DIY Debt Reduction

So, you have decided to reduce your debt by doing it yourself? Today, we will discuss a scenario where you have multiple creditors and you want to consolidate it in order to pay it all off. A consolidation loan can be a good idea if you have many different creditors. It allows you to re-focus all your efforts into one place, potentially allowing you to pay your debt off quicker with less effort on your part. Consolidation loans are good for those who are busy and have trouble with their credit reports due to disorganization. They are not always the … Continue reading →

Do It Your Self Credit Repair

Given our whole discussion on credit counseling and credit repair companies, you may wonder… can I just do it myself? The answer is… absolutely! Everything a credit repair company will do, you can do yourself instead. The advantage of DIY credit repair and debt management is you save yourself money AND prevent the hassles of finding a reputable company. Before you launch into this… there is one key thing to consider. Ask yourself seriously, how did I get into this credit and debt mess to begin with? You will have a lot of trouble with doing it yourself, if you … Continue reading →

Choosing a Credit Counseling Agency

This month I have been discussing credit counseling services. In Do you Need Credit Counseling?, I gave some possible benefits to credit counseling services. Then in Credit Repair Scams, I gave some possible pitfalls of credit counselors. Today I wanted to offer some help on how to find a good credit counseling agency if you have decided to take the leap for help. Unfortunately, the credit counseling industry is full of scams and poorly run companies. The rules that govern them can vary greatly from state to state, plus they are confusing and disorganized. Relying on the law to help … Continue reading →

Do you Need Credit Counseling?

Are you having trouble with debt? Do you have a hard time saying no to your credit card? If so, there are times it can be useful to have the assistance of others. Debt and credit counseling is a huge industry. Due to this, it has good and bad along with it. If you truly feel out of control or that you have no hope, then it is time to consider counseling. Many people are addicted to spending and credit cards are simply fuel for the fire. Credit counseling can help you negotiate with creditors as well as help you … Continue reading →

Addiction to Credit

Our society has become very reliant on credit and debt. Who even pays for things with cash anymore? This obsession combined with the desire to get ahead and have more has led to a national crisis. The debt in this nation, from the guy next door to our own government is astounding. Our country at every level needs to stop borrowing from the future. Otherwise, there will be no future. A perfect example is this mortgage mess. Aggressive lenders over the past couple of years helped create the disaster we are now experiencing. But you can’t blame it on the … Continue reading →

Change Your Thinking, Change Your Debt Status: A Lesson in Needs vs. Wants

I am married to Mr. Finance who does not believe in debt. At all. Before we got married I believed a little debt was part of the American way of life. Who didn’t have a balance on their credit card? Wayne didn’t. Never has, never will. Yet, he had a credit card. “But how come you don’t have any debt? What about the things you want? You’ve got all that credit and could buy so much.” “Credit isn’t money, Courtney. If I want something I make sure I have the cash in hand first. I might use my credit card … Continue reading →

Online Debt Calculator

If you read my article yesterday on how to Calculate your Payoff, then you are ready to begin you own debt reduction plan. Of course, not all of us are very good at math. In addition, interest configurations can be extremely complicated especially when you consider all the compounding that occurs. Therefore, I wanted to share a cool tool I found on the Internet to help. It is from the website WhatsTheCost.com. They call it their snowball calculator, because that is their term for paying off your debts in the correct order. Their concept is similar to my recommendation to … Continue reading →

Calculate your Payoff

Is one of your New Years resolutions to pay off some debt? This is a great goal! There are some different philosophies about how to get there, let’s learn about some of them. Debt costs us money from the interest we are charged. Let’s use an example… you have $1000 in debt with an interest rate of 20 percent a year; you are paying $200 a year for that debt. You have $100,000 in debt at 5 percent a year; you are paying $5000 a year. Then you have $10,000 in debt where you pay 30 percent for a cost … Continue reading →

Not All Debt is Bad

Yikes… what did you just read? Not all debit is bad?? How can that be? In these days of bankruptcies and foreclosures, how can anyone feel that any debt could be good? Just like anything else in life, your money management is a balancing act. If you constantly shower your kids with love and do everything you can to please them, you end up with troubled, spoiled children. If you spend all your time working, you end up unhealthy, stressed and lonely. You have to balance parenting with discipline AND love. You have to balance your work with the rest … Continue reading →

Bankruptcy… Should you??

I came across a thread in our forums today about Bankruptcy Law. It got me thinking we should have a money blog discussion on whether or not bankruptcy is good or bad. Unfortunately, many individuals see bankruptcy as a quick solution to their debt ills. Sounds cool to have a magic fairy come in and wipe your problems away. This specific Families forum thread noted the changes in the laws recently. Luckily the changes try to address this magic fairy situation, basically forcing bankrupt individuals to still pay their debts through a slower managed method. “Luckily” you may ask. Shouldn’t … Continue reading →