Personal Finance Knowledge – How to Eliminate Excessive Credit Card Debt | finance

Excessive credit card debt affects a lot of people nowadays. This is not a good thing, as you well know. Some people use this statistic to advocate the elimination of all credit cards, which frankly will not happen. If you suffer from this then you must use or develop your personal finance knowledge to alleviate your situation.I do not advocate eliminating credit cards from society. Credit cards are just too useful for people and they can be essential in the right circumstances.There are two aspects to the problem of excessive credit card debt, the industry itself and the individual. There are different responses appropriate for each aspect.The industry and media are implementing the first answer at the industry level, that is to increase the public’s awareness of the problem. But this is not enough. There should be a method or mechanism or system, call it what you will, of nipping this problem in the bud. I do not believe this is impossible, or even difficult to implement, but I do not see much being done about it.

There are case studies and statistics already available showing how and why individuals overspend on their cards. The credit card companies already have this data by the very nature of how the cards operate. They know who is overspending on their cards because they loan them the money. And because the system is digital and mechanised, the credit card companies have all the data they require to, at least, make a start on the problem.Once they know how, and more importantly, why individuals get into excessive credit card debt they can make a start on stopping it. I admit there may be extensive and subtle reasons but the gross statistics are, as I already said, available now. This is a problem for the credit card companies at present, but it is rapidly becoming a problem for society as well. The way things are at the moment, there will be a tipping point where the government will take over and simply tell the credit card companies what to do, and then enforce these rules. It will be no use for the companies complaining at this point, the problem is there now and they know about it. The ball is in their court at the moment.The other aspect of the problem is the individual. Each individual gets him or herself into this problem and it is up to him or her to get out of it. If you are one of these individuals you must start to realize exactly what has been happening. Check your bank statements regularly. Make sure you know where your money is going.

That is the first thing. The next is to make yourself a budget, preferably on a spreadsheet. Do not be discouraged if your first budget is not correct. The vast majority of people do not get it right first time. But you must correct your original budget with each piece of new data you find out. That way your budget will quickly become very startlingly accurate.Now you must stick to your budget. Increase your personal finance knowledge to encompass your new circumstances and act appropriately. There is information available all over the Internet, and in your public library that will help you. You must find it and use it.

the best business to start right now

Nearly everyone likes the idea of being their own boss. Entrepreneurship has long been a popular goal. With the current challenging economic times, this goal is even more desirable – and more difficult – than ever. Many hopeful entrepreneurs are turning to their computers, as internet based businesses typically have low start up costs and are easily managed in one’s spare time. This leads to the question, just what is the best business to open on the internet?

You have probably encountered a variety of get-rich-quick schemes (if it sounds to good to be true, it probably is), and work from home offers (usually minimal pay, and they still include a remote boss breathing down your neck). Along with these simple sounding, yet not feasible, solutions you will find a host of expert advise. If these experts claim to have a one-size-fits-all solution telling you the best business to open on the internet consider this a red flag. In truth, the best business to start online depends largely on the person starting it.

One of the first rules of business is selling what you know. We are all experts in something. Hobbies, interests, life experiences and current or previous employment can provide you with above-average knowledge of skills in specific areas. Likewise, we all have our strengths and weaknesses. Think of things you are better at than your peers, and specific strengths such an organizational skills or communication. Make a list of your own special qualifications, and use that to build your own business opportunity.

Once you have determined your skill set and area of expertise, it’s time to decide what to do with it. Here are the top three ways to turn your skills into online business opportunities.

1) Affiliate Marketing. If you have enough knowledge about a subject to create an informative website, you can easily monetize it through affiliate programs. For the cost of a web host, and the time to build a website you will be on your way. There are companies in nearly any niche imaginable, offering affiliate programs. Select the ones you feel comfortable promoting, and post testimonials or advertisements on your site along with the affiliate link. You will receive a percentage of every sale made from a click-through on your website.

To start with, you will need enough content for a 5-10 page website. Make sure you provide valuable information or insight, as this will keep your traffic and page-rankings high. Add to your site weekly at minimum. Fresh content will boost search engine traffic. Affiliate marketing can be easily incorporated into a static website, blog, or both.

2) Outsourcing. Contrary to popular belief, outsourcing isn’t all about sending our jobs overseas. Many companies are streamlining operations by contracting out work previously done in-house. If you have skills such as accounting, preparation of legal paperwork, or art that can be performed remotely, this may be the easiest and best business to start online.

There are a growing number of websites dedicated to freelance work. You can choose one of these or create a website to promote and sell your service. This is very similar to setting up a professional practice with a home office, except your clients come to you virtually.

3) Consultation and Tutoring. If you have truly expert knowledge in any particular area, you can start your online business by selling that knowledge. Whether the subject is world travel, coping with grief, or advanced algebra people in need of an advisor will typically pay good money. This option requires good people-skills, as you will likely be dealing with clients one-on-one.

You will need a website to promote your service, and allow potential clients a way to contact you. It can be a simple one-page site with a description of services and contact form, though websites including valuable information about the topic will lend credibility. Online communities and topic specific forums are often the best, free, places to advertise your business.

Depending upon your specific area of skills and knowledge, the best business to open on the internet may be some combination of the three discussed above. Whatever your choice, remember the first rule of business (sell what you know), as well as the second rule – offer value to the customer. This is always a winning combination.