Michael Newman’s latest ‘e-Wealth Daily’ article is titled “A Game Plan for Wealth and Success”. [‘Wealth and Success’ Article]


Michael Newman’s latest ‘e-Wealth Daily’ article:

A Game Plan for Wealth and Success

If you’ve looked at your situation and noticed that you have one, or some of the warning signs of too much debt that I revealed on Monday, it’s high time to do something about your situation. Remember, it’s important to begin to concentrate all your efforts on getting out of debt, and taking the necessary steps to do so. If you don’t, here are some of the ways your life will be affected:

— Your credit score will drop. This can turn into a very sticky situation if your score dips below 620. This is when interest rates start to climb and it becomes harder to secure credit. A poor credit score can have negative implications on your ability to get loans, rent apartments and a number of other important facets of your life and financial abilities.

— Anxiety: People in debt trouble rarely have peace of mind. They often worry about what will happen next, become depressed and possibly continue to exhibit uncontrolled spending if they are in denial about their situation. This can affect personal relationships, work, the ability to get work accomplished, and lower self-esteem.

This may sound bad, but fear not because there is good news and you can change your fortune and get back on track.

There are many strategies you can use, but they all start at the same place: realizing you have a problem and coming up with a budget. A budget will clearly show you where you are spending your money and how you can make the appropriate cutbacks to focus paying down your debts.

Your budget should break down everything you spend on, from your rent to groceries to entertainment, etc. Next, go through and write down how much you spend on each of these items a month. Now, examine your budget and look at where you can make cutbacks.

Next, identify your debts. Generally, it is recommended to pay off the highest interest debt you have, and then work your way down to the lowest interest. However, sometimes it can be hard to tackle the biggest one first because it seems like your efforts aren’t even making a dent in the number.

If this is the case, then focus on paying down a more manageable debt first, if only to give you confidence and show yourself that you’re capable of crawling out of a mess. It’s also recommended that you call your creditors and try to negotiate payment terms. Some may lower monthly payments, or agree to a buyout number.

Start using cash to make purchases and leave the credit card home. This helps to ensure that everything you purchase is affordable and calculated, not based on impulse or with a “buy now pay later” mentality.

Finally, if you don’t think you can do it alone, there is help. Contacting the non-profit organization, Consumer Credit Counseling Services (CCCS) (contact information below) can help you receive private assistance on developing a budget, looking at options and negotiating with creditors.

To contact Consumer Credit Counseling Services call 1 (800) 388-2227 to locate the nearest office.

e-Wealth Daily

About e-Wealth Daily

The e-Wealth Daily Bulletin brings you daily tips, advice and breaking news related to home businesses, small businesses and internet marketing. Our team of experts gives you the information you need to take your business pursuits to the most profitable level. Founded by Adrian Newman in 2003, the e-Wealth Daily Bulletin and www.ewealthdaily.com are a division of Lombardi Publishing with online newsletters reaching over 100,000 subscribers each month.

* IMNewsWatch would like to thank e-Wealth Daily for granting permission to reprint this article.

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