fbpx
:::: MENU ::::

Browsing posts in: Holidays & Vacations

Tips to Help You Get Out of Credit Card Debt

by

Many Americans are struggling to pay off their credit card debt. Unfortunately, making late payments or not paying at all results in interest, meaning you have to pay the credit card company more money. Even if you have a small debt, it can quickly spiral into a big one when you fail to make payments. If you are struggling to get out of credit card debt, here are some tips to help.

Create a Payment Strategy

You need to develop a payment strategy when trying to get out of debt. Do you have more than one credit card debt? What is your strategy to repay them? It can be frustrating when creditors are calling you because of missed payments. In extreme situations, they can use you. Even though you can’t be arrested because of debt, you can go to jail for disobeying a court order.

For example, if the court orders you to make payments but you don’t, you can be arrested. In certain circumstances, contempt of court is considered a felony. A Texas State Jail felony can result in a minimum of six months and a maximum of two years in state jail, plus a fine of up to $5,000. The last thing you want is to get the law involved with your finances. Create a smart payment plan to avoid legal issues.

Pay One Debt at a Time

If you have debt on more than one card, try handling one card at a time. How about starting with the card with the highest interest rate? You will still be paying a minimum monthly payment on all your credit cards, but you will direct extra cash into the debt with the highest interest rate. Once you finish off that debt, you go to the next debt with the highest interest rate. Keep doing so until you eliminate all your debt.

Review How You Spend Cash

Analyze your spending. How much do you spend on housing, fuel, groceries, vacation, outings etc? Start looking for areas you can reduce your spending. For instance, if you order takeout often, start preparing food. You may be surprised how much money you’ll save in a month.

If you go for Botox treatments every three months, increase the duration to five or six months. This cosmetic procedure isn’t exactly cheap, yet it’s the most common in the U.S. According to Gitnux, in 2020, the United States witnessed more than 4.4 million Botox procedures. By reducing the frequency of these treatments, you can save more money and direct it to your credit card debt.

Use Savings

Most people have a savings account for rainy days. While this is great, you could use that money to get out of credit card debt quickly or eliminate your debt entirely. The first way to do this is to stop directing money to your savings accounts. Instead, use that cash to start paying what you owe the credit card company. The other alternative is to withdraw your saved money and use it to clear or reduce your debt.

Consolidate Your Debt

Consolidating your debt involves combining all your credit card debts and paying them off with a new credit card. Maybe you have been paying your debts diligently and have a good credit score. However, an emergency throws you off balance, and now you have credit card debt. For example, you or your child may have needed orthodontic treatment. This isn’t uncommon, considering statistics have found that 50% to 75% of people need orthodontic treatment.

Since you already have good credit, when you consolidate your debt, your new debt will likely have a lower interest rate than your credit cards. Find cards with a 0% introductory period where you don’t pay interest in the first few months or even a year. This will help you pay your debt without paying interest on this new loan.

Being in debt doesn’t just affect your credit but also your mental health. The constant worry about managing your debt can be a source of distress. By using these tips, you can start your journey to a credit card debt-free life.

The Cost of Covid

by

A couple weeks ago I wound up testing positive for Covid. This was my second time having Covid and, given that I am both vaxxed and boosted, you might think it was a relatively mild case. This assumption would be wrong, however. What started with a minor sore and scratchy throat quickly progressed into a full-blown illness.

My Covid Symptoms

In addition to some of the “normal” Covid symptoms, like cough, fatigue, muscle and body aches, and headache, I also had some more rare Covid symptoms. I had a fever and nausea and vomiting. But the scariest symptom of all was respiratory. I struggled with shortness of breath and, low pulse ox readings, and a high resting heart rate as my heart worked to compensate for the low oxygenation of my blood. These latter two symptoms, in particular, landed me in urgent care.

Urgent Care

At urgent care, I was confirmed Covid-positive and was given a prescription for Paxlovid to combat some of the scarier symptoms I was experiencing. I was told to go home and only go to the hospital if my pulse ox went lower and I was gasping for air. It was quite a scary predicament and I didn’t feel super reassured when I was leaving, but I am glad that my low oxygen readings only lasted one day. Even so, my illness lingered.

An out-of-pocket approach

As I began day four of my Covid journey, I felt just as sick as at the beginning. My body couldn’t seem to get any relief. While my pulse ox readings were improved, I could still hardly make it from the bed to the bathroom. I couldn’t eat, couldn’t sleep, couldn’t keep food down, and was hardly drinking any liquids. Because of this, my sister, an RN, was concerned about the possibility of dehydration. She encouraged me to look into getting a mobile IV to help replenish my fluids and jump-start my recovery. I googled “Mobile IV Tucson” and, to my surprise, there were a handful of companies that will come to your home (even with Covid-positive patients!) and administer IV fluids, along with a variety of vitamins and medication.

Within an hour of calling, an RN was knocking on my door. I got hooked up to an IV of saline that also included Vitamin C, Vitamin B complex, Zinc, Magnesium, anti-nausea medicine, and more. The RN explained that the company’s approach is one of concierge medicine. The service was impeccable, but the downside is it is costly and they do not accept any insurance. It’s strictly out of pocket. The good news, however, is that since they are set up and billed as a medical company, they are HSA-compliant. I couldn’t hand over my HSA card fast enough!

Costs of Covid

I wasn’t billed at urgent care, but I know a bill is coming. My insurance makes me responsible for a 10% copay. The Paxlovid, surprisingly, was completely free. The mobile IV cost $225, but I was able to pay for it using my HSA card and it was worth every penny. I instantly felt more energy after getting fluids in me and it was a turning point in my recovery. I started being able to eat and hold food down, my fever broke, and I all-in-all started feeling better.

On the Mend

At this point, a whole week later, I’m still feeling residual fatigue. But my mind feels sharp again and though my body may tire easily, I can get back to work (I missed a whole week when I felt ill!)

I’m grateful the worst is behind me and that I didn’t need to be hospitalized during my brief bout of respiratory distress. I’m also grateful that I have a healthy HSA to help absorb these unplanned medical expenses. And if anyone else finds themselves in a similar situation, I cannot recommend a mobile IV strongly enough! They are pricey, but what is your health worth? It made a huge difference for me in my recovery!

Y’all take care out there! Stay well!