You Don't Need To Rob A Bank To Pay Off Your Debts

It seems these days that the banks are holding all the cards, not to mention all the money! Shouldering the burden of debt is a way of life in the 21st Century, but it doesn’t have to be. So before you saddle up with a six-shooter and a kerchief tied over your mouth, here are five ways to reduce or eliminate your debts without robbing a bank.




5. Slay the Hydra



Like that multi-headed monster from Greek mythology, it can often seem like two more debts pop up for everyone you pay off. Credit cards, mortgages, car payments, loans... the list goes on and on. The answer: consolidate. Combine as many of these debts into one manageable, low-interest account. This way your payments will actually reduce your debt and not seem like your shovelling money into the maw of a raging furnace.



4. Take That To The Bank



Don’t like your bank’s transaction fees, dissatisfied with the low interest rate they pay you and steaming about the high interest they CHARGE you on what you owe? Pack up and leave. It’s as simple as that. Hunt up a bank that can beat what your current bank is doing, or not doing, for you and take your business there. Whether it be merely free checks, higher interest on savings, no transaction fees, your wallet will come out ahead in long run.



3. Fry The Small Potatoes



All right, your mortgage and car payments can’t be erased with the simple signing of a check. Unless you’ve won the lottery that is. But you should attack the minnow debts nipping at your ankles. Pay off those high-interest store credit cards, then burn them! Start paying cash. Any other small amount owed anywhere, get rid of it. Being endlessly nickeled and dimed while battling larger debts just keeps eating away at your cash. Put a stop to it.



2. Nit-Pick Them!



Banks will charge you for just about everything these days. If you’ve often felt like you should have your arms raised high over your head while dealing with the teller, then maybe it’s time to nit-pick the bank. Question every charge, make sure it is legal or that it’s something you can’t waive. Often lower interest on your credit card is there for the asking. The key word there, is ‘asking.” Banks are more than happy to keep mum about an available lower interest. But if you ask them, they’ll reluctantly lower it if you qualify and most of us do.



1. Take Hold And Don’t Let Go



Make your bank work for you. Don’t just glance at you statement and accept everything at face value. Learn everything you can about how they conduct their business. Remember, banks won’t volunteer information that will save you money. Having you pay higher amounts for everything serves their interests. Well, it’s your money. Keep what you can and make them earn what you have to hand over.




This article was provided by Andrew Salmon from  IVA - a website about  Individual Voluntary Arrangements .