Even though I set money goals earlier this week, if I wasn’t to meet them I wouldn’t get to upset. I even expect a few to not be achieved this year. All it would mean is to try harder. Case in point, on debt I have been trying to not use my credit card, well I used it today at Subway.
The point of goals isn’t to set in stone events that must happen. Rather it is what I would like to happen. One goal I made was to have $20,000 in gross income from my business and after doing my quarterly Sales Tax return I can say I’m on progress. I was at the $4,500 mark which isn’t half bad in my opinion. It means I must try to beat that the next three quarters, but more on that later on in April.
Some goals I set for myself as a person I end up rolling over into a new year. Take the goal of loosing weight, which is also related to spending less on junk food. I have had this goal on my plate for a few years now. Yet I will stick to the goal for a few days then I go talk myself out of it. I will say I don’t have the time and/or energy to and will slowly stop.
This is one area I need to change. I should start to care about my goals and not push them off. I need to hold myself more accountable and reward myself for meeting goals. The Subway today was a reward for progress toward the weight loss goal. I went on several small walks, ate fewer snacks, and drank less Mountain Dew. This is a personal weakness, I used to carry cash and would spend it all on Mountain Dew, leading me to stop using cash. As part of starting Staying out of Debt I will start using cash again, slowly.
Time will only tell if changing how I view goals will help. I am only a human with weakness, but if I am successful I will come out stronger and less in debt. I would like to hear from you what you do to stay on track. Just leave a comment below.
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Debt consolidation is a risky taticc of deliberately ceasing all payments to creditors and forcing your accounts into default to attempt settlements. You pay a monthly fee to a debt consolidator .this entire fee goes towards building a settlement account and to the consolidator’s fees to “settle” your accounts in the future. Your credit card companies will deliberately not be paid so that all the accounts will default/charge-off so that they can attempt settlements at around 50%. If you are current on your accounts, this process will ruin your credit rating for sure. Debt settlement is like a roll off the dice with your finances You can never predict how your creditors will respond to the deliberate defaulting of your accounts they might settle at 50% or they might serve you a summons, take you to court and if they win, you could be looking at wage garnishment. These companies work with credit card debt not student loans. As you’re probably aware, student loans can’t be discharged in Chapter 7, but the $12K in credit card debt can. Maybe filing for Chapter 7 on the credit card debt might be an option. I generally think that $15K is the minimum that anyone should consider filing but do what you need to do to provide for you and your family. Just remember that you can only file for Chapter 7 once ever 8 years not every time you get into financial trouble. Another option is to enter into a debt management plan through CCCS for the credit card debt. They only work with the credit card debt and not student loans. They can negotiate lower interest rates and payments In general to about 2% of your total balance and interest rates down to 9 10%. They will require you to stop using all credit and to cut up your cards. Your credit report will be updated to enrolled in debt management. This does not damage your credit, but it may make it difficult to obtain new credit while you are enrolled in their program .so don’t use this service if you anticipate applying for a new apartment, car loan or mortgage anytime soon, as you would might be denied while you’re enrolled in the CCCS debt management program If your wife need student loans then be careful about entering into this program.
Make sure that your cidret card never goes over 75% used (1,000 limit ..$750 max) The cidret bureaus start penalizing you for any type of revolving cidret that maintains a balance of 75% or better. The best way to build your cidret up fast is to use your cidret car for something small, and then pay it off as soon as you get your bill. Do that for 6 months and there will be a huge improvement in your cidret score. Also everytime you apply for cidret it lowers your beacon score by approximately 7 points, so don’t be a cidret seeker. Freequent job changes and address changes also negatively impact your cidret score. Hope this helps
You can’t, the credit card cmapony determines which part of the debt gets paid off first, and guess what, they always choose the low interest portion.
Yes, they all do. You have to ask for a card without annaul fees.If your credit is good you’ re ok.American Express (rebate card) and Discover, they even give you some money back on purchases. (1-2%)Others give you frequent flier miles, points redeemable for something, what have you.Make sure to ASK for a no fee card.