1. List all of your monthly income.
2. List all of your fixed monthly debts, i.e. car payment, mortgage, insurance payment etc.
3. Make a list of your discretionary spending each month. Eating out, smoking, coffee breaks at Starbuck etc.
Once you have a handle on your monthly income and expenses, you can begin looking for ways to trim your expenses.
The Cardinal Rule is, "There must be more income than outgo."
4. Cut up all but one credit card. Pick the one to save that has the lowest interest rate.
5. Open a savings account and deposit 10% of your paycheque each payday.
6. Ony use your credit card for emergencies and always pay off the balance within the grace period so that you do not incur their horrendous interest charges.
7. Concentrate on paying off your credit card debt. (If possible, try for a bank consolidation loan at a lower interest rate.)
8. When you have accumulated $1000.00 in your savings acct. open a brokerage account and transfer the money into the brokerage acct. Buy stock in a company that pays dividends, preferably monthly. You can start with Riocan which is a very strong REIT and trades on the TSX. Another good company is Primaris. These two companies will get you started on the right track to building your portfolio.
9. Start educating yourself on investing so that as you acquire more disposable income, you will be better prepared for self directed investing.
(If you live in Canada; make sure the savings account you open is a Tax Free Saving Account.
It may seem difficult but each step brings you closer to being debt free. Believe me, it's well worth it!
If for example your country has high public debt-GDP ratio. What steps would you recommend to lower public debt to manageable level?
Credit card debt consolidation with the help of an accountant or a debt consolidation service and careful management of income can be helpful steps in reducing your credit card debt without declaring bankruptcy.
You can start by setting a budget and then using the snowball debt payment plan to pay off your debt.
Three steps in debt negotiation that are not very easy but can be effective are as followed. Step 1 is asking what solution will work, determining what kind of arrangements are best for you. Step 2 is looking at your debt and income. Ask the company for details and a breakdown of the debt. Step 3 is calling the company and negotiate.
Debt consolidation is performed by a professional to help an individual pay off their debt. You can take out a loan to reduce interest rates on credit cards or other loans that you have out.
If for example your country has high public debt-GDP ratio. What steps would you recommend to lower public debt to manageable level?
Credit card debt consolidation with the help of an accountant or a debt consolidation service and careful management of income can be helpful steps in reducing your credit card debt without declaring bankruptcy.
You can start by setting a budget and then using the snowball debt payment plan to pay off your debt.
Three steps in debt negotiation that are not very easy but can be effective are as followed. Step 1 is asking what solution will work, determining what kind of arrangements are best for you. Step 2 is looking at your debt and income. Ask the company for details and a breakdown of the debt. Step 3 is calling the company and negotiate.
Debt consolidation is performed by a professional to help an individual pay off their debt. You can take out a loan to reduce interest rates on credit cards or other loans that you have out.
Yes!! you can settle your debt before, during, and after litigation. If you decide to enroll in a program, be leary of any that don't disclose information to you. generally a good debt settlement company will require extra steps from you prior to enrolling a legal/judgment debt. A bad debt settlement company will take your debt no questions asked.
There are many steps to get out of credit card debt. The first step is to pay off more than the interest of the card. This can be done by sticking to a budget.
You first need to contact the IRS to determine what kind of debt you are in and for how much. You then may need to try and negotiate a payment plan with the IRS directly.
There are five main steps to clearing bad debt loan. These steps include find out how much is really owed, cut back expenses, create a payment schedule, start paying off your loans, and think about consolidating.
Getting out of debt may be a long and slow process, but it is possible. The biggest step is to stop acquiring new debt. Stop using credit cards immediately and work towards paying off your old balances.
None ! Debt recovery agencies simply 'buy' the debts from companies who are owed money - they then write to the customer or 'debtor' and tell them they will be taking steps to recover the debt. This can be either through the courts, or by doorstep collection.
You can try to contact the debt collection agency you are interested in by finding their web page or looking in the yellow pages. You can then contact them to see what steps you need to take and if they are looking for applicants at that time.