Manage Your Credit Card Debt Away

Every once in a while you find a great website that is truly helpful and not gimmicky. I ran across one such website the other day. It was created by the cooperative efforts of Utah State University Extension and WebAIM.org. The website primarily helps consumers gain control of their consumer debt. It has a great calculator that lets you enter your specific debt information for each obligation. The site then calculates how long, at that rate, it will take you to pay it off and how much it will cost you in interest. You can also see the impact of making additional monthly payments to each credit card or loan.

It will also help you establish an Emergency Fund plan so you are prepared if you lose your job or the unexpected happens. It also has a calculator that helps you determine how much debt you must pay off to qualify for a mortgage.

There is also a section that helps individuals develop a spending plan. It helps you allocate your take home pay and makes suggestions for different expense categories (i.e. food usually comprises 18% to 25% of your income).

The Educational Center has dozens of helpful how to articles on topics as diverse as selecting a credit card to how to protect your self from insurance fraud. These are pithy articles just chocked full of good tips.

You will need to setup a profile with username and password to start exploring this site but it is totally worth it.

Please pass this site on to anyone who has is having trouble managing their debts. It is also a great site for educating teenagers or kids about money. I always wonder how many kids would run up credit card debt if they knew how much it costs. There is a great article offering helpful suggestions for parents on managing allowances.

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What teens should know about managing money!

One of the last taboos is money. We will frequently teach our kids about the birds and the bees before we teach them anything about fiscal responsibility and money management.

If you have teenagers here is a nifty website with some great educational material. Read through the lesson plans and student resource guide for ideas on teaching your teenagers about money management. Spend a little time each week discussing how to manage money properly. After all it is a necessary life skill. Don’t let them learn the hard way. Teach them now how to manage their money so it doesn’t manage them.

Link to Guide and Lesson plans