Got Credit Card Debt – 4 Must Read Books

BooksAmericans are drowning in credit card debt. Equifax, one of the three credit bureaus, statistics shows that 54 million families in the U.S carry $800 billion in credit card debt. Millions of people are feeling helpless and looking for debt relief. Under the circumstance, debt-strapped people should always keep themselves updated about the possible ways to stay clear of debt. Relevant books can help you in a major way in this regard. Financial gurus have written some great books filled with tips and effective strategies to avoid and eliminate credit card debt. Here are some awesome books which can help you if credit card debt is causing you a headache:

1) Building Wealth and Eliminating Debt by Charles Carradine

This exceptional book by Charles Carradine can be your ticket to financial prosperity. It is a literary manual which endeavors to improve the financial condition of the readers. Inundated with tips and strategies to get people out of debt, this book discusses a huge number of personal finance issues in a comprehensive manner. The author shares tips on a wide range of topics including wealth building plans, avoiding debt, impact of debt on credit score and avoiding credit card scams. Carradine points out that his aim is to educate the readers on how to stay clear to debt and avoid poor financial behavior.

2) How to Settle Your Debts without Committing Financial Suicide by Norman Perlmutter

Mr. Perlmutter has written this book keeping in mind the predicament of people who are struggling with credit card debt. Being a “Get out of Debt Coach”, Mr. Perlmutter has treated topics like elimination of credit card debt, repairing of credit and reorganizing your finances with considerable expertise. He shares the “Golden Rules of Debtsmanship” with the readers so that they can successfully settle their credit card debt and avoid bankruptcy.

3) The Total Money Makeover by Dave Ramsey

Your financial education cannot be complete without reading this acclaimed book by Dave Ramsey. The immensely popular financial expert suggests a seven step strategy for the readers to attain financial freedom. Ramsey advises his readers to make a slow but steady progress with certain goals in mind. In the above mentioned book, he emphasizes on the importance of following a full-proof strategy to evade credit card debt. Ramsey encourages the readers to maintain a rainy day fund of at least $1000 and follow a debt snowball approach to get out of debt. The book also discusses the real life example of fifty people to make the readers understand how to get out of debt.

4) Life or Debt 2010: A New Path to Financial Freedom by Stacy Johnson

This is a book dedicated to help the debt-stricken people to get back to their feet. Here, Stacy Johnson discusses extensively on money management. Johnson particularly emphasizes on the necessity to avoid money related traps that push people towards debt. With a no-nonsense approach to financial education, Johnson urges the readers to manage their money in a way which would make sure that you never indulge in things like indiscreet use of credit cards.

Financial education is something that you cannot afford to miss, particularly during critical economic times. You would need to know all the possible options available to keep yourself afloat. Relevant financial books can help you in this type of situation and provide you all the necessary tips and tricks. If you read the above mentioned books, then it will be easier for you to stay clear of debt and avoid debt relief programs like debt settlement and consolidation.

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5 Financial Tips Exclusively For Women

women and financial planningLet’s face it: women are smarter than men, when it comes to patience and how to get out of debt. A number of women are there who have mastered the art of financial management and have successfully accomplished the task of getting out of debts. However, still a number of fairer sexes are found crumbling under insoluble debts, due to single parenthood, sudden widowhood or poor money management skills. Finance expert Suze Orman believes that the greatest mistake that women often commit is they become blindly dependent on the significant male figures in their lives regarding financial matters. It not only makes them vulnerable both emotionally and financially, but also exposes them to greater risk of bankruptcy. Read ahead, to know how women can get back the control of their financial life and attain debt relief with a few smarter choices.

Simple living

You must know that financial planning is no more regarded a male-dominant sector. The simple mantra, ‘live within your means’ could be followed by anyone irrespective of their gender. You must realize the fact that there are certain limits to your financial resources, before things get dicey. Make sure you avoid credit and use cash whenever, you can afford. In case you use a credit card, only charge the amount that you can afford to pay back in full. It may not be easy to spend less, but make an effort that you avoid impulse purchasing as much as possible.

Financial goals

Get a realistic picture of your current financial situation and set some achievable financial goals for yourself. Financial goals must include a proper budget planning, saving for emergency fund and retirement account. If you are married, don’t overlook your family’s financial decisions, because you are just as liable for the family’s debts as is your husband. Once you grasp your financial situation well, make a list of debts and corresponding monthly payments, along with the interest rates you pay for each of them. Prioritize your debts on the basis of due dates, balance and interest rates. The debts with high interest should be paid first. Once you calculate the cash inflow and outflow of the family and check what should be your immediate priority whether to repay your credit card debt, make more investments, finance your children’s education or build your savings, begin the crucial task debt elimination.

Develop a financial strategy

Paying off your entire debt might take you years but remember, every step you take brings you a step closer to your financial goals. You can adopt several debt relief options, like debt consolidation or debt settlement. If you are juggling with multiple debts, you can consolidate your existing debts and can pay them through single payment gateway at a lower interest rate.

Credit card debt

Make sure before you opt for a new credit card, you understand the terms and conditions of the contract well. It’s also important for every woman to establish a separate credit history of their own, because if they end up being divorced or widowed in future they have to manage all financial responsibilities singlehandedly. Go slow in taking on credit cards and limit yourself to just two or three credit cards. Make a special note that you pay your bills on time and keep your credit card balances low.

Saving

While submerging in the pool of debts, saving seems to be out of question, but you must know its holds enormous importance in your future life, you must contribute 10 percent of your family income to an emergency fund or a retirement fund to ensure the future security of your family. To save more, you can curtail on entertainment cost or start doing some of the odd household jobs like gardening or cooking or baby sitting as well. However while cost cutting, make sure you are not compromising with your children’s education, treatment or adequate entertainment.

Keep the aforementioned points in mind and secure your financial future in the best possible way.

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