Are You a Slave or Freeman?

If you have any debts, you are a slave to that company. Think about it. You are working to earn money to pay your bills. For each bill you have, you are basically working for them. You cable bill $100, you are a slave for Comcast. Your car loan is $300 per month, you are a slave to your bank. The way you break the chains is to pay off all your debts and start paying yourself. Pay your self by saving your money, investing your money, and wisely spending money you have. Slave or free man...your choice...

So You Have Spent All Your Money on Christmas Presents, Now What...

Many Americans woke up Friday morning before the sun was up, got in line at a retailer, and when the doors flew open grabbed everything they wanted and paid for it with money they did not have. I personally know people who have financial troubles but somehow found $500 or $1k to buy Christmas gifts. If you have to take out debt to buy Christmas presents, what is the point? You are creating a bigger hole for you to big yourself out of and this stuff is not even for you! You are just going to give it away! If this is you, WAKE UP! You are under no obligation to buy gifts for anyone. If a friend or family member gives you a hard time about you not giving them a gift, then they are not truly a friend OR family to you. If someone really cares about you, they will not let you do something so detrimental to your well-being.

Remember, spend only what you have, not what you want to spend. If you have any debt, give yourself the greatest Christmas present of all and pay down you debt.

Quick Tip on Paying Down Credit Card Debt

Paying just the minimum payments on all your credit cards means that it will take you years to pay off the balance....5, 10, sometimes 20 years! If you look at your monthly credit card statements, it will tell you how long it will take to pay off the debt just making minimum payments. For those of you trying to pay down your credit card debt, here are some quick helpful tips to help you pay them off as quickly as possible.

First, you need to write down your balances on each card along with the interest rate being charged on each debt. This will allow you to come up with a plan of attack to pay your credit cards off quicker.

Now, instead of paying cards randomly, you need to start paying just the minimum payments on your lowest interest rate debt and apply the most money you can to the debt with the highest interest rate. This will help you tackle your debt faster because you are paying down the most expensive debt first.

After you pay that debt off, move to the next highest debt and repeat until your debt is paid off completely.