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Sunday, December 18, 2011

Get Debt Free Before You Retire

You can enjoy your retirement years by simply paying off all your debt before that big day arrives. Lets discuss techniques on how to make that happen.
We have all had a credit card or two that we only used when it was absolutely necessary. But, some how that "necessary" ended up with a credit card balance of several thousand dollars. So, we got another card and before we knew it, we owed a lot of money on that card. The cycle begins.
Pay off credit cards! That may seem like an impossible thing to do but it can be done. You will never get anywhere if you pay only the minimum payment. They are designed to never get paid off if you only pay the minimum because the credit company is betting that you will continue to use it. First thing you need to do is to cut up all your credit cards. I know it is a hard thing to do but I promise you, if you keep them, you will use them. The next thing you will need to do is to focus on paying off one card at a time. Next, pay more than the minimum on that one card. The next month, your minimum will go down slightly but continue to pay more each month. Every time you get a little extra cash, then put that towards your card. You will have that card paid off before you know it. Next, take the money you would have been paying on that first card and start putting it towards the second card plus the payment you would have normally paid on the second card and you will get that card paid off even quicker.
Think of all the money you will be saving once the cards are paid off. Most cards charge you at least 20% APR so not only will you be saving on the interest not being paid but you won't be sending in a monthly payment.

The next thing you want to do is add up all the money that you normally would have been sending to credit card companies and you are going to want to start putting that into a saving account. If the payment you were sending in before caused a hardship then put in half. The point is you will be saving money and you will be making interest on that money. Never touch that money and in an emergency situation you will have the money to take care of it and you won't have to resort to using a credit card.
My name is Marty Lamb and I am a stay at home "Nana." Contact me if you would like information on how you too can successfully work from home.

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