The Last Night Of Financial Freedom

If you are anything like me, you have a New Year's Resolution to get your finances sorted in the New Year and, as 2007 is finally drawing to a close, you are probably in the same boat as me... looking forward to a final fling before crunching down on your finances!

I'm just staying in with my husband because we cannot afford to go out to be perfectly honest. However, come tomorrow and the dawn of a brand new year, the creditors better watch out because their free ride with me is over!

Have a great night and be sure to check tomorrow for some hints and tips on getting your finances sorted from day one!

Happy New Year!

Reward Credit Cards And The Big Con!

Is it me or do reward credit cards sound like a good idea when the company first markets them and then turns into a huge sham when you actually have the credit card and, of course, the credit card debt!

I have two reward credit cards, one that offers reward points for money spent in store and one that boasts of giving cashback. The former is of more value than the latter because at least you get some real rewards when your vouchers come, but cashback credit cards seem to be absolutely shambolic!

After a year of clearing and then respending on this particular credit card, I now owe £2,000 on it. However, that much spent has only brought me grand total of.... (drumroll please)... £3.67! That's right, a grand total of £3.67 was added to my credit card yesterday! Amazing! Such good value for money.

Whilst I am grateful for that amount because every little helps, I am extremely annoyed that multi-million pound a year credit card companies cannot dig into their pockets for a better rate of cashback instead of ploughing our interest and charges back into their own pockets. The way of the world I suppose but the conclusion from these ramblings is simple...

Reward credit cards are a rip off and should be avoided!

Financial Goals

I don't know about you but I am a firm believer in goals. Having a dream or goal has got me from year to year for as long as I can remember. However, I have neve had one as far as my finances are concerned and I certainly never dreamt that I would have a goal of paying off my credit card debt!

When I was working out my credit card and personal loan debt ysterday, I started thinking about how much we were paying a month against the debts. Believe it or not, my husband and I pay more than enough to cover a mortgage in debt repayments every month!

I always wanted my own business and have managed to get it up and running this year, but I also want to afford to be comfortable financially as well. Ah... I can dream can't I?!!!!

One day...

My Journey To Debt Freedom Begins Here!

Hi all, hope you had a great Christmas!

I did, relaxing with my husband and dogs at home after a huge meal at my parents. I love Christmas but now that it is over, my work starts here!

I worked out today that I am over £21,000 in debt through one thing or another. The majority of it stems from personal circumstances that cannot be helped but I am determined to reduce that balance to at least £16,000 by the end of 2008, if not more. The majority of it is on credit cards, and credit card debt can be notoriously hard to get rid of, but I am determined and will succeed, so here is to blitzing that credit card debt and working my way out of it.

Everything I find out will be documented here along the way - good products, good websites, ways to earn money, and most of all the tips that I can offer to you. They may not work for you and they shouldn't be taken as concrete advice (see the disclaimer!), but if they help to get me out of credit card debt then they are worth considering!

Christmas And Your Finances

Christmas is a strange time of year. Whilst many people should be happy because they are spending time with friends and family, eating, drinking and being merry, many are not. The thought of the credit card debt that you have gotten into over Christmas when buying presents and food may haunt you for the duration of the coming year.

Credit cards companies rub their hands together when they think of the amount people will spoend on their cards, and why not? Estimates for Christmas Eve spending in the UK alone were in the billions of pounds! Just to clarify, that is just one day! The majority of it will be on credit cards and thus the whole concept of Christmas actually encourages credit card debt these days.

Unfortunately, money does not grow on Christmas trees and credit card companies are not charitable enough to reduce interest for a few days of the year, so how can we enjoy Christmas and deal with our debt at the same time?

Simply draw up an action plan.

It only takes two minutes to do. Write down how much your total debt is, whether it is on credit cards, personal loans or overdrafts, and then write down why you are in debt. If you are honest, you will then understand the debt simply by revealing the reason behind it. It may be that you do not have the will power to leave something that you cannot afford but badly want in the shops. It may be that you have struggled owing to personal circumstances... There could be any number of reasons, but when you bring that reason under control, you can begin to resolve the debt. The realisation will ease your burden enough for you to enjoy Christmas and then you can set about resolving it in the new year!

Make sure that you have a good Christmas - it comes but once a year and marks a fresh start! Have a good one people!

Merry Christmas!

Welcome To Finance Central!

Hi and welcome to my brand new personal finance blog!

As stated in the about me section, I am a twenty-something with extensive debt, which constantly stresses me out to be perfectly honest. I dread the bills dropping through the door every month because I always end up wondering where the money to pay them is going to come from. I'm sure you know the feeling! Although my credit score is still good (that was actually more luck than judgement!), I struggle to get credit now because I am self-employed. I did want to consolidate the debts to try and get rid of them but it has not actually worked out.

I am embarking on a journey in the New Year to get debt free without the help of a debt consolidation loan and would like you to join me. I will be posting items of note, hints, tips and alternative ways of making money on here with a view to helping a few more people with my get debt free strategies!

I hope that my opinions can help some of you to find your feet again if you are in debt, or just give you an insight into personal finance if not! I hope you enjoy your stay at Finance Central!