interest
Pay Off your Credit Cards
If you owe money to one or more credit card companies, the first step is to get out of those debts
Sending only the minimum payment that is required from you will only keep you indebted for several more years, if not decades.
Furthermore, you will have reimbursed many times over the amount you actually owed.
Do you know of a guaranteed investment that will yield 18, or even 33 percent a year, year after year?
Once paid off, you get to keep and enjoy the amount you used to send to your creditors. That is the same as if you made 18 to 33% interest for yourself.
If you have more than one card maxed-out, send the highest amount possible to the one that has the highest interest rate. Also, make the minimum payment on all your other cards.
Where are you supposed to find the money to do that? By following the other money-saving tips posted on this website, you will have extra money that you should use to pay off your credit cards.
Pay your Credit Card Balance on Time
Always pay your credit card balance in full on time.
Otherwise, high-interest AND penalty fees will be added to your account.
Steer Clear of Cash Advance Payday Loan Centers
Borrowing money from Cash Advance Payday Loan Centers is considered to be one of the biggest financial mistakes, according to financial gurus such as Suze Orman and Clark Howard.
Here is an example taken from Check into Cash’s FAQ’s:
$100 payday advance with a $15 fee = 391% APR
To put this into perspective, the worst credit card APR’s are usually about 10 times less!
Income Tax Tip: Pay on Time
Pay your amount due to the IRS on time.
This will prevent you from having to pay unnecessary penalty fees AND interests.
Income Tax Deduction: Heloc Interest
Very similar to mortgage interest. Heloc (Home equity line of credit) interest is also to be included in “Itemized Deductions”.
Income Tax Deduction: Mortgage Interest
This is a big one! For most families owning a house, this will be the most important deduction to include in your “Itemized Deductions”.
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