February 9th, 2010 — Debt, Money, Personal Finance, finance
This is part 4 of a 4 part series on getting out of debt quickly. Make sure that you read all four parts in order to get the most out of this sequence of hints on getting yourself or your family out of the debt trap.
If lenders happen to be offering an interest rate that is a percentage point lower than the rate that you are currently paying, then one of the things that you are going to want to consider doing is refinancing your mortgage. Not only will this lower your monthly payment by lowering the amount that you have to pay overall on the loan, but it also may extend your mortgage loan term so that you have longer to repay the loan, and as a result, a lower payment as well.
Likewise, you should be comparing the rate that you are currently paying on a vehicle loan with the rates that are currently available on car loans for used cars. Check out your local credit union or a website like http://www.capitalone.com. If there is any possible way for you to save a point or two in interest, then you should absolutely attempt to refinance the loan as it will benefit you significantly in the short and long term.
Step #6 - Now what you are going to want to do is to develop new money habits for better and more responsible spending, saving and paying down debt.
Rather than paying all of your bills once every month, you should be paying each of your bills as they come in. When you pay bills as they become available to you, this is going to give you a chance to see what you are spending on a real time basis. If the electric bill is a little bit higher than usual because you are running the air conditioning more than normal, then you may want to spend less money on other things all throughout the month in order to compensate. If you wait until the beginning or the end of the month to pay all of your bills at once, then you cannot make these kinds of compensations throughout the month.
Step #7 - Strive to break even during the upcoming holiday season.
It is absolutely never too early for you to begin budgeting for holiday purposes. This year you should try only to spend what you can afford to pay out of pocket when buying for the holidays. If you begin to buy modest gifts right now, then you can spread the expenses out further. You may not be able to reduce your debt at all in December, but that is okay as long as you prevent yourself from racking up new bills.
Photo Credits: Steve Wampler
Originally posted 2009-10-05 03:27:08. Republished by Blog Post Promoter
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