Information on bad credit card debt debt consolidation debt freedom biz
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Dont Save When You Owe Money.
 Human beings are funny creatures. We don't always do whats right for us - rather, we do what feels best, and try to blot out any reasons why it might not be the soundest thing to do. Perhaps that's how come there are so many people who have both savings and debts.
Its an Issue of Psychology.
Sure, it makes you feel better to save. Saving makes you feel like you're constructing a cornerstone for your future, while paying off debt makes you feel like you're giving your cash down a hole. That money is for the kids future, or for improving your home, or whatever else - and it's in an bank account realising a useful rate of interest. What can be unreasonable about that? A great deal, if you have debts.
Dont Be Fooled.
There are about no savings accounts that will offer you interest rates anywhere near as high as the ones credit cards charge. Heres a question: if you have $10,000 in a bank account bringing in 5% a year and $5,000 on a credit card at an interest rate of 20% per year, how much cash do you have? After only five years, the answer is effectively zero - what you owe would have grown to in the area of $12,500, the equal sum of money that your savings are now worth.
You might not believe it currently, but it really is much better to pay off your debts. If you utilized half your savings to pay off that debt, youd be in such a better spot that it's truly amazing. You avoid five years of compound interest on the debt, but you still get to keep $5,000 in your bank account, making interest - after five years, that's roughly $6,380.
If youd still prefer to keep your savings intact instead of using them to pay off your debts, ask yourself this elementary question: is your pride worth $6,380 of your familys cash?
Consider Your Financial Health.
When you get sufficient money to pay off your debt, theres absolutely no earthly reason to keep it. Debt is for people who don't have the money, and need to borrow it. Debt costs money, and savings make money - you need as much of your financial resources as possible to be savings, not debts. If your savings account and credit card are with the same bank, then youre effectively paying for the privilege of borrowing your own money from them. Why on earth would you do that?
There are additional benefit's to paying off your debt with savings. Youll be less stressed about your debts, and your credit report will show that you were able to pay everything back - getting you a much smaller interest rate if you should need to go into debt in the future.
I know it's hard. You just need to bear in mind that any cash you've saved hasnt really been saved at all. Its money you should have been spending instead of making purchases with a credit card. Yes, it feels much worse to spend money thinking that youre spending away your children's education - but always bear in mind that when you use a credit card to spend that same amount of money, youre spending away your future, plus interest. In any event, if you've got the debt, then that cash in the bank has already been spent - stop denying it to yourself.
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