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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Interested in Interest?

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I help people with unsecured debt get lower interest rates, pay their debt off faster and save money. Do you know what the most important phrase in that sentence is? Lower Interest Rates. In my opinion, that is the key to getting control of your unsecured debt. Anyone who has ever had a credit card or line of credit knows the frustration of making payments then when the bill comes due again, seeing very little of the balance reduced. It is so aggravating! People feel like they will never get out of debt. But you can. To prove my point on how you can save money by reducing interest, I want to tell you a story. At one time, I had three Mastercards - BMO, Canadian Tire and President's Choice. The Canadian Tire card had an interest rate of 19.99% and the President's Choice, 19.97%.  I took the amount that was owing on the Canadian Tire card from my line of credit at 10.5% interest and paid off the Canadian Tire card.  When I phoned to cancel that card, the super
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Up and Down

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Interest rates go up and down, depending on what is happening in the economy.   When times are tough, interest rates go down to entice people who are apprehensive about borrowing money to get in debt. When times are good, the rates go up since people are more open to taking on additional liabilities to get the things they want. Rising interest rates can be good and bad. Especially if you have consumer debt. Credit cards take a beating – or a I should, you, the credit card holder – takes a beating. A card with a $10,000.00 balance and an interest rate of 16.83% could see an increase of $25 a month just on a quarter-point rise in interest rates. That’s $300 in a year all thanks to interest. Auto and student loans and mortgages on a fixed rate will not have a noticeable increase. Or at least they shouldn’t.   When the loans were taken out,   the rate of interest was fixed at that time. However, if you take out a loan when the interest rates are high, you are locked in to
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