Debt Reduction Tips

Debt Consolidation, credit counseling, bankruptcy...

Jun 2011
7

One Year Plan to Financial Health

by Tim Iandoli
Posted In:  debt reduction  restaurants and grocery

Creating a financial plan is a necessary tool in planning for a successful future. The first step is to create a rough outline of what your end goals are and a few targets to get there along the way. The following are a few things you need to keep in mind when drafting your first outline.

First, you need to gather your monthly bills such as; credit cards, cell/home phone bill, cable/satellite, insurances, mortgage and utilities. These bills are necessary as they keep your home running and your credit score inline Secondly, determine what weekly/monthly expenses are necessary such as; gas, groceries, and janitorial supplies and daycare if applicable. The last set of expenses come from luxuries; cigarettes, alcohol, dining out and shopping trips to the mall.Read the rest...

Jun 2011
2

Bankruptcy: What You Need to Know

by Cheryl Johnson
Posted In:  credit cards  debt reduction  mortgage

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...

Apr 2011
13

How to Reduce Credit Card Debt Fast

by Guest Blogger
Posted In:  credit cards  debt reduction

Credit cards can be a great asset as they allow you to have access to a line of credit that you may not have otherwise if it were not for the credit card. Used right they can really aid your cash flow each month. On the other hand, if you have already accessed this line of credit and find yourself now in the position of having to pay this debt back and want to do if fast, then there are some things you can do speed up the paying-back process (which will also save you lots of money on interest payments!).Read the rest...

Apr 2011
8

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

by Heather Holling...
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...

Mar 2011
8

3 Ways Insurance Helps You Get Out and Stay Out of Debt

by Guest Blogger
Posted In:  debt reduction  insurance

An insurance policy is a contract that protects you financially in case you are caught in an unforeseen situation. Thus, insurance policies are there to cover for all the times that you are involved in a risky situation. You should also remember that your insurance may also help you if the financial disaster that is affecting you is debt. Thus, if you are in debt, then you can make use of your insurance to provide you relief from it instead of using various debt solutions such as the consolidation of debt. Read the rest...

Mar 2011
3

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

by Heather Holling...
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...

Feb 2011
1

Credit Repair after Divorce

by Jessica Bosari
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...

Jan 2011
31

Three Important Credit Card Consolidation Myths

by Guest Blogger
Posted In:  debt reduction

When you have a lot of credit cards, you look for debt relief options to get rid of these debts. But you need to remember that you must have correct information before you enroll into any of these programs. You may come under lot misconceptions that may put you into more financial troubles. These myths need to be explained so that you don’t fall into further debts. Before you go for credit card consolidation, you must get all your myths explained.Read the rest...

Jan 2011
20

Tips on Renting A Room For Extra Income

by Guest Blogger
Posted In:  debt reduction

With the economy as it is and the job market in a bit of a slump, people are doing whatever they can to save a few dollars or make a few extra. Ebay, Craigslist, and similar sites are doing very well as people try to sell their belongings and long-kept valuables that are now antiques or collectibles. Hard times usually bring about creative means to make ends meet or to supplement regular incomes. One avenue explored by many homeowners is renting a room in their home; either to a friend or oftentimes a stranger. This can be beneficial to both parties or it could be a disaster for either or both parties.Read the rest...

Jan 2011
5

Resolved to Organize your Finances? How to Make it Work

by Heather Holling...
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...