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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 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 →

Interest Rates

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I have been overhearing some concerning conversations out there – people who are waiting for the interest rates to keep falling. Let us address this misconception about interest rates with a little background. The Fed cuts interest rates by two main factors. The first are the rates charged to the banks when the bank borrows money from the Fed or other banks. The second affects the prime rate – which many unsecured loans are based on. Still, both of these rates don’t necessarily trickle down into the two places people most use debt – mortgage rates and credit card rates. … Continue reading →

Collections Agencies

In our “do it yourself debt reduction” series, I wanted to end with a worst-case scenario. If your debt problems have become so horrendous that you are being hounded by collection agencies, it is time to get serious. First, ask yourself some hard questions. How did I get into this mess? Can I change some things in my life to get back on track? Do I have some addictions or weaknesses that would prevent me from tackling my debt problems myself? If you are truly desperate, it is time to wise up and ask for help. If you think you … Continue reading →