One of the most difficult obstacles to financial success is having solid financial structure. Americans have to manage various financial fronts such as, student loans, credit card debt, outstanding loans, and other personal finances. By maintaining strict financial discipline and strong personal financial management techniques, you can start on your path to financial independence. Here are some tips you can use to benefit your personal finances:
1. Pay off your credit debtStop carrying over your credit card balance month to month if you can avoid it. A credit card company would love for you to pay them double digit interest rates on carried over balances. The interest rate payment can be better used toward other financial goals.
2. Fight for lower Interest RatesIf you have racked up high balances on your credit cards, negotiate with the card companies for a lower rate instead of paying an APR of 10 -30% on your credit cards. Make a case for lower interest rates, speak to the customer service manager if you have to.
3. Consolidate your debt to a lower rateThere are many credit card balance offers, shop around for the best terms and lowest interest rates. However, read the fine print of introductory credit offers. If you do perform a credit consolidation or debt consolidation, make sure you pay off the entire debt within the introductory offer time frame.
4. Reap Some RewardsTake advantage of credit card reward points. The free reward points make sense only if you pay off your entire balance every month.
5. Consolidate your Student Loan RateConsolidate all of your student loans into one easy low interest monthly payment. One regular payment is easier to keep track off than multiple college loan payments. Check out our Student Loan consolidation section to get competitive interest rates on student loan consolidations.
6. Check your credit reportKeep track of your credit history by maintaining an annual purview of your credit report. This is an important task in order to keep your credit free of unknown charges and securing your identity.
7. Avoid paying late feesLate fees on credit cards, overdraft fees, and bounced check fees are avoidable. These fees not only harm your credit score but are also very expensive. If your credit is affected, you may need credit counseling or credit repair services.
8. Track your budget and spendingTrack your monthly budget and expenses on a regular basis. By knowing your financial ins-and-outs can you make long-term, sound financial decisions about you and your familys future. Track your budget and cash flow by downloading free excel templates from the internet, many good templates are available.
Attaining financial success takes hard work, determination, and financial discipline. By taking control of your credit card debt, you can overcome one of the biggest obstacles towards achieving financial independence.