A guest post from Jason Holmes, a writer with Debt Consolidation Care
and contributor to many other financial sites.
Several
studies reveal the fact that outstanding consumer credit card debt has
dropped in recent times. Apparently, it may signify that the consumers
have finally learned to manage their finances and credit responsibly.
As
per several recent studies, credit card debt has dropped by about 12%
in May from that of April 2010. The figure shows that the debt has
fallen down to about $838 billion in May 2010 from a record high of
about $958 billion in the year 2008. Studies also reveal that consumer
debt related to credit cards has fallen from about $969 billion in the
fourth quarter of 2008 to about $876 billion during the same period in
2009.
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Only Three in 100 Americans is Ready For Retirement. A Financial Coach Will Keep You from Being One of the 97 Other People Who Just Doesn’t Get It.
Have you ever wondered why you can’t get your debt completely under control? Or why you can’t manage to save anything for retirement? Or why you feel confused and frustrated about how to invest in the stock market? Do you ever find yourself thinking that you’re missing important information that would make your finances come together and finally make sense but don’t know where to find it?
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What You Don’t Know Can Hurt You…
When was the last time you wrote down every stick of gum you bought, or every soda or car wash you purchased? If you’re like most people, you’ve probably never even thought of doing such a thing. Too tedious, right?
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If you’re like most Americans, you’ve probably had the following conversation with yourself, “I’ll begin putting some serious money away just as soon as I get my debt paid off and I have some extra cash on hand.” Sound familiar? Sure it does, especially if you’re struggling to pay the bills.
But isn’t it funny how the debt never seems to go away and the “extra cash” is never on hand?
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Most people get a sick feeling when they hear the word “budgeting.” That’s because most money budgeting programs make people feel restricted and tied down. But “budgeting” your money doesn’t have to be a drudgery. Now is the time to change the way you think about keeping track of your money.
Did You Know...
National statistics reveal that 83 percent of the millionaires in the United States are self-made.
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Why the Majority of Americans are Sick and What You Can Do If You’re Ailing
Martine Osterhoff* is on her way to the mall for the fourth time this week. She’s going back to get shoes she saw earlier while shopping with her daughter. Martine admits she’ll have to use a credit card to buy the shoes, a card she’s already pushed to its limit, but as she tells her husband with a laugh, “I can’t help myself, it’s like a sickness with me.”
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The answer to the math equation below is simple, everyone knows it:
1 + 1 = 2
Now suppose we represent that same equation using oranges instead. If we add one orange to another, how many oranges will we have? Again the answer seems simple — it should be two. But let’s suppose for a moment that we don’t add the second orange for a while.
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"We’re Already Tight...We Won’t Find Any More Money"
Stan and Arlene Harbrecht were from Tennessee. Stan was a truck driver, making a modest income of about $24,000 a year. Arlene was a schoolteacher. The Harbrechts had a daughter in college who was in real need of some money, but Stan was concerned because he just didn’t feel they had anything to send her. The daughter’s housing had come due and they needed an additional $110 a month to cover this expense. The Harbrechts had come to Time & Money for some basic coaching, but Stan was only mildly interested, and as their Money Mastery coach explained Principle 2, Stan said “I know how tight we are with our money. I can’t believe that you think tracking our spending is going to help us find extra cash. That’s baloney!”
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Saving money has always seemed like a total impossibility to me,” says Laura Preston*, a customer service rep from St. Louis. “I live for today and putting money away for the future just didn’t thrill me because I wanted to see immediate rewards for all my sacrifice. Then I learned about Emotional Savings and that has made all the difference.”
Preston is referring to the 60-20-20 Rule, a method of saving that makes the necessity of putting money away more realistic and enjoyable.
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Every year, we help people who are losing the battle with debt by teaching them the Power Down principle of prioritizing their debts for quickest payoff. One couple I worked with, Dan and Alene* are well on their way to eliminating all of their debt, including a mortgage, in just over eight years by applying Money Mastery’s Power Down principle.
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