Personal Finance and Investment

Diving in serious credit card debt oftentimes implies sinking deeper in debt merely due to high interest rates that you have to pay.  These days the IRS no longer permits interests on credit card as a deduction.  If you make use of a home equity loan to settle and pay-off your home bills, you could essentially save cash in 3 different ways: 1) No interest builds up on your credit card balance; 2) Home equity loan may have a smaller interest rate, reducing your monthly repayment on the mortgage, and, finally, 3)  At the end of the financial year, some IRS allows you to subtract the substantial part (if not all) of your interest from the mortgage debt.

One potential hitch in this system is a variable rate on the loan.  If the interest rate on your home equity loan is higher, there is a danger that your out of pocket expenses may become higher than you had previously.

Despite the fact that equity loans typically have a lower interest rate, the closing costs in some cases may be higher.  Besides, a number of lenders may charge an early repayment penalty, virtually making you to stay in your home instead of selling it, if someone makes you an offer.

One efficient way around those limitations is a so-called home equity line or credit.  These normally do not involve neither closing costs, nor subject to early repayment penalties.

If you have managed to build up a really good equity, it is sensible to consider cash-out refinancing.  Regardless of the current value of your home, you can borrow just enough to pay out the existing mortgage and an extra amount you think you may need to spend.  For instance, suppose your house is worth $250,000, and you only have $100,000 mortgage remaining.  Borrow more than the existing debt, but less than the current value of your home.  You will then reduce your monthly payments, and potentially lower pay-out penalties.

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Most of people receive numerous offers for 0% APR credit card on a daily basis. Yet, most of us just throw them away. Next time when you receive such an offer, we strongly recommend you not to rush and try to see a window of opportunity. Not only could you consolidate your current debts, but on top of that you could eliminate expenses by not paying unnecessary interests.

First thing we suggest is to transfer all your outstanding balances from high-interest credit cards to your new 0% card. From then on you’ll be only making a single payment each month instead of a few. Secondly, estimate the regular payment you would need to make every month to have your balance paid off by the end of the promotional period.

Stick to that payment each month and you will save a lot of money in interest fees. If you do that, by the end of the introductory period your debt will be paid off and you won’t spend a penny in interests anymore! In case if you don’t manage to pay off the balance, another option would be transferring the remaining balance again to a new 0% card at the end of the introductory period, further decreasing your monthly payments.

However, before taking the plunge and signing up for a new 0% credit card, we do have a few suggestions for you. First of all, go compare all deals available out there! Read the T&C’s very carefully:

• Is there a balance transfer charge, and if there is, how substantial is it?
• Does the 0% offer apply solely to balance transfers or to purchases as well?
• How long is the 0% introductory period?

Study the terms and conditions well or this new 0% card could turn out to you more expensive than the 16% credit card you already have in your wallet. There are much more credit card companies out there than you could possibly imagine - evaluate carefully numerous offers and choose the one, which is the most valuable to your needs. A wisely chosen credit card can save you lots of money!

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Do you often worry about money? Are you trying hard to catch up with your bills all the time? Here are some useful tips for saving money for those millions of Americans who are struggling to pay their debts:

CREDIT CARDS

Pay the balances on your credit cards fully each month.

Don’t buy things like meals and groceries with your credit card for. If you cannot find the money to pay cash for those, you can’t afford them, end of story!

Always check your credit card statements to make sure there are no charges for things you never paid for.

BANKING

Choose a bank, which does not charge a monthly fee for its services. To withdraw cash use only those ATM machines, which are affiliated with your bank.

INSURANCE

Review your health and car insurance policies. Shop around to get cheaper insurances that will save you money by offering a higher excess fee.

SHOPPING

Always do price comparison and only buy something when you have found a merchant that sells the item of interest at the lowest price possible.
Discount Coupons

Give preference to shopping at stores that offer instant rebates on regular basis. Visit discount shops for clothing and toys.

Get rid of compulsive shopping addiction by “sleeping on it”. Particularly, when making any major purchases.
Consider visiting yard sales that can be a great option for certain items you want to buy.

TELEPHONE

Cancel extra features on your home telephone such as call barring, call waiting, 3-way calling and caller ID.

Shop around to find the cheapest long distance service provider. Use affordable international calls companies. Use your mobile for emergencies only.

GAS, ELECTRICITY and WATER

If you have a water-meter installed, reduce your water usage, particularly hot water. Reduce your thermostat setting by 1–2 degrees.

Install ceiling fans.

FOOD AND BEVERAGES

Buy your soft drinks in multiple packs instead of getting them from fast-food restaurants or vending machines. That way you could save a lot of money and also avoid germs.

Make your own coffee rather than buying it at a coffee house.

Stay away from eating out. Put saved money in a fund or apply them to pay a bill.

If you do happen to be eating out, order soft drink instead of alcohol. You can celebrate later, when you get out of debt.

ENTERTAINMENT

Cancel your subscription to cable TV channels that you don’t watch. Stay with the basic plan or cancel the cable TV subscription for a while.

Rent DVDs instead of going to the cinemas or, if you do go, choose matinee rather than evening shows.

Check out if your local library rents movies on DVDs - they could be free!

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