|
Money Management Minute
Francina J. Pace
How are you in over your head?
 Many people are getting stuck in the credit maze. Having credit is good, how you use your credit determines whether it becomes bad. The time and money principal either works for you or for them. When you use credit the other person’s revenue stream is growing. When you don’t pay off your balances each month the “friend – compound interest” is now working against you for the creditor.
It is important to look for ways to accelerate your debt payoff and eliminate as many revolving lines of credit as possible. BUT there is a safe way to do this without spending more than you have already.
Step 1 – Stop using “all” your lines of credit – there maybe some legitimate reason to continue using one credit card or line of credit. However, there must be an extreme circumstance like…you have to charge expenses for travel with your job but you will be reimbursed or you must get gas to get to work because you had an unexpected repair expense. Diva Challenge: Read week one and begin the 3 keys today.
There could be other valid reasons but the goal is to significantly reduce the use of credit.
Step 2 – Write down all your bills, monthly payment, minimum payment, interest rate, and balance. Total up what you are paying out versus what you are required to pay out. Next create a living expense budget; this includes everything you spend including the weekly cup of Starbucks. Diva Challenge: Contact me for a free financial analysis
To find out how to accelerate your debt payoff and get out of debt sooner with the money you have now log on to www.myctjmoney.com or email me at francina@myctjmoney.com and request your free financial analysis.
Do you know women that are looking for a safe environment to gain more knowledge about money? Fall Session begins Thursday, September 18th.
Fall Session begins Thursday, September 18th
REGISTER NOW!
|
