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How to pay off credit card debt quickly!

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How to pay off credit card debt quickly!
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Paying off credit card debt can seem overwhelming and overwhelming at times. The good news? You have started to accept the idea of ​​living without debt!

The challenge? Where to start! You have collected a great deal of credit card debt over years of living an uncontrolled financial lifestyle. What seemed like an innocent expense at the time, a coffee here or a night out at the movies there, ultimately added to a difficult place to be. Perhaps your credit card balances were maxed out or closed. It is entirely possible for your interest rates to rise to 20 percent or even more. In addition to the pain would be the penalties derived from the missing payments.

The unenviable process of borrowing from credit card debt and the potentially devastating consequences of lifestyles, to which many have often become extremely accustomed, can put great strain on health, relationships, and quality of life. lifetime.

To anyone who has found themselves struggling and struggling with credit card debt and tried, let alone succeeded, we salute you. We have helped thousands of consumers break through the chains of heavy credit cards and other unsecured debt and have witnessed countless stories of success along the way. One thing is for sure, usually, when there is a will there is a way, and while it won’t be easy, rest assured that winning the fight will bring such sweet and rewarding relief that it will make all the efforts worthwhile!

This guide to beating and overcoming credit card debt has been designed to help you as motivation or future reference as you meet the challenge head-on.

TAKE FULL OWNERSHIP OF YOUR DEBT

Don’t underestimate the power of looking in the mirror and taking responsibility for something you can change. Credit card debt, and the way it tends to slowly spiral out of control, almost always starts with bad choices, and that’s okay. It happens to thousands, if not millions of people around the world every year. The most important thing to keep in mind is that when something goes wrong and produces poor results, you can actually improve it by choosing a different and healthier approach.

While this lesson can be applied to many different facets of life, it is extremely relevant to successful credit card debt removal. Rising credit card debt actually became a problem when the first statement came in and you couldn’t pay it in full. Credit cards, when used responsibly and for a purpose, can be a good thing. The caveat is that the balance owed should never have been delayed beyond the first payment due, even in cases where a hefty zero percent interest rate is offered for several months, as that ultimately delays the inevitable for many. persons.

It may sound tough, but we firmly believe that taking full responsibility and ownership of your credit card debt will get you off on a positive footing. Considering how many negative feelings and ultimately the overall negative lifestyle impact that comes with overwhelming credit card debt, taking the initial sting of accepting responsibility early on will make your way toward a debt-free life is considerably smoother.

 

LIVE BY A BUDGET

As Money Fit Education Administrator Todd R. Christensen routinely reminds attendees of the personal-finance workshops he presents, budgeting is for anyone who wants to not only stabilize their finances but also anyone who wants to avoid it altogether. debt-related problems.

Developing and living on a family budget isn’t just about balancing a checkbook. It’s about being prepared for all expenses, including items like car repairs, a trip to the dentists, and more. Strong budgets take into account financial goals and priorities, track actual spending down to the last penny, and help you identify where you have unnecessary spending.

With a budget you live with, you’ll be armed with your actual spending history and will most likely find extra dollars to help pay off your credit card debt. If you find an extra $ 20 per month, which would generally be low, you can apply it to your debt and speed up the payment process. Budgets are beneficial to everyone because of the extremely valuable information they apply and the stability they can provide, as well as the funds released that may have remained hidden.

 

SETTING GOALS: SMART

If you want to make real progress, you will need to set financial goals. With the right kind of financial goals, you will feel comfortable and confident in your progress. However, if you don’t have a solid plan, a goal is just a dream. That’s why we recommend SMART goals.

You may have heard of SMART goals. While there is a traditional version of SMART goals that is taught around the world, the following is a modified version: specific, meaningful, achievable, rewarding, and timely. Let’s follow these steps to create powerful personal finance goals.

S pecific: Write down what you want to do, buy or achieve. Include details that answer questions like “Who is involved?” and “Where is this activity or product?”

M eaningful – A goal must be important to you. It could be a beach vacation, a picnic in the mountains, or a set of new tires for your car. If it is important to you, it will be motivating and you are more likely to stick with it.

A ttainable: Keep the amount of money required for this modest goal, which generally requires $ 1,000 or less. If the amount becomes much more than that, you are less likely to see it as a realistic goal.

R ewarding (Rewarding): Imagine achieving the goal. Write down a few words or phrases that you think will describe how you will feel. You can write something like, “I finally feel like a burden is lifted off my to-do list when I remove this goal.” Give this step a little time. Consider why you want to achieve this and explain it.

T Emily (Oportuna): Enter the month and year you want to achieve this goal. Writing “six months from now” is not enough. Every time you see the goal in the future, it will still tell you that you have another six months. That’s not good enough. Write down the month and year you want to achieve the goal and make sure there are no more than twelve months to go. Beyond twelve months, for most of us, time becomes too long. It becomes too easy to see as long as “long”. When you keep the deadline short, you are more likely to go to work immediately.

Try to use the SMART method when setting your financial goals. You’ll probably be glad you did!

 

AVOID EQUITY LINES IN-HOME CREDIT OR DEBT CONSOLIDATION LOANS

In one go, you could eliminate all of your unsecured credit card debt. Gone would be the worries of having multiple payments, cards that charge high rates and fees, or both. On initial consideration, this may seem very tempting, but as we’ll explain, HELOC (Home Equity Line of Credit) or Debt Consolidation Loans can cause enormous financial stress in the long run.

Consider this, if you swap your unsecured credit card debt for a line of credit attached to your home equity, you’re essentially betting that you won’t have a problem with repayment, putting your home as collateral. The worst-case scenario would be that you lose your home because you took on unsecured debt and secured it with your home.

Money Fit advocates for and provides debt consolidation to people in need. We do not promote the use of debt consolidation loans. At first glance, debt consolidation is the act of consolidating multiple debts into one payment. This can be an effective strategy when done without a loan. Once you take out a large loan to pay off multiple small loans, there is a massive risk of running your initial credit card debt right where it was, only now you have to deal with a large debt consolidation loan. If you haven’t remedied the source, which is generally bad spending habits, and you’re still on a debt consolidation loan, you should avoid using your newly paid credit cards at all costs.

 

CUT YOUR CREDIT CARDS

A powerful and symbolic approach to dealing with credit card debt is to start by cutting it off and removing your access to use it. It can be a difficult step to take, but once the cord is cut, you can begin to depend on the cash you have from your income. No more loans and payments more than necessary. No more staying in a vicious cycle that repeats itself constantly; charge, pay the minimum, charge, pay the minimum, charge, pay the minimum and never have an impact on the balance of the cards.

You have already accepted responsibility for runaway credit card debt. Now, in a defiant display of power, he has cut credit cards and made himself enormously strong. When you wage war on credit card debt, you effectively agree to never trust it again. You will not need the plastic when you arrive at your destination debt-free.

 

START SELLING BY SELLING UNUSED OR NON-NEEDED ASSETS

Take a look, maybe you have things that you no longer use or need that you could sell and apply to your credit card debt? Maybe you could hold a garage sale or sell online? You might be surprised how some of your items that you no longer need or use would be worth to someone else.

Doing this can give you a good lump sum to apply to your credit card debt and provide a next-level boost when starting your repayment.

On a side note: don’t touch investment dollars like retirement accounts to pay off your credit card debt unless you talk to an investment planner and possibly consider a 401k loan that allows you to pay interest yourself. While it can be tempting to eliminate a good chunk of debt right away, you should proceed with caution, especially when it comes to your retirement financing. Selling a 401k could cause problems due to the IRS imposing early withdrawal penalties, not to mention falling short when it comes time to retire.

 

PAY THE SMALLEST DEBT FIRST (SNOWBALL METHOD)

The debt snowball method, which aims to attack the smallest balanced credit cards first and then apply that payment to the next card in line, is a preferred method of repayment for people managing their card debt. credit on your own. The snowball method, while potentially a bit more expensive than the alternative debt avalanche method (attack higher interest rate accounts first) provides an extremely important component of motivation to pay off credit cards.

Psychologically it can be very important to see progress when we embark on a mission as challenging as paying with credit cards. Smaller rewards, like removing the first card off the list, can provide a great charge of positive energy and the motivation to keep pushing.

Debt management plans, such as the program offered by Money Fit through the organization’s nonprofit credit counseling services, tend to combine strategies and often attack the highest interest rate payments first. However, the person who relies on the debt management plan is often more concerned that balances are going down overall and not as much of a need to see the progress of the individual account as those who are paying on their own.

MICROPAYMENT MATTER: MIX THE SNOWFLAKE METHOD WITH THE SNOWBALL METHOD IF POSSIBLE

In order for the snowball method to take off and eliminate the debt at a faster rate, we recommend mixing it with what has been coined as the snowflake method. It is not an alternative to the snowball method because it still depends on attacking the smallest balance first until it is removed.

Because interest rates are calculated using an average daily balance formula, you can save money on interest by paying as soon as extra money is available.

Here’s a hypothetical situation, let’s say that during your budget you see that you are wasting a considerable amount of money each month buying a large specialized mocha on the way to work each morning. Instead of spending $ 5.00 on coffee, you would make a one-time payment to your credit card with the lowest balance. Do it 5 times a week and that’s an extra $ 25 that week for that card.

Some might think, why not wait until the end of the week and submit the $ 25 payment? Or wait until the end of the month and pay an additional $ 100 on the card? There are two reasons to send the payment as soon as the money is not spent. First, once the money is sent to the creditor, it cannot be spent. Effectively close any reason for not having it available at the end of the week or at the end of the month. Second, interest rates are calculated using an average daily balance formula. You can save money on interest by paying as soon as the money is available.

If you keep those payments smaller, you will eventually get out of debt sooner and the effort will be well rewarded. You will have to stay exceptionally motivated to pull it off, but get into a routine and it won’t be a problem.

 

FIND ADDITIONAL SOURCES OF INCOME

At the end of the day, after the entire budget is completed and plans are made, your current income may not allow you to meet your credit card payment obligations quickly enough. To expedite the postponement, you may consider finding a part-time job, a weekend job, or even working from home in your spare time.

If you are in a one-job home where a partner stays at home, maybe they can help you in the short term?

It doesn’t sound nice, but at the end of the day, the added income could be extremely rewarding. The ultimate goal is to give up the burden of debt for the rest of your life. It can be difficult to visualize, especially if you’ve struggled to make minimum payments for a considerable period of time, but it’s worth it. The freedom you will gain to really start living life on your own terms will be worth the sacrifice in the short term and could open doors you thought were closed, such as being able to travel or even start your own business. Maybe you want to help a child in college? The opportunities become almost endless.

 

STAY RESILIENT, FIND A MOTIVATIONAL SOURCE AND ADD ON THE

It sounds simple enough, but the truth is that time has a menacing way of removing the immediacy or urgency of things. That can be a blessing at times, but it can also be a hindrance. When you take on the task of paying off your credit card debt, you want to be vigilant at all times. You won’t be perfect and you shouldn’t expect to be, but you always want to keep an eye out for the prize.

Find a source of inspiration and, of course, use it. Maybe you’re following a personal finance expert like Money Fit author and educational manager Todd R. Christensen? Maybe it’s as simple as keeping a photo of your loved ones close by and using it as motivation when the going gets tough? Regardless of what you wear, know that you are not alone and that you can surround yourself with positivity and encouragement. Debt is no longer as taboo a topic as it once was. People have learned that supporting each other is good for everyone in the long run. Don’t fear judgment. You are the one with financial freedom and overall peace of mind on the line.

Once your payment plan begins, we recommend that you do not look back unless it is a reminder of what not to do if you sense that you are falling into old habits. You know what got you into this mess, there’s no reason to beat you up for it. Keep your mind and your goals forward-thinking and the sky really will be the limit.

You have our best wishes as you embark on your journey. In assuming your debt, we invite you to use Money Fit as a resource, regardless of whether you are a customer or not. As a non-profit organization with over 20 years helping consumers live debt-free, we have made it our mission to help each individual conquer their debt by providing educational resources and encouragement.

If the prospect of paying your debt on your own is daunting and you want to be considered for inclusion in our debt management program, we invite you to provide your information online so that one of our certified credit counselors can get in touch, or you can call us toll-free during normal business hours to schedule your free consultation.

 

Bankruptcy as a Last Resort

As we address the issue of paying off your credit card debt, we want to make sure we address your bankruptcy filing. Our goal is to help people overcome their financial problems by repaying their debt in full (which is why we do not recommend debt settlement as an option) so that they can protect and build their credit score. Over the course of a person’s life, a positive credit score can be extremely advantageous over a poor one.

That being said, there are reasons why bankruptcy is available. If you have not filed for bankruptcy in the last 8 years, you will need to speak with a highly qualified and qualified bankruptcy attorney. While Money Fit provides bankruptcy advice and debtor education, we are not attorneys and we do not provide legal advice. All information is provided for consumers to use for research as they seek to learn how to manage their debt and should not be construed or construed as legal advice.

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Trish Lorenz wins the 2021/2022 Nine Dots Prize

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German-based journalist Trish Lorenz has won the 2021/2022 Nine Dots Prize for her essay about the immense significance of youth populations in Sub-Saharan African countries.

 

Now in its third edition, the $100,000 prize is awarded every two years to a 3,000-word essay that tackles societal issues, written in response to a question set by the Prize Board. The question for the third edition was: What does it mean to be young in an aging world? The prize also entails a book deal with Cambridge University Press, says a statement issued by the Nine Dots Prize.

According to the statement, the prize money (US$100,000) enables the winner to “spend time researching, developing their ideas, and turning their essay response into a full-length book which is published by Cambridge University Press.”

Also Read: The Nine Dots Prize: Extracts from the winning entry

The third edition saw a record 700 entries submitted from 92 countries and was judged anonymously by the Prize’s twelve-strong Board of leading academics, journalists, and thinkers.

Talking about western perceptions about African countries, as shaped by western media, she terms a New York Times report “regressive” and “based on ignorance and a mix of systemic racism combined with post-colonial conceptions of superiority”.

Lorenz argues that no question of what it means to be young in the 21st century should overlook the significant youth populations of sub-Saharan African countries including Nigeria, Ghana, Kenya, Rwanda, and Ethiopia. Focusing on Nigeria, she discusses how a new generation “is employing technological solutions to become self-sufficient and solve pan-African and global issues.”

Chair of the Nine Dots Prize Board, Professor in Greek Literature and Culture, and Fellow of King’s College, Cambridge, Professor Simon Goldhill said: “The Nine Dot Prize questions allow entrants to define the terms for themselves so that they can approach the question in the way they feel is most interesting. The Board was thoroughly convinced by Trish’s compelling and well-evidenced argument that the 2021/2022 question could only be answered in this way, and by the authenticity and rigor of her approach. We very much look forward to reading the book she will now write on the topic.”

Indian writer Annie Zaidi won the second edition of the prize for her essay, “Bread, Cement, Essay”, which was later expanded into a book published by the CUP.

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Classic Disney Songs That Will Have You Bippity-Boppity-Booing Everywhere

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Classic Disney Songs That Will Have You Bippity-Boppity-Booing Everywhere
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To my 90’s and 2000’s babies, this is your kind of Disney throwback playlist.

Lately, I have been on a wave of listening to old Disney music. The best, most classic movies and songs were released so long ago at this point that it’s super nostalgic to go back and listen. It’s amazing how one old song can take you back to a specific time and place where you first heard it or have a fond memory relating to it.

That being said, I wanted to throw it back for the Millenials and the Gen Z-ers with some oldies, but goodies. Sorry to the younger kiddos, there’s no ‘Frozen’ or ‘Moana’ tracks on this list.

Here are some of Disney’s most classic tunes that will bring back all the nostalgia:

1. “The Bare Necessities”

The Bare Necessities of life include Disney, Disney songs, and Disney movies. That is all.

2. “Colors of the Wind”

This song captures the hearts of so many Disney fans, not only for its contagious melody but for the fact that it addresses inclusion in such a sweet and child-friendly way.

3. “I Won’t Say I’m In Love”

I have to say every version of this song is spectacular and this song is genuinely one of my favorites that Disney has ever done, but the Cheetah Girls did that. They did not have to go this hard on the remake.

4. “Almost There”

Truly just an innocent and happy song of encouragement from the spunky movie ‘The Princess and the Frog.’

5. “Hawaiian Rollercoaster Ride”

This Hawaiian jam brings back so much nostalgia for those of us that would sing it even though we didn’t have a clue what any of the Hawaiian parts were saying.

6. “A Whole New World”

This is a song I grew up belting this out all the time, so I know there had to be others out there singing with me.

7. “Go The Distance”

This is another one of those songs where the Disney Mania cover just might outdo the original. Long live Disney Mania!

8. “I’ll Make a Man Out of You”

There’s nothing quite like a girl pretending to be a guy and not getting caught for it (until the end) to promote some girl power!

9. “Part of Your World”

Jodi Benson has this iconic tune on lock. With ‘The Little Mermaid’ being one of my favorite Disney movies, as well as regular movies of all time, this song was always a classic for me.

10. “Hakuna Matata”

If the song break that goes “when I was a young warthog” doesn’t make you laugh every time, did you even grow up in the early 2000s?

11. “Zip-A-Dee-Doo-Dah”

Yeah, the original version of this song might be iconic, but there’s nothing quite like an Aly and Aj collab and a truly banging Disney Mania album with so many spectacular covers on it.

12. “Supercalifragilisticexpialidocious”

The name of this song alone gets me excited to sing.

13. “Friend Like Me”

Aladdin’ is my second favorite princess movie, so I’ve always loved this truly classing song, but as a child, my sister was in performance to this song and she was the genie. I’ll now never look at this song the same and I’ll never not love it.

14. “When You Wish Upon A Star”

15. “You Got a Friend in Me”

This movie is very gender-neutral, leading a lot of kids to love it and this super popular feel-good song.

16. “When Will My Life Begin”

This song just genuinely has the happiest vibes and makes me smile every time I hear it. The beat is what gets me I think, it’s infectious.

17. “Beauty and the Beast”

Although the Ariana Grande x John Legend version rivals the original so closely, I gotta give it to the classic here. Go give the new version a listen though, it’s pretty spectacular.

18. “Spoonful of Sugar”

This movie is an oldie that has some pretty good music, and no one will argue with me on this one.

19. “Kiss The Girl”

OG “Kiss the Girl” is one of the best songs Disney ever put their name on. Although despite this, Ashley Tisdale did do a good job on the Disney Mania cover though. I think the cover is definitely worth a listen too.

20. “Stand Out”

I really hope everyone else remembers this song from ‘The Goofy Movie’ as vividly as I do.

21. “Be Our Guest”

“Try the gray stuff, it’s delicious” was so iconic that Disney made “gray stuff” in real life and currently sell it at Disney parks.

22. “Heigh-Ho”

This is one of Disney’s older movies as well, but this song has very happy memories attached to it; probably due to the fact that most of the dwarves are just so happy!

23. “A Dream is a Wish Your Heart Makes”

Okay yes, this song is one of the songs the Disney franchise prides and founds itself on from the movie ‘Cinderella.’ Should I put the original version here? Maybe, but I was obsessed with this version and still am so, Disney Mania wins again.

24. “Two Worlds”

Writing this article inspired me to watch ‘Tarzan’ as I finished this up and “Two Worlds” made me stop typing and just enjoy the song. It has that kind of power.

25. “Life is a Highway”

I’m into country music now, but this was probably the first country song I ever liked. Rascal Flatts, you’ve outdone yourself with this timeless banger.

26. “Belle”

There is something so pure and innocent about the song and this scene in the movie. Who doesn’t love a good cartoon version of fresh-baked bread and a bookstore?

27. “Under The Sea”

When Sebastian said “Ariel, listen to me. The human world, it’s a mess,” I felt that.

28. “I Wanna Be Like You”

I think my rewatching of this movie is long overdue. This is one of those Disney songs and movies we all sleep on, but it’s so good.

29. “Zero to Hero”

I love me some ‘Hercules’ songs. I genuinely think every song on the ‘Hercules’ soundtrack deserves a chef’s kiss, this one being no exception. Sing it to me, Muses!

30. “Just Around the Riverbend”

All of the songs from ‘Pocahontas’ have a special place in my heart because they’re inspiring and truly different than most other Disney/princess movies.

31. “Prince Ali”

It doesn’t get better than a street rat turned royalty!

32. “Reflection”

Christina Aguilera does a cover of this song (Disney Maina, are you shocked I brought it up?) and it’s phenomenal. I honestly like it better than the original, but the original is too good to not put it here.

33. “Cruella De Vil”

Everyone’s favorite person to hate might be Cruella De Vil, but her song snaps.

34. “I Just Can’t-Wait to Be King”

Everyone has their inner young Simba. We all love being in charge and can’t wait to be king.

35. “Can You Feel The Love Tonight”

A song started by Disney in the ‘Lion King’ but was adapted in so many different scenarios. A true classic to round off the list.

P.S. Elliott Yamin does an insane cover of this song on Disney Mania six, 100% worth the listen.

I think my conclusion from this is that number one, I need to binge-watch a lot of Disney this weekend. Two, I may need to write an article just about Disney Mania covers because they’re so good.

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