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Tag Archives: Debt

The True Cost of Debt

Written by Dave Perry on August 7, 2013.

The cost of debt goes beyond the dollars and cents you may spend on interest and fees. The true cost of debt is in the opportunity cost – the things and experiences you miss out on because you’re too much in debt to enjoy them. Think grad school, vacation, early retirement.

Paying off your debt faster might let you get back to enjoying life – the way you did before debt crept in. Read What is Debt Really Costing You to get an idea of how much you could be losing because of debt.

The Disease of Debt – Finding the Cure

Written by Dave Perry on June 17, 2013.

There are many ways a person can become trapped by overwhelming debt. Although debt can be accidental through situations like long-term hospital care or auto accidents (especially if youre at fault) it can also be a disease.

But like all diseases, debt too has many different causes; the symptoms however seem to look very similar in the end financial disaster.

Ok, so the debt is never really unseen, but for many people, the cause of their debt can go unnoticed for weeks, months, and even years. What Im talking about is the small, steady, and usually unnecessary spending that goes on right under everyones nose.

Its the small and unseen spending that can get people into a lot of trouble. Have you ever actually added up a whole months worth of fast-food lunches or dinners?

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Using diligence not scissors to cut credit card debt.

Written by Blake Teen on May 12, 2013.

Article by Kevin Boyle

Cutting up your credit card may not be the best answer to controlling your debts, according to a new article by the News Limited Network.

After all, there’s no reason to throw away those hard earned rewards points and dispose of a credit cards convenience, when all that may be required is a bit of know how and some dicilpline. According to MyBudget’s director Tammy May it may better to choose to stay on top of your credit card payments.

Many people run into trouble with their credit cards when a large expense arises, while others use their credit card simply to fund their lifestyles and make minimum repayments on their credit card.

“The biggest tip is to spend less than you earn,” said Tammy May.

Head of consumer cards at ANZ, James Hutton advises that paying the balance in full each month is the best way to avoid interest and to even set up a direct debit if you are worried you will forget the repayments dates.

Cutting up a credit card is common among people who feel they are not disciplined enough to control their spending and make repayments, according to founder Alex Wilson.

“The biggest trap is not to be pulled in by marketing gimmicks. It

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Does Paying Off Debt Mean Being Miserable?

Written by Dave Perry on February 18, 2013.

Paying off debt is hard, but “Why the Second Year of Paying Off Debt is Hardest” makes it seem like paying off debt is the most agonizing thing you’ll ever do in your life. The author writes:

[…]We will continue to solicit roommates to share the burden of rent in our miniscule house, where we have started to keep the heat at 58 degrees in the middle of Midwestern winter. I will once again consider selling the rest of my clothes, my final possessions, which will leave me with one old hoodie, so many tee shirts from high school, and a pair of shoes that do not fit me or any human person. I will apply for overnight jobs, because I had been getting a solid six hours of sleep most nights, and that’s time I could be working. I will find no solutions, and I will cry while looking at cards in Whole Foods.

I’m not criticizing the writer of this particular article, because I don’t know the details of her situation.

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4 0% Credit Cards that Can Help You Get Out of Debt

Written by Dave Perry on January 31, 2013.

Credit cards that feature 0% APR promotional rates on purchases and balance transfers are one of the best ways to avoid interest payments and pay down credit card debt. And while there are many cards that have these offers, four of them stand out from the crowd.

These cards offer the longest 0% rates as well as unique money saving features that can help you prevent interest costs from piling up on old purchases or prevent new interest charges on upcoming purchases for up to 18 months.

Chase Slate

The Chase Slate card is the undisputed leader when it comes to 0% APR balance transfer deals as it is the only card that charges no balance transfer fees.

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