Money, Money, Money Wishing and hoping doesn’t eliminate your debts. You need two things: to want to do this, and a management plan that you can follow. If you’re ready to do this, let’s dive right in and develop a strategy. Take an honest look at each credit card with an outstanding balance. Make a list that includes all balances and the monthly payments. Don't forget the living expenses you pay each month. Living expenses don't need to be on the credit card sheet, just be aware of them. Next, consider how much money you are paying in interest each month and how much that it reduces the balance. While you may have been excited to gain a credit card, few people actually realize how quickly it can become an out of control expense. Once this is complete . What would it take to reduce the balance? At this point, you have to choose have between two options, If you have a financial relationship with a bank, or credit union, you can approach them for a loan to refinance your debt. Your other option is an alternative method of refinancing. There are credit cards with zero interest to lower finance rates. You can apply for one of these to pay off the cards with a higher interest rates. Some to check out are: Citi Double Cash Card These cards are No Interest until 2018. Citi Simplicity Card or Chase State are the top balance transfer cards. They offer the longest time to pay down the balance, They offer a 0% interest rate for 24 months. However there is a 3% Transfer fee, Citi Diamond Preferred offers 21 months to repay with no annual Fee There is a 3% balance fee, Discover It offers a 18 month repayment fee with a 6 months at 0% Cash back on purchases, There is no annual fee. There are a few restrictions to be aware of. You cannot transfer student loans, unpaid mortgages, unpaid medical bills and debts from a prior consolidation loan. It is advisable not to try to borrow from the same bank you already owe money. You probably won’t be eligible to borrow funds in excess of your balance. You can borrow or (transfer balances) from department stores, travel cards, and hotel expenses. You can transfer unpaid expenses from airline card, but be aware that most include a 3=5% fee of the amount borrowed. borrowed. strong>Join me in a challenge to complete a Gratitude Journal. I will send a prompt daily. Once the challenge is completed, it is my hope that journaling will become a habit, I ‘d like to encourage you to join the Facebook group, TCS Bloggers.
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