Getting Out Of Debt with 9 Year Mortgage – 7 Habits To Watch Out For
If you often find yourself indulging in ‘retail therapy’ or racking up credit card rewards, you could be fueling a dangerous habit. Credit card debt continues to be a huge problem for the average American, yet many are still living a lifestyle that supports a costly debt habit. 9 Year Mortgage suggests looking at your spending habits, and avoiding these seven bad habits that could be fueling your debt addiction.
Do you often find yourself to be indebted to others in some way — and fail to repay your debts regularly? The borrower mentality can leave you in a never-ending debt cycle. Find ways to make ends meet and stop relying on others to get by.
2. Shopping Impulsively
Impulsive shopping habits could be fueling a debt addiction. Few people use a budget for impulsive purchases, and if you don’t have cash on hand, you’re likely to use a credit card to get what you want. Restrict those urges to shop deal sites and other sales. If you don’t have extra money available, avoid going to into the stores or websites where you impulsively shop.
3. Spending to boost your mood
If you indulge in retail therapy regularly and rely on credit cards to get your shopping fix, it’s almost impossible to cover the costs without going into debt. Trying to get out of debt will be that much more difficult if you’ve racked up huge balances to get your fix. In order to put a stop to this habit, 9 Year Mortgage suggests finding a healthy outlet for your stress. It’s important to avoid shopping when emotions are running high.
4. Depending on cash-back credit cards
The thought of earning money by using credit cards can be very seductive. If you tend to pay with credit just because you know you are “earning” a portion of it back in the form of cash or rewards points, there is a good chance you are spending more than you normally would without this incentive. The problem with cash-back credit cards is that they typically pay you back a very small percentage of your charges — think $1 for every $100 you charge. Unless you are extremely disciplined about paying off your entire balance by the end of the month, the money you earn back will probably not even cover the interest charges you’ve accrued during your spending spree.
5. Routinely transferring balances
9 Year Mortgage knows it is smart to transfer high-interest balances to a low-interest credit card when you can, but it is also easy to get caught in a game of “round robin” with your credit cards. If you find yourself paying off one credit card with another card, you are setting yourself up for an endless debt loop. Pay down your balances, and stop using the cards to get out of this dangerous cycle.
6. Living on interest-free financing plans
Zero-percent interest for the next 18 months and interest-free financing plans are great marketing tactics. Big-ticket items that can be financed with a no-interest offer seem to be a great idea on the day of the purchase. Unfortunately, you’ll probably end up spending a lot more than you would have if you had paid with cash. The lure of “buy now, pay later” can be hard to resist, but it will more than likely leave you in a lot of debt. Save your money for larger purchases so you don’t end up carrying extra debt — interest-free or not — over the next few years.
7. Keeping up with the Joneses
If you are constantly comparing yourself to others or find yourself trying to outdo the neighbors with new toys, you could be fueling a debt addiction. Trying to one-up friends and family by purchasing luxuries on credit can turn into a competitive sport, and a very expensive one at that. Avoid serious financial problems by living within your means and buying only things you can honestly afford. Trying to keep up with the Joneses can be the fast track to debt and even bankruptcy. 9 Year Mortgage suggests getting rid of friends who would judge you for not having the newest car, boat, or piece of technology.
Will The 9 Year Mortgage Plan Work For Me?
To learn more about 9 Year Mortgage, and to find out if you qualify for the 9 Year Mortgage program. Find out how soon you could be completely debt free, including your mortgage, with the 9 Year Mortgage Financial Plan. Find out what thousands of satisfied clients already know about taking control of their finances, and using the power of reverse compounding interest to beat the banks at their own game! 9 Year Mortgage representatives are standing by to answer all of your questions about our program, including how soon you will be debt free, and how much money you will save in interest! For more great money-saving ideas visit 9 Year Mortgage on YouTube or go directly to the 9 Year Mortgage Money Saving Minute. 9 Year Mortgage recently launched their Eliminating Debt with 9 Year Mortgage site , which is also full of valuable, free information.