Whatever,You,Do...Don,Save,Mon finance, share, loan Whatever You Do...Don't Save Money!
Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track
In this economy your best investment, the best place to put your money is into paying off debts. Think of it as investing in your debt because that is exactly what you are doing. If you put $1,000 into a bank savings account earning 2%, at the end of a year you will have $1,020. If you carry a $1,000 balance on a credit card with a 19% interest rate, and you pay the minimum monthly payments, at the end of one year you will have paid $190 in interest. If you get $1,000 in a tax refund, small inheritance or from somewhere else you now have a choice to make. You can earn 20 bucks in a savings account or save $190 by paying off that credit card. Keep in mind that your 20 bucks is taxable income so you'll be left with $15 or so after taxes. Do you need a savings account for emergencies? That savings account may be causing those emergencies! Think about it this way... If you are earning money in a savings account at 2% and paying anything over 2% on your debts you are sliding backwards financially and you'll never get ahead. It's basic mathematics. If you earn 20 bucks for five years in your savings account you'll have $100. If you pay $190 in interest on your $1,000 credit card after five years you will have paid $950 in interest charges. In other words you have wasted, lost, burned or flushed $850 by having a savings account. ($950 - $100 = $850) OUCH! What can you do? Pay off that credit card and use that as your emergency fund. It's not the best way to do it but it's better than earning 2% and paying anything over 2%. So, while the stock market is on it's roller coaster and the economy is challenged your best investment, bar none, is your debts! Get them paid off! Article Tags: Savings Account, Credit Card
Whatever,You,Do...Don,Save,Mon