Focusing on the credit card with the highest rate can be the wrong approach for some. If you’ve racked up a lot of debt on your credit cards, you’re not alone. In fact, of the 90 million households in the United States that own at least one credit card, the average debt totals a whopping $10,691, according to CardTrak.com. Many of these households are only paying the minimum payments on their credit cards too. If that sounds like you, here’s some food for thought: If you carry the average credit card debt of $10,691 and only pay the minimum payments each month, it will take you nearly 33 years to pay off your balances completely.*

Clearly, the minimum payment method is not a great way to manage your debt. It’s time to start paying down your balances and rid yourself once-and-for-all of that perpetual black cloud. But where do you start? If you have several credit cards – and many of us do – it’s smart to devise a payoff plan. There are two ways to do this that are widely talked about, each of which focus your energies on a single debt, while paying just the minimum payments on your other debts.

Keep in mind that these strategies will work for all of your debt, including auto loans, student loans and home loans, but for the sake of keeping it simple, let’s concentrate on credit card debt. Here’s how to do it…

Which Debts To Pay Down First

Save Yourself from the Credit Monster

Debt Settlement and how it can help

If you are a person who is struggling to keep afloat and your bills are piling up your credit card companies have increased you interest rates you may never pay off you debt.

Think about this alarming numbers if you have $10,000 in Credit Card Debt alone! 

Assume your interest rate is 24%

Let’s assume you are making the minmum payment just keep up on $10,000 balance the payment is $70.00 per month

If you pay just the minimum payment it will take you 2,792 months to pay it off!

Which is in case you don’t know 232 Years Which means you will never be out of debt with just $10,000 credit card debt.  Over the life of the Credit card you will pay $197,306 back to them

But the fact is You will NOT live that Long

So there are four things you can

• Increase you minimum payment and reduce your years to pay it off

• You can go to Credit Counseling company and your payment will be $257.00 per month and you will pay off the card in 60 Months AND PAY BACK $15,443.00

• You can go to a Debt Consolidation Company and your Payment would be $217.00 per month and it will take you also 60 months to pay it off. You will have paid back $13,045.00

• Or you can have Debt Settlement your payment would be $229.00 per month and you will payoff the payment in 24 months and only have paid a total amount of money you will pay back is $5,500

Which Plan do you think wil help you the most to find out where you are go to http://destroymydebt.net/robbins

Help Yourself first because the Credit Card Companies won’t help you the want you to be in debt to them for the rest of your life. Ask Yourself this!

Which would you rather have

$5,500.00

or

$197,306

Tim Robbins helping people across America for over 30 Years to see and talk with me go to

http://www.bestmortgageplans.com  or Ring Me NOW Here

If you have the credit (maybe even if you don’t) and plan on staying put at least another 3 years or so, then right now seems to be the perfect time to visit your bank to talk about refinancing.  Why?

1. All indications show that the housing crisis  is already in the process of recovery(more new houses being built, more people applying for and being approved for mortgages, etc.)  This being the case, mortgage and re-financing rates are starting to click back up into the realm of normalcy.  I am in the process of refinancing right now at 5.25% –  more than a full point less than my previous mortgage.  Some banks are even advertising rates as low as 4.9% if you’re up for shopping around. This refinance will save me over $20,000 for the life of the loan, and $2,500 over the next 5 years.

2. You have the opportunity to cash in on what may be a once-in-a-lifetime event for the rest of  your loan’s life.  Obama’s Stimulus Plan (whether you agree with it or not) is an opportunity you have to take advantage of if you own a home, have been considering re-financing and are experiencing financial hardship (loss of job, medical bills, tuition, credit card debt, etc.) The plan will get you a fixed mortgage at a good rate, with low closing costs.  Most banks even roll the closing costs directly into the loan as well, meaning that there are no up-front costs.  If you are really hurting, you can even talk to the bank about a mortgage modification program that makes sure that you mortgage payment is not more than 31% of your gross monthly income. I would recommend steering clear of this if you can, though.  Paying ridiculously low mortgage payments may be nice, but it also means that you will probably be paying off your house for the next 100 years or so.  For more info on the stimulus plan, check out http://ezinearticles.com/?Take-Advantage-of-Obamas-Home-Mortgage-Stimulus-Refinance-Plan&id=2269995.

Check out www.bankrate.com for current mortgage and re-financing rates in your area.  If you are planning on waiting awhile before refinancing or purchasing a home, be sure to be working on increasing your credit score all the time.  Things like applying for lots of credit in a short period of time (just say no to dept. store cards!), carrying a balance on credit cards and not paying bills on time can all significantly damage your score.

We don’t hear much in the news about what happens in life after foreclosure. But for many it is continued nights of unrest and concern. While going through the process homeowners are treated rudely and disrespected in many ways, yet many foreclosures are the result of some catostrophe that has taken place in the homeowners life. A death of a loved one, a major illness, unemployment or divorce. Add to this a difficult real estate market and you find these are common events that can lead to loss of a home.

For many the problems have just begun. In real life a foreclosure can cut the family out of the rental market because landlords are skeptical to rent to a family that has just gone through foreclosure. Many families have lost their homes because of unemployment and find that while applying for new employment employers will check credit. Foreclosure on a credit record can keep them out of the rankings for that particular job. The consequences are many and can be deep.

What should be done when faced with foreclosure
Beginning the process of rebuilding your credit should be started immediately. When you know that foreclosure is in your near future it is imperative that you begin to save as much money as possible. In many cases you are probably going to be faced with larger rent deposits and for the recently foreclosed cash on hand can be a problem.

Rent -Consider that you should not pay more than 25% -28% of your income on rent. Your rent should be the first thing you pay each month. Your payment history will be a huge factor when you do apply for a new home mortgage in the future.

Credit Cards- If you have credit card debt- work on reducing it. If you can afford to have a credit card then be sure to make these payments a priority and keep your balances paid off monthly. Financial advisers suggest to keep your charges below 30% of your credit limit. Make every effort to avoid balances. A common mistake consumers will make is to close their credit accounts in the attempt to raise their credit score. This attempt can actually make your score lower!

Other Credit- Pay on time. Finances may be tight but by paying your bills within 30 days your credit report will show a positive rating. Don’t let 30 days go by without paying your bill.

Payroll Taxes Be sure to review your deductions. If you are receiving a refund each year, change this. It doesn’t make sense to save money through the Government when you could be using it today to get back on your feet!

Savings- Begin a savings account and put something in it every month. Even small amounts will build up! Have a goal to save 3 months of expenses saved. Before you know it you will have a down payment saved for your future home. Your savings account is the beginning of accumulating your new assets and will be reviewed when you apply for that new home in the future.

New Credit- Begin new credit carefully and slowly. Eventually you will be offered new credit but determine if you really need those. Keeping up on the above items can build a very strong credit history without taking on additional responsibility that you probably don’t need.

There is a life after foreclosure and the future will look bright again!