Facts on credit card debt consolidation internet debt freedom biz
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Dont Save When You Owe Money.
 People are peculiar animals. We don't always do whats best for us - instead, we do what feels best, and try to blank out any reasons why it may not be the best 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 feels like you're constructing a cornerstone for your future, whilst paying off debt makes you feel like you're throwing your hard cash into a hole. That money is for the kids education, or for improving your place of residence, or whatever else - and it's in an account gaining a good rate of interest. What could be unreasonable about that? Lots, if you have debts.
Dont Be Fooled.
There are just about no savings companies that offer interest rates as high as the ones credit cards wrest from you. Heres food for thought: if you have $10,000 in a savings account bringing in 5% a year and $5,000 on a credit card at an interest rate of 20% per year, how much money do you have? After only five years, the answer is effectively nada - your debt would have grown to in the area of $12,500, the equivalent sum of money that your savings are now worth.
You might not think it at present, but it actually is a lot 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 really amazing. You avoid five years of compound interest on the debt, but you still get to hang on to $5,000 in your bank account, making interest - after five years, that's about $6,380.
If youd still rather keep your savings intact rather than using them to pay off your debts, ask yourself this elementary question: is your pride worth $6,380 of your familys money?
Consider Your Financial Health.
Once you have sufficient money to pay off your debt, theres absolutely no reason on earth to hang on to it. Debt is for people who don't have the money, and have 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 financial institution, then youre in effect paying for the privilege of borrowing your own cash from them. Why would you do that?
There are additional advantages to getting rid your debt using your own 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 deal if you ever have to go into debt in the future.
I know it's hard. You just have 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 future - but always remember that whenever you use a credit card to spend that same money, youre spending away your future, plus interest. In any case, 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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