Financial Serenity Today: February 2012

An invitation

I am excited to launch this new blog, Financial Serenity Today. I work as a Financial Coach in the in the nonprofit sector. I bring the unique experience of 30-years in the field of finance with an MSW (Masters of Social Work). The goal in my work, the goal of this blog, is to help people become more at peace in their relationship to money, and thereby find greater peace, hope, well-being in their lives. This blog is not about how to build a road to riches, for wealth is not best measured in terms of net worth or income. Wealth is most truly achieved in living a life that is true to your spirit and within which you can achieve financial serenity. My hope is that this blog contributes in some small way to you on your journey.

I welcome your questions, comments, feedback on any matters financial. I will respond to the best of my ability and welcome comments and input from others to enhance our collective wisdom. As is always true in matters financial, this is an interactive tool based on less than complete information about your specific circumstances, do use this blog to supplement your understanding of your financial situation, and do consult with appropriate financial and legal experts as appropriate. Stu

Sunday, February 5, 2012

Managing credit card(s)

How can we as individuals manage our credit card debt, rather than be managed by them:

If just starting out, or if and as able, pay balance due monthly prior to the due date. The 1st mistake we make in regards to credit card debt is to think of it as cash. It is not cash. The higher the rate charged, the less it resembles cash.
If you carry balances, and have multiple cards, pay down highest rate cards 1st. Notice on the 1st page of your statement how many years it takes to payoff credit card debt if you make the minimum payment. Notice how little additional payment is required to speed repayment.
If you have built up credit card debt for some time, if you are struggling to retire debt, take the time to visit with a local non-profit credit counseling entity. Make sure you check prospects out on the internet through the Better Business Bureau. Legitimate sources of help can help you learn to better address your debt, and may be able to assist you through their debt management plan.
If life has taken a challenging turn that you are struggling to recover from, credit counseling agencies can help you understand and examine whether or not you are a good candidate for bankruptcy. Do not enter into such steps lightly, but do not fail to consider this option if deemed appropriate by non-profit counseling firm.