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DIRECTORY OF FINANCE ARTICLES
You can access all of John's articles at: http://www.trader007.com/Infognome/articles.htm The site also has free ebooks,trading lessons and email course. About the Author
John is CEO of http://www.Trader007.com and has writeen several books on...
Insurance, Fuel And Personal Finance In The UK Following Recent World Catastrophes
Following the increase in UK terrorist activities and the catastrophe that has hit New Orleans, it seems we are all going to have to foot the bill. The total cost of the catastrophe is currently predicted to top $25 billion (£13.6bn), however many...
Refinance Mortgage or Not?
Is a refinance mortgage the right thing for you? This is a difficult topic to figure out for the average person. There are several things to consider in order to make the decision about whether or not you should get a refinance mortgage. Here are...
Secured Homeowner Loans-Secures an opportunity to finance needs inexpensively
The interest of lenders in secured homeowner loans is justified.
No other loan covers lenders from as much risk involved in the
lending process as a secured homeowner loan. But, what explains
the surge of interest of borrowers towards secured...
Shopping for a Personal Loan to Suit Your Finances
Just as one would shop around for the right automobile to suit your taste and financial style, the same is true in shopping for a personal loan. If you’re thinking about taking out a personal loan, it’s important to make sure it matches your...
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Resolve to Improve Your Finances in 2004
Kick off 2004 with these 7 money resolutions and get a fresh financial start to the new year. At year’s end, you’ll be surprised at how much you’ve reduced your debt load and the money you’ve saved!
1) I will create and use a budget.
A budget helps you see exactly where your money is going from week to week and month to month. Creating and using a budget, no matter what your income level, will help you reach your financial goals more easily than without one.
2) I will use my budget to help reduce my credit card debts.
Let’s say you are able to save $20 a month by budgeting your money. You could take that $20 and place it in a savings account where you would earn minimal interest. Or you could use that same $20 and add it to your budgeted credit card payment reducing your credit debt in two ways. You’ll be reducing the amount you owe your creditor and you’ll also reduce the finance charge on next month’s bill.
3) I will pay more than the minimum due on my credit card bills.
If you just pay the minimum due on credit card bills, you'll barely cover the interest you owe. It will take you years to pay off your balance and you'll end up spending thousands of dollars more than the original amount you charged.
4) I will make my payments on time and avoid late fees.
Making late payments adds to your debt load and may increase the annual percentage rate (APR) your creditors charge you. Additionally, late payments are reported to the credit reporting agencies and negatively affect
your credit rating.
5) I will not use my credit card at an ATM or a bank for a cash advance.
Cash advances on credit cards are assessed special fees and higher interest rates than what you pay for purchases made with your credit card. Creditors apply the majority of your monthly payment to your purchase debt rather than cash advance debt which increases the overall amount of interest you’ll pay to your creditor.
6) I will spend my money sensibly.
Using your budget, you may find that you’re spending a good chunk of your income on discretionary items: morning coffee and donut, a weekly magazine, fast food lunches, etc. Each purchase seems like a small amount of money at the time, maybe $3-5. But these small purchases add up quickly and amount to hundreds of dollars a year. Ask yourself if you really need these items and reduce your amount of discretionary spending. Use your savings to pay down credit card debt.
7) I will live within my means.
Are you an impulse buyer? Do you use your credit cards to supplement your income? Do you feel the need to have the latest fashions, cars, stereos, etc.? If you answered yes to any of these questions, chances are good that you are overspending. And overspending means more debt - debt that will keep you from achieving your financial goals.
About the Author
© 2003, www.yourfreecreditreportnow.com
Author: James H. Dimmitt
James is editor of “To Your Credit” a FREE weekly newsletter for consumers. You can subscribe at http://tinyurl.com/bgo9
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