Don't pay minimum balance, pay off

In case you want know that if you pay the minimum on a $3,000 balance with a 14 percent interest rate, it could take you 10 years to pay off.

Spending Priorities

1. Food - to survive

2. Shelter - safety and comfort

3. Utilities - to bath, cook, and communicate

4. Transportation - to move around

First ATM and First Transaction at Barclays Bank

The world's first ATM cash dispenser was installed on June 27th 1967 at Barclay's Bank in Church Street, Enfield in England


After 42 years

Borrowing Money

Why are we borrowing money? Is it for materialism, for the appearance of prosperity, OR for basic needs, or for the purpose of growing wealth to enable others?

Bank Fees

Banking and fees go together. There are ways to reduce the charges you pay on a regular basis. First, make sure all of the accounts you have open are absolutely necessary. Consolidating multiple checking or savings account could add up to monthly savings of $20 or more.

Also, make sure you understand what and how you are being charged. Some accounts advertise as being free, but in order to have the monthly charges waived, you may need to fulfill some conditions including but not limited to a minimum balance, not exceeding a set number of transactions per month and/or having a set number of direct deposits or automated bills associated with that account.

Transaction fees can also add up quickly. Remember, if you withdraw money from an ATM instead of your bank, the average $3.00 fee is charged both by the cash machine AND by your bank. Likewise, most banks include a surcharge on email money transfers. Keep an eye on your account and make sure you know how much these conveniences are costing you.

$20,000 Rolex

Financial advisers call it "the problem of the $20,000 Rolex." If a 25-year-old spends $20,000 on a watch or on a big night out at a nightclub, that money is either depreciating or gone. "But if they invested in a five percent, Triple A insured, tax-free municipal bond for a period of 30 years," money manager Seymour says, "that $20,000 would be worth $86,000 at that tax-free rate of return. And needless to say, they buy more than one $20,000 Rolex."

You Have the Options even with too Much Debt

Credit cards, medical bills, personal loans and raising interest rates do not make a good financial mix. Common mistakes you may want to avoid:

1. Beware of just paying the minimum payments on your debts. This will results in your overall debt actually growing and your problems will only become worse.
2. Beware of relying on friends and family as it could damage relationships with the most important people in your life.
3. Beware of unscrupulous credit counselors that demand cash upfront or high fees for help they promise, but don't deliver.
4. Avoid taking out a new high-interest loan to pay off lower interest rate loans. It may be easier to just have one payment but it will actually increase the amount you have to pay back.
5. Declaring bankruptcy when debt settlement may work for you...

If you feel like you're in over your head with personal debt, you're not alone. The first advice of experts in the field is to be sure you don't make your situation worse by making common mistakes.