Credit card debt management is a big subject these days. It seems that everyone is trying to manage their credit card debt. I heard on the radio that people are even trying to pay down their credit card debt before their mortgage, which would be disastrous and no financial advisor would tell you to do that. The reason people are doing it is because they are so worried about losing their homes and they are upside down in their mortgage, owing more than the home is even worth. People are giving up hope, and walking away from mortgages, knowing they will be foreclosed upon and turning to their credit cards to bail them out.
This is a TERRIBLE strategy! Why? Because they lose their home, which could eventually be worth far more than it is today. They destroy their credit by neglecting the mortgage. They probably don’t realize it, but many credit card companies are actually lowering credit lines as people are paying down their credit cards, and their credit available will be gone due to their unwise neglect of their mortgage. This puts them in a terrible trap, which will take years of hard work to reverse.
The better solution is to get out of debt completely by paying their mortgage as well as their credit card debt. Management of the total financial picture is a better solution and one that will bring financial stability and peace of mind. This total financial debt management is possible using the Money Merge Account from United First Financial. Even with very little discretionary money, the Money Merge Account program will allow a family to pay down all their debt in a fraction of the time.
So, when it comes to credit card debt management, make sure you look at the whole financial picture and don’t make emotional decisions that will hurt you for years to come.
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Chris,
Great video. Thanks for sharing. It’s an excellent explanation of the monetary system and economics.
Debt is the biggest issue facing us all.
I found this video on YouTube which really opened my eyes to the importance of getting out of debt: http://www.youtube.com/watch?v=50bWUrKAbwU
I am sure you will be as amazed as I was.
Well said, Amy!!
Hi Amy…nice looking blog..fortunately, I don’t suffer any bad credit card debt…and I don’t have a mortgage either! but thanks..I’ll know where to come if i do..
Stuart Stirling
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