Welcome to the Labor Day Edition of the Carnival of Debt Reduction, the 208th time this carnival has been published. The idea of a blog carnival is to publish a selection of articles on one topic and present them to readers in one place – so you don’t have to go searching through the internet for relevant articles. The Carnival of Debt Reduction wants to help you get out of debt, so I hope you enjoy these debt reduction tips!
Debt Reduction Tips:
Pay off low-balance debt first for a big mental boost. David from My Two Dollars suggests paying off your lowest balance debt first for the psychological effects of clearing out debt.
Use 0% Balance Transfer credit cards effectively. PT Money recommends using 0% Balance Transfer cards effectively to more quickly reduce your debt. Here is a list of top 0% Balance Transfer credit cards to help you take advantage of these offers.
Use low interest credit cards. Instead of paying high interest rates, use low interest rate credit cards to lower your debt. You can save money in the long run. Better yet, don’t carry a balance!
Examine your lines of credit. Which is safer today, hanging onto a line of credit at prime or locking into a 3.85% five year fixed rate? Examine your lines of credit to determine if you can improve your current interest rates.
Don’t blame anyone for your debt. Matt from Financial Methods asks What happens when you run out of people to blame? It’s an important question to ask.
Avoid bankruptcy. The Smarter Wallet shares a post to help you stay afloat and avoid bankruptcy. Bankruptcy can stay on your record for years and should be avoided if at all possible!
Once you get out of debt, it’s time to start looking for high interest rate savings accounts to stash your savings, and then start looking toward investing for your future.
Please visit the Carnival of Debt Reduction website for more information about this carnival. If you would like to submit an article for a future edition, please read the Submission rules carefully before submitting an article. If you are a blogger who submitted an article that was not included in this edition, it probably did not meet the submission requirements.