Drug testing

Debt Free Living - 5 Tips To Get Out Of Debt

A few times I wonder what sort of credit system moved the global economy 200 years ago. If the intention of getting into a business is meant to 'help' fulfill the needs and wants of someone, I don't see how credit card salesmen can drove more people into debt and backruptcy. Clearly most people fail to have a good understanding of the increasingly sophisticated (and complicated) terms and conditions behind the card they apply for, how it benefits the bank more than the applicant and what the ubiquitous card is best used for.

The 'cashlessness' of the advanced world surely works its illusions into the minds of those caught up in the disease of consumerism, who found it too easy to buy anything anywhere with a flash of the card without realizing the interest incurred to the bank everytime a purchase is made. Before you get the math right, you must get personal spending principles and habits right first, and only then you will attain self-awareness and a conservative mindset that lights up a red warning in your head just when you are about to make a purchasing decision.

Here are 5 tips for you to get a headstart:

1) It's not how much money you make (or spend); it's how you can keep. I didn't say this. Robert Kiyosaki said it. Far too often poor people never carry happiness within themselves and depend on external sources for their own happiness, so they either buy to impress others or get a certain 'nice' indulgent feeling for having new things. Mathematically speaking, if that new thing does not serve a purpose or even a significant function, it is a wasted loss.

2) Forget credit; get debit. A debit card is quite similar to your ATM card in that it deducts directly from your account on purchase and can be used worldwide. The credit card enables you to BORROW money from your bank to fulfill a particularly expensive purchase provided you pay back the loan PLUS the interest incurred in the form of monthly bills. Based on track record, if you have always fulfilled your credit obligations, your credit ratings will get better, leading to better protection and concessions. But unless you typically deal with large transactions and understand your spendings cycle, you are better off making your life simpler just knowing exactly where YOUR money--not the bank's--goes if not into your account.

3) Be conscious of your financial balance. Do a monthly plan-and-review for your savings and expenditure. Those items that you have to buy with your card...how necessary and regular is it? Why is it an investment to you and to other people like your family? What else can be cut down? Sometimes you must realize your financial decisions do impact your immediate loved ones and this is a significant consideration to take care of.

4) Use your card only for emergencies. I don't know how many times I've been reminded by my elders but don't get rebellious for the sake of it.

5) If you are facing a tighter budget, you did better confront the problem sooner than later. Discuss with your immediate loved ones and financial advisor where the finer problems lie and they are sure to help, not to aggravate your situation, because if it doesn't affect you, it will affect them and your relationships.

The debt problem is not one on a personal scale but a prevalent one worldwide. It is a sickness infecting people who grow too worried witnessing the exorbitant increase in the cost of living everywhere they go, whether it's in the New York or Kuala Lumpur, so they keep on borrowing in order to 'stick their neck out'. Wrong thinking: it becomes a vicious cycle that feeds on itself, pushing you closer to losing it all than ever before.

Come one day, you finally wake up from your debt problem when the bank or creditors start knocking on your door, and you don't want that to happen. Stop being influenced by what goes on around you but to take good stock of your financial attitude and well-being. You have a choice not to get involved with your bank 'deeper' than you need. It's time to be happy living within your means. Be grateful for what you have now and work the most out of your current resources, then you will find better use for your pair of scissors than to cut up credit cards.

Justin Koh is a freelance writer whose articles have appear in most major ezines. You can find more of these at: http://www.debtcenter.info

You have permission to publish this article electronically or in print, free of charge, as long as the bylines are included. A courtesy copy of your publication would be appreciated.

limousine chicago service
In The News:

Bankruptcy: Who is to Blame?

If you are considering bankruptcy as a solution to your... Read More

Pay Off Your Student Loans and Reduce Your Debts

Financing a college education is one of the more expensive... Read More

Turning Bad Debts into Good Debts through Investing Fundamentals

If you've ever earned enough money to put some aside,... Read More

What is Debt Settlement?

Debt settlement is the process of negotiating with your creditors... Read More

Personal Bankruptcy: Last Option To Legally Stop Bill Collectors

Do you have stacks of unpaid bills?Are you in debt?Are... Read More

Debt Elimination 1

If you have multiple debts, you may well be wishing... Read More

Learn The Five Key Debt Reduction Steps You Must Take Immediately!

Step 1. The purpose of this first step is to... Read More

A Debt Elimination Process Must Be Initiated From You.

The first and maybe most important step in a debt... Read More

The 7 Secrets to Getting?and Staying?Out of Debt

As vice president of the American Credit Foundation, a nonprofit... Read More

Debt Handling Solutions

Sometimes debt can seem overwhelming. In those instances, or even... Read More

Tips To Take Control Of Debt Collection

Yes, debt collection tips can help. You may think you... Read More

Bankruptcy - The Easy Option?

Incredibly, since the changes in the bankruptcy law in April... Read More

Selecting A Credit Counselor; Asking The Right Questions.

When you find yourself thinking about using a credit counseling... Read More

Help to Get Out of Debt

Debt Help is the stepping stone to debt elimination and... Read More

Is There A Way Out Of Your Debt Problems?

Do you have multiple debts? Do you have just one... Read More

Debt Settlement

What is debt settlement?Debt Settlement is a process to settle... Read More

Reducing Debt Before Its Too Late - How to Avoid the Pitfalls of Creeping Debt

Reducing debt usually isn't a high priority for people until... Read More

How to Become Debt Free

In today's consumer society it is all too easy to... Read More

Should You Invest In Savings Or Payoff Your Debts?

I have faced this financial question 8 years ago and... Read More

Debt Getting You Down? - Make a List!

Debt is not much fun and when faced with it,... Read More

Credit Card Debt: How to Get Rid of It

This method is simple, but requires some discipline.First, you have... Read More

IVA: Individual Voluntary Arrangement

What Is an IVAThe IVA (Individual Voluntary Arrangement) was introduced... Read More

Free Quick and Easy Money Saving Tips ? Part 2

Although many consumers would argue differently saving money doesn't have... Read More

Is My Credit Card Debt A Problem?

For most Americans, credit card debt is a dangerous and... Read More

How To Pay Credit Card Debt Off

If you are determined to pay credit card debt off... Read More

inductionstreet lighting cost outdoor led lighting fixtures Pete's produce ..