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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 →

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 →

Preparedness and Finances

One important aspect of preparing yourself and your family is financial preparedness. The church urges us to avoid debt, and to get out of debt as quickly as possible. It also teaches us to take financial responsibility for ourselves by saving money for emergencies and planning for retirement. If you have a lot of debt, it is important to focus on getting out of debt as much as you can. You can limit your discretionary spending and begin to budget to do this. If you need help setting up your budget or learning how to manage your money, you can … Continue reading →