About 'outstanding debt'|Collecting your outstanding debt
Living debt-free has got to be a major priority for anyone who wants to live a liberated life. As a former registered financial advisor, I saw this reality writ large in my professional experiences, and even later on when I specialized in getting people new home loans for the sake of debt consolidation or other ways to save money on their monthly payments. Since those days I have continued to study financial and economic matters for my own purposes and "debt free" is still a mantra to me. Needless to say, for most people it's just not always possible to achieve desired financial and personal goals without acquiring some debt. There are right times and circumstances for taking on mortgages, home equity loans, credit card debts, business loans, and so forth. But what strikes me is just how careless the typical adult is about taking on debt. Debt is like violence: although there is a right time and place for it, it actually needs to be avoided save as a final resort when all other ways fail. Just think of all of the fees associated with credit cards and even many debit cards. (Debit cards are not really debt instruments, but you understand about the fees I'm sure.) Just think about all of the interest that you need to pay on any outstanding debt. Interest is charged on loans, incidentally, as compensation to the lender for delayed consuming. It's really a fair deal, overall, but that's just a finer point of economics, and the bottom line for you as the borrower is that you are tied to this debt and to these payments. Every dollar you spend on interest payments is a dollar, presumably earned through your working efforts, that you no longer possess to spend on consuming or investing . The fact is that debt interest payments benefit absolutely no-one except for the lender. Credit card fees and similar types of fees also benefit no-one but lenders. Lenders serve a useful and necessary role in our society, but they are like fast food restaurants: their authentic roles are limited, but people get hooked into grossly overusing what they provide to the detriment of their own health, wellness, and finances. Ways to a Debt Free Life Get deadly serious about paying off any and all debts that you have right now, even your mortgage if you have one. Consolidate your credit cards if you have more than one, and get rid of all except one of them. You only need one (per adult person, per household, that is.) Consider a debt consolidation mortgage refinance if your circumstances are right for one. This won't eliminate all of your debt right away but if done right it will save you significant money, and it will put you on the right road to full debt elimination. Never borrow money in order to invest it. Absolutely never. Absolutely never use your credit card except: for emergencies; or, for times when you're short on cash but you are utterly certain that you will be able to pay off the charged amount in full as soon as the bill comes in. Consult a certified financial advisor or planner and open up a money market account and an index fund as an investment. With the help of your agent, get disciplined about putting the same amount of money (as a minimum) into these accounts each month or with every paycheck. You see, money that you're investing and saving is money that you can't go into debt with, and it's money that is actually earning you more money instead of costing you more. Don't a borrower be! Don't forget: stay out of debt! |
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Outstanding Debt - Blog Homepage Results
1- Conversion of Credit Cards Debt into Easy-Pay Installment. -restructure your monthly payment by converting outstanding amount into interest free installment -reduce credit card interest from 18% per annum to 6% per...
...Be Mine? Exploring Hard Work for Debt-free Future Love Ya, Girlfriend! Time to Stop...Stuff I like (from my personal blog) 46 Outstanding Photographs of Water Drops...
"Let no debt remain outstanding, except the continuing debt to love one another, for he who loves his fellowman has fulfilled the law." Romans 13:8
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