Tips For Dealing With Credit Card Debt

Struggling with credit card debt can cast a black cloud over every aspect of your life. The longer you stay in debt, the more damage you’ll end up doing to your credit rating. That in turn will make it harder to get a loan in the future for important borrowing like a home mortgage. Not … Read moreTips For Dealing With Credit Card Debt

How To Qualify for a Home Equity Line of Credit (HELOC)

A home equity line of credit can be a smart choice for many borrowers. As opposed to other types of borrowing, a HELOC generally carries a lower interest rate than a credit card or an unsecured loan, and for most people, the interest on a home equity line of credit is tax deductible. The biggest … Read moreHow To Qualify for a Home Equity Line of Credit (HELOC)

How To Improve Your Credit Score

It is no secret that in general, I think it is best to be totally debt free. Just take a look at my series on Debt Free Forever. However, there are times when credit is necessary, and even if you are on a cash basis, there are times when a good credit score is important. … Read moreHow To Improve Your Credit Score

Don’t Pay Off Your Credit Cards! – Not This Foolish Way

It should be clear by now, that here at Money, Debt and Taxes we are big fans of paying off your credit cards.  But when it comes to paying off your debt, it is amazing how much bad advice is out there, even from trusted sources. Recently I came across an article on The Motley … Read moreDon’t Pay Off Your Credit Cards! – Not This Foolish Way

What To Do When You Can’t Pay Your Taxes

April 15th has arrived, and you don’t have enough money to pay your taxes.  What are you going to do? First of all, don’t panic. You are not alone. Every year thousands of people come up short when it comes time to pay the IRS.   Here is what you can do when you can’t pay … Read moreWhat To Do When You Can’t Pay Your Taxes

How To Get Out of Debt – Debt Free Forever

This is the fourth post in a series that will explore how you can become debt free, and stay debt free forever. Future posts will talk about when you should and should not use credit cards for purchases. Why you should care about your credit score, how to save money on every day expenses, will … Read moreHow To Get Out of Debt – Debt Free Forever

Eliminate Tax Debt with an IRS Offer in Compromise

Are your unpaid back taxes overwhelming you? Are you looking for tax debt relief?  If you don’t think you will ever be able to pay off your tax debt, you may be able to eliminate a large portion of your tax debt with an IRS Offer in Compromise. With an Offer in Compromise, the IRS … Read moreEliminate Tax Debt with an IRS Offer in Compromise

Debt Free Forever – The Credit Card Pay Off Plan

This is the third post in a series that will explore how you can become debt free, and stay debt free forever. Future posts will talk about when you should and should not use credit cards for purchases. Why you should care about your credit score, how to save money on every day expenses, will credit repair companies help you or hurt you and much more. Make sure to subscribe to our feed so you don’t miss a single installment of this series.

Make sure you have read parts one and two of the series before reading this.  You also need to have done the previous assignments before you can start paying off your debt.

Now, in part 2 you filled out a worksheet that listed all your credit cards, the amount you owed, the minimum payments on your credit card, and the amount you are actually paying.   Hopefully you are paying more than your total minimum payments each month. If you are paying only your minimum payments, or if you are not even paying your minimum payment, we will need to get into some advanced strategies. I’ll save those for the next post.  But I have found that most people who want to pay off their credit cards,  pay more than their minimum payment each month, sometimes quite a bit more! But this can cause problems.

Read moreDebt Free Forever – The Credit Card Pay Off Plan

Debt Free Forever – Adding Up The Debt

This is the second post in a series that will explore how you can become debt free, and stay debt free forever. Future posts will talk about when you should and should not use credit cards for purchases. Why you should care about your credit score, how to save money on every day expenses, will credit repair companies help you or hurt you and much more. Make sure to subscribe to our feed so you don’t miss a single installment of this series.

I hope you have read the first post and have made your commitment to become debt free forever. Last time we talked about the problem of debt, and of the fact that most people do not get an adequate financial education. With this post we are going to start into the real work of becoming debt free forever. And the best place to start is with credit card debt.

Credit cards are easy to obtain and easy to use. In fact, most stores will give you a discount on your purchase if you will sign up and/or use the store credit card. Why is that? Because they know that you will probably not pay off your purchases every month, and that they will earn more from you in interest charges and fees than the discount that you get.

It is interesting to see just how much a purchase made on a credit card can end up costing you. Let’s look at an extreme example.

Read moreDebt Free Forever – Adding Up The Debt