When the economy was booming and work was abundant, we all lived with little concern. Yet, as the unemployment rate is at an all time high - and the housing market has lost 10 years of value; we need to tighten our belts. But how? Well...it seems that everyone knows how much their paycheck will be at the end of the week, but the interest rate on the car payment or major credit card - not a clue. Debt management is absolutely necessary.
According to an article in USA Today (2009), the average household has $668,621 in debt; $121,953 in personal debt (credit cards, mortgages etc.) and $546,668 in Federal Governmental Debt. (our portion of programs such as medicare and social security). So, the economy has a terrible long term downfall that we will feel for many years to come - even if he job market rebounds. This means, that we MUST know where every penny is going, every interest rate on every account - so we can better maintain our financial life.
Think about 2 years worth or paperwork, bills, passwords, online accounts, checking & savings accounts, car loans, credit cards, doctor bills, medical benefit information, life insurance information...you get the point. At one given moment, if any of this paperwork was lost - well there would be havoc to bear trying to recuperate the details. What about the details of all of this information? Do you know your interest rates for every loan and line of credit? How about the due dates, the mailing address, the customer service numbers and the account numbers? Can you say with confidence that you have placed your payments in the best fashion; in order to utilize your money to its fullest? Well, if not...time to get organized! Organization and electronic records available at your fingertips...
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Article Source: http://EzineArticles.com/?expert=Christine_McGinley
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