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Plastic Money: Did you know Americans' reliance on plastic money-- bank credit cards, charge cards, department store and gasoline company cards, debit cards and ATM cards -- is at an all-time high. The average credit-card holder in this country has ten cards, and the average family owes over $7,500? Although these cards can be convenient, they can be dangerous too. Overspending, the high cost of carrying a balance, and lost or stolen cards create financial trouble for many. Now, did you know that it’s easier than you think to solve your credit card problems but it takes a little planning and a whole lot of discipline on your part? Today I will be discussing “How to Get Out of Debt. I will talk about steps you can take toward getting out of debt and different agencies that will be able to assist you in resolving your credit debts. The first step is to; Resolve to spend less than you make: Get into a habit of spending less than you make. Realize once and for all that if you can't pay for it today then you can't afford it. Next, Distinguish between Bad Debt and OK Debt: OK Debts have an interest rate under 10% -- something with some tax advantages. In the best case, something you bought with borrowed funds that will appreciate in value. Home mortgages and student loans are good examples of OK debts. Automobile loans are considered on the borderline: They often satisfy the low-rate piece, but automobiles almost never appreciate in value.
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