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Do you feel like your credit card debt is insurmountable? The good news is that, no matter how high the mountain appears, you can climb it and pull yourself out of the metaphorical hole you may find yourself in.

Here are some ways to tackle that debt and bring it down to size:

1. Only buy what you can afford. The best way to keep debt from becoming a problem is to avoid the problem altogether from this point forward. Rather than splurging on a fancy piece of electronic hardware, just wait and save up for it.
•  By staying within budget and paying off your bills every month, you don’t need to worry about debt piling up on top of you.
•  You can still get out of debt and feel the sweet relief of being debt free by changing your mindset from “having it now” to one of enjoying it even more when you have the money.
2. Pay off the lowest balance first. Financial advisor Suze Orman often advises people in debt to take care of the higher interest debts first. In general, this is a good way to go, however, if you have a credit card with a balance of only a couple hundred dollars, it would also be beneficial to knock that one off right out of the gate.
•  You can eliminate a whole payment, save on interest charges, and put that money towards another bill.
3. Prioritize bills by interest rate. In the long run, paying off the higher interest cards first will save you the most money. It’s usually the interest that keeps knocking you back. By taking out the higher interest cards, you’ll feel a greater sense of progress when paying your bills every month.
4. Consolidate. One of the more overwhelming aspects of being in credit card debt is constantly being reminded of it with so many bills from different cards. One way to fight back is to consolidate your debt. You can do this by either taking out a loan from a bank or transferring the balance to another card.
• If you recently got a new credit card, you can transfer a portion of the balance to that. This will save you a bit of interest since most cards will put that balance under the introductory rate.
• If you take out a loan, you can pay off several of the cards and reduce the amount of mail you receive. It’s less daunting psychologically to receive one big bill as opposed to a bunch of tiny ones.
5. Convert to cash and debit only. One of the best ways to keep yourself in debt is to keep using your credit cards. They’re convenient and it’s easy to justify their occasional use by saying that it’s only a soda or a tank of gas.
•  Those tiny charges add up quick! A dollar here, a few more there, and you’ll negate the payments that you’re making in a very short amount of time.
•  Paying with cash will help you develop new spending habits. By the time you get your debts paid down, you’ll have disciplined yourself to the point where you no longer put yourself in that situation. Debt is a problem that happens to nearly everyone at some point.

Even wealthy people find themselves overextended by debt.

Even if you’re working on a shoestring budget, it’s possible to pull yourself out of debt. With discipline, focus, and hard work, you can find yourself relieved of the mounting pressures

Your credit score not only determines whether or not you can get a credit card, mortgage, or auto loan, it’s also a critical factor in determining the interest rate you have attached to those items. A low credit score can cost a lot of money over your lifetime. 

Not everyone is aware of the many factors that determine a credit score. It’s easy to make assumptions that seem logical, but are actually false. Acting on incorrect beliefs is a sure way to make a critical mistake.

Save money and make your financial life easier by avoiding these seven credit destroyers:

1. Carrying a big balance on your credit cards. While having a lot of debt is never a good idea, using more than 30% of the available credit on your credit cards hurts your credit score.
   • For example, if your credit limit is $10,000, your score drops if your balance is over $3,000. This is commonly referred to as the “utilization ratio.” Keep yours under
2.  30%. Paying late is a huge factor in your credit score. Experts estimate that 35% of your credit score is determined by your payment history. Any late payments will lower your score.
3. Closing credit cards is a credit score killer. This is related to your utilization ratio. By closing a credit card, you lower the amount of credit that’s available to you. Your credit score is also sensitive to the length of your credit history.
4. Defaulting is an obvious credit score mistake. When you fail to pay back a loan you owe to a lender, you can lose as much as 100 points from your credit score. Make every effort to pay back your loans. 
   • If you’re struggling, contact the lender and attempt to make other arrangements. They can be very flexible if failing to do so means not getting their payments.
5. Applying for too much credit. Everyone needs to have some credit, but applying for too much has a negative effect on your score
   • Each time you apply for more credit, your potential lender makes an inquiry of your credit history.
   • Each of those inquiries lowers your credit score.
   • Avoid sending in every credit card offer that shows up in your mailbox.
6. Not having a credit card at all. Many people are getting rid of their credit cards in an effort to avoid debt. Unfortunately, this does nothing to help your credit score. 
   • Experts believe that the ideal credit score includes 2-3 credit cards. Credit diversity can account for as much as 10% of your credit score. 
   • Credit cards help to keep your credit history current.
7. Co-signing for someone else can be a mistake. Putting your credit on the line by co-signing for someone else is a huge risk. Their failure to stay current with the payments can destroy your credit score.
   • You’re equally responsible for that debt, so any late payments or defaults will show up on your own credit report.
   • You can even be subject to collections and lawsuits. If a lender won’t do business with them, you might want to reconsider before co-signing.

By simply avoiding these common mistakes, you can’t help but have a great score that will guarantee you the lowest interest rates, even if your credit score is poor now. It may take time to boost your credit score, but it’s definitely possible.

Give your credit score the amount of attention it deserves. It makes life a lot easier!

Offshore bank accounts frequently make us think of very wealthy people trying to avoid taxes. But the truth is the average person can open an offshore bank account quite easily. Doing this can be financially prudent, too, even if you're not rolling in money.

Regardless of whether you have $10,000 to deposit or $100,000, offshore accounts can be significant tax advantages for account holders who make foreign investments. Usually this involves setting up a foreign corporation. There's also much greater privacy; in many jurisdictions there are favorable laws to protect the identity of account holders.

These accounts can also provide excellent asset protection; assets held in foreign banks can be extremely difficult to seize. Commonly, wealthy persons facing lawsuits transfer assets offshore.

All offshore banking jurisdictions have their own laws and regulations; you'll need to do some research to see which one best meets your needs. And keep in mind that the tax laws around foreign accounts are tightening all the time. Uncle Sam always wants his money.

Offshore Account Requirements

Offshore accounts are usually somewhat expensive to set up. The minimum required initial deposit can be quite high. However, there are options for those without a big bank account.

In addition to your initial deposit, most offshore banks require these items to set up an account:

1. Identification documents. The basic requirements are really no different than opening a bank account in the United States. You'll need to provide the basics like name, social security number, driver's license or passport, and address. Also, be ready with the real thing; notarized copies of your documents are usually required.
   • These banks are quite serious about verifying your actual address since there may be tax implications. Of course, this depends on the country in which you live.
2. Current bank statements. Offshore banks may require that you submit your last 6-12 months of statements from your current bank. They're also likely to ask you about the nature of the transactions you're planning on making. Offshore banks are under increased pressure to avoid supporting illegal activities, whether knowingly or unknowingly.
3. Choose a currency for your account. Unlike at your local bank, you'll have to choose a currency. This can be advantageous if other currencies are currently stronger than the US dollar. There can also be additional taxes imposed on interest earned in accounts held in a foreign currency. Be sure to talk to your tax advisor first.

Deposits to your offshore account can only be made by international electronic wire transfers from a local bank. Domestic checks are generally not accepted and traveling around the world to deposit cash is impractical. Check local fees for these transfers before you choose a local bank to provide that service.

Withdrawing money, on the other hand, is quite easy. Most banks will issue a debit/ATM card that can be used anywhere. Some offshore banks will provide checks, but these are unlikely to be accepted as a form of payment in most situations.

One other practical consideration for withdrawals is to have a local bank account and use the same international wire transfer method you use for making deposits. This provides the best of both worlds, since you can move large sums of money around via wire transfers and withdraw smaller amounts with your ATM card.

Could an Offshore Account Benefit You?

Though there's a lot of glamour and mystique around offshore bank accounts, you can see that acquiring one is largely similar to opening a regular bank account down the street. There are some additional steps to ensure that you don't have any criminal intent, but that's one of the only major differences.

Of course, you'll have to select a currency and decide on the best method for handling deposits and withdrawals. This will take a little research. But the small amount of work involved may be worthwhile if an offshore account satisfies your financial needs. Investigate your options today. You may be surprised at how beneficial these accounts can be.

Non-financial decisions can have a huge impact on your money situation. You might be surprised at how much influence your choices have over your debt, future earning potential, and retirement.

Those that are financially successful tend to consider the potential impact of all decisions, including those that have nothing to do with money.

Discover the 3 non-financial decisions that have the greatest impact on your financial life:

1. Marriage can have a significant effect on your finances. You might be a great investor. You have your retirement all planned and you stick to your budget 100% of time. But a divorce can cost you half of your assets and potentially have you making payments to your ex for the rest of your life.
   • Marrying a suitable partner is one of the most important factors in determining your financial situation later in life. Think about all the ways your spouse could alter your finances. It's important to choose wisely.
   • Staying married doesn't necessarily result in financial success either. Before getting married, consider your potential spouse's spending habits and current debt.
   • There are other factors to consider, too. Do you both want children? Are you both planning to work? What type of income is your potential spouse likely to generate?
2. Your educational decisions are extremely important. Attending medical school is likely to result in a better income than majoring in English. Higher education isn't necessarily a fitting choice for everyone, but it's something to consider.
   • Reflect on what you love to do, but avoid ignoring the economic implications. Think about how much your education will cost in terms of money and time. Also consider the demand for workers in your chosen field. There's plenty of salary information available. Do some research.
   • The cost of making a poor choice can be considerable. You may be miserable with your job, and then discover that you need to go back to graduate school to stay competitive.
   • Your educational choices can affect your income, employment, and overall happiness.
3. Children greatly impact your money situation. Children are incredibly expensive. Having one or more children can potentially mean the loss of income for several years. Financial priorities can also change when you have kids.
   • There's less opportunity to save and invest. Think about the food, clothes, medical bills, and all other expenses associated with children. That's money that could've been put towards your retirement.
   • The cost of higher education continues to rise. How much will a degree cost in the future? What about if you have three children? Avoid waiting until your kids are in high school to make the necessary financial adjustments.

Many decisions have financial implications, even if they may seem unrelated. Marriage, education, and children can potentially change your financial future in significant ways. Think about the effects these choices can have on your financial well-being.

Sometimes success isn't about making the perfect choice, but rather about refraining from making a poor choice. Take the time to make informed decisions. Your financial future depends on it!

Financial independence is highly desirable. Yet, for some reason, it seems to elude many of us. You've likely tried your hand at many different approaches, yet none have been able to give you the anticipated results.

The good news is that financial independence can be achieved. By making certain adjustments to your life, you'll find yourself starting to build financial independence. So put aside your plan to work harder or put in longer hours and read on to find the answers you’ve been searching for

Following these steps will lead you to financial independence:

1. Eliminate the word “credit” from your vocabulary. Having a good credit score can open up opportunities for you. But living in the credit culture also puts you in a stressful situation.
   • If you’re seeking financial independence, start by doing away with credit
   • You probably have a few credit cards in your wallet. Get rid of them! If that makes you nervous, only keep one for emergencies. Just ensure the credit limit is somewhat in line with the amount of cash you’ve saved.
   • If you're unable to purchase something with cash, it probably means you can't afford it. Live within your means.
   • Avoid borrowing for frivolous expenditures. Those are usually the hardest loans to repay.
2.  Treat needs and wants differently. Take a look at your life. How many of the things you have or do can be considered necessities? If you're honest with yourself, you'll realize you're piling on unnecessary expenses focusing on your wants rather than your needs.
   • Making a list of the things you require for survival is a necessary step for financial independence.
   • Everything that didn’t make the list can easily be eliminated from your expenses each month. Why put that amount of burden on yourself? It's time to give your finances a break.
   • The things you do to maintain a calm existence can be added to your list of necessities. For example, your yoga class may be necessary because of the physical and emotional benefits. But you can reduce the monthly expense by purchasing a yoga DVD and working out at home.
3.  Tap into your skill set. Are you working in a field that you love and that maximizes your skills? If you think about it, you'll realize that you're most productive when you’re doing something you like or are good at.
   • Think about your current job. Is it bringing out the best in you? Or, can you earn more and increase your productivity in another field?
   • Perhaps you can pursue a transfer to another department at your current place of employment. Or maybe you want to move on to something completely different.
4. Save money at all costs. Even if it's a dollar at a time, put aside money for your savings account each month. Learning to save helps you develop an understanding of its importance.
   • One way to save is to request a salary deduction each month. That amount can go to an investment account, which limits your access.
   • Many companies have 401(K) or 403(B) accounts that can get you started with a savings plan. Look into what’s available at your place of employment.
5. After reading this, you'll likely realize it's much easier than you think to make some simple financial adjustments. Give yourself four weeks of this routine and then assess how it’s going. You'll feel encouraged by the positive results!