How to Find Fulfillment - The Secret to Happiness | Karen McGregor | TED...

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Do You Remember Your First?

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Do you remember when you got your first credit card? The excitement you felt? The urge to go out and buy something on it right away? Did you take your friends or family out for dinner to celebrate or was your first card a store card, like mine was. When you got your first statement in, did you casually look over the amount owing and just fixate on the minimum payment required? Hey that isn’t too bad, is it? I can afford that! So did you do like I did and keep spending? Then one day you realized that casually looking at the amount owing wasn’t going to work anymore – you can’t ignore it any longer. But what happened? You have been making the minimum payments, haven’t missed one, and you aren’t using the card that much so why doesn’t the amount owing get smaller? That’s an easy question to answer. Very little of the minimum payment goes towards the principal debt; it is eaten up by interest. Interest is how the lending institutions make money and they are going to make sur...
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Debt Consolidation - What is It?

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Debt consolidation. We've heard a lot about it but what exactly is it? Simply put, it is a loan that will allow you to pay off ALL of your other smaller loans. Because you are going through a bank for the loan AND because you are combining all the debt into one payment, you will usually pay less interest. Which means you will be able to pay the debt off faster and save money. There are a few benefits to obtaining a debt consolidation loan. You will get a lower interest rate. One payment instead of multiple ones may be easier to maintain. Your creditors will be paid off immediately by the bank. If your credit rating hasn't been too damaged, you will be able to save it. You will get out of debt faster. You will pay less interest. The advantage of a debt consolidation loan is that it can make your life a lot easier. And as long as you adhere to the procedures stated, your credit rating should not be negatively affected. If you have a valuable asset like...
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Circle of Credit

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Do you remember how excited you were to get your first credit card? The freedom you suddenly have. The purchasing power. You put a little bit on it here and there and made the minimum payments - maybe a bit more - and pretty soon the card was almost maxed out. Then you get a letter from the lending institution. They are offering to raise your credit limit. That means you will have more money to spend, right? The creditor tells you that it is good to have the extra monies available. You don't have to use it but it is nice to have just in case you have a large purchase to make. Having the extra room on your card will make life so much easier, right? An increased limit on your credit is NOT going to make your life easier. It is not going to be there in case of emergencies. Increased credit limits on credit cards are just going to cause you more stress and get further in debt. I know, you know and the lending institution knows that you more than likely won't leave...
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