Friday, November 23, 2007

Paying Off Your Credit Cards and Other Bills
Paying Off Your Credit Cards and Other Bills
By Terry Rigg
If you maintain a balance on your credit cards you are probably paying hundreds of dollars a year in interest. This is money that could be put to better use.
There is a simple method of paying off credit cards that doesn't require too much extra money each month. This method is called payment snowballing. While your biggest gain will be from paying off credit cards, you can also use this method to pay off installment loans, your mortgage, medical and other bills.
By snowballing your payment you start paying off credit cards and adding the money you were paying on the paid off credit card to the next one. This is one of the quickest ways to eliminate your credit card debt.
I have developed a simple form to help with this process. At this point you may want to look at a sample payoff schedule at http://www.homemoneyhelp.com/sampleccpayoff.html . You enter the name of the credit card, amount you owe and your actual payment on the form. For a printable copy of "Snowballing Your Credit Card Payment Schedule" use this
link: http://www.homemoneyhelp.com/ccpayoff.html . You may enter your figures on this form before you print it. It is best to list the credit cards in the order you wish to pay them off.
There are two schools of thought about which way is best. Many experts believe that paying the credit cards with the highest interest first is best. You then go to the credit card with the next highest interest and so on. Personally, I believe people need to see results quickly. I recommend paying off the credit card with the lowest balance first and then go to the next lowest balance, etc.
Whether you start with the highest interest rate credit card or the one with the lowest balance it will ultimately achieve the same results.
Your next step is to determine how much you can afford to pay toward eliminating the debt. Since you are already making at least the minimum payment, you can start by adding the minimum payments for all of your credit cards. Then check your budget to see if you can afford to add any money to your minimum payments. Visit http://www.homemoneyhelp.com/BBOonline.html to setup a simple budget. It's FREE.
At the bottom of the payoff schedule you will find a table to help determine how much you can pay. Once you have determined how much money you have to put toward paying off this debt, list it at the top of the form.
Your next step is to establish your scheduled payments for each credit card. It is best to set a constant payment at or a little more than the minimum payment to all of the credit cards except the one you are currently trying to pay off. Keep paying this constant payment month after month even though your minimum payment will go down. This alone will make your balance go down faster than paying the minimum payment.
Refer to the sample payoff schedule at http://www.homemoneyhelp.com/sampleccpayoff.html. You will see that the Visa Card will be paid in the 4th month, requiring only a $15 payment of pay off. These figures are only estimates because they do not include interest.
Notice that also in the 4th month an additional amount is added to the MasterCard. To arrive at this figure, you simply add the $15 you paid toward your visa to the $35 you pay on discover and deduct it from your allowed amount. Example: $15+$35=$50; $130-$50=$80
One of the key points to make this system work is that you have to make a commitment not to use the credit cards. Each purchase will throw you further behind.
Terry Rigg is the author of Living Within Your Means - The Easy Way http://www.homemoneyhelp.com/ebookadpage.html and editor of the Budget Stretcher web site. Join the thousands of subscribers to The FREE Budget Stretcher Newsletter and get great articles, tips, downloads and a lot of Budget Help by visiting his home page at http://www.homemoneyhelp.com


Accounts Payable, How Does Your Business Get It Done?
By: Ben Shar

We all have to pay the bills, but there may be an easier way to get your accounts payable under control. Software is available to get your business on track and under control. But, what is available and what should you look for in a program for your business. With so many options available, you may want to consider several things.
First of all, there are many benefits to having automated accounts payable software. Even if we hire enough people that are experienced, a paper system of account simply can not keep up in most cases. But, with all the technology available with computers, there is no reason to put yourself in this situation.
The accounts payable software options on the market can help with many tasks. Not only can they keep track of what comes in and goes out, they can also help make those payments. Often times, these payments can be made right online. They can do much more including telling you just where your money is going. Need an easy readout on how much you paid in production, labor? You can get all of this information within a few clicks of this software.
Accounts payable software works well, often taking much less time and a whole lot less aggravation. You will be surprised at how easy it is to get the information you need about how your business is doing. Developing invoices, getting data and finding just what you need is only some of what can be accomplished using accounts payable software.
So, if this is the type of software that you need, how can you get it? There are many products available to you right online. Some of the best of them are customizable for your business needs. You can choose the best ones for your business by comparing the features that they offer and how they fit with your needs. In the end, there is simply no reason not to use this system to help you get the accounts payable systems in your business under control.


What Is Foreclosure?
By: Ben Shar

Can foreclosure be avoided? For many people, the worst thing that can happen to them is foreclosure on the house that they have dreamt about all their lives. But, there are things that you can do to save yourself this painful experience even if you are in the midst of it. Foreclosure is the bank foreclosing or taking back your home and property due to lack of payment. For many people, foreclosure is an event that just hurts.
For those who are in foreclosure now, you could be facing the fact that you may just never get out of it. But, during every stage of foreclosure, you have the opportunity to pay up. If you can not do this, perhaps you have taken on too much of an investment. In any case, getting out of it will be difficult, but it can be done.
It is important to note that banks are not in the business of owning homes. They simply want to make the money off the interest you pay in the mortgage loan you take out. While this may not seem of importance, it really is. The banks will often do everything they can to keep you out of foreclosure as well. So, if you are in the position where you can not afford a payment that month, call the bank and see what they can do for you.
Foreclosure is a serious thing. Do not take it lightly. If you foreclose on a home, you will completely ruin your credit. There is simply nothing that you can do worse for it. If you are in the position that you no longer can afford your home, take the opportunity to sell it first. At least you will have cleared your debt in a good way and left your credit in tact. If you are currently in foreclosure, you need to take steps to secure the right lawyer to help you through it.
About the Author: Find more information and tips about foreclosure by visiting http://www.dailyforeclosurenews.info