There is a strong link between money and happiness, but it is a serious mistake to believe that the main influence on happiness is money.
Debt is simply a loan, which can include a home mortgage, personal loans, business loans and lines of credit. Debt can be a big problem in the wealth-building process. However, it can also be a great tool. If you want to build serious wealth, you need a good relationship with a banker who can service your needs properly. The most common healthy debt tools include a home mortgage, business loans and lines of credit. All of these tools can help you leverage your wealth(or cash flow) in order to afford a home, invest in a business, or cushion cash-flow problems.
Debt is a tool, and it works just like a lever. The word leverage is often used when people refer to debt, and that's exactly how debt can operate. The more debt you have, the more buying power you control. However, many people in today's world are in debts, and the result is a record number of bankruptcies. Debt is okay if you know how to use it. Its alright to leverage your home or a business venture as long as you can afford to cover the payments. However, it's not advisible to leverage your self-image. Using debt to live in a lifestyle you can't afford is wrong.
Here are four ways to eliminate debt:
1. Refinance your mortgage
Shop around when mortgage rates drop to see if you can get a better fixed rate. If you plan to stay in your home for more than two years, and i fyou can imporove your mortgage rate by as much as 2 percent, you should consider refinancing. This may reduce your mortgage payments and reduce the amount of money you spend each year on interest payments.
2. Use only low-interest credit cards
Do some research to find the credit card with the lowest possible rates.
3. Pay more each month on your mortgage
If you can afford to add money to your mortgage payment each month, you will reduce the overall interest costs on your mortgage and speed up the time it takes to retire your mortgage. If you can double your payments, your home will be paid off more quickly. You might also want to consider a 15-year mortgage versus the typical 30-year mortgage. You'll pay a lttle more each monthy, but you'll save an enormaous amount of money in interset later.
4. Home Loans
If you have a great deal of credit card debt and you own your own home, you might consider applyhiung for a home loan and using the loan money to pay off your credit card debt.
MoneyBuddy is an information and comparison site for Australian finance products. For example, you can find such information as Home Loans, Compare Credit Cards, Car Loans and so on. Though this site is said to be aimed at the under 30 market, it is a useful site containing a varieties of financial articles to increase your financial knowledge.
Debt is simply a loan, which can include a home mortgage, personal loans, business loans and lines of credit. Debt can be a big problem in the wealth-building process. However, it can also be a great tool. If you want to build serious wealth, you need a good relationship with a banker who can service your needs properly. The most common healthy debt tools include a home mortgage, business loans and lines of credit. All of these tools can help you leverage your wealth(or cash flow) in order to afford a home, invest in a business, or cushion cash-flow problems.
Debt is a tool, and it works just like a lever. The word leverage is often used when people refer to debt, and that's exactly how debt can operate. The more debt you have, the more buying power you control. However, many people in today's world are in debts, and the result is a record number of bankruptcies. Debt is okay if you know how to use it. Its alright to leverage your home or a business venture as long as you can afford to cover the payments. However, it's not advisible to leverage your self-image. Using debt to live in a lifestyle you can't afford is wrong.
Here are four ways to eliminate debt:
1. Refinance your mortgage
Shop around when mortgage rates drop to see if you can get a better fixed rate. If you plan to stay in your home for more than two years, and i fyou can imporove your mortgage rate by as much as 2 percent, you should consider refinancing. This may reduce your mortgage payments and reduce the amount of money you spend each year on interest payments.
2. Use only low-interest credit cards
Do some research to find the credit card with the lowest possible rates.
3. Pay more each month on your mortgage
If you can afford to add money to your mortgage payment each month, you will reduce the overall interest costs on your mortgage and speed up the time it takes to retire your mortgage. If you can double your payments, your home will be paid off more quickly. You might also want to consider a 15-year mortgage versus the typical 30-year mortgage. You'll pay a lttle more each monthy, but you'll save an enormaous amount of money in interset later.
4. Home Loans
If you have a great deal of credit card debt and you own your own home, you might consider applyhiung for a home loan and using the loan money to pay off your credit card debt.
MoneyBuddy is an information and comparison site for Australian finance products. For example, you can find such information as Home Loans, Compare Credit Cards, Car Loans and so on. Though this site is said to be aimed at the under 30 market, it is a useful site containing a varieties of financial articles to increase your financial knowledge.
