May 6th, 2011 | Posted in Debt Relief
Simply put, it’s easy to reduce credit card debt just as it’s easy to prevent it from increasing and by paying off what it is currently. But then people wouldn’t have credit card related problems in reality if it was simple to reduce credit card debt. We can eliminate credit card debt problems or at least reduce them significantly.
Taking stock of your situation is the first step. When you’ve drawn up a schedule of all your credit cards, list the balance of each, APR, payment due date, other remarks, and reward points earned. You need to find out which card contributes the most to your debt and this will be the card with the highest balance and APR.
Check the reward points scheme and see if they can be used to make partial payments, cover fees or be used to purchase items that you might have used the credit card to purchase.
Draw up a list of ways to reduce your credit card debt – consolidation loans are one avenue to explore. Your debt can also be reduced with the help of a balance transfer. Transferred to the card with the lowest APR is your credit card debt. Of course, curbing spending on the cards is the best way to reduce your debt, while you repay the debt already built up.
Another preventive measure to reduce credit card debt is to use cash instead of card (hard earned cash is more difficult to get out of the pocket). Your credit card debt is reduced because you’re not adding more to it. Helping you repay debts quicker is finding additional sources of income and saving money in terms of other fees and interest.
It may take considerable self-discipline to control spending on your credit card – we are all too used to just whipping out the plastic when we shop. Cutting up all but one card which should only be used for emergencies is one drastic solution. You won’t be able to use them and can only spend available cash after you’ve paid the bills.
Credit card debt can be reduced a little a time, much like the way you built it up. Our credit card debt spiral over a considerable period of time and this is something most of us have seen. Reduce the debt with one payment at a time, and with a bit of discipline and patience, you will reduce if not eliminate your debt completely.
Other options include Debt Relief Programs offered by companies such as Curadebt. See the articles on this site for more information or go directly to Curadebt for for a no obligation free consultation.
December 1st, 2010 | Posted in Debt Relief
You have likely seen the commercials. You have probably seen the ads. There are many companies that will buy your scrap gold pieces, including jewelry, dental crowns, and even coins. With the price per troy ounce near historic highs, the temptation to convert broken or useless scrap gold into cash is irresistible. The problem is, many people who own such items are unaware of their value. Even worse, they don’t know how to calculate it.
Before you approach a buyer, make certain you know how much your scrap gold is worth based on current market prices. Otherwise, you’ll leave yourself vulnerable to buyers who extend unreasonably low offers. We’ll explain how to determine the value of your gold pieces below. The following steps may appear daunting, but the process is deceptively simple.
Step 1 – Categorize Your Pieces By Karats
On bracelets, necklaces, rings, and other pieces of gold jewelry, you’ll find hallmarks. These are markings that reflect the gold content in the pieces. For example, you might see 14K (or 14kt) imprinted on a ring. Or, you may see 18K stamped on a watch. The “K” represents karats. You won’t find these markings on most non-jewelry items. You’ll need to have a jeweler test them for karatage.
Once you have determined the karatage of each piece, separate them into groups categorized accordingly. Place the 14K items in one pile, the 18K pieces in another, and so forth.
Step 2 – Weigh Each Group
Determine the weight of each group in grams. You can buy a small jeweler’s scale for under $20 that will do this easily. If you own a scale that measures ounces, and prefer to avoid purchasing another scale, you can conduct a simple conversion from ounces to grams. A single ounce equals approximately 28.35 grams. So, if one group of scrap gold weighs 2.5 ounces, it weighs 70.875 grams. Do this for each group.
Step 3 – Find The Current Market Rate
You can find the market price of gold listed in the newspaper or online. Rates are listed per troy ounce, with a single troy ounce equaling approximately 31.103 grams.
One word of caution: avoid pulling the market price from a gold buyer’s website, unless you are certain the buyer is trustworthy. Some companies will list a lower price, causing sellers to miscalculate the value of their scrap gold. Be wary.
Step 4 – Determine The Rate Per Gram
Convert the listed rate into a price per gram. This is done by dividing the price per troy ounce by 31.103. For example, if gold is currently selling at $1,200 per ounce, divide this rate by 31.103. In this case, the price per gram would be $38.58. If gold is selling for $1,300 per ounce, the price per gram would be $41.80.
Step 5 – Calculate The Aggregate Value Of Your Gold
To determine the total value of your scrap gold, you’ll need to multiply the values of each group by the fineness of its gold. Fineness is dictated by karatage as follows:
24K = 1.000 fineness
22K = 0.917
20K = 0.833
18K = 0.750
16K = 0.667
14K = 0.583
10K = 0.417
8K = 0.333
As an example, suppose your group of 18K scrap gold items weighs 7 grams. Further suppose the price per troy ounce is $1,200. To find the value of the group, multiply the rate per gram ($38.58 from earlier) by the fineness of 18K gold (0.750). The value per gram for this group is $28.94. Next, multiply $28.94 by the group’s 7 grams to arrive at $202.58. This is the value of the 18K group.
Perform the same calculation for each group, and add the values together to arrive at a total.
Determining the value of your scrap gold is relatively simple, though the process may seem intimidating. Use the step-by-step guide above to evaluate your collection before approaching a buyer.
