How Free Samples of Jams Can Get You Out of Debt

Have you ever been to a grocery store or farmer’s stand where free samples of food are available? It is great to work your way from one end of the samples to the other. But afterwards, did you buy any of those products?

My wife and I just returned from a trip to the Idaho panhandle. One our stops was a fruit and vegetable stand where lots of free samples of homemade jams were available. As I was looking at the samples, I remembered an old study I had read about offering so many free samples that people did not buy anything. While we drove back home I mulled over how this relates to people wanting to get out of debt but never truly starting their plans.

“The jam study” was done in 1995 by Sheena Iyengar, a professor of business at Columbia University. She set up a booth at a gourmet market and sold jams with free samples offered. She alternated every couple of hours between offering samples of six jams and 24 jams. She noted the number of samples each customer tried and how many purchases were made.

On average each customer sampled two jams. Regardless if 6 types were on the table or 24. So more samples did not lead to more taste testing.

The key finding in the study was that more people bought jams when only six samples were on the table. Professor Iyengar’s conclusion was that “the presence of choice might be appealing as a theory but in reality, people might find more and more choice to actually be debilitating.”

Are the number of choices and options out there preventing you from starting your plan to get out of debt? Look at just two fundamental parts of your debt plan and the number of choices which are available:

Creating an emergency fund:

What type of account should I use? Checking, savings, money market, CDs?
Do I use a physical bank or an online account?
How much should I put in my emergency fund? One person says $1,000. Another says $2,000. Someone else says three months of expenses.

Determining the order of paying off debts:

One person says pay off the smallest balance first Others say I will save more money if I pay off the highest interest rate first.
Do I apply for a 0% APR credit card and consolidate my other credit cards onto this one?
Then which card do I choose? How much balance transfer fee is there? How long does the 0% promotion period last?

We spend lots of time analyzing each of these options, trying to figure out “the best” plan. Unfortunately we spend all of our time doing the research and never actually START the plan.

We study and study but never take the first step forward. This has been termed the “paralysis of analysis.”

If you want to move forward to get out of debt, then make a decision and implement it. There is no perfect method! If you decide that $600 is what you want in your emergency fund and later decide $1,000 is better, then make that change. But if you do not start saving for the $600, you will never get to $1,000. So do not worry about having to choose the “perfect” amount. Decide on an amount and get started.

Remember that you can always change your plan. And that no plan is ever perfect! Don’t be afraid to make a mistake, other than the mistake of not starting your plan.

As Professor Iyengar learned with jams, more choices lead to fewer decisions. Use the lesson from her jam study to start getting out of debt. Don’t succumb to the paralysis of analysis.

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Debt Management – An Introduction To Credit Counseling

Managing debts is a difficult task and many people do not have the means to pay off their debts. Often, people get overwhelmed by the options available for consolidation of debts and they cannot decide their course of action. Out of the available options for debt relief, seeking the help of an agency which provides credit counseling services is the best. There are many such agencies which offer credit counseling services and every month, thousands of people opt for the services of these agencies. People have benefited from using such services as they could consolidate their debt and pay them off over a short period of time.

What is Credit counseling?

It is a practical approach to tackling all kinds of debt and these agencies offer solutions based on the credit situation of the consumer. People should understand that there cannot be a general solution to everyone’s debt issues as each individual is different. Hence, credit counseling agencies or companies can assist people on an individual basis, based on their ability to make payments, total available financial assets, total amount of debt, annual income and so on. The credit counseling agencies are present in countries around the globe and it is easy to approach any of these agencies when one is in need of their services.

How does credit counseling work?

It works for most people as they get to find practical solutions to their debt issues, which they can adhere to. Besides, they help the people in negotiating with the creditors and reaching settlement agreements, which make it possible for the borrowers to consolidate and reduce their total debt in due course of time. Also, the credit counseling agencies can assist the borrowers in applying for loans (both secured & unsecured), which can help them in clearing the debt amounts in a short period of time.

The agency can let people make realistic monthly budget which they can easily adhere to. People who take the help of these agencies can realize their financial goals and manage their money in an efficient and effective manner. In the end, people can find a balance between their expenses and income, and wisely use their available credit, so that they can achieve their goal of getting relief from debt and be financially stable.

Advantages of credit counseling services

People can achieve better understanding of their credit standing and financial situation;
They can arrange for the borrowers to make a single payment every month;
They can also assist in lowering the interest rates of the borrowers;
People do not have to face the calls of collection agencies and will not have to negotiate with the creditors on their own;
People will also be assisted in getting loans.

There are quite a few credit counseling agencies available in the market but not all of them are genuine. If you are looking for the services of a genuine debt relief agency, then you can opt for a reliable credit counseling or debt relief counseling service, which can help you with all kinds of debt management and relief solutions.

You must remember that a credit card is a not a bane but is actually a boon as long as you use it in the right manner. Make sure that you do not go overboard with your expenses and keep a track of the transactions completed with the card. In case there are supplementary cards, you should also keep a track of the transactions completed with them. Above all, you should always make the payments on time so that you do not have to worry about credit card debts.

Your Five Ways To Stay Credit Card Debt Free

Ways to Get Out of the Credit Card Quicksand

With the modern economic climate, there are a lot of women and men all over the world who are battling with consumer debt. It’s simple to end up getting stressed out because of financial debt, with bank plastic being the major element of personal debt. Bank plastic is usually appealing to many people for the reason that they virtually look at them as completely free dollars, until eventually they receive the billing statement.

If you ever currently have been dealing with financial debt, you are likely dreaming about the day when you can at last be devoid of your credit burdens. While many individuals stay ensnared in credit debt for years and maybe even dozens of years, there are uncomplicated methods that can help get you out of financial debt more quickly than you may think. Here I will discuss 5 various straightforward methods to get to be debt free.

1) Stay away from racking up any additional credit card debt. This might sound self-explanatory, nonetheless lots of people who are presently in personal financial difficulties continuously use their credit cards. An effective strategy may be to cut up all but one of your plastic cards, or at the minimum, hide them away so you won’t be toting them around with you.

2) Do not employ credit cards to pay for unsecured debt. It’s inviting to make use of a card or credit line to pay off another bank card, specifically when your new card comes along with a lower promotional monthly interest rate. This process basically delays the unavoidable end result, and can keep you locked in a cycle of individual debt.

3) Set-up a written strategy that prepares for paying off your credit card debts. This file really should paint a genuine frame up of your up-to-date budgeting situation, and lay out the exact strategies you are going to take advantage of to settle your charge cards. Writing your finances on paper will allow you to identify items of unnecessary spending, allowing you to maximize extra money for paying off your loan creditors. A written plan of action should really likewise contain a forecasted time frame of when you are likely to be out of debt, which may be an excellent motivator.

4) Learn how to just say “no”. Many of us pay out a lot more than necessary on restaurant meals, out shopping, and various other discretionary activities. Trimming just a just a handful of these bills each month will make it easy for you to put even more dollars towards repaying your credit card debt.

5) Any time you still cannot take care of your income problems, think about using the assistance of a credit card debt relief agency. These services provide loads of tools you’ll be able to take advantage of to work with your loan companies to help reduce your credit balances. None of us prefers to confess that their credit duties have actually spun out of control, but trying to get advice is going to put you once more on track to starting to become debt free.

Finishing Tip: By researching and comparing the very best credit card debt relief services in the market, you will possess the ability to determine the one that fulfills your exact debt situation. It is prudent to choose a professional and reputable credit card debt counsellor before you start making any conclusion, by doing this you will help save time through specialised suggestions received from a successful credit debt advisor, who will help you to get better results in a far shorter duration of time.