Clear personal debt and have calm life
To get out of personal debt and change your financial picture, here are some excellent ideas that I have found in cnn.com
1. Figure out Full Financial Picture : Try to figure out your total financial picture. Find all the bills, debts, credit cards, mortgages or other loans and figure out your financial condition.
2. Payment of Important Bills : Now go to pay your important bills first. Basic food, home. health are the most important.
3. Have a talk with creditors : If you missed any payment, call the creditor and try to find out a payment plan with his help. If he favors you can find minimum interest rate and negotiable monthly payments too.
4. Transfer balances : You can opt for balance transfer if your one card is charging high interest rates. Some cards provide 0% interest rate for 12 months in case of balance transfer. Find the lowest rate and pay it without the burden of interests. But be sure most cards can charge a balance transfer fee.
5. Skip credit card : To save you from drowning under debt, prepare yourself and use cash or debit card instead of credit card. This way you can keep the interest rate under control.
6. Prioritize the debt payment: Start paying off the credit card debts. Pay the credit card due that has highest interest rate.
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