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Which Debt Reduction Strategy is Right for You?

You are committed to doing whatever it takes to get out of debt and remove financial worries from your life. You see a promising future, filled not with stacks of bills or collection calls, but a paid-off home and enough liquid assets to be able to enjoy life and to provide a future for your children. What a wonderful goal and one that could come true with some good choices and perseverance. Gaining financial freedom first starts with getting out of debt, with forming your own debt reduction plan that contains solid and achievable goals. It is do it yourself … Continue reading →

Eliminating Debt as a Single Parent

Talking about debt may not be a very fun or popular topic but how we manage our finances can be an extremely big deal for the average single parent. It can be such a tough catch-22 since we need to support our kids and take care of our lives and we also want to keep financial sound on a solid level—this means providing for our kids without going into debt. Now, I want to admit to you that I am NOT completely debt free—I still have several thousand dollars worth of student loans that I will probably be paying on … Continue reading →

Debt Reduction Summary

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Over the past week, I have discussed many ways to approach a do it yourself debt reduction and credit repair plan. A lot of your approach will depend on your situation, so I covered a variety of different angles. Consolidation loans are one of the options to consider when you have many creditors. These are particularly useful if your credit score is still good or if you have a lot of equity in your home. That way, not only can you often create one loan payment, you can often also reduce the interest you are paying. The key warning with … Continue reading →

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 →

DIY Mortgage Repair

Unless you have your head in the sand, you are aware of the foreclosure crisis. More families are losing their homes than ever before. If you are nervous about your mortgage situation, there are some “do it yourself” solutions to consider. Your mortgage is the most important loan you have. It enables you to keep a roof over your head. You should pay your mortgage first if you don’t have enough money to go around for all your bills. The problem that often leads to foreclosure is the inability to pay that large payment each month. The first step to … Continue reading →

DIY Debt Reduction – Multiple Creditors

Most people don’t have one type of credit account. Most of us have our debt spread out in multiple locations. This can often make managing our bills complicated. If you have many different types of credit accounts – loans, lines of credit, credit cards, overdraft accounts – and want to reduce your overall debt, you will need to get organized first. Start with a file folder and put in your most recent balance statements into this folder. Collect them all, even the ones you don’t use often. Next, take this folder to a quiet place. Using a calculator and piece … Continue reading →

DIY Credit Card Debt Reduction

Is most of your debt with credit cards? Do you have lots of cards with large balances? Are you having trouble making your minimum payments? Credit card debt is one of the worst kinds of debt. It is considered empty debt, as you often have little to show for it. With a mortgage or car loan, at least you have the house or car. Credit card debt tends to sneak up on you with lots of little purchases. This is especially true these days where almost all businesses accept credit cards. If you want to get out of credit card … Continue reading →

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 →

The Best Way to Pay Off Credit Cards

Credit card debt is at an all-time crisis. With compounded interested levels of up to 20 percent, it can quickly spiral out of control. Getting the credit cards paid off should be every family’s number one financial goal. It is the first step in living debt free. The are right ways and wrong ways to pay off your credit cards. Taking out a second mortgage or home equity loan is probably not the best idea, although some others may advise such actions. The same goes for borrowing from your life insurance policy or from friends and family. The key is … Continue reading →

Don’t Pay Off Your House!

I had the most interesting conversation with a lawyer last night. He was telling me and my husband some ways to improve our credit scores and how to prepare for home ownership, and he said something that made both my eyebrows go up. He said that we shouldn’t be in too big of a hurry to pay off a house once we get it. Pretend there are two families, and they each buy a home for $200,000. Family A makes the regular monthly payment, and Family B puts every penny into paying it down faster. Some time goes by, and … Continue reading →