Credit Card Debt

Have you ever heard of the financial advisor Suze Orman? She is always on TV giving out personal finance advise. She has done a 180 degree turn on credit card debt. She use to tell you to pay off your credit card debt with the extra cash you have at the end of each month. Now she is saying to take that money and build your emergency fund first. An emergency savings fund should equal 8 months of your current take home pay.

I think that is great advise because in today's economy, you never know what will happen with your job. You could be laid off today and then what? So the advise that she gives is to pay your minimum payment on your credit cards and start to save for emergencies. After you build up 8 months of savings, then turn your attention to paying off your credit cards. I agree with this advise 100%. Everyone needs a emergency account to fall back on in troubled times.

To your personal and financial success!

Mortgage Rates Are On The Rise!

The Feds are starting to raise mortgage rates so if you haven't refinanced, now's the time to do it if it makes financial sense for you. When does it make sense to refinance? You have to evaluate a few things:

• Are you going to live in the house for a extended period of time?
• Can you at least drop your rate by more than a point and a half?
• What are the closing costs and how long will it take to pay that back?
• Is it financially advantageous for you to refinance?

These are just a few questions that you would want to answer for yourself before you go a head a refinance. Refinancing just to lower your monthly payment, is not a good reason to do it. Make sure that it is financially going to benefit you before you do it. Make sure that it fits with your financial plan. Always keep in mind that you are trying to build your net worth first! Making payments to yourself should always be your first option. Happy mortgage hunting for those's who are looking to do so.

To Your Financial Success!

Some Times You Just Need to Relax!

After working all the time and not getting enough relaxation, you just need to take a break. What ever it is that you are in to, go ahead and do it to clear your mind. I work all the time so I am going fishing for a long weekend. I will get back to the grind stone in a few days hopefully with a clear mind and a positive attitude.

I feel that in today's society we all try to push are self's to hard. Maybe you have kids that are in to activities and you are constantly running them around. Maybe you work a lot of hours a week or work 2 jobs to take care of your financial needs. Maybe you stay home and take care of the kids and house all day. What ever it is, it is okay to slow down for a while and refuel. That is something we all need before we hit the wall!

To Your Peace of Mind!

Free Credit Reports

One of the best ways to control your financial profile is to check your credit report. It is a good idea to see what they have on you. Some times you can find bad reports on you that don't even belong there or you can also dispute reports that you feel are unfair or incorrect. If you can't get them to remove it from your report, you can put in your side of the story. Two of the big Credit Report Agencies are Equifax.com and Experian.com. You can get your credit report once a year for free. They also have to show you your credit report if you get denied for a loan. I highly recommend that you get your report to make sure that you are in good standings. The better your credit report, the more it will save you financially. A good credit report gives you better interest rates on loans. Also, if you have multiple credit cards and you don't use a couple of them, take the time to cancel them so they aren't on your credit report anymore. When getting loans, the less open lines of credits you have, the better. It doesn't hurt your credit if you are personally checking your report. Start getting to work on this right a way!

To Your Success!