Trading tools on credit card debt consolidation debt debt freedom biz
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Dont Save When You Owe Money.
 Human beings are curious animals. We don't always do whats best for us - rather, we do what feels best, and try to blot out any reasons why it may not be the right thing to do. Perhaps that's the reason there are so many people who have both savings and debts.
Its an Issue of Psychology.
Sure, it feels better to save. Saving makes you feel like you're building a base for your future, whilst paying off debt makes you feel like you're giving your hard cash into a hole. That money is for the kids future, or for improving your house, or whatever else - and it's in an account making a good rate of interest. What could be wrong with that? A great deal, if you have debts.
Dont Be Fooled.
There are just about no savings institutions that will offer you interest rates anywhere near as high as the ones credit cards wrest from you. Heres a question: if you have $10,000 in a bank account earning 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 just five years, the answer is effectively $0 - your owings would have grown to as much as $12,500, the same sum that your savings are now worth.
You might not imagine it currently, but it truly is a great deal better to pay off your debt. If you utilised half your savings to pay off that debt, youd be in such a better position that it's truly astounding. You avert five years of compound interest on the debt, but you still get to keep $5,000 in your bank account, pulling in interest - after five years, that's approximately $6,380.
If youd still rather keep your savings intact instead of using them to pay off your debts, ask yourself this simple question: is your pride worth $6,380 of your familys hard cash?
Think of Your Financial Well-being.
Once you get enough cash to pay off your debt, theres absolutely no earthly reason to hang on to it. Debt is for people who don't have the money, and need to borrow it. Debt costs money, and savings make money - you want 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 would you do that?
There are other advantages to getting rid your debt using your own money. Youll be less worried about your debts, and your credit statement will show that you were able to pay everything back - getting you a much better interest deal if you should need to go into debt again.
I know it's never easy. You just have to be mindful that any cash you've saved hasnt actually been saved at all. Its money you should have been spending as an alternative to buying things with a credit card. Yes, it feels much worse to spend money thinking that youre spending away your future - 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 those savings have already been spent - stop denying it to yourself.
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