February 11th, 2011 | 
Author: 
One question that more and more people are beginning to ask themselves is whether or not credit card consolidation is best for them. For most people, the answer is “yes”; however, there are many people that are still unable to consolidate their credit card debts for one reason or another!
Most often when people hear or think about credit card consolidation, they right away think of putting all their credit card debts into one easy payment; however, it is not as simple as that! In fact, when it comes down to the credit card consolidation process, one of the first things that must be verified is that the debt is over a certain amount of money. On average, in order to get approved for the credit card consolidation you must be in debt over $10,000 in debt.
One of the most difficult things about getting a credit card consolidation (besides having that much in credit card debt) is finding the best company to help you will the credit card consolidation. However, the best thing that you can do is look thoroughly at many different companies without choosing one because it “suits” you good. There are many different ways of finding a great credit card consolidation company! In fact, one of the best places to find a credit card consolidation company is by going onto the internet; as there will be many different companies to choose from. Along with being able to choose from all those companies, before you pick one you will be able to go into their websites to see if they are able to help you or if you fit the criteria. However, when you find a company that you like, what you will want to do is do a back ground check any of the companies that look good to you (which you can do by going to the Better Business Bureau). Once you have found the company that you want to do your credit card consolidation with, you will then want to give them a call and see if they are able to help you! In a few cases, the companies may not be able to help people because they do not do credit card consolidation with people that live in certain states; therefore, you will want to see if you are eligible before you give them any kind of important information!
If you are able and willing to do a credit card consolidation, you will immediately be able to see a difference on how much it will help you out! In fact, one of the best things that will come out of the entire deal is that the creditors will stop calling as you will be paying them off! Therefore, going with a consolidation will only be the best thing for your future!
Each time you finance a purchase and every time you swipe your credit cards, you add weight to your debt.
Make this year the year of removing that weight from your shoulders so you can live financially stress free and walk in financial freedom.
You can pay down your debt this year, whether your debt amounts to $3,000 or even $30,000. The single most effective way to do so is by creating an income stream and dedicating all of its earnings towards paying down your debt.
Yes, you may need to temporarily add quite a few hours to your workweek, but one year of long hours can lead to a life free of the many burdens of debt. Can you imagine what it would be like not having to make debt payments? Your paycheck would be yours to do with as you please!
Getting a Part-Time Job
If you have the ability to get a moderate to well-paying part time job, go for it! If you’re able to land a 20-hour per week part time gig paying just $12 per hour, that’s over $1,000 each month. Granted, you’ll inevitably need to pay taxes on this income, but even so, you’re able to keep about $945 in your pocket by the end of each month.
Over the course of a year, you’ll be able to devote over $11,300 to your debt. Surely, that’ll remove a heavy boulder from your shoulders! And if your spouse is willing to get a part time job with the same pay, you’ll be able to pay off your debt in the following amounts.
Total Debt Paid Off With Two Additional Part Time Incomes:
Month Debt Paid Off
1 $1,890
3 $5,680
6 $11,340
9 $17,010
12 $22,680
How drastically would your life change if you were able to pay off over $20,000 worth of debt? Better yet, if you choose to keep the job even after you’re done paying off debt, you’ll be able to build a hefty savings account to protect yourself from ever needing to borrow money from lenders in the future.
Capitalizing on Your Hobby
Everyone has a hobby. Unless your hobby is habitual shopping, chances are you’ll be able to capitalize on indulging in your hobby. You can flip furniture, sell knitted items, profit with sporting gear, or even sell your homegrown vegetables.
If you’re talented in repainting furniture, purchase used furniture for pennies on the dime at craigslist.org, yard sales, or a local thrift shop. Then, sand the piece, prime it, paint it with two coats of glossy white paint, apply a protective coat, change the hardware and then list it back on craigslist.org for sale.
If you purchased the piece for $25, spent an extra $20 on supplies and are able to flip it for $150, you’ve made a $105 profit with just a few hours of work! When you become accustomed to the process, you may be able to flip 3 pieces of furniture per week and end up with a nice $1,260 profit. Not bad for indulging in a hobby you enjoy!
While you may not be the Picasso of cabinet refurbishing, you may have another hobby. Below are 7 common hobbies that are easy to capitalize on.
• Knitting/sewing
• Cooking/baking
• Babysitting
• Painting
• Flipping collectibles
• Writing
• Party planning
There’s no need to adjust your lifestyle to pay off your debt. Everything you have has come through hard work and there is no reason to give it up now. A part time job or using your hobby to produce more income will allow you to pay down your debts so you can start living a debt-free life !