New Years Debt Resolution
Get Yourself Into Financial Shape Many of us make a New Year’s resolution to improve our physical condition. But how about your financial shape? These are sure signs that you need to revamp your finances:
Your credit cards are maxed out and you’re only paying the minimum. Failing to settle your bill in full can lead to whopping finance charges. And if you skip a payment you can be on staggering late fees in addition to the interest.
An increasing amount of income goes to paying your debts. Only 10 - 15 percent of take-home pay should be spent on fulfilling credit obligations.
You’re using one card to pay off another. Don’t fool yourself into thinking you squaring away your debts. All you’re doing is borrowing more money.
You decide that your next trip to the doctor will have to wait. If you’re jeopardizing you health because of a lack of money, it’s time to reevaluate your credit situation. (more…)
Debt is The Master of Souls
Wholeness requires separation. In order for you to experience yourself as being whole, you spend most of your live experiencing being separated, trying to get back to wholeness.
One of your most creative ways of moving away from happiness has been through consumer debt. Your fixation with spending, gives you little time to contemplate being whole, until it hits you in the face with a debt load that you can no longer manage.
The Black Plague of the industrialized world is debt for consumer goods and services. No matter how you may reason it, going into debt to buy a big screen TV or stereo system, a new boat, or lawn furniture, just is not necessary. You have been taught that all of these things are necessary to be happy and successful. You have moved away from happiness in order to feel it again by learning how to be miserable. Now that you are up to your ears in bills, you think that you would be happy again, if only you did not owe all this money. (more…)
How much credit card debt do you have?
The average American family is now over $7000 in debt just on their credit cards. That debt generates an interest charge of over $105 each month if your card charges the average 18%. If you have missed a payment or made a late payment (even by one day!), you may be paying up to 27% interest or over $157 each month. Most credit card companies require a modest payment towards the card balance. Modest meaning from $10 to $20 a month. To pay off a $7000 debt at $20 a month you will not pay off this debt for 29 years. (more…)