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It’s all too easy for debts to get out of control sometimes. Maybe a job is lost, medical bills pile up or something else unexpected happens. It can be pretty rough sometimes.

When this happens you are probably going to have to make some serious lifestyle changes. Take a look at where all of your money is going. Then figure out where you can cut back.

Some of it will be rather painful. It can be hard to cut back on eating out, cell phone, cable television and the like. These are all fun habits, but not vital for most lifestyles.

You’ll also have to think about your shopping habits. This includes how you buy both food and clothing. What you have in your wardrobe may have to do for longer than usual. You’ll have to think more carefully at the grocery store too, and try clipping coupons.

Your mortgage or rent may have to be changed too. If you can’t afford it anymore, you aren’t living in the right home for your current financial situation. This can cost a little in the short term, since moving isn’t free, but the difference in your expenses can make a huge difference in the long run.

Look at how you use energy in your home too. Little things like changing regular lightbulbs to compact fluorescent bulbs can make a difference, and you can often get these marked down from their regular, rather high price if you look around. Check with your local power company to see if they have a program. You should also make sure that you do what you can to limit the use of your heater and air conditioner during the times of year that these are necessary.

Another thing you can do is to look at selling off the things you don’t need. Many people can raise a few to several hundred dollars off a garage sale. Every little bit does help when money is tight.

Whatever you do, work hard on getting rid of those debts. Talk to your creditors as necessary to see what can be done if you need a little help. Better to talk to them than to collection agencies.

And of course, try to find ways to get your income back up there. Keep looking for that better job, try a home business, do something to get the money coming in. You don’t have to settle where you are.

Technorati Tags: money problems, debts, income, money tight, personal finance, credit problems

There are a lot of good deals to be had on credit cards right now. But what is a good deal to you may not be a good deal to another consumer. You have to think about what it is you need from your credit cards.

Take the introductory 0% APR deals. They may sound great to you if you have a balance you’d like to transfer over, but for someone who isn’t going to be carrying a balance, who cares? 0% APR means nothing to them.

Then again, which 0% APR really means most to you? Is it better on purchases or balance transfers? What about the balance transfer fee? Will you be saving enough money to chose that card over this card? You really have to think carefully.

For other people, it’s all about the rewards. These cards are best for people who won’t be carrying a balance, as higher interest rates generally easily eat up the reward value. But which reward is best depends on your shopping habits.

Sometimes it’s the gas rewards card. You earn rewards on shopping in general, but higher rewards at selected gas stations.

For others it will be the travel rewards card. You’re going places and the card helps cut your costs.

Of course, anyone carrying a balance wants a lot interest rate in the long run. It just makes sense. And there are plenty of credit cards out there offering just that. Some require better credit than others, but so long as you have a reasonably decent history, you can get a fairly low rate in many cases. It may be a matter of asking your current credit company for it, or it may be a matter of applying for a new card and moving things over. At the very least, if you are pretty sure of being approved there is little enough harm in applying for a credit card with a better interest rate.

The big thing to watch out for are the other terms. Annual fees are not too hard to avoid these days, but you should definitely be on the watch for them. You’ll also want to know what happens to your APR if you miss a payment. These things can become extremely relevant rather unexpectedly. There’s no good reason to be caught off guard.

There’s no reason to settle for the first credit card application that falls into your mail slot. Do your research and figure out what is really going to give you what you want from a credit card. You’ll be much happier with it in the long run.

Technorati Tags: credit card selection, compare credit cards

Debt is a frustrating thing. It can get out of control so easily at times, yet other times it’s so utterly vital. How else would most people buy a home or a car?

But most people don’t have debt spiral out of control just due to one or another of those. They can indeed buy more house than they can afford, and agree to a risky mortgage scheme, then lose the gamble, or perhaps get into money trouble from a job loss, but many people get into uncontrollable debt just due to their credit cards.

Credit card debt is painful. It’s expensive. It can feel like a trap. And it can be very hard to get out of.

But you can get out of debt, and in many cases you won’t need to file bankruptcy or consolidate your debts. Sometimes those can’t be avoided, but often you can do it on your own with sheer determination.

Start by calling your credit card companies and seeing who will lower your interest rates. The lower you can get your interest rates, the better.

Next, take all but one out of your wallet and put them away. Most people find it too inconvenient to give up the convenience of credit cards, and so I won’t expect that of you.

But you do need to get your spending habits under control. As much as possible, pay cash. A lot of people find it helpful to budget using envelopes of cash, and taking that when they go shopping. You can’t go over budget if that’s all you have available.

Now pick a credit card to pay off. Some people pick the highest balance, others the highest interest rate. What’s important, however, is that you focus your energies on paying off that one card.

Pay just the minimum on all your other credit cards. But on the one you’re trying to pay off, pay as much as you can reasonably manage.

What? You can’t manage more than the minimum on any of your credit cards? You’re in deep.

But it’s still not impossible. What this means is that you are living beyond your means. You need to cut back.

Way back.

Let’s get real here. Cable television is a nice convenience. It is not a necessity of living. If you’re having trouble paying your bills, cut it out.

Ditto internet. You’ll have to rely on the computers in the library or go with the cheapest dialup connection you can get. Not fun, but doable.

Cell phone. Regular phone. Do you really need two?

What’s your favorite place to stop and get something to eat or drink? Are you doing that too much?

Are you eating out too much period? You can bring lunch to work, you know.

Keep looking for cuts like that to make to your budget. If you can simplify your way of life you stand a better chance of getting your debts back under control. You’ll feel much better for it.

Technorati Tags: uncontrollable debt, debt management, paying off credit cards, debts

Choosing the right credit card is not as simple a process as it may appear as you sort through the stacks of offers you get in the mail. The simple truth is that what you get in the mail may not be the best offer for you.

Sure, they’re preapproved. That actually means very, very little. Preapproved pretty much means they have your name, and might approve you for one of their offers. It’s not a guarantee that you will get the offer mentioned in the ad.

The rates these ads show may or may not mean a lot. The teaser rate is generally temporary, lasting anywhere from a matter of months to a year and a half. It may or may not cover purchases. Often enough these rates are just for balance transfers.

After the teaser rate expires, you’ll be paying a higher rate. Just how much higher depends on what you qualified for, not just what was mentioned in the ad.

If you’re going to be carrying a balance, this rate matters tremendously. It is what the regular cost of the credit card will be to you. A low or zero APR is nice, and you can certainly make more progress on paying off a balance during those times

Points and other rewards can be very tempting. You should try to get them only if it really makes sense for you to do so. Many have higher interest rates, and what you get in rewards simply does not make up for it.

On the other hand, if you aren’t carrying a balance, and want a credit card for the convenience of it, a rewards card makes a lot of sense. You may as well make the most of the money you are spending.

In that case, you want to choose the rewards that will make the most sense for you. Cash, points, travel, gas… whichever you will really appreciate.

Unless you have a particular reason for wanting a given card, it is probably not worth it to pay an annual fee. There are too many great offers out there for this to be necessary for most people.

If you’re serious about getting a new credit card, start checking out the online offers, not just what you get in the mail. The range is much more impressive, you might find something better than what you got in the mail, and applying online is less tedious than filling out a form by hand.

If you’re tired of receiving credit card applications in the mail, in fact, you can request a stop be put to them. You can call 1-888-5-OPTOUT, give your name, phone number and social security number, and get taken off the lists. If that’s not comfortable to you, you can write to the individual credit bureaus and ask to be removed from their marketing lists. These are the places that the credit card issuers get your information to send you all that junk mail in the first place.

Mail your requests to:

Equifax, Inc.
Options
PO Box 740123
Atlanta, GA 30374-0123

Experian
Consumer Opt-Out
701 Experian Parkway
Allen, TX 75013

TransUnion
Marketing List Opt Out
PO Box 97328
Jackson, MS 39288-7328

Technorati Tags: credit card options, applying for credit cards, credit card rewards, rewards cards, opt out, preapproved credit cards

My grandmother died last week. It was not entirely unexpected; she gave us a few days’ warning that she was ready to rejoin her husband. But of course that only helps a little.

Some things about this kind of situation can be a little awkward, and you have to allow practicality to take over when you’d rather be sentimental.

My grandmother lived about 500 miles away from where I live. A lot of other family members live in the same area she did, but a good number did have to commute. This of course meant that we had to start talking immediately about the division of items not specifically disposed of in the will.

I consider my family to be quite fortunate. A couple of my cousins were a bit antsy about wearing some of grandma’s jewelry to her funeral without checking with others first. Everyone assured them after that it had been 100% all right and appropriate. Yet I know a lot of families would have been furious.

The division of household goods has been going well. The simple rule is that if you like it, write it down. Lists will be compared, and undisputed items will be the obvious property of those who want it. Items multiple people want will be disposed of by either generation or by who has already gotten what. If you’re getting a lot and the other person only a little, guess who gets the item, other factors being equal?

The hardest part was picking the sentimental things to ask for. I have so much clutter already it was very hard to think of what I would like most.

Practical things on the other hand, were pretty easy. Lots of folks were looking hard at kitchen items and tools, of course. There were a few things I wanted that no one else was remotely interested in, and so I get old, used versions instead of needing to buy new. Grandma was a believer in quality, so old was no problem.

The local relatives who are in charge of all this want it all to go quickly, so that the house can be sold. That’s going to be one of the hardest parts, watching that old house go out of the family. But it is very necessary.

All this, of course, emphasizes the need for people to have a will. Most wills need only be basic, as families can divide the everyday stuff up pretty easily. My grandparents had things pretty well organized, and so my mother and her siblings know what each of them needs to do right now as they dissolve the estate. But too many people don’t even have that much done.

Prepare a Will online at lawyer-free prices.

Technorati Tags: will, death

A 0% APR credit card always sounds like a great deal, but there are still a variety of factors that can make one offer stand out above the others. There’s no reason to pick the first offer that comes you way just because the sales letter sounds good.

How Long Do You Pay 0%?

The longer you don’t pay interest, the better, of course. Some offers may give only 6 months or so of freedom from interest, while others go 15 or even 18 months. A long time without paying interest gives you more time to get things paid down.

What Will the Regular Interest Rate Be?

If you’re going to be carrying a balance, the interest rate you will be paying normally matters. It is possible to find a low interest rate combined with a starting 0% APR.

What Does the 0% APR Apply Toward?

If it just goes to balance transfers, you won’t be getting any help with purchases made during the initial period. But sometimes you can get it applied to both, or at least a low interest rate on purchases to start things off.

You’ll also want to know about any fees associated with balance transfers. Sometimes these will eat up a lot of your savings. However, there may be a cap on the transfer fee which can help.

What About Rewards?

If you like rewards cards, some of them offer 0% or low APR credit cards as well. Consider what you want from the card. If you can get good rewards along with no interest to start and a good interest rate, it’s probably a good choice for you.

What Credit Card Issuer Do You Prefer?

It’s not always rational, but sometimes you just flat out prefer one company over another. You may have preferred their service in the past, or just trust the brand. So long as this isn’t outweighed by other factors, there’s nothing wrong with going through an issuer you trust.

Choosing to switch to a credit card that isn’t charging you interest can be a great financial decision. You can save quite a bit of money during the initial period, and get those old debts paid down. There’s a lot to be said for it for just about anyone who is carrying a balance on their cards.

Take the time to research the various cards so that you know which are right for you. Some cards are better than others for a variety of reasons, and the first offer you see is not necessarily the right one for you.

Sometimes it’s really hard to not overspend. Life can throw you a loop, and you have few choices other than to keep spending. But it’s not fun when you have limited funds.

Take my situation right now. Bridesmaid in my sister’s wedding. Even with her buying the dress (a huge savings for me), there are expenses that really don’t fit comfortably in a tight budget. New shoes because the old ones don’t fit anymore. Makeup because I rarely wear it and what I have is six years old. Bridal shower supplies. You get the idea.

At times like this it pays to combine finding cheap with finding good quality. The shoes I chose will be good for more than just the wedding. Always nice to have a decent pair of dress shoes, and I found them online at a good discount over what I would have paid locally.

The bridal shower was kept simple, mostly desserts, and combined shopping with other bridesmaids. It helped a lot.

Nonetheless, even with my goal of paying down credit card debts, some had to go on them. But we did work to minimize the issues.