Get the cobwebs out of your financial closet
By Andrew HousserJust as a convenient closet can accumulate mounds of unused clothing and sports equipment, personal finances left unattended can pile up debt and budget problems. This week is the first week of spring, and there is no better time than now to freshen up your finances.
If you carry debt and fear looking too closely at that situation, you are not alone. Half of U.S. households carry credit card debt. According to the latest data released this month from the Federal Reserve, the average household that carries a credit card balance owes nearly $15,000. And plenty of people have debt skeletons in their closet. The U.S. Federal Reserve Bank has reported that consumers' debt burdens are getting lower -- but part of the change is because people are defaulting on credit cards and walking away fro, -- mortgages on homes that have lost value. In 2010, commercial banks wrote off $118 billion in total consumer debt.
Of course, defaulting on a loan or credit card obligation is bad news for your credit score. Before you take that course, make a strong attempt to pay what you owe. You can begin to clean the cobwebs out of your finances with these steps:
1) Find out what you owe.
To know what's in your debt "closet," you need to take inventory. Add up your assets: what is in your savings, checking and investment accounts. Then take a look at your liabilities, or debts, including credit card debt, student loans, auto loans and mortgage debt. Can you pay all your bills? Are you paying everything on time? Are you saving for a rainy day and for retirement? Take an honest look, and keep reading to make sure these important steps are in progress. 4) Pay yourself first.
Put this saying into action. Direct deposit or automatic transfer to a savings account can make saving painless. Consider savings a "bill" that must be paid, even if you must start with as little as $1 per day. When you earn more money or pay off debt, increase the amount you save. You'll find it is a huge relief -- and helps avoid debt -- if you have a nest egg for emergencies. of the total each month. Automatic transfers each month can help with reaching your savings goals. In addition, several online budgeting resources are available to help track progress toward individual goals you have established.
Heritage Isle Credit Union Rewards MasterCard | Credit Card Finder
The Heritage Isle Credit Union Rewards MasterCard Helps You Get Your Debt Under Control
Some people often become overwhelmed with their existing credit card debt and see no way to get out of it. Theyâve analysed all sorts of options, including debt consolidation but, more often than not, these alternatives seem more complicated than theyâre worth with all the additional fees that are involved. However, the Heritage Isle Credit Union Rewards MasterCard makes getting your existing high-interest debt under control extremely easy and, more importantly, cheap.
The Heritage Isle Credit Union Rewards MasterCard offers a great balance transfer deal so that you can reduce your existing credit card debt significantly without paying an arm and a leg to do it. In fact, you can make substantial savings, making a balance transfer a much better option than any other debt consolidation offer on the market.
This is because, for six months, card holders can enjoy an extremely low rate, namely 4.9% per annum. This means that you can transfer all of your existing debt to your new Heritage Isle Credit Union Rewards MasterCard and pay it off at 4.9% instead of having to pay anywhere from 12% to 20% in interest.
So, letâs presume you have $5,000 in outstanding credit card debt and you are paying 15% interest per annum. If you were to pay off your card in full within one year, the interest charges would equate to approximately $400 or $220 if you paid it off within 6 months. On the other hand, with the balance transfer deal offered by Heritage Isle Credit Union Rewards MasterCard, if you were to pay it off in full within six months, your interest costs would amount to $70, meaning you can save at least $150.
However, it is important to note that to take full advantage of this deal you need to make sure you can pay off the full amount in the six months during which the introductory rate is still valid. Subsequently, the outstanding balance transfer will be subject to the standard purchase rate.
Other BenefitsBesides the great balance transfer deal, the Heritage Isle Credit Union Rewards MasterCard offers card holders a number of other benefits including a great rewards program, low annual fees, complimentary insurance, 55 days interest free and much more.
The Heritage Isle Credit Union Rewards MasterCard rewards program allows card holders to earn 1 point for every dollar they spend on their card, which can later be redeemed for a wide range of rewards. These rewards can be consumer products, travel-related or simply be cash-back, depending on what suits you best. You can even get shopping vouchers or various gifts, so you can pamper yourself a bit with no guilt attached.
Balance Transfer Credit Card Ratings and Credit Card Applications
Balance Transfer credit cards - find ratings, expert reviews, and online credit card applications.
US Bank Credit Card 12 Month 0% APR with No Balance Transfer ...
US Bank is offering Visa Credit Card with 12-Month 0% APR with No Balance Transfer Fee. The card comes with the following features: Credit limits up
Best 0% Balance Transfer Credit Cards | Get A Balance ...
Apply online and get a Balance Transfer Card today. ... on balances transferred for 12 Months - Transfer your outstanding balances from other credit or store cards ...
Balance Transfer Credit Cards - 0% Interest Free Credit Card ...
... transfer your balance owed on one credit card to your 0% balance transfer credit card saving you money with an interest free peroid on your previous debt. ...
0% APR Balance Transfer Credit Cards
These credit cards offer a 0% APR on balance transfers, usually from 6 to 12 months. The 0% balance transfer feature can save you hundreds of ...