Make 2013 the Year You Gain Control of Your Finances

Happy New Year 2013Hard to believe, but 2013 is right around the corner. If your finances are in shambles, make this the year that you tidy things up and gain control. You will find that when you have control of your finances, you feel much better, and other areas of your life improve. Whether you have a little bit of debt or more debt than you can handle, there is a plan for you.

Manageable Debt
If you have a manageable amount of debt, take steps to make your payments go farther. Call your credit card company and ask them to lower your APR. If they won’t do it, apply for a 0% interest credit card and transfer your balance to that card. The lower you can get your interest rate, the more money can go on principal.

If you owe on student loans, see if you can consolidate your loans and get a lower interest rate. Then, you will be paying just one payment a month instead of possibly several.

Finally, develop a side gig to bring in some extra money to help you put more money on your debt. The more you can pay, the faster the debt will go down.

Unmanageable Debt
If you have unmanageable debt, first accept it. Then, contact a debt relief agency. They will help you by setting you up with a repayment plan and negotiating with your creditors for lower interest rates and/or a lower payoff amount.

Debt consolidation allows you to refinance your home and take advantage of the equity in your home to pay off your other debt. You will be left with one monthly payment for your house that will likely be less than the total you were paying on all of the debts separately.

Getting out of debt may seem impossible, but it is not. By facing the reality of your situation and getting help, 2013 may be the year you gain control of your finances.