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    Money 911: Tested Strategies to Survive Your Financial Emergency
    Money 911: Tested Strategies to Survive Your Financial Emergency
    Money 911: Tested Strategies to Survive Your Financial Emergency
    Ebook133 pages1 hour

    Money 911: Tested Strategies to Survive Your Financial Emergency

    By Reed Markham and Lorena Markham

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    About this ebook

    This life is not a test run, we are living the real thing now. This is a book consumers can use now even if they only have precious little time to read. Take control of your finances and your future now. Financial problems only get bigger if you do nothing. Time will continue to pass whether you do something to change the outcome or not. It is our hope that you will choose a better financial future.
    LanguageEnglish
    PublisheriUniverse
    Release dateNov 26, 2008
    ISBN9780595631858
    Money 911: Tested Strategies to Survive Your Financial Emergency
    Author

    Reed Markham

    Reed and Lorena Markham wrote a bestseller titled "Making Marriage Magnificent." Now that their family includes 3 children, they are sharing the result of their quest for solid nuggets of financial wisdom. The family of five currently lives in Deland, Florida and are still managing on only one modest income.

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      Book preview

      Money 911 - Reed Markham

      CREDIT CARDS/DEBIT CARDS

      Earl Wilson, There are three kinds of people in the world: the Haves, the Have-Nots, and the Have-Not-Paid-For What-They-Haves.

      1

      You can live without credit cards, before 1950 Americans survived without them.

      2

      Use rewards credit cards only if you pay the balance in full. Otherwise finance charges and any other fees such as late payments will quickly overshadow any gain. If you have one of this cards and are carrying a balance, transfer it to a lower rate instead.

      3

      Don’t choose a card with an annual fee, there are plenty out there without this fee.

      4

      Watch out for monthly maintenance fees on your credit card. More and more companies are charging these. There are plenty of cards without these.

      5

      Always use the preprinted envelope from the credit card company to send in your payment. Otherwise it may be delayed causing late fees.

      6

      Always send your payment ahead of time. If your payment arrives even one hour after the deadline, you will be charged an outrageous late fee. A late fee added to an account can also bring on overlimit fees.

      7

      Watch out for promotional credit cards. One late payment or overlimit charge and you will be charged default rates -30 percent in most situations.

      8

      Keep track of your credit limit. Credit card companies will not stop you from making a purchase that puts you above your credit limit. Instead they will charge you overlimit fees, each and every month until the balance falls below the limit.

      9

      Credit cards affect your credit score for good or bad. If you carry too many, you are bound to make a mistake.

      10

      Keep only one credit card. The MasterCard or Visa you’ve kept the longest.

      11

      If you carry a balance on a credit card, stop using it and don’t carry it with you. You’ll never be able to pay off your debt if you are constantly adding to it.

      12

      50% of people who carry credit-card debt experience feelings of depression. Decide now to pay off your debt.

      13

      Use the fold down method. Pay one credit card first until the balance is paid in full. If you were paying $100 towards it, when it is done, you put the $100 towards a second one until all are paid.

      14

      Use cash instead of credit cards, you will automatically spend about 30% less. Something about seeing the money leave your hands.

      15

      Don’t use an ATM machine, get the cash you need from your bank.

      16

      Call your credit card companies. See if they will give you a better rate.

      17

      Credit cards should be used only to pay for durable items such as appliances. Not for food or clothing.

      18

      Wants should never be paid for with a credit card, buy these only when you have the required cash.

      19

      Throw away any new credit card offers when you are finally out of credit card debt, in the meantime look them over carefully they may provide a lower APR than that of your current balance holder.

      20

      If you do find a lower APR on balance transfers, make sure you take into account balance transfer fees.

      21

      Never pay your mortgage with a credit card.

      22

      Don’t use credit cards again until you are able to pay balances in full.

      23

      Never use credit cards for cash advances. The fees are always excessive.

      24

      A college student should avoid all credit card offers on campus. The free t-shirt in the deal is just not worth it. One credit card with a low credit limit that can be paid off every month will more than suffice for establishing good credit history.

      25

      When you close a credit card account, ask for a confirmation letter to be sent to you. Credit card companies have been known not to close accounts when asked to.

      26

      Some 401k plans will allow you to borrow against your account. You can use this money to pay credit card debt. However, be sure to pay back the money otherwise you will lose not only the principal but all the interest you would have made not to mention you will owe taxes.

      27

      If you carry a balance, make your payment the first minute you receive the bill. This will cause that more of the payment will go towards principal. Every little bit helps.

      28

      Make more than the minimum payment.

      29

      Start off by paying double the minimum on your credit cards. Slowly increase the amount.

      30

      Review your monthly budget and see if any expenses can be done away with for next month and apply the money towards credit card debt.

      31

      Beware of introductory offers. Theses offers often expire in three to six months. After the introductory period the rates go up.

      32

      Beware of companies offering great rates to transfer existing balances. These rates are typically for a short time only, add balance transfer fees and the offer may not be acceptable.

      33

      Always examine your statements carefully - watch for mistakes and hidden fees. Call the credit card company immediately if you have any questions.

      34

      Cash advances on cards are charged from the day you borrowed the money.

      35

      Save on increasing postage- make your credit card payment online.

      36

      If you get behind in your payments, your recreational expenses can be done away with and used to catch up on the payments instead.

      37

      Credit card companies

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