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5 Financial tips for the third week of January 2014

January 22nd 2014

Have a look at the 5 financial tips for the third week of January 2014.

Tip no 1: Debt consolidation is good and useful only when you take steps to treat the real problem. Otherwise, you'll be in the debt cycle again.

Debt consolidation can help you save your hard earned money on the basis of your financial circumstances and the steps you take to treat the real problem. If you don't take drastic steps to change the quality of your lifestyle after enrolling into the program, then you may enter into the debt cycle again. Use less credit cards so that your credit utilization ratio drops. Change your spending habits so that you can save more every month. Your sole motive should be to get out of debt. This is why you have enrolled into the program in the first place.

If you keep on using your credit cards like before, then no one will be able to offer a permanent solution to your problem.

Tip no 2: Never let debt collectors to control you. Their main goal is to force you make a bad decision by playing scare tactics.

Debt collectors have only one job and that is to retrieve money from consumers. The collectors get commissions on the basis of the amount collected from consumers. Quite naturally, they try to collect as much as possible from consumers.

Don't get scared when a collector calls you. The collector may abuse you (even though it is against the FDCPA laws), threaten you, tell you to to skip mortgage payments and other things. Never ever get frightened and make decisions hastily. Believe it or not, the sole motive of debt collectors is to force you make bad financial decisions and pay more money than you're supposed to.

Tip no 3: There is no magic trick to eradicate debts. Everything comes down to your determination and eagerness to sacrifice.

You can solve a complex mathematical calculation with a formula. There is no magic formula to solve your complex debt situation in any way. You have to be determined and ready for sacrifices. For instance, you may have to downsize your home. You may also have to cut down on your entertainment expenses. In addition to that, you'll have to give special thought and focus to budgeting.

Forget about getting debt free within a day. Even the much talked about bankruptcy can't help you to discharge debts within 24 hours. You've to pay down your debts one by one with the help of a proper strategy.

Tip no 4: There is no harm in having little fun when you're in debt. Just stick to your budget and financial plan.

You can have fun even when debts problems are rampant in your life. All you need to do is just find out the ways to stick to your budget and financial plan. For instance, during Christmas and birthdays, you can request your close friends to give gift cards to restaurants and good movie theaters. Other than that, you can play various kinds of indoor games in your house. You can solve puzzles and riddles. You can play UNO with your kids and have a blast together.

Tip no 5: Don't believe in any debt relief plan that sounds too good to be true. Tread carefully since there are lots of scammers.

Have you ever come across an advertisement that says you can get rid of debt by paying only $40? Are you tempted to contact the company giving that ad? If yes, then your fate is doomed. You're going to talk with a scammer who will utter the sweetest words of the world and make impossible promises to drain your funds. Believe it or not, there is no debt relief company that can help you get out of huge amount of debt by paying only $40. You have to pay money to your creditors – either on your own or through a debt relief company.

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