Looking for Financial Advice
 

Just looking to clean up my credit and get my finances in order and clear up some debt. Are there any books or advice some of you can recommend?

Pay off your highest INTEREST charge accounts first... stop any and all charging. Get a second job if necessary to get some extra cash to pay down the debt QUICKLY so you can recover quicker. Call all companies you owe and try to negotiate a lower interest rate. The worst they can say is no.

PS --

Forgot the advice I tell my kids and their friends:

You can not SPEND your way to wealth.

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A little quickie math:

If you're 21 years old and put away $2000 per year - for 10 years - until you're 31 - and from then on you never add another dime to the savings (just letting the interest compound) - you'll have almost ONE MILLION DOLLARS in savings....

HOWEVER....

If you start this savings account at 31 - and put away $2000 every year for the rest of your life - you won't even be close to the million dollar mark...

Send in as much as possible for payments. The minimum payments will NEVER get the cards paid off. Get rid of the charge accounts too. Too many people these days using them to live on, don't. If you can not afford to pay the balance in full each month don't buy it. Keep one with a decent rate for emergencies and dump the rest. Cut them up and close the accounts.
:cheers:

Check out DaveRamsey.com you can also download his podcast if you cannot hear his raido/TV show. Also can go to your local book store he has several books.

If your ready for that life change he can teach you the steps!

That is way to opened ended of a staement, hence I suppose why you are looking for more info. Paying everything down, depending on the situation is NOT always the answer.

But here is a site with a wealth of information. But just like anything, read, read, read.
http://www.creditboards.com/forums/

The awesome thing about credit is that time heals all wounds, but there are things you can do that can reduce, or erase that time to easily prop up your credit outlook.

Careful there...while seemingly good advice...closing accounts will limit your available revolving line of credit and that may drastically lower your credit score.

Good point about the credit score being affected. My bad. Sometimes it is better to use them on a minimal use basis just to keep them active and open.


But again, if you can not pay that balance in full each month the cycle starts all over.

Cut the cards but DON'T close the accounts. Credit score will take a hit if you do.

You might have to play hardball with credit card companies to get a deal...I am sure it can be done...you just need to play the game.

As a loyal Dave Ransey listener he always says to pay off your lowest credit card off first. Meaning if for instance you have three or four cards, which ever card has the lowest amount of money on it pay it off first. He says that if you see balances and cards get payed off you will keep doing what you are doing, if you try to pay off the biggest one first you will get discouraged real fast as the balance never seems to drop. Hope this helps. If you choose to do Daves steps its for sure a life change so be prepared to do what ever needs to be done. Good luck.