Personal Finance

Ryan Guina is an entrepreneur and writer. He has worked for Fortune 500 companies and served six years in the USAF. He writes about money management and small business topics at Cash Money Life and military money topics at Military Finance Network. You can follow his twitter feed here.

By now you have probably heard about the new Credit CARD Act and how it is giving consumers new protection against the credit card companies. In a sense, this is true. But it won't do everything for you. The Credit CARD Act is there to give you some protection from credit card companies raising rates without notice, and require more standardization in the industry. But it's up to you to pay off your credit card debt. Today we are going to show how to do just that - and do it quickly!

Step 1: Assess the Damage

Let's face it - you'll never get anywhere if you tell yourself lies or sugarcoat the truth.

Go grab a copy of your most recent credit card statement(s), lay them in a pile, grab a sheet of paper and draw three columns. Write down how much you owe on each card, the interest rate and the minimum payment.

Step 2: Make the Commitment

Make the commitment to getting out of debt. Don't just say to yourself, "Yeah, it would be nice not to owe any credit card debt." Tell yourself, "Yes, I'm going to stop using my credit cards and I'm going to get out of debt!"

Mean it and do it!

Step 3: Prioritize

Determine how much you can pay to your credit cards each month; you will want to pay as much as you can possibly afford without hurting your cash flow because making minimum payments will keep you in the poor house. Take a look at the list you made in step one and pay the minimum payment on every card, but more on your card with the highest interest rate. You can throw any extra money you have towards the card with the highest interest rate each month.

Repeat this step until you eliminate the card with the highest interest rate, then direct the most money to the card with the next highest rate, etc. until your credit card debt is eliminated. This will save you the most amount of money and eliminate your credit card debt the quickest.

Step 4: Use Extra Money

To get out of debt as quickly as possible, you need to be willing to use any and all funds you have at your disposal in order to eliminate your credit card debt. That means bonuses, found money, rebates, overtime checks and even that tax refund you may have coming your way should be applied towards debt.

Step 5: 0% Balance Transfers (Advanced Users Only)

Why is there a disclaimer on this step? Because 0% balance transfer cards are not for everyone. A 0% balance transfer card allows you to transfer your credit card debt to a 0% interest rate. What's the catch? Well, you have to open a new credit card and you may have to pay a fee to transfer your balance to the new card.

That said, you can pay a fee as low as 3% to transfer credit card balance that may be in the 20 percent range. The savings potential is huge. But you have to have good credit to qualify and you have to be committed not to continue using your credit cards, otherwise the savings isn't as effective.

Step 6. Enjoy your new life without debt

Once your credit card debt has been eliminated, make the commitment to living without the plastic. You can then enjoy your life without the stress of credit cards and the never ending payments and hassles. Trust me - it's worth it!

Saving money is sometimes more than a notion when there are so many cool new gadgets to buy. The next best thing is always right around the corner and ready to entice you. The only problem is the next best thing is also likely to be the next big flop.

It is for this reason that some cautious spenders wait a few months to see if gadgets will last before spending their hard-earned money. However, if youre not used to waiting, take a look at some recently-released gadgets with reviews so poor that avoiding them might be the best option.

iPad Tablet

The much anticipated iPad Tablet was released to reviews that showed it's reception was less than underwhelming. While it boasts a bigger screen and greater functionality than it's cute counterpart, the iPhone, it seems to offer much less than one would expect for the $500-plus price tag.

First, the iPad doesn't support the common widescreen aspect ratio of 16:9, which is a true bummer. Also, it doesn't come with a camera, which makes it impossible to enjoy anticipated features like video-conferencing. But probably the worst feature (or lack thereof) is the inability to switch between your browser and workspace, which means no multi-tasking.

In the end, there are tons of fully-functional laptops being sold nowadays for as little as $250, leaving the iPad in their dust. So you tell us, is this gadget worth it to you?

iType Keyboard

The iType is a great option for those who dont mind using their iPhone as a computer, literally. The huge full-sized QWERTY keyboard allows you to type on iPhone without having to peck on small keys.

The main problem is that it is highly unportable, forcing you to park your phone wherever your keyboard is. Not to mention that you can only type in one specific text field instead of one of your choosing. For money saving purposes, if youre looking to make the most of your budget, this keyboard with the rumored $100 price tag may be something to avoid.

Blackberry Presenter

The Blackberry Presenter was a great concept being that it is a cute little pocket projector. The only problem is that the projector doesnt actually project. Instead, it allows you to wirelessly connect your Blackberry to a standard-sized projector for $200. For this reason, reviewers thought the purchase just wasnt worth it.

Sonim XP1 Unbreakable Phone

If you were hoping for a great phone to take with you on a rugged excursion, the Sonim XP1 Unbreakable Phone seemed like a great choice; that is until a BBC reporter broke it on live video to the horror of the Sonim CEO. If youre interested in making a wise investment, this phone, which averages around $150, should probably be left off of the list.

Amazon Kindle

When you think of cool items that may be worth the cost, the Amazon Kindle may have crossed your mind. But according to some reviewers, if it crosses your mind you may as well cross it back off. Like the iPad Tablet, many feel that the Kindle simply didn't meet high expectations.

For example, while the Kindle offers a better screen quality than the iPad, the functionality is much lower. In fact, while the iPad allows your gadget to function somewhat like a computer, the Kindle is just an e-book reader. No doubt about it, you'll be able to download and read books in a quality like never before, but for a starting price tag of $350, couldn't you just use your laptop?

Don't Waste Your Cash

The cool new gadgets on the scene can be truly enticing because theyre so unique. But when youre spending your cash, its good to not only look at reviews for these gadgets, but also look through some tips on saving money before spending yours. This could help you avoid the heartache of wasted income down the line.

Take that cash and put it in a savings account that might actually bring in income instead of headaches.

Saurabh Dhanuka has made great strides in getting his finances under control, including starting an emergency fund, paying all his bills on time, not getting further into debt, and eliminating his debt (which he plans to complete by the end of this year). Check out his blog All Finance Help.

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