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Debt Reduction Tips

Debt Consolidation, credit counseling, bankruptcy...

Bankruptcy: What You Need to Know

Filing personal bankruptcy is becoming more common, especially in this tough economy. Some of the stigma associated with bankruptcy has disappeared over time. People use it to wipe out debts, stave off foreclosure or just start over. Still, while it’s nothing to be ashamed of if you feel it’s your best option, you need to be aware of the ramifications of filing. It affects your credit report for 7-10 years and can negatively impact interest rates on credit cards and loans and even insurance premiums. Bankruptcy can negatively influence prospective employers. It also usually won’t eliminate child support, most student loans or taxes owed.Read the rest...

Need it? Want it? Five Tips to Help You Be Honest with Yourself

Posted In:  debt reduction  other

There is a fine line between what you need and what you want sometimes. Do you need cable service? Or can you get by with a less expensive option? Is it necessary to purchase a laptop when you do most of your work on your desktop that is in great shape? Separating what is a need from what is a want can be painful, but it can help you stay on budget so that you can afford the things that are really important to you in the long run.Read the rest...

Americans Finally Get It, But Is Saving Money Slowing Recovery?

Posted In:  debt reduction

The numbers show that Americans took home more money in January than economists had expected. The 1% gain in income was much higher than the 0.3% that most analysts were calling for at the beginning of the year. Changes in taxes are responsible for the majority of the extra cash that workers took home. Unfortunately, the rise in income hasn't resulted in a large advance for the economy, which is still holding steady at old levels.Read the rest...

Credit Repair after Divorce

Posted In:  debt reduction

divorce credit repair

If marriage is the most beautiful relationship between soulmates, divorce must be the ugliest. Even an amicable split can leave the finances of both parties in ruin. No longer is there another income to pay half the bills. More often than not, the credit rating of each spouse falls to shambles.Read the rest...

Resolved to Organize your Finances? How to Make it Work

Posted In:  banking  debt reduction  taxes

Keeping your finances organized can help you stay on budget and keep track of your spending. It can also be a daunting task if you haven't been organized all along. Many people plan to organize their finances, but never seem to get around to it. The idea of digging through all of the documents from previous years and sorting it neatly can be overwhelming. If you have been putting off financial organization, this is the perfect time to tackle the beast. Since you have to put your taxes together anyway, why not take a little extra time to put it all together in an organized fashion?Read the rest...

3 Steps to Successfully Renegotiate Your Rent

Posted In:  debt reduction  family

Unless you’ve been featured in Forbes, you probably have rent or mortgage payments that have become a bit harder to handle since the recession hit. Thousands of renters out there continue to pay more every year because the landlord wants to account for “inflation.”Read the rest...

How to Handle Mixed Financial Messages

Posted In:  banking  debt reduction  other

We live in a society that snatches up new ideas and runs with them, without necessarily taking the time to assess the value of them. The unfortunate truth is that not every idea or opinion you or anyone else has is a great one or even halfway acceptable. This is part of the reason we hear so many mixed messages when it comes to financial advice.Read the rest...

Emergency Fund vs Credit Card Debt: What’s the Top Priority?

Posted In:  credit cards  debt reduction

Is it better to start an emergency fund or pay off your debt as quickly as possible? If you are anything like most human beings, you want a definitive push in one direction or the other. Most financial advisors and ten-year-old kids can tell you which is better to go with by simply looking at the numbers. However, like all things in life, it is not quite so simple. This is a great example of people thinking the world is in black and white.Read the rest...

Debt Free with No Clue? How to Manage Your New Found Freedom

Posted In:  debt reduction

Congratulations! After being in debt for what probably seemed like an eternity, you are finally completely free from all debt. Now you’re probably wondering what you should do from here, right? A common problem for those newly freed from debt is what to do with their new found financial freedom.Read the rest...

Seasonal Jobs That Can Inject Some Life into Your Savings Account

Posted In:  debt reduction

People have experienced many financial hardships linked to the current economic situation. Many lost jobs or endured deceased working hours. Many individuals exhausted unemployment and savings resources. The necessity to tighten budgets and reduce consumer spending leaves families without a means to replenish savings or retirement accounts, pay down debt or indulge in a simple night out. Financial experts encourage individuals toward generating some form of supplemental income to accelerate debt repayment and to replenish or resume savings accounts.Read the rest...