When I bought my first home I was still digging my way out of debt so I ended up getting a FHA loan. After two years, I refinanced to a conventional mortgage, I did so for two main reasons. One, I wanted to drop the mortgage insurance that was required with a FHA loan, that saved me around $70 a month. Second, I had the opportunity to reduce my interest rate by two full points.
Plan to do things that will make you feel better. Make sure they will not cost you much money or cause you to gain weight. There are a lot of activities that you can do to feel better at no cost. Listed below are some suggested activities that cost nothing and feel good.
Once you have been able to determine what you variable and fixed expenses are, you can then find ways to reduce spending of the variable expenses. This step is the most crucial in finding out just how to get rid of consolidate monthly debts. Clipping grocery coupons, buy sales items, eat out less often are just a few examples of how to cut cost. This one step will help you to find extra money that can be used to pay down some of your cc bills, so eliminating debt in the future can be seen.
I can’t tell you how many times I’ve heard that story [or one just like it] from new clients. The moral is clear. If they won’t put their promise in writing, BEFORE you pay, it’s a good bet they don’t intend to keep it.
Pay cash for purchases. If you cannot afford to pay cash for something, do not buy it. Credit card fees will eat you alive. You could very well end up paying for that pizza for 5 years.
Do not give in to peer pressure – Your friends may buy the latest styles of clothing or the latest electronics available. You can find clothing that you will be happy with in second-hand stores, or in the clearance section, or in discount stores. Electronics manufacturers are constantly coming out with newer products. If you buy the product that is no longer the most current, you can save a lot of money.
So now what are you waiting for? Do not procrastinate. Start cutting your expenses now and plan your way in cutting your credit card debts. There is nothing better than knowing you can finally set yourself free from your credit card debt elimination woes.