You have to have every cent you can save to settle your debt loan. On each line, put on paper the minimum monthly payment that must be made for every loan and total these amounts.
There comes a time in everyone’s life where their luck works against them and they need cash in a hurry. It could be something minor like an automobile breakdown or something major like ending up at the emergency room. Regardless of the reason, you feel totally helpless, which makes things even worse. You find yourself at the mercy of others. For many of us, asking for help is one of the hardest things to do.
First off, determine your take-home income and your required expenses, including mortgage and car payments if applicable, for each month. For anything that is not paid monthly, such as some utilities, take the annual number and divide by twelve. Subtract the monthly expenses from the monthly income and you now know your disposable income for the month.
1) Use credit as a last resort. Start making a concerted effort to pay off those credit cards starting with the cards with the highest interest rates. Then reduce the number of cards you have to reduce your exposure and temptation to use them.
Start by looking into the interest rate on each of your credit cards. The key here is to reduce your monthly payments by transferring to a lower balance/ lower interest rate card. If your cards are maxed out or are almost maxed out, try to shop around for credit cards that have a high limit and that has a lower interest rate than your paying now. Then transfer your balances onto that card. The money you save by not paying the higher interest rate can go directly to savings (if you have a high interest savings account) or put it into the principal of the credit card. This may seem small, but the credit card companies make big money on interest payments and late fees.
Blessed are those who do not accrue late fees/ATM fees for they will have more money. Sometimes we do stupid things with our money. We forget to pay for items on time so we are charged a fee. Sometimes we use the ATM machine more than we should and accrue fees. My advice is to go to the bank and get enough cash that will last for the next payday instead of using the ATM. Secondly, we need to set up a time once a month/or once every two weeks to pay our bills on time.
As much as possible, experts say, keep cash available so you won’t have to sell assets in an emergency. So let’s look at nearme loans and how it relates to payday loan highest interest rate. How much will depend on your financial situation the recommended amount should cover what you normally spend between to payday loan highest interest rate months more if possible by investing in safe instruments.
Keep on track with reminders. Continue to make your payments on time even if they are the minimum ones. Set up reminders on your phone or computer so there is no freedom to forget your focus.
These tips will help you get back on top of things and get the financial freedom you want. Just be consistent in saving and paying your debts down and you can pull yourself up out of debt.