What can I do when logged in?

You can submit new articles, so we can make unique versions of them and distribute them for you.
If you want to simply publish the same article on 800 websites, you can tell us to do that.
You can see the archive and current status of all your article distributions.
You can order any number of high-quality articles - just let us know your keywords.
You can browse the archive of all the articles we have written for you.
You can order our Complete Service (10 high-quality articles plus 10 article distributions).
You can purchase more credits for our services and check your affiliate earnings.
Much more ...

SpinDistribute.com Article Directory

The following article was published in our article directory on July 15, 2014.
Learn more about SpinDistribute Article Distribution System.

Saving for a Debt-Free Life

Article Category: Advice

Author Name: Irene Immink

Savings is the unused part of one's income that is usually set aside for future use such as planned vacations, a college or post-graduate education, emergencies and special occasions. Although quite an unpopular choice, it can also be used as a tool to eliminate debt and repair your credit.

While some may still prefer to use the traditional way of keeping savings inside a container readily available for use at any time, others opt to find ways of augmenting them. The more savings, the faster it is to eliminate debt and repair your credit. To increase savings, money can be deposited in banks under different types of accounts depending on individual preferences such as a regular savings account, an online savings account, money market deposits and certificates of deposit in order to earn interest.

Regular Savings Account

This type of savings account is quite hassle-free as it may be done personally, online or even through the phone. However, its opening deposit as well as its daily minimum balance requirement is usually higher than that of a checking account while having much lower interest rates at less than 1%.

Online Savings Account

As its term suggests, an online savings account is completely controlled online. Many of them do not require minimum deposits, daily balances and other fees. Depending on the interest rates offered by the different banks, choosing the option yielding the highest returns would help raise sufficient funds to eliminate debt and repair your credit in the soonest possible time. However, while some may find it advantageous in terms of enabling one to access his account anytime, others may not be too comfortable with the idea of online banking with the dangers of hacking and other types of online usurpation.

Money Market Deposits

Another option is to use money market deposits which have higher interest rates than regular savings accounts in order to help increase one's assets to eliminate debt and repair your credit. Money market deposits function like investments where an individual puts money on financial instruments or securities with high liquidity. One disadvantage, however, is that that they have higher minimum balance requirements of up to $2500, monthly fees and a limit on withdrawals as imposed by federal regulations.

Although they may also be quite risky by virtue of the extremely volatile nature of money markets, they are nevertheless insured with the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor as with other bank deposits.

Certificates of Deposit

Accumulating more money through certificates of deposit in order to eliminate debt and repair your credit is another option that must be considered. This type of deposit entitles the holder to collect the entire amount of interest immediately upon maturity. Its term can be as short as one month to a longer period of 5 years, with higher interest for longer terms. However, restrictions with attached penalties are imposed on withdrawals prior to maturity in exchange for the benefit of higher returns. Nevertheless, it is likewise insured by the FDIC to protect its holders.

Automatic Savings Plan

Another way to save in order to ultimately eliminate debt and repair your credit is to enroll in an automatic savings plan which generally has lower banking charges. In order to set up an automatic savings plan, one must determine an exact dollar amount that would be automatically transmitted every month from his checking account to his savings account. In this way, anyone can enjoy future gains at lower banking costs.

In spite of all the incentives given by banks to encourage savings, one may still find it difficult to save. He will have to ask himself how much he should save and if he has money to save at all.

Generally, financial planners recommend saving a minimum of 10 percent of one's salary. However, many households are not capable of setting aside sufficient savings and therefore resort to loans to cover such outlays. In fact, data from the U.S. Department of Commerce shows that only a minority of households are able to save a little over 5% of their income. One reason may be because many treat savings as the end result of the equation income-expenses=savings where expenses < income. In this way, savings are just like leftovers and are dependent on the amount of expenses. However, by treating it as a necessary deduction from income, sufficient savings can be raised to eliminate debt and repair your credit. And that's just how it should be in order to be debt-free.

Keywords: Eliminate Debt, Repair Your Credit

Learn more about SpinDistribute Article Distribution System. We also offer a Pro Article Writing Service to everyone who needs premium quality well-researched articles.

SpinDistribute.com Network

Each article you submit at SpinDistribute.com is sent through our innovative Article Distribution System to our network of more than 1840 publishers - about 55% of them are high-quality article directories, 30% of them are niche blogs and 15% of them are other content-rich websites.

To achieve the best possible success we only publish your article to most related websites. This means your article will show up on approximately 640 - 880 most related websites which will give you great SEO results.

We also offer a separate Professional Article Writing Service to everyone who's looking for high quality web content and well researched unique articles.