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2014 is Almost Here: Three New Year’s Resolutions to Make to Improve Your Personal Debt

Posted By:  |  December 23, 2013  |  0 Comment(s)

2014 Out of Debt Resolutions

With 2014 just around the corner, many people are starting to think of their New Year’s Resolutions. Often these resolutions help us with goal setting and planning for the coming year, and often involve bettering a relationship, our own health, career, or financial standing. When it comes to finances, many begin making New Year’s Resolutions that will help them with their spending habits, and many are on the lookout for debt relief. Here are three resolutions you can make right now that will result in a better personal debt situation in 2014.

Make More than your Minimum Payments

The first step when looking at your personal debt is to look at your credit cards. Since credit cards, historically, carry the highest interest rates and make up for the third largest consumer debt in the United States, credit card debt should not be taken lightly. Credit card debt is not like mortgage debt, where a mortgage reflects an asset: a home. Credit card debt is just that: debt!

You can make simple New Year’s Resolutions toward lowering your credit card debt over time, perhaps over the course of 2014. Following the minimum, required payment on your credit card statements is not the best or fastest way to decrease your credit card debt. If you are used to paying only this amount, you are likely aware that making this payment barely affects your balance. The key to paying down credit card debt is to pay more than the required monthly payments, ultimately paying the entire balance if possible.

Making Changes to your Spending Habits

Debt, especially credit card debt, is reflective of our spending habits. Many people in today’s society feel that they can afford a particular item (or vacation) because they simply have room on their credit cards. In reality, this often causes people to become overextended, bringing their credit cards up to the maximum limit. Making higher than the minimum required payments on your credit card is a good start for the New Year, but you should also begin to monitor your spending habits. Write up a monthly budget comparing your income with your expenses, set aside a little money every month towards your savings, and then decide how much money you can afford to have fun with.

If you have difficulty saving money, you can speak with your bank about the saving options they offer, which may include automatic transfers into your savings account. That way, you don’t even know the money is missing, and before you know it you’ll have a stack of savings!

Making Changes with Debt Consolidation

Debt consolidation is an option many individuals, with varying degrees of personal debt, have utilized in order to pay down their debt quicker and free up their resources. When a debt is consolidated, the consumer takes out a new loan with a lower interest rate in order to pay off varying other loans with higher interest rates, such as credit card and student loan debt. Debt consolidation can be an effective way to pay down credit card debt and save money in the long-term, as long as you can correct any poor spending habits.

Each New Year brings positive resolutions that can have a great outcome on the future for those who are disciplined enough to follow through. If you’re looking to get debt-free in 2014, these New Year’s resolutions can put you on the path to financial independence.

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  • How important is it to you for a debt consolidation company to offer financial education resources?
  • Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
  • Negotiates with your creditors on your behalf.
  • Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
  • Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
  • Combines all your debts and creditors into one monthly payment.
  • Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
  • You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
  • Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
  • Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
  • Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
  • Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
  • Borrowers can receive funds from their loan within only a few days.

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