Credit Card Debt Consolidation

Credit Card Debt Consolidation

The more I talk to people about debt the more I realize how much people are in need of help. The idea of getting out of debt is just that, an idea. I started to look into debt consolidation to see why it even exists. I came across a page by MSN Money and another by http://www.bankrate.com/ and Bankrate actually has a Credit Card Debt Consolidation Calculator. I entered in an average amount of Credit Card Debt and this was my result making minimum payments:

Result

I entered a $10,000 balance with a 19% interest rate. I put that my minimum payment is calculated using 2.78%. My fixed minimum payment was $278 every month. The result was mind boggling; it said that it will take me 330 months to be rid of my debt. In that time, I will pay $12,931.51 in interest alone.
Based on simple math, credit card debt consolidation will work. The only thing is that you must be motivated to get out of debt and stay out of debt. If you consolidate your credit card debts, be sure to change your spending habits or you will find yourself in financial trouble.

Solution

So what company do you choose, how do you even start the credit card debt consolidation process? Good question, what you will want to do is your homework and do not sign up for something you do not understand. Also do not work with a company that has a bad track record for helping people. I was speaking with Robert Smith, the owner of Advanced Credit Solutions, and he was telling me about the amount of companies that are ripping people off because this type of business affects a lot of people in America today.

Robert Smith is founder of Advanced Credit Solutions or (ACS). He is a money coach and takes great pride in helping individuals and families turn a stressful financial situation into a fresh start. ACS offers a variety of programs to help people get out of debt including debt settlement, debt consolidation, debt arbitration and budgeting services. ACS was established in 2001 celebrating our 7 year anniversary this month. They have a great track record not only with the BBB, (Click to view BBB report), but with their clients as well. ACS is a proven leader in the debt settlement industry and services clients nationwide.

ACS and Debt Free Hispanic have decided to offer a Free Personal Financial Consultation to anyone who needs help with their credit card bills and unsecured debt. Please call 1-800-508-8793 from 12 noon -11 p.m. EST and tell them you heard about them from Debt Free Hispanic.

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Hispanics Carry Cash

I hired a company to come to my house every other Saturday to cut my front and back yard for $25. Some might say, why don't you just cut the yard yourself. Truth is I could but I think my time is valuable and I spend my weekend with my wife which is more valuable to me then spending hours outside cutting the yard. Needless to say that the last time the company came to cut my yard I didn't have the right amount of cash I needed cash back. Four Hispanic men cut my yard and when I went to pay them, they all offered to give me cash back. I told my wife about the situation and I got to thinking, its dangerous to be carrying around cash. I used to think that but now I think its even more dangerous not to carry cash and only pay via debit card.


I went to the Dave Ramsey Live event here is Dallas, TX and Dave says that its harder to spend cash rather than plastic. The reason is because of the emotional connection that we have with money. Don't believe me, make your next big purchase with cash and see how it feels to let go of Benjamin Franklin. Americans went from Cash to Check to Plastic cards. It's amazing how fast our currency is changing but also the way we think about money is changing. I noticed that Hispanics do pay with cash and the only problem with that is that Hispanics spend their money because they have it at their fingertips. I think America should go back to the days when grandpa used to pay with cash but was frugal enough to save for their children. -Debt Free Hispanic

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Hispanic Weekend Spending

I cannot even imagine the amount of money that Hispanics will spend this weekend. Stimulus check have been sent out and Hispanics have money. The electronic stores will be full of Hispanics since we tend to spend a lot of our money on Entertainment. So stereos, televisions, DVDs, cable and now GPS systems are our downfall. I encourage everyone to save their money and not spend it on junk they don't need. Pay your debts off and start building wealth. -Debt Free Hispanic

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Income Tax Stimulus Check

So did you receive your check yet? My wife and I did, through direct deposit. As promised by the government, $600 per person. I put it straight into our savings account. If you are in debt, I would use it to gain traction on your debts. Pay off your small loans or credit cards and call to cancel them and cut them up. Get it past you and move forward using cash instead of credit cards. Break the bad spending habits and enter the new wealth habits.

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MINT : Free Personal Finanace Software

Attention all Hispanics! Here is a cool easy to use online tool for managing your money. It can combine your accounts so you can see where you are spending your money. The site is http://www.mint.com/ and is easy to set up a new account. The best part of this program is that its FREE. So log on and start tracking your expenses. It even gives suggestions on how to save money and where to cut back. I give this site and A for user friendly. - Debt Free Hispanic

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Hispanics Rise and Fall

Hispanics Love Money! They do, in fact the more money the better. Hispanics love money so much that they would rather carry it in their pocket then put it away in a bank. You would think that they would open up a checking/savings account so they can keep their money safe but safe to them is cashing their checks and putting the cash underneath their mattress. Why do they prefer cash? They prefer cash because they know how to use it. They did not grow up handling a plastic card to make purchases, they used cold hard cash or pesos. Not only that but the stores that some Hispanics go to only accept cash, like flea markets and stores related to the culture. The more our society pushes plastic the more likely it will be for Hispanic families to apply for a credit card. When this happend Hispanic families will spend more than they should. When people spend with plastic there is no emotional connection with the purchase. When people spend with cash it hard to let go of Benjamin Franklin. Hispanics rise because they use cash to make purchases, but the future looks brighter for plastic and it may lead to their fall. - Debt Free Hispanic

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Craigslist : Garage Sale Money

My wife had a garage sale this weekend and actually made close to $30. When is the last time you had a garage sale to get rid of your junk? Your junk could be somebody elses treasure and if thats the case you can make some serious money in a weekend. I was able to post the Garage sale on Craigslist and people came because they saw it posted online. I also put pictures and a static website I made in Wordpress to make our garage sale look different than other postings. We are going to use the money from the garage to buy food for the week, sandwich meat and chips. Great tip for people getting out of debt. - Debt Free Hispanic

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Why not Be THE MAN

Have you heard the saying, "The man keeps me down". When people cannot get ahead they often say that "The Man" is keeping them down, holding them back or standing in their way. You know what I say to that, Become the Man. If the man keeps you down, Become the man so that you don't have anything to worry about. When it comes to finances, the man is always going to be ahead, so become the man. I live my life in a way where I am the man not giving excuses to any circumstances. One way to become the man is to become debt free. When you are debt free, the man cannot take your money, the man cannot own you financially, you BECOME THE MAN. - Debt Free Hispanic

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Stop Spending : Draw a Line in the Sand

One of the hardest things you will ever have to do to get out of debt is to stop spending. I don't know why spending is so important, maybe its because of the emotional rush. People tend to feel good when they are in stores spending money, but it doesn't last long. The other day I was eating dinner because it was dinner time but I wasn't hungry, but I ate anyway. Thats what people do with spending, they spend even though they don't have any money. Draw a line in the Sand, enough is enough. I remember when I made the decision to become debt free, I said that I will not borrow any more money, no matter what! That was my line in the sand. Now I have control of the most powerful wealth building tool ever known to mankind, MONEY. - Debt Free Hispanic

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