You can have a do-over starting today. But you have to get over the feeling that it's too late Jean Chatzky More Quotes by Jean Chatzky More Quotes From Jean Chatzky Buy experiences, not things. Spending on experiences makes people happier than spending on things. Things get broken and go out of style. Experiences get better every time you talk about them. Jean Chatzky stylebrokenpeople It's not about having it all. It's about having what you value most. Jean Chatzky valuesinspiring Turn down offers for new cards or credit line increases on your current cards. Credit's tight, and chances are, you're not getting many offers anyway. But if you do, remember that the less credit you have available, the less trouble you can get into. Jean Chatzky creditlinescards A little personality goes a long way. Jean Chatzky personalitylittleslong By definition, saving - for anything - requires us to not get things now so that we can get bigger ones later. Jean Chatzky savingmoneypowerful Don't let the fact that you're spending time getting organized result in late fees on your credit card bills. Jean Chatzky creditbillscards In about one-third of credit card consolidations, within a short period of time, the cards come back out of the wallet, and in no time at all, they're charged back up. Then you're in an even worse position, because you have the credit card debt and the consolidation loan to worry about. You're in a hole that's twice as deep - and twice as steep. Jean Chatzky creditworrycards No company can promise an end date, but if you have multiple debts, the first one should be settled within a year. Jean Chatzky debtpromiseyears If you're filing bankruptcy, you will likely want to hire an attorney. But for debt settlement, a company is sufficient, or as I said, you can often do the legwork on your own. Jean Chatzky debtwantsaid You must be sure - and I mean absolutely positive - that you have the willpower to pay off those credit cards and not use them again. Jean Chatzky usecardsmean If you have even a smidgen of doubt that you'll be able to stay away from racking up additional debt, don't do it. Jean Chatzky debtabledoubt When you default on a secured debt, the creditor takes the asset that backs up that debt. When you convert credit card debt to mortgage debt, you are securing that credit card debt with your home. That's a risky proposition. Jean Chatzky credithomecards If you default on an unsecured debt, you won't lose anything (except points on your credit score). Jean Chatzky defaultdebtcredit You also need to understand that when you consolidate credit card debt into mortgage debt - like a home equity loan or a HELOC [ home equity line of credit ] - you're taking an unsecured debt and turning it into a secured debt. Jean Chatzky homecardsneeds If you are, consolidating at a lower interest rate can help you pay off your debt faster. But if there's even a small chance that you'll spiral back into debt, it's not for you. Jean Chatzky debthelpingpay Even in the days of the tightest credit in 2008, HELOCs [ home equity line of credit ] and home equity loans were being made. Jean Chatzky creditlineshome Debt settlement companies work as a middleman between you and your creditor. If all goes well (and that's a big if), you should be able to settle your debts for cents on the dollar. You'll also pay a fee to the debt settlement company, usually either a percentage of the total debt you have or a percentage of the total amount forgiven. Jean Chatzky debtdollarspay The interest rate you receive, however, is contingent on your credit score. Jean Chatzky scorecreditinterest Take the cards out of your wallet. A debit card is accepted just about everywhere that credit cards are, and you'll be spending money you have - always a good thing. Jean Chatzky acceptedcreditcards Pay cash. For some reason, it's harder for people psychologically to part with their cash than it is to swipe a card. Maybe it's the act of physically seeing the money change hands, or maybe it's because you don't want to break a $20 for a $2 cup of coffee. Jean Chatzky coffeehandspeople
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