There is one month left until the beginning of the new year and most people make
resolutions are set goals that either involve their health (usually weight loss) or their money. Do you know what direction you want to go with your money? Do you have consumer debt that you want to pay off? Or maybe you want to save more or invest more money. There can be many directions you can go with money.
Eliminating your consumer debt should be at the top of your list. You should build yourself a $1,000 emergency fund so that you can avoid using your credit cards. This does not seem like a lot of money and it is not, but in most cases it will be enough to get you past most minor emergencies without having to use your credit cards. If you can avoid using your credit cards, you have a good start towards debt freedom. After all, if is not going to be easy to eliminate debt while you are still accumulating it.
The best way to get started is to learn as much as you can about debt relief options. This is the best way to pick the one that is going to work best for you. The best way is to repay your debt on your own. Many financial experts have written books that include easy to follow plans for paying off your debt. Credit counseling is another option that has helped many people become debt free in three to five years.
Beware of debt settlement companies. Even though the laws have changed concerning these companies, they are charging you for a service that you can perform on your own. It is important to realize that settling your debts will affect your credit negatively and the portion of the debt that is forgiven is considered income and is taxable. Get started today. The longer you wait the more money it will cost you.