How can I lower interest on credit cards? and lower the minimum payment?
I am working with a non-profit to help people in the community with debt consolidation and budgeting. I am looking for tips, suggestions, strategies and proven methods for debt consolidation/credit counseling. Also, in need of assistance brainstorming for budgeting for people of various ages and lifestyles including money saving ideas on:
mortgage/rent
homeowners/renters insurance
property taxes
home repairs/maintenance
home improvements
electricity
water/sewer
natural gas/oil
cable bill
internet service
telephone land line
cell phone
college tuition
groceries
eating out/restaurants/lunches/snacks
child support
alimony
day care/babysitting
insurance(medical,dental,vision)
medical expenses/ co-pays
Fitness(yoga, massage, gym)
car payments
car gasoline/oil
auto repairs/maintenance/fees
auto insurance
transportation(tolls, buses,subway)
credit cards
student loans
other loans
clothing/dry cleaning
toiletries, household products
gifts/donations(e.g.)church
grooming(hair, make-up, other)
miscellaneous expenses
Please any help is greatly appreciated!
April 28th, 2010
How can I help a family with budgeting?
Posted in Low Interest Debt Consolidation Loans 
You don’t want to reduce the minimum payment. If you pay less than the minimum payment, you will never pay off the debt. That’s not an exaggeration either. The amount you pay interest will add up and you’ll owe even more next month. You should be strongly encouraging people to pay more than their minimum payment, and as someone who is working in debt management I’m shocked you’d even suggest trying to drag out credit card debt even longer with how interest works.
Reducing the interest rate can sometimes be as easy as asking your credit card company for a lower rate, but if the account isn’t in good standing, they are not likely to grant it. Some credit cards offer low introductory rates for 6 months or so, but the last thing someone with financial problems should do is add another credit card to their wallet. If they can be approved for another credit card and transfer the balance to a lower interest rate card, they need to make sure they close their old account so that they aren’t tempted to spend more money that they don’t have.
When paying off their debt, they should make sure to pay off the debt with the highest interest rate first. If they have a student loan at 5%, a credit card at 15% and a department store credit card at 25% then they need to make the minimum payments on all and use any other money they may have to pay more off on the store credit card.
The goal should always be a 0 balance on all credit cards. Leave them at home when shopping so that impulse buys don’t get the best of you, etc.
This is an excellent resource you may be interested in researching:
http://www.shareittoday.org/
A great site to look at your budget is mint.com since it will help show your expenses and income on a spreadsheet. It will also sent alerts when a bank for instance charges an overdraft fee or your balance is low. When budgeting it’s best to think of it as a spending plan. You need to make sure you bring enough money so you can pay for all the expenses you need. If you don’t you need to look for ways to barter, make additional income or cut back on things not needed at the present time.
Also look for coupons to save money, garage sales or reading tips from magazines such as Real simple which helps to organize your life. Moreover finance and savings is one of the pillars – try to start by saving 5% of what you earn and spending the rest.
here is an articles on Budgeting and money management tips
http://www.anewhorizon.org/Budgeting_and_Money_Management_Tips.asp