3 Simple Steps To Rapid Debt Reduction


With the Fiscal Cliff in the news so much lately, many of us are re-evaluating the way we think about, spend, and save money.  It is never too late to take control of your money or even to learn new and better ways of spending.  The first step for many of us involves finding a rapid debt reduction method to get out of debt as soon as possible.

By following one or more of these strategies listed below, you can achieve rapid debt reduction.  Just use this as an opportunity to make permanent changes to your financial outlook.  If you follow these steps and change your habits you can have the secure financial future that you dream about.

Here is a list of 3 simple steps to rapid debt reduction you can start using today so that you can be debt free for the rest of your life:

1) Bring more money into your household.  I know at first this may seem impossible but it’s not.  If you can’t just add a part time job you should consider cutting back on some daily expenses such as eating out or buying coffee everyday.  Use coupons or shop at cheaper stores.

  • Switch from brand name groceries to the store brands.  All of these things can help you free up some extra money.  If you apply that extra to your debt you can pay it down much more quickly than you will if you aren’t paying anything on the principle, which you aren’t if you are only making the minimum payments.
  • Another way to bring more money into your household it to sell things.  Anything you don’t want or need.  You can have a garage sale or sell it on Ebay. Again, this may not bring in a lot of extra money but every little bit of extra money you can apply to your debt will help you get it paid off more quickly.

2) Talk to the bank or credit card company.  Banks are really taking a hit these days with so many people defaulting on mortgages and credit cards.  They are more willing than ever to work with you.

  • They might agree to lower your interest rate which would mean that for the same amount of payments you would be applying some to your principle and not just your interest (which is what you’ll have to do in order to get your debt paid off quickly).

3) A debt consolidation loan.  This will allow you to get one loan that will cover all your debt.  That way you’ll have only one payment which will be lower than the 10 different payments you were making before.  For this to work, you will have to cut up the credit cards you just paid off. Otherwise, you may be tempted to start charging on them again.  If you do that you will be right back where you started.

If you follow the strategies listed above you can find yourself debt free very quickly, however there is something you need to keep in mind.  If you use one or more of these strategies to get out of debt you have to be disciplined enough to not use your credit cards anymore.

That is a vicious cycle many people find themselves in.  They pay off some debt and then turn right around and make frivolous purchases and are right back where they started from.  In order to live debt free you have to learn to live within your means and for many that is going to be the hardest part.


Does Paying Off Your Mortgage Early Make Sound Financial Sense?

Pay Off Your home early or not
Home Sweet Home

At one time or another you’ve probably thought about what it would be like to finally pay off your mortgage. You’ve likely dreamed about living the life you desire, unfettered by the ball and chain of having to pay your loan payment every month.

Before you make a decision, take a close look at your financial options to determine if it really would be wise to pay off your loan early. In some situations, it’s better not to pay it off.

Consider these reasons, both for and against, an early payoff in your situation.


Benefits of Paying Off Your Mortgage

You’ll save big on interest. Depending on where you are time-wise in the term of the loan, you stand to save literally thousands of dollars that you would have paid in interest over the life of your loan.

You won’t have the monthly stress of a house payment. This can be a great relief!

As retirement approaches, paying your house off means you won’t have to struggle with house payments on a reduced income.

You’ll have hundreds of dollars to spend or save monthly. It’s empowering to know that whether you want to take a couple more trips a year or concentrate on saving for the kids’ educations, you’ll have money to put aside for it.

Your confidence about your financial situation will increase. After all, if you pay off your mortgage early, you’re likely doing something right with your budget. You have a lot to be proud of!


Why You Might Not Want To Pay Off Your Mortgage

Taking all of the above into account, sometimes you can still come out ahead without paying off your mortgage early.

Here are some reasons why paying off your mortgage early may not be wise

Home Sweet Home


Paying interest has its advantages. With mortgage rates being so low now, you might be paying only 3 or 4% on your mortgage. Yet you might find an investment that pays you a 10% return. So you would make more money if you used your extra funds to make a higher rate of interest from an investment rather than pay down your mortgage.

  • Bear in mind that if you’re getting an income tax deduction on your mortgage interest, that interest is costing you even less overall.

Keeping your dollars in hand may be wiser. Paying off your mortgage in one lump sum might not work in your best interest. Doing so doesn’t increase your net worth because you’ll have less cash.

  • Also, paying all your cash into your house means you have substantially fewer liquid dollars. You’d have to sell or refinance your house to get your cash back if you need it. It’s unwise to use all your cash to pay off your mortgage, especially if you could be earning interest on it.

Avoid taking cash out of your 401(k) to pay off your house, especially if you’re less than age 59-1/2 because of the extra penalty. Plus, all the money you take out is taxed at your ordinary income rate.

Paying off loans with higher interest rates first makes more sense. It’s smarter to pay off a higher interest debt than your mortgage, if your mortgage has a lower interest rate.


Answering the question of whether to pay off your mortgage early takes some deliberation. Ensure you take into account your specific situation. Strive to determine how you can save or make the most money and you’ll be happy with your choice.

Living In A Cashless Society-Never See One Red Cent

There are probably plenty of people today that think the moves that are being made to a cashless society are good ones. They get their paycheck directly deposited into their bank account and then use their debit card to make purchases.

If they have truly set up their own little cashless society they probably pay their bills online as well. They never see one red cent, they never hold a dollar bill in their hands anymore and they do not even have a checkbook either.

Everything they do and buy is with that little plastic card they get from the bank.

I for one still like the idea of having some bills and coins in my pocket, it makes me feel more secure. That may sound silly but I work hard for my money and like to see some of it on occasion.

There is even a more advanced form of being able to make purchases on the rise today as well: Cell phones.

You have most likely seen the commercial of the guy sitting in his chair, then realizing he has to go to the bank he gets up and gets into his hat and coat only to realize once more that all he has to do is take a photo of both sides of his check and send the photo to the bank to make his deposit. Then he removes his hat and coat and sits back down.

I agree that this sounds like a neat idea but then I think, why has he not just set up direct deposit with the company he works for? Maybe this works for third party checks as well but they make the commercial seem like it is his weekly paycheck.

I guess that in this ever growing, ever changing digital world this is called progress.

Then there are all of those restaurant and retail store gift cards and re-loadable cash cards, too. Some of the cash cards are not re-loadable but the idea is still there. You can usually purchase one of these cards for one of three set denominations from $25 to $100.

They are put out by the two major credit card companies Visa and MasterCard and can be used just about anywhere and for anything. All that is required of the user is to register the card online or by phone to activate it. Much like activating a credit card.

If everyone has the ability to pay for things they want electronically, almost no one would need a credit card. Buying small things on credit could possibly become a thing of the past.

Major purchases like buying a house or a car would still require a person to have a good credit rating but maybe consumers would stop getting themselves in way over their heads if they found it easier to live within their means.

Having instant access to their bank balances and the ability to pay using their cell phone could make the idea of a cashless society a reality sooner than anyone thinks.


Jimmy L Hancock Jr is the Owner of http://ProfitDistrict.com. Check us out anytime for marketing tips and a free subscription to our cutting edge newsletter.
Looking to make Money Online?  Check out “The Work From NO Home” System


Landing That New Job

Interview Tips For Landing That New Job

Are you looking for a new job or a new career?  If you are, your first step should be examining job listings.  When it comes to finding job listings, you have a number of different options.  For instance, you can use your local newspaper, the internet, or career counseling centers.  In a way, finding job listings is the easy part.  Actually getting the job that you want is the hard part. The next step is sending them your resume.

[You can find a great guide to writing an awesome resume here]

When it comes to landing a job that you applied for, your interview will play an important part in whether or not you are hired.  If you are able to get a job interview for one of the jobs that you applied for, you are advised to proceed with caution.  Your actions or your responses during an interview can either make or break you.  To increase your chances of landing your dream job, or at least the one that you applied for, you will want to continue reading on, as some helpful tips are outlined below.

When going to a job interview, it is important that you are properly dressed.  You would actually be surprised to learn how many job applicants show up to a job interview in unattractive, unprofessional attire.  Even if you are just applying for a job as a cashier at one of your local supermarkets, you are still advised to dress professionally for a job interview.  Depending on the job you are applying for, a dress or a business suit may be called for; however, a simple pair of black pants and a white shirt is much better than a pair of jeans.

You are also advised to bring a couple of copies of your resume to your job interview.  This is something that many job applicants do not think to do, but it is actually a wise move.  Yes, you may have already submitted your resume to the employer giving you the interview, but it is important to remember that they probably received hundreds, if not thousands, of resumes.  It is not unheard of for resumes to get lost or misplaced.  Bringing along an extra copy of your resume shows that you are responsible and likely to always be prepared.  In addition to brining an extra resume for the interviewer, it is also advised that you bring a copy for yourself.  This will make reviewing your work history and education easier, as everyone would be on the same page.

During the interview, you will be asked a number of different questions by the interviewer.  One of the most common questions asked is about your strengths and your weaknesses.  One of the biggest mistakes that a job applicant makes is stating that they don’t have any weaknesses.  Everyone has at least one weakness or something that they wish that they could chance about themselves.  You will want to be honest and admit this.  Of course, you don’t want to go overboard.  What you will want to do is try and make your weakness a strength as well.

 Ultimate Guide To Job Interview Answers

At the end of most interviews, most interviewers ask the interviewee, which would be you, if you have any questions. You are advised to ask questions.  In all honesty, even if you don’t have any questions to ask, you are advised to come up with some.  Many interviewers use the “do you have any questions,” as a ploy.  Many are turned off by interviewees who do not have any questions.  Some even associated it with not be interested in the job or the company.  Even if you ask about how the company got started or what the chances are for moving up the company ladder, you are advised to ask questions.  Of course, be careful with the questions that you do ask.  You don’t want to sound too pushy or overbearing.

At the end of your interview, it is extremely important that you shake the hand of your interviewer and thank them for the opportunity.  This is very important.  It is hard for some to imagine, but a simple thank you actually goes a long way nowadays, as it is hardly spoken anymore.  It is also advised that you send a thank you note the interviewer you met with.  This may not necessarily increase your chances of landing the job, but it will make you look professional.

By keeping the above mentioned tips in mind, you should be able to have a successful interview.  Interviews are the most important part of landing a new job.

Do’s and Don’ts For Your Job Interview

Are you in the process of trying to get a new job?  If you have already applied for a few jobs, there is a good chance that you may end up having an interview scheduled soon, if you don’t already have one arranged. As you likely already know, a job interview is often the deciding factor in whether or not you get hired. That is why it is important that your interviews go off without a hitch.  To ensure that they do, you may want to familiarize yourself with the most common job interview dos and don’ts, some of which are outlined below.

Prepare For Your Interview

One thing that you will want to do is prepare for your interview. There are too many individuals who mistakenly believe that all interviews are the same. This is actually something that you do not want to do.  Yes, many interviews are similar in nature, but they are not all the same.  In all honesty, it depends on the job that you are being interviewed for and the employer in question.  Instead of assuming that your job interview will be just like the last one, you are advised to expect something different, to help keep you on your toes.

Practice Makes Perfect

Another thing that you will want to do is practice for your interview.  As it was previously mentioned, many job interviews are similar in nature, despite being a little bit different.  They are often similar based on some of the basic questions that are asked. For instance, some of those questions may be centered on your professional goals, your need to succeed, and so on.  No matter how prepared you are for these questions, they can be difficult to answer in the moment. That is why you do want to prepare for your interview by doing a few practice runs, preferably with a friend or a relative.

Keep Your Personal Life–Personal

As stated above, during the interview process, you will be asked a number of questions. These questions are what enables an employer to gain insight into you, your life, and your work habits.  When responding to questions that you are asked or even when just making conversation, it is advised that you keep everything professional in nature. What you do not want to do is divulge too much information about your personal life.  For instance, employers do not need to know how old you are or if you have any children.  Also, do not badmouth any of your previous employers or bosses, as this will tend to make you look bad yourself.

Dress For Success

When going for a job interview, it is important that you are properly dressed. What you do not want to do is wear jeans, sweatpants, or clothing that is too revealing.  To increase your chances of getting a job, you want to look professional for your job interview.  This not only includes your clothing, but your appearance as well. If you need to put on makeup or get a hair cut, go ahead and do so.  When looking to hire a new employee, many employers want someone who can represent the company in a positive matter.  That is why it is important that you do place at least a little bit of focus on your appearance.

Since the interview process is what is often the deciding factor in whether or not you are hired, you will want to make sure that your interview is one that is memorable, and in a good way.  To do that, you will want to keep the above mentioned job interview do’s and don’ts in mind.

Ultimate Guide To Job Interview Answers