Great financial tips to ensure you make more dollar

If you have credit card debt it is important to take its measure from time-to-time to determine whether or not you have a problem with your debt. If you are carrying a balance on more than one card (or simply a sizable balance on one card) then you could have a problem.

There are five reasons why you should seek credit help to deal with your credit card debt.

The biggest reason is that credit card debt can affect your credit score which in turn impacts your ability to borrow money for everything from your car to your home. High credit card debt can lower your credit score and raise your interest rates. A problem with late credit card payments or high amounts of debt can make you appear to be a poor risk for credit to many finance companies.

However, almost as important is the way that credit card debt makes you feel. While money cannot buy happiness, credit card debt certainly buys unhappiness. The knowledge that you have a large debt can destroy your self esteem and add a lot of stress to your life. If you dread the arrival of the credit card bill in the mail then you have a problem with debt that you need to address. Owing money can also add a lot of pressure and stress on a marriage.

Another important reason to resolve your credit card debt is that by avoiding the problem or simply paying minimum amounts you will never be free. Most minimum payments do not do much more than pay for the interest. While many people make paying their credit cards a low priority it should actually be a top priority. Yes, your mortgage payment is important because you do not want to lose your home but that is good debt as it helps your credit rating and your taxes. Credit card debt does nothing for you at all.

Owing money on your credit cards is also a self perpetuating problem. Every time you charge instead of paying with cash and every time you do not pay off the full balance when it comes due you are perpetuating your problem with debt. You need to learn better money habits or you will never solve your problem with credit card debt.

Finally, an important reason to start paying with cash, check or debit card is that by paying-as-you-go for your lifestyle you will be modeling responsible behavior for the next generation.

Take these five reasons to heart and take stock of your own financial situation to determine whether or not you have a credit card debt problem.

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Paypal has made it possible to quickly and easily send money over the Internet. This allows us to pay for all kinds of purchases with a lot less hassle. It also will allow you, everyone who reads this article, to send me, Timothy Ward, $1.00.

Being the cynics that you are, I know you’re probably asking: “Why should I send you $1.00? I barely even know you. If I hadn’t somehow stumbled onto this article I wouldn’t even have known that you exist. I still don’t know how I came across this ridiculous article, I was trying to find my brother-in-law’s blog.”

Since I know that humanoids are by nature untrusting, and I know that you can spare the dollar, I will now generously provide 8 reasons why you should immediately paypal me a buck. I don’t think I’ll need more than 5 reasons but I like to give people their money’s worth. Plus I have a word count to think about. So without further ado:

(1) Sending me $1.00 will keep you from spending it on something pointless like the mortgage payment. You’ve been faithfully paying on that mortgage for years-it’s time you had a break. And it’ll only cost you a single greenback.

(2) Donating to a worthy cause can give you peace of mind which, in turn, will help you to sleep better at night. Giving me a dollar may not be as worthy a cause as, say, giving to the Red Cross, but I promise I will sleep better tonight and many nights thereafter if you send me that dollar.

(3) If I were sitting in front of a gas station smelling of cheap wine and wearing the same clothes I had on when I lost my job 8 months ago, you wouldn’t even consider giving me a dollar. You would probably tell me to: “Get a Job, ya bum”, and then rapidly walk away, clutching your wallet tightly. I, however, am not sitting in front of a gas station, I’m sitting in front of my television. And I changed clothes 2 days ago.

(4) I need to buy some Bling Bling! You’re just not in the game if you don’t have diamonds in your ears and ice on your neck and wrists. Plus I know a guy who’ll give me a great deal on some gold teeth. But I need more cheese.

(5) Many great artist in history have depended on donations to finance their masterpieces. Your sending me $1.00 will allow me to do the necessary research for a masterpiece of an article that I’m working on called: ‘Going Out on Saturday Night and Getting Sloppy Drunk Using Other People’s Money’. I’ll be sure to acknowledge you at the end.

(6) Fellas, would you rather send me a dollar or have your wife spent it on yet another pair of black heels? Ladies, would you rather your husbands spend it on another one of those magazines that he keeps in that box in his workshop? I thought not.

(7) Time is money. You’re already wasting money by taking time to read this article. Another George Washington won’t kill you.

(8) The pens and paper I use to write these articles don’t pay for themselves. My high speed internect connection that I use to upload these articles isn’t free. I don’t think $1.00 is too much to ask after the scores of articles I have written and shared with all of cyberspace. After all, if it wasn’t for my articles you wouldn’t appreciate the good articles written by others.

So there you have it folks. 8 reasons to send me $1.00 via Paypal. As I suspected most of you were sold after Reason #5. I appreciate you waiting patiently until I finished with the remaining Reasons before rushing over to Paypal.com. Now that I have finished listing my reasons feel free to login and send your $1.00 to wailinward@yahoo.com. And please hurry, the guy with the gold teeth isn’t going to have those great deals forever…

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The dream of owning a home is becoming very allusive these days. Although everyone would like to have a home that is paid for free and clear, many people are forced to assume mortgages that will be paid over 25 or 30 years into the future.

Everyone is constrained to a certain degree by their budget. Yet there is a way to pay off the existing mortgage on your home quicker and save money in the process.

Almost all mortgages have built into them an Accelerated Payment Clause. This allows the borrower to pay more than the minimum amount of the monthly mortgage payment.

To do this you simply remit more to the lender than the usual mortgage payment every month. The benefit to this is that every extra dollar paid against the mortgage will lower the outstanding balance of the mortgage. This increases the equity in your home faster over time. Also, by lowering your outstanding balance, you will save on interest charges.

Here is a good example based on the scenario of an average family.

If you are an average family of four making $50,000 a year, let us assume that you are saving annually at the same rate as most Americans. This rate of savings as reported by our government is about 4% of your income every year. This would mean that you are putting $2000.00 in the bank every year for future purposes. This comes out to around $167.00 a month.

Right now you are probably receiving less than 1% Annual Percentage Rate (APR) on your passbook savings.

Why not take $100.00 of this money that you would normally save and pay down the mortgage on your home ahead of time? The following example shows why this is in your best interest.

If you take out a mortgage on a house for $200,000 at a 6% fixed rate, and the contract calls for repayment in monthly installments over 30 years, your monthly mortgage payment would be $1,210.56.

If you paid an extra $100.00 dollars per month toward the amortization of your mortgage, you would add $1,200.00 to the equity in your home every year.

In this scenario, the total amount paid to buy your home over the life of the mortgage would be $435,798.89. When you add $100.00 to your mortgage payment every month you would save $46,360.13 in interest charges over the life of the mortgage. You would also be able to retire your mortgage earlier.

You would be able to trim 38 monthly payments off your repayment of the mortgage. So the mortgage would be paid off 3 years and 2 months sooner if you use this repayment method.

In short, what this strategy does is shift your money from passbook savings only ($2,000.00 per year), to paying $1,200.00 on your mortgage, and saving $800.00 directly into your bank account each year.

To sum up the benefits of using this method, the borrower in the example above saved $46,360.13 in interest on their loan, and accumulated $21,923.85 in passbook savings ( $67.00 per month X 1% APR X 322 months ). This equals $68,283.98 in accumulated savings over 26 years and 10 months (This is the actual time it would take to pay off the original 30 year mortgage).

If the family would have put all of their money ($167.00 per month) in a passbook savings account only, they would have accumulated $54,646.35 over the same period of time.

So this family would have actually saved $13,637.63 more by using this accelerated payment method. And they would have also paid off their mortgage 3 years and 2 months earlier than normal.

This method can be used in any situation where the mortgage has an Accelerated Payment Clause built into it. It will work best if you are consistent with the amount that you pay on your mortgage every month. Any change in the amount of monthly repayment of the mortgage will affect the amount that you will actually save.

Check with your banker to find out if your mortgage allows for Accelerated Payments. Then you can use this strategy to save a lot of money on your mortgage and own your home sooner.

You may copy this article and place it on your own website, as long as you do not change it and include this resource box including the live link to the Credit Repair Advice site.

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