If you’ve been looking for a way to start saving for the future, you should start by addressing any credit card debt you may have. By making only the minimum payments on your card, you’re greatly extending the amount of time it will take to pay them off. Not only that, you’re adding substantially to the amount of money it will take. This is doubly true if you’re missing payments and incurring finance charges along the way.
Make the Choice
Decide that you will pay a certain amount above and beyond the minimum payment necessity from now on. By doing this, you are engaging in a debt management plan that can help you begin putting money toward the principal of your balance instead of handing almost all of your money over to interest. Paying just enough to cover the minimum payment could mean making payments for the next 15 years. Do you really want your debt hanging over your head for that long? This will severely hamper the amount of money you can save, invest, and use towards preparing for the future.
Saving and Debt
Because saving and investing is so important for a secure future, many people start building their retirement accounts before they’ve addressed their credit card debt with a company like Credit Guard of America. It’s always a good idea to have some money stored in a drawer for a rainy day, but you should wait until your revolving debt is squared away before you start making serious investments. If you’re itching to start building a portfolio, let that drive you to eliminate your debt as quickly as possible.
If paying your monthly credit card bills is already too much for you to handle, it may be time to seek help. Don’t wait until the company starts calling. And if they’re already calling, don’t wait until they decide to hand the account over to collections. Take action now to turn your finances around. Debt consolidation programs can help you get started. By providing credit counseling and working with you to develop budget management strategies and a debt management plan, these companies can put you on the road to credit card debt relief and financial stability. Start today, and find out just how good it feels to invest in yourself.