Five Ways to Reduce Your Debt

Debt – The state of owing, as defined by Merriam Webster Dictionary. 

As Americans, our debt which includes but not limited to medical bills, student loans, credit card loans and mortgages, often times exceeds our Household Income. We buy lavishes of gold and sliver to be compared to the Jones’, but know that financial freedom is obtainable.

1. Create a realistic budget. Make an accurate list of your necessities, which includes housing, utilities, bills and other expenses. Next, prioritize your monthly bills to determine what’s essential and what you can do without. Lastly, seriously consider how you can reduce the money you spend monthly on gas, food, fun and leisure (plays, theatre, bars, alcohol, vacations, etc.)

2. Lower your credit card rate. Contact your credit card companies about lowering your interest rates. Through experience, it’s best to pay off credit cards with the highest interest rates of the cards your posses.

3. Create a rainy day fund. Expect the unexpected! This means that you’re going to have a flat tire, transmission problems, utility problems, medical emergencies, family problems and other financial emergencies. So, in other words SAVE, SAVE, SAVE. Using the money you’ve put into your emergency fund you will be reluctant to use your credit cards for fixing your car problems.

4. Pay more than the minimum. As you’ve heard before, paying the minimum ($27-$35) monthly credit card payment is not helpful in getting you out of debt.

5. Know your credit score.Knowing your FICO scores helps you to stay financially conscious. Don’t be afraid to contact one of the three credit bureaus to see whether you’re categorized as having poor, fair, good or great credit.

 

Dollar Stretching Teens

Even 17 and 19-year-olds are now having to think before spending their hard earned money on polo-styled shirts, khakis shorts and low-rise denim jeans. With the rise of gas prices, minimum wage paying summer jobs and little to no allowance, these soon to be college kids are feeling the pinch of the penny.

“Spending by 13-to-17-year-olds is important because in at least the past two years it has been rising faster than total apparel sales. The adolescent demographic accounted for $27 billion, or 14 percent, of the $192.7 billion of clothing purchases in the 12 months through April, according to market research firm NPD Group Inc. 

At the same time, teen spending in the period rose just 2.9 percent, after a 12 percent gain between may 2006 and April 2007. 

 ’There is absolutely a slowdown in the teen spending,’ said Holly Guthrie, an analyst at Janney Montgomery Scott LLC in Philadelphia.” This insert was taken from www.bloomberg.com.

Gas prices….outrageous!!!

 

Source: Youtube.com

Chicagoans pays country’s highest sales tax

Since Tuesday, June 1, Chicagoans have had to reach deeper into their pockets to pay for dinner and in other purchases in city limits. Thanks to the Cook County Board, the sales tax jumped one percent to 10.25 percent, making it Chicago the highest rate of sales tax in the nation. 

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