Tag Archives: debt

DIY Debt Reduction – Get Rid of Stuff

How exactly did you get into debt anyway? Was it from buying too much stuff? Were you living beyond your means? If this is you, I have an entirely different approach for your situation! If your debt is due to an over need to shop, the first step is to stop using credit. If your middle name is shop-a-holic, or if you just can’t resist buying the next cool thing… you should not have even ONE credit card. This sort of addiction can cost you. Cut up all your cards now!! Once you stop the bad habit, the next item … 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 →

Credit Repair Scams

If you are on the hunt for ways to improve your credit, be very careful of credit repair scams. Anyone that makes big promises about erasing your debt or any guarantees of quickly improving your score… be wary. In the world of credit and debt, if something seems too good to be true, it most likely is. Debt reduction and credit repair take dedication and hard work. There are no quick fixes. The Federal Trade Commission monitors and regulates the credit repair businesses. Due to good consumer watchdogs, many have been shut down. Still, it pays to be very careful… … Continue reading →

The Effects of Debt on Credit

It is always good to pay down your debt. It makes your credit report and score better, but the effect may not happen as quickly as you like. Debt problems, like late payments and unpaid bills, will stay on your report for seven years — even if you take care of them. The longer back in your history they are though, the less impact they have on your credit score. Bankruptcy is the most serious flag on a credit report and should only be used as a last resort. Bankruptcies stay on your report for ten years and have a … 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 →

Debt Busters: Two Mistakes that Everyone Makes

If you want to live a life that is as debt free as possible, avoid the following two mistakes. They are very common problems, or should I say ways of thinking, that lead to increased debt. Don’t get caught in these traps. The first mistake is to believe that money or things equal happiness, beauty, popularity, etc. Things are just thing. Now, we may all say that money doesn’t equal happiness as a philosophy, but just how much does that hold up when you are staring at ads for the latest high definition television, video game system, new car, shoes, … Continue reading →

Reasons We Spend Today: Buying Power

Do I believe that it is easier to spend now than it was a few years ago? Absolutely. I’ll be going through some of the reasons for that opinion. In the previous article in this series, we talked about how the increased availability of good and services leads us to spend more today that we ever had before. If you missed that article, you can click here: Reasons We Spend Today: Availability. Now, let’s talk about another big reason that we, as consumers, tend to get in over our heads, spending more on things than we can afford. Increased buying … 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 →

Stemming Credit Card Debt

Do you need to get a hold on your credit card expenses? Credit cards are one of the leading causes for financial problems. I can’t say enough about paying them off as soon as possible and not racking up new debt. Here are some ways to get the outward money flow under control. Many experts tell you to freeze that credit card in the freezer or leave it at home so you won’t be tempted to use to to spend, spend, spend. But, what if you have an emergency that requires a credit card while you are out? Perhaps your … Continue reading →

Paid Off… Now What?

So, you have worked hard to pay off all that debt… congratulations! Unfortunately, it is still going to take some time to repair your history. The first step is certainly getting your debt in check. This will open all sorts of doors to financial flexibility in your budget. Not having that huge debt payment each month is almost like winning the lottery! Still, if you were having serious problems with debt before… it will take some time to rebuild your credit. The first step is to get some sort of installment loan or credit card, depending on your needs. A … Continue reading →