouldn’t deter you from finding one of your own. With the lockdowns caused by the pandemic, a lot of businesses realized the importance of having an online presence. That means a lot of them are looking for online workers as well. If you have a skill that they can use, like writing or programming, that can work in your favor.

If you are resourceful enough, you’ll find a lot of opportunities to earn extra money. Even if it means baking a huge batch of cookies or other products to sell online.

Live frugally

Another strategy that you can use to help you erase debt is to live a frugal life. Frugality is all about spending only on your priorities. The idea is to limit your spending by focusing on your priorities. If it’s not important, you won’t spend on it. That’s the simple yet difficult rule that you have to follow.

How do you do that? You can downsize your lifestyle. Scrutinize every expense you make and figure out if these are all essentials. You can go the drastic route and downsize your whole house. Or you can just cut back on some expenses.

With this lifestyle, you should be able to lower your expenses significantly. The amount that you can save can be used to help you erase debt.

But what happens after you’ve paid off your debts? It’s up to you if you want to continue with the lifestyle that you followed. You can keep doing it and just make a decision to either retire early or save up for another financial goal.

Know more about debt relief programs

To successfully erase debt this year, you should also take the tie to learn more about debt relief programs. Even if you can afford to pay your debts based on the original terms, why would you do that if there’s an option that will make it easier? Or will help you save money on the overall debt amount that you have to pay? If there’s a debt relief program that’ll help you get out of debt faster wouldn’t you want to use it?

If you want a better way to erase all your debts, get to know your debt relief options. You have debt consolidation, credit counseling, debt management, debt settlement – and even bankruptcy. These options are all effective. But you have to make sure that you choose the right option based on your financial situation. That way, you can be sure that the monthly payments will be affordable.

Be responsible with your finances

As you try to erase debt this year, there’s one thing that you need to do. You have to learn how to be more responsible with your finances. That means you have to change how you choose to spend your money. Just like how 64% of Americans said that their spending habits changed when the pandemic hit. Remember that statistic the next time you make excuses about your inability to improve your financial habits. Even if you’ve always done something the same way, that doesn’t mean you can’t improve it. You just have to find the right motivation to make the change happen.

Moves to avoid to erase debt successfully

Now that you know the financial moves that you have to do to erase debt, the next thing you have to do is to find out what you should be avoiding.

Here are three things that you have to avoid as much as possible.

Failing to realize your mistake

If you want to improve your financial position, you have to first realize that you made a mistake. If your debt has become too much for you to handle, that means you made the wrong choices somewhere. Maybe you borrowed bad debts. Or you spent too much that you had to borrow money to pay for your priority expenses. It’s also possible that you did not save up for an emergency.

Whatever the mistake is, you have to find out what you did wrong so you can avoid doing it again.

Delaying your plans to improve your finances

Another mistake is procrastination. If you can improve your financial situation right now, what are you waiting for? You have to improve as soon as possible. Why? Because the faster you can erase debt, the less you have to pay towards it as a whole. You’ll save money and that will help as you improve your finances even better.

Being pessimistic

Finally, if you want to really erase all your debts you have to stop being pessimistic. Believe that you can get out of debt. People have done it before. Even if your financial circumstances are difficult, you have to focus on getting out of debt. Because the more you focus on being positive, the more you’ll see opportunities that’ll help you pay it all off.

4 Tips To Wipe-out Your 2020 Holiday Debt

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When can you wipe out your holiday debt? According to recent reports, in the first two weeks of the holiday shopping season, the online spending of Americans reached around $21.7 billion. Despite everything that happened and the way most of our finances were shaken by the pandemic and recession, people still spent more than they did the previous year.

Of course, this could be because most people aren’t going anywhere nowadays. Instead of going outside to shop, they just opted to buy stuff online. But the bottom line is, the amount of money spent online is still huge. Since it’s online, there’s a high chance that people used credit to pay for it.

That means it’s safe to assume that the debt of Americans has grown over the holidays. If you’re one of those who used their credit to pay for their holiday expenses, that’s okay. But you have to know that there’s a huge responsibility associated with that. You have to pay it all back.

Fortunately for you, there are different ways for you to pay off your holiday debt. Before you choose how you’ll pay it all off, make sure you consider all the options available to you.

4 strategies to pay off your holiday debt

If you want to get serious about paying off the debt you accumulated during the holidays, make sure you get to know the different strategies you can use.

Here are 4 options that you can start with.

Increase your debt payments

The most obvious strategy that you can use is to increase your debt payments. If you can build your debt repayment fund, you can chip away at your balance faster. The more you pay towards your debts, the faster you can get out of debt. With a shorter payment period, you get to save a lot of money in terms of interest. So if you have mostly high-interest credit card debts, paying off your debts faster is a really good idea.

If you can finish paying off your holiday debt, you don’t have to worry about it for the rest of the year. You might even have enough extra money to save for your next holiday. That way, you won’t have to rely on debt. You can just use cash to pay off your holiday expenses. You’ll be free from having to worry about debt payments next year.

That should be a great way to start your year financially.

Tweak your spending budget

Another strategy you can use to pay off your holiday debt is to tweak your spending budget. Take a look at your budget plan this year. It’s the perfect time to check and update your budget. Make sure it’s aligned to your current financial situation and whatever plans you have for the rest of the year.

While you’re doing that, see where you can cut back on your expenses. The goal is to increase the money left over from your income. The less you spend each month, the more you can contribute towards your savings. The more you can afford to increase your monthly debt payments.

But that’s not the only benefit. If you get into the habit of being cautious about how you spend your money, you’ll become a smart consumer. It’s easier for you to control how you spend your money. The chances that you’ll land in the same situation again will be very small. You’ll know how to handle your finances so things like holiday debt will no longer be a problem.

Find a side-gig

While cutting back on your expenses is a good idea, it will be limited. So if you really want to pay off your debt faster, try to increase your income. Find a side-gig that can supplement what you’re already earning. There are many options for you to do this.

You can start by talking to your superior or your employer. Ask them for a raise. Or you can request additional shifts or more projects.

There’s also the option to get a second source of income. In truth, this is probably better because it diversifies your income. In case something happens to your day job, you don’t have to worry. You still have another source. But what side-gigs can you get?

There are a lot of online jobs you can use to supplement your income. Or you can capitalize on what you’re good at – may it be arts and crafts, carpentry, cooking, baking, or even gardening. Use it to earn extra during your free time. Any income you earn can be used to get rid of your holiday debt.

Choose a debt relief program

Finally, you can also get a debt relief program to make your monthly payments easier to meet. There is usually a debt solution that fits your financial situation.

Like if you have a good credit score, you can opt for debt consolidation loans to lower your interest rate. This will help you save money – at least on interest payments. You can also use a balance transfer card to remove the interest rate for a couple of months to a year or so.

If you need a debt reduction because your income is not enough, aim for debt settlement. This involves negotiating with your creditors and lenders to allow you to pay only a portion of what you owe. This will help you save a huge amount if you know how to negotiate properly.

There are other options to choose from. Make sure you do your research so you’ll know what they all are. The more you know, the better chances that you’ll choose the right one.

Why you should pay down your 2020 holiday debt

You might be wondering, why should you pay down your holiday debt so fast? Is there really a need to completely pay it off in a short amount of time?

Yes. There are actually 2 good reasons to do that.

To avoid compounding your debts

First, the debt will grow because of compound interest. According to reports, the few short weeks before the holidays, Americans were already spending. They racked around $1,325 on holiday debt. This is not even the whole holiday spending. If most of these are credit card debts, the high-interest rate will make your debts grow because of compounding. The earlier you can pay it all off, the less you have to worry about the compound interest.

To focus on 2021 financial goals

Wouldn’t you like to complete your financial goals for 2021? If yes, then you have to get rid of your holiday debt. When you’re not paying off your debts, you can use that money to fund your other goals. Like if you want to buy your own house, you can get started on saving for the down payment. If you want to spend less on car-related expenses, get a fuel-efficient vehicle. You can also renovate your home so you can rent out a part of it. This will give you some passive income.

There are many opportunities that will open up for you as long as you get rid of your debts. So if you have the means to pay it off as fast as you can, then go ahead and do it.

4 Tips To Deal With Maxed-Out Credit Cards

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How do you deal with maxed-out credit cards? Well, you have to pay it off. That’s for sure. But is there an easy way to do it? Yes, there is.

So if you’re one of the 91 million Americans who are afraid they’ll max out their credit card after a large purchase – you need help. You have to find a way to bring your balance down. Because if you go beyond your credit limit – it will cost you a whole lot more.

But what if you have already maxed-out your cards?

Don’t worry. There are tips that can help you keep the situation from getting worse. If you stay committed to it, you might be able to pay down your balance. Slowly but surely, you can get rid of your debts once and for all.

But why is it so important to take care of your maxed-out credit cards?

Because these cards are notorious for their high-interest rates. The higher the balance and the longer it takes for you to pay it off, the more interest you’ll end up paying for. And you don’t want to waste that much money because it could have been avoided. Not only that but when you reach your credit limit, you’ll be charged with penalties.

So how can you make sure your credit cards won’t wreak havoc on your finances?

How to contain your maxed-out credit cards

The good news is, there are several tips that’ll help you contain your credit card debt. If you follow these tips, you’ll find yourself getting out of the credit card trap. Pay attention to the habits that you’ll develop while trying to deal with your maxed-out credit cards. These will help you avoid being in this situation again.

So where should you start so you can solve your credit card problem?

Stop using your credit cards

The first step is to cut off the source of the debt. Paying off your balance is not the only solution. You have to make sure that you stop using your cards too. Otherwise, you’ll never stop paying off what you owe. You’ll pay an amount for the month but if you use the same card you’ll still have the same balance.

If you really want to bring your balance down, leave your credit cards at home. Especially if you’re going on a shopping errand. It’s best to keep the temptation far from you while you’re outside running errands.

Choose a repayment plan

The next tip that will help you deal with maxed-out credit cards is to choose a repayment plan. There are several options for you to choose from. Make sure that when you make a choice, you consider more than just the option that’ll help you save the most money. You should also consider the debt solution that will make your payments affordable. It should suit your current financial situation. And don’t forget to include your financial goals. There are some debt solutions that will help you get closer to your other goals as you pay off your credit card debt. Take advantage of that.

Consolidate your credit cards

You can also deal with your maxed-out credit cards by consolidating all of them. This is one of the strategies that you can use to achieve complete debt relief. And there are many options to use debt consolidation.

You can borrow a low-interest loan that will help you pay off all your high-interest balance. Or you can open a balance transfer card that will give you an introductory period where you enjoy a 0% interest. Whatever option you choose, make sure you go for the one that will help you save money by lowering your interest rate. As much as possible, choose the option that will keep your credit score high. But if it can’t be helped because you want a debt reduction, that’s okay. The moment you start paying off your consolidated credit card debt, your score will get better.

Get professional help

If dealing with maxed-out credit cards is too much for you to handle, get a professional to help you out. There are debt experts who can help make things easier for you. They will take care of the legwork – like talking to your creditors and lenders. This will help you focus on doing the most important task of all – earning the money to pay off your debts.

But that’s not all, a debt expert can also educate you about your credit and finances. With the knowledge that you’ll gain, you can manage your finances better. That way, you won’t find yourself maxing out your credit cards again.

What causes maxed-out credit cards

Now that you know how to deal with your credit cards, what can you do to make sure it doesn’t happen again?

The key to do that is to know what causes maxed-out credit cards in the first place. Here are two ways that could lead you to max out your cards.

Bad spending habits

The quickest way to land in a huge pile of debt is when you spend recklessly. It’s when you buy using your credit cards without thinking about how you’ll pay it back. It also means knowing when an expense should be made – and when to pass.

It’s really important that you learn how to spend your money wisely because it’s the secret to improving your financial situation. Especially if there are reports that 37% of consumers are relying on their cards more than they did before.

Some people believe that to be financially successful, they have to earn more money. But that’s not entirely correct. What really helps is your spending habits. You can earn a 6-figure income and still max out your cards. If you don’t know how to use your money wisely, you’ll always run out no matter how much you earn.

But if you know how to spend your money wisely, you can earn the minimum wage and still be able to save money to grow your financial position. Think about that.

Lack of credit knowledge

If you don’t know the effects of credit cards on your finances, then it will be harder for you to resist the temptation to use them. So make sure that you educate yourself about your cards. Find out the different fees and charges that you may be asked to pay. Knowing more about these will help you avoid them.

You should also educate yourself about the rewards too. The rewards and loyalty program makes the use of credit cards okay. Of course, you have to spend on things that you really need. But if you consider the rewards system of the creditor, you should be able to spend in a way that can take advantage of that. You may be able to save money on your usual purchases.