The Simple $10 Debt Elimination Solution

Written by James Dimmitt

Ask a friend what money resolutions they made atrepparttar beginning ofrepparttar 138455 year and your bound to hear them reply “Pay off my credit cards.” Ask them how they planned on reaching that goal and most of them won't have an answer.

The obvious first step to paying off credit card debt or paying down credit debt load is to cut back or eliminaterepparttar 138456 use of your credit cards. For some people this first step can often berepparttar 138457 most difficult. If you’re used to spending freely with plastic and worrying aboutrepparttar 138458 consequences later, it’s difficult to break free from this “buy now, pay later” attitude.

To gain control of their careless credit card spending habits, some people cut up their credit cards therefore making it impossible to use them. Others lock up their credit cards or hide them in a safe place and vow to use them only in an emergency.

The second step to paying down credit debt is to pay more thanrepparttar 138459 minimum balance due. Most credit card companies require a minimum monthly payment of 2.5% ofrepparttar 138460 outstanding balance. For example, if you have an outstanding balance of $1100.00 on a credit card charging an Annual Percentage Rate (APR) of 18.9% your minimum monthly payment would be $27.50. It will take you 66 months or 5.5 years to pay off your balance of $1100.00 makingrepparttar 138461 minimum payments. The credit card company will make $676.94 in interest from your use of their credit card.

Monthly payments are purposely kept low byrepparttar 138462 credit card companies so that they can earn as much as possible fromrepparttar 138463 interest rate charged to yourepparttar 138464 consumer. Paying justrepparttar 138465 minimum payment will keep you tangled in credit’s web for years and years to come.

Programs To Help You Fund Your American Dream

Written by James Dimmitt

The American Dream of home ownership is onrepparttar rise acrossrepparttar 138454 United States. According torepparttar 138455 latest figures available,repparttar 138456 US homeownership rate reached a record 69.2 percent inrepparttar 138457 second quarter of 2004, up from 68.3 percent in 2003. And forrepparttar 138458 first time,repparttar 138459 majority of minority Americans own their own homes.

Owning a home provides tremendous benefits for families and forrepparttar 138460 communities in which they reside. Homeownership provides a sense of security and allows families to build wealth. A home isrepparttar 138461 largest financial investment most American families will ever make. Homeownership translates into a greater concern for neighborhoods and their communities as owners work to maintainrepparttar 138462 value of their greatest investment.

However,repparttar 138463 most significant stumbling block for many low- to moderate-income families is being able to affordrepparttar 138464 down payment and closing costs. Fortunately, there is help - through down payment assistance programs or DAP’s.

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