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Debt

Paid Off Your Debt? Now It Is Time To Save

Many folks work really hard in order to pay off their debt, including credit card debt, car loans, student loans, and their mortgage. This is an excellent idea, although, sometimes once our debt has been paid off, we get careless with our money. We suddenly have all this extra money at our disposal and it can be tempting to splurge.

Instead of blowing money that you no longer need to use to pay off debt, consider saving that money instead. For example, if you were making $350 payments towards your car loan and then you finally paid it off, why not allocate the $350 towards contributing to your retirement savings and other investment accounts to save for your short and long term goals?

February 25, 2011

Debt

Are You Taking On Too Much Debt?

Sometimes it may be hard to know if you are in over your head, but if you can relate to some or all of the statements below, it is likely that you have taken on too much debt.

1. You have no savings at all.

2. You only make the minimum payments on your credit cards.

3. Your bank account is always overdrawn and you often have nonsufficient fund (NSF) fees charged to your account.

February 13, 2011

Debt

Get Out Of The Holiday Debt Trap Fast

Many folks find themselves overspending during the holiday season and then they feel overwhelmed at their financial situation in the New Year. It is easy to get carried away when you keep on finding another great gift for your kids or for your spouse, but you need to know when to stop.

Since the past is now behind us, if you are in a position right now where you have overspent, do not panic. Instead, create a practical plan and put it into action ASAP in order to pay off that holiday debt.

January 2, 2011

Debt

Ways To Stop Living From Paycheck To Paycheck

Did you know that 6 out of 10 Canadians live from paycheck to paycheck? What’s worse is that almost 60% of Canadians would be in serious financial trouble if their pay were delayed by one week.

These are disturbing statistics, so what are we going to do about it? It is obvious that more and more of us are taking on more debt than we can manage. Is it due to greed or trying to keep up with the Joneses? What compels us to sink into so much debt?

December 15, 2010

Debt

How To Make Mortgage Shopping Easy

If your mortgage is up for renewal soon, or you are looking to buy a new home, you will want to do some research in order to find the best possible mortgage rate. For Canadians, I would recommend that you check out the Ratesupermarket website. It is very easy to use and once you fill in some basic information, it will find the results in your local area quickly.

The results will include the approximate amount of your monthly payments, how much interest you would expect to pay throughout the mortgage term assuming the rate remains the same, and more.

December 13, 2010

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