Money Mistake # 1- Paying Only The Minimum On Your Credit Card October 18, 2008
Posted by Vedis in : Debts / Credit Card Debts , 1 comment so far
Are you making the same mistake that I did ? If I made the $50 minimum payment on a $2,500 credit card bill (at 18% interest), it’d take me 34 years to get out of debts !! You see it ?! And I’d have paid $6,430 in interest, about my twice original charge !
After realizing that most of my payments went to interest, while the principal went down by only $3 to $5 a month, I began to pay a little more than the minimum balance, the principal started to go down steadily.
My advice to you — pay as much as you can and always more than the minimum. And don’t charge another thing until that debt is paid off.
It’s also wise to look into transfering your balance to a credit card with a lower rate.
Put Consistent Efforts In Paying Off Credit Card Debts August 30, 2008
Posted by Vedis in : Debts / Credit Card Debts , add a commentWhile cleaning my credit card debt blog just now, I came across a post that I wrote in May 2007. It’s about why it’s important to read financial advice, matters, methods and so on and so forth to get out of debts.
After more than a year’s debt reduction, I would like to add one point here — Actions Speak Louder Than Words.
No doubt, reading is important to help you get out of debts. But there must be actions. If there are no consistent efforts in paying off your credit card debts and controlling your spending or expenses on groceries, english saddles, personal care products and, you will see your debts coming back slowly or sometimes fast.
Update On My Credit Card Debts - $58,303 ! May 31, 2007
Posted by Vedis in : Credit Card Debt Updates , 1 comment so far
Yeahoo… My hubby and I didn’t swipe our credit cards at all for the month of May !.
After destroying our credit cards in April, my hubby has only 1 credit card and I have 2 . Though the credit card debts are still here, the amount has been decreasing little by little.
By following 5 Simple Debt Reduction Method, we only use cash and spend less.
Besides exercising self-control, we also read tons of information related to debts, loans, financial matters to deal with our debts.
It is of utmost important that we change the way we think ! We must have a mindset that we are able to get out of debts and become rich little by little. If we always focus on lack of money, it will be magnified many times. As a result, we keep on living in poverty.
On April 24, our debts went down to $58,961 from $63,809.
We have already set our goal, that is to cut down our credit card debts to $40,000. On 31 December 2007 - Our Credit Cards - $40,000 !
I believe this goal is attainable as I have started writing paid posts. The money earned can be used to pay off some of our credit card debts.
