Keeping yourself out of broke

How To Save Money On Gas In 5 Simple Steps

2011-07-22T07:01:00.000-07:00

It's always a good idea to save money on gas however you can, especially since it takes up such a large part of most of our monthly budgets. This does mean shopping around for the best gas prices, but it also means thinking more about the way you drive. Here are five important points to consider.

5 Ways How To Save Money on Gas

Save Money On Gas

1) Stop Driving - It may seem obvious, but the less you drive, the more money you're going to save on gas. Now you don't have to stop driving altogether, but you should avoid it where possible. For example, many people head to their car even for short journeys. If it takes less than a few minutes, why not walk instead? Or why don't you start parking further away to save money on the gas you'll use as you drive around town looking for a free parking space? The added benefit of all this is that you'll soon get fitter, too!

2) Keep Your Car Properly Maintained - Making sure your car is maintained properly will help you to save money on gas without much extra effort. For example, if your tires aren't inflated properly your car will be using more gas to do the same things it normally does, and keeping your engine well-tuned is also essential to conserving fuel.

3) Drive Carefully - People who drive carefully will generally save money on gas by using less of it. Things like fast starts or sudden stopping will use up far more gas. Instead, try to maintain a constant speed to use less fuel, and keep an eye on the road far ahead so that you can slow down gently if you need to. And don't think that by driving faster and getting to your destination quicker you'll use less fuel: you'll actually use more.

4) Don't Leave Your Engine Running - Most of us are guilty of leaving the engine running when we think we won't be stopping for long. Instead, get into the mindset of turning off the engine now matter how short the stop. Doing so could end up saving you a lot of gas, and it'll soon become a habit that you won't even need to think about.

5) Empty The Trunk - If you want to save money on gas then you're going to need to get rid of the extra weight in the trunk. Many of us carry things around in out cars simply because we haven't bothered to unload them yet. Take the time to do that today, and you'll have a more economical vehicle.

Money Saving Advice: Start By Changing Your Mindset

2011-07-21T10:34:00.000-07:00

When you're living the frugal life, it's easy to think you're missing out on things that other people usually take for granted. However, the best money saving advice is to start thinking about the ways you can change your mindset to make the whole process easier.

How Does "Stuff" Really Improve Your Life?

One of the key things that most money savers need to avoid is the urge to buy more "stuff". This doesn't mean the essentials, like food. It's the urge to buy that new knick-knack, new clothes, designer lampshades - i.e. the stuff you don't need, but you really, really want!

You might think you're missing out, but you're really not. Have a think about how much "stuff" you have already, and how much of it really gets used. Unless you're really good at thinking before you buy, the chances are you'll have a good number of things in storage, and many of those have never even been used!

What do these things really do to improve your life? Probably nothing. In fact, they're probably having a detrimental affect by cluttering up your home and taking up extra space that could otherwise be clear. And a tidy space makes for a tidy mind!

All the money saving advice you're using is actually improving your life by helping you distinguish between wants-driven and needs-driven spending. The former often only leads to clutter, which you're now learning to avoid.

Enjoying What You Already Have

Above and beyond the fact that you're not adding to clutter, you'll also start learning to enjoy what you already have. You've probably already got more than enough to keep you happy and entertained in your home. Most of us simply buy more to impress others or make ourselves feel like we're a "success".

Look at it this way, if you need more "stuff" to impress other people then it's time to take a long hard look at what's going on in your life. Real value should be placed on the relationships and experiences that you share with others. Thankfully these are all free! And you'll start to enjoy these a lot more when you put less value on physical things.

How Would Being Out Of Debt Improve Your Life?

Need even more inspiration? Think about the hold that debt has over you. No doubt it's far bigger than the fleeting joy you get from buying something new. Although it's no fun to have to think about every penny you spend, it's far better than getting deeper into debt than you already are. And every penny you watch today is helping to bring you out of that debt.

If all the money saving advice out there is overwhelming you, take a step back. Although it's not easy to live an extremely frugal life, it is a chance for you to think about what's really important to you. Bear the above points in mind and they will help you to remember that you don't need money to be happy.

Saving Money On Groceries: 5 Tips For You To Start Using Today

2011-07-21T05:51:00.000-07:00

All of us need to buy food, and this spending makes up a huge part our outgoings. This is why saving money on groceries can make a huge difference to your cash flow, if you put in a little time and effort. Here are five tips you can start using today.

Saving Money On Groceries

Saving money on Groceries

1) Think About When You Shop - Saving money on groceries is a lot easier if you don't shop while you're hungry! Instead, go after you've eaten so you won't be tempted buy things that stray from your original list. Also try to go when you're in a hurry. That way, you'll go in, grab what you need (and only what you need) and leave before you have time to let all those "deals" sway you into spending more than you'd previously planned.

2) Don't Be Loyal To One Store - Although it can be convenient to stick to just one store, saving money on groceries means looking out for bargains no matter where they are. Buy papers to stock up on coupons and go where the deals are. Nowadays, you can even take advantage of price comparison websites to help compare the different stores, and see when special deals are ending.

3) Buy Generic Brands - Although buying high end brands may make a difference to the quality of some items, the chances are that a store's own brand is good enough for most things. Start trying out generic brands of items that you use regularly, and see if you can really notice a difference. If not, keep using these generic brands and you'll save a big chunk of cash every week.

4) Keep A Price Book - For the items you buy most regularly, keep a small notebook (or even an Excel spreadsheet) to write down the best prices you've found for groceries (plus the weight or number of items included in a pack). When you come across a new deal, you can get out your price book to help you calculate whether it really is a better deal than what you normally buy. Yes, it'll take time to put together at first, but with the knowledge at your fingertips you'll find that saving money on groceries gets a lot easier!

5) Don't Waste Food - Unfortunately, many of us waste a huge amount of money on food that gets thrown away in the trash. To help avoid waste there are a few things you can do. Firstly, check use by dates on anything you buy and really think about whether you can fit them into a meal before that date. Next, consider cooking up larger batches of meals and freezing portions for later. Thirdly, many foods can be stored in the refrigerator (even if they don't say they need to be) to keep them fresh past the use by date.

Yes, saving money on food using these tips will take some effort, but it's well worth it when you start to see the savings add up!

Top Budgeting Tips That'll Help You Stick To Your Plan

2011-07-20T09:20:00.000-07:00

If you're trying to save money or pay off debt, then it helps to follow a number of tried and tested budgeting tips. Although you may not think you need a budget, putting one together will help prevent overspending: you'll always know where your money is going and where you need to cut down. Here are a few budgeting tips that'll help you create and stick to that budget.

Top Budgeting Tips

Budgeting Tips

Spend Cash Only - One of the simplest budgeting tips is to spend cash only - it really works! When we spend money on credit or debit cards, we aren't physically aware of how much we have left. Drawing out enough cash to last for the week will keep you more in tune with what you're spending, and make you think twice before reaching for the credit card.

Always Have Something To Look Forward To - When you create your budget it's easy to think of things as they would be in a perfect world. You'd have extreme willpower and never be tempted to stray from your budget. Reality isn't so simple! Even if you do originally have the willpower, you'll find it hard to stick to it if you never have anything to look forward to. Always remember to include some space for "fun" in your budget.

Note Down Exactly How Much Things Cost - Most of us have a rough idea of how much things cost, but it's important to be exact when making a budget. This doesn’t just include prices for groceries - the best budgeting tips also look at larger outgoings such as electricity and telephone services. We often pay for these without really considering what we're spending. Monitor exactly what goes out of your account every month so you have a budget you can really trust. And keep monitoring even after you've put your budget together (it helps to stop you overspending).

Cut Out Wasteful Expenses - Following on from the point above, if you're careful to monitor your expenses constantly you'll probably start to notice that you're spending money on things you don't need. This could be a subscription to a magazine, DVD rentals, extra money on snacks or anything else. Be firm with yourself - if it's not necessary, cut it out.

Don't Be Afraid To Ask For Help - No matter what kind of situation you're in, there is help available to you. If you're in debt, take advantage of debt charities to help you develop a plan to pay it off. And if you find you can't afford a bill, always tell your creditor as soon as you know.

These budgeting tips will only work if you take the time to put together a detailed budget first. Go through all of your expenses - even the money you spend on the things you don't need - and compare it to your income. Being as detailed as possible, and sticking to the tips above, will give you the best possible chance of making your budget a success.

How To Save Money On Food Outside Of The Home

2011-07-20T06:38:00.000-07:00

If you want to save money on food then the groceries aren’t the only area to consider. You also need to think about what you eat when you're away from the home. Just because you're living on a budget doesn't mean you won't eat out, and there are many ways to save money when you do.

How To Save Money On Food Outside Of The Home

Drink Water: If you want to save some money when you go out to eat, don't buy a drink. Ask for a glass of tap water instead. It's free and is usually a lot healthier than the alternative choices.

Lunch: If you usually buy your lunch when you're at work then start saving money today by making the decision to make your own lunch at least one day per week. It's not too much extra effort, but you'll soon see the savings start to add up. And, you never know, it might even convince you to start bringing in a home made lunch more often.

Restaurant Coupons: Even if you live a strictly frugal life, it's important to treat yourself every now and again. Going out for a meal can make for a lovely night out, and you can help reduce the cost by searching for restaurant coupons online. There are now a huge number of websites offering these deals, so keep your eye out for a bargain.

Bring Your Own Alcohol: More and more restaurants will now allow you to bring your own alcohol. This is a fantastic way to save money, by avoiding the inflated prices most restaurants charge for drinks. It's usual for restaurants to charge a small "corkage fee", but you'll still make huge savings and have just as much fun as you normally would when eating out!

Share Food: Do you usually come away feeling like you've eaten way too much after a meal out? Most of us do, so why not share? You don't have to share the main course, but you could save some money by sharing the starter or dessert. You'll still be full, you just won't have to spend so much.

Have Dessert At Home: Desserts are another way for restaurants to get a big chunk of extra cash out of you. Why not have dessert when you get home? It's easy to buy some ready made desserts to have ready for when you get back. And, by then, you may decide you're too full anyway!

Go Out For A Meal At Lunchtime: If you have a flexible schedule, then you'll save money on food by going out an lunch instead of dinner. Most restaurants discount their normal menu at this time of day, and there's something special to be said for taking a long lunch.

Save On Kids Meals: Many restaurants offer special deals for families. Look for places where kids eat free, or at a reduced rate, to help save your overall costs.

Eat Out, At Home: Try something different - get all the ingredients you need for a gourmet meal and bring the restaurant experience to your home. You'll still save money on food even when buying fancy ingredients. If you really don't want to go to the effort of cooking, order take out instead.

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2011-07-20T05:29:00.001-07:00

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2011-07-20T00:24:00.001-07:00

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2011-07-19T23:27:00.001-07:00

Rock Collecting: A Hobby that's "Hard" to Resist - Rock collecting is a fascinating hobby for kids and adults alike... http://ow.ly/1dT2pu

Household Money Saving Tips: Learn To Reuse and Recycle

2011-07-19T19:35:00.000-07:00

If you're looking for household money saving tips, here's one that could end up saving you a lot of money if you make it a habit. That is to reuse and recycle old items.

In a world where everything is available to us to buy brand new from the store whenever we want, many of us have forgotten that, with a little effort, regular items can have more than one use. Talk to someone from an older generation and they may tell you just how many times they'd reuse and recycle items before they ever threw them out - all to save money.

Here are a few ideas to get you started:

Household Money Saving Tips

Grocery Store Bags: These are perfect for lining trash cans, as long as they're the right size. This is also a good one for environmental reasons, as these bags contribute to a lot of waste when most of us throw them out right away.

Envelopes: When you receive packages in padded envelopes, open them carefully and set them aside for the next time you need to send off a package.

Wrapping Paper: As long as it's not torn, try to save wrapping paper and reuse it for next year. If you want to be ultra frugal then start saving old newspapers and turn those into wrapping paper too.

Junk Mail And Other Scrap Paper: This is one of those household money saving tips that everyone can use. There's no use throwing paper out if it still has a clean side. Save scrap paper in a designated area for notes or for the kids to draw on.

Margarine Tubs: Clean out your margarine tubs once they're finished and use them as free storage containers for portions of frozen food or home made lunches. You'll cut down on the money you spend on Ziploc bags.

Water Bottles: Many of us waste an unthinkable amount of money on bottled water, despite the fact that we could get it for free! Buy bottled water only every now and again, and reuse the water bottles if you want to take a bottle out and about.

Heat From The Stove: This is certainly one of the more creative of these household money saving tips. When it's cold in the house, "reuse" the heat from your stove to provide heat without having to pay for extra energy. Open the door once you've finished cooking to let the heat out into your home.

Old Clothing: You can either recycle old clothing by altering it into something new, or simply tear it up into rags to use for cleaning.

These are just a fraction of the ways you can reuse common household items before you need to throw them out and buy something new. And, if you can't reuse something, consider selling it so somebody else who can! These are the kind of household money saving tips that'll get you in the right frame of mind for making the most out of what you already have, with very little extra effort.

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2011-07-19T19:24:00.001-07:00

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Good Ways To Save Money On Utility Bills

2011-07-19T16:02:00.000-07:00

If you're searching for some good ways to save money in the home, then utilities are an important area to look at. Although you may already be taking some measures to help reduce the electricity and gas you use, there's probably more you could be doing. Here are four money-saving ideas.

Switch Providers
No matter whether you're looking for good ways to save money on your electricity bills, telephone bills, water bills or anything else, one of the best advice you'll find is to shop around. Take a look at prices of other providers and make the switch if you find you're overpaying. Make this easier on yourself by taking advantage of price comparison websites. It's well worth the time it takes!

Fix Leaks
Something as simple as a leaking faucet can waste a lot of water in the space of a month or a year. There's no excuse: get it fixed now! The same applies to any other plumbing in your home. You can even extend this to doors and windows - if they're leaking air, then your heating and cooling isn't as efficient as you want it to be, and you're wasting money.

Develop Small Habits
You may not think that "small" habits are good ways to save money, but they all add up! Here are a few examples of the kinds of habits you want to get into:

Unplugging electrical items when you're not using them (even if they're switched off they can still use energy),
Turn lights off when you leave a room,
Take shorter showers,
Wear extra layers when it's cold,
Turn off the faucet while you brush your teeth,
Cook meals in bulk,
Turn down the temperature on your washing machine and only wash when you have a full load.

Choose Energy Efficient Products
Start buying energy efficient products whenever you need to replace old appliances. Only choose the highest energy efficient ratings, and you'll help conserve power. You can also make smaller changes, for example by replacing burnt-out lightbulbs with new energy saving ones. Just don't go out replacing everything now - wait until you really need to, or else it'll end up costing you more!

Not only are these good ways to save money on your utilities, they're also good ways to help do your part for the environment! As you can see, none of the tips above are that huge, and it won't take long for you to get used to being more thoughtful about the energy you're using.

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2011-07-19T15:27:00.001-07:00

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2011-07-19T09:28:00.001-07:00

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Ocean Beach San Diego - Located in th...

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2011-07-19T01:26:00.001-07:00

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Bust Boredom with Kid Crafts - Have y...

2011-07-18T17:48:00.001-07:00

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Family Travel to the Yukon - Have you...

2011-07-18T17:47:00.003-07:00

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Royal Solaris Cabo San Lucas - My wif...

2011-07-18T17:47:00.001-07:00

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Happy blogday to us - Today, we celeb...

2011-07-18T16:25:00.003-07:00

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2011-07-18T16:25:00.001-07:00

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2011-07-18T16:24:00.001-07:00

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Home Theater Speaker Basics

2011-06-26T11:00:00.001-07:00

One of the most essential components of a good home theater is its speakers. You simply cannot achieve that theater atmosphere if you do not have good speakers from which to enjoy the sound that is such a vital part of a good ‘movie going’ experience. The problem is that most people are easily confused as to which speakers they really need for their home entertainment systems as well as the proper placement of those speakers in order to create a true surround sound. The following are the basic speakers that are required to complete a good home theater: front left and right speakers, a center channel speaker, surround sound speakers, and subwoofers. Center channel speakers are overlooked and left out of many home theaters. I recommend against doing so as these speakers supply a good portion of the soundtrack in many movies as well as add fullness and depth to the dialogue. Home Theater Speaker Basics Surround sound speakers are what provide the background sounds that make the movies seem more real. These are the things that draw viewers into movies and add a little bit of excitement to the process of watching a movie. As such, they are very important to include in your home theater, as they will help match the theater experience. Common options for surround sound speakers include 5.1 channel, 6.1 channel, or 7.1 channel surround. target=

From: http://is.gd/9MsnWW

Beach Holidays for Fun in the Sun

2011-06-26T10:56:00.001-07:00

Everyone loves beach holidays! The little ones can dig in the sand and splash in the lapping waves. The older ones can swim, get a tan, or just relax. The inquisitive types can explore for sea life, tide pools, and drift wood. The warm breezes and natural beauty are invigorating and restorative. Any trip, however, can cause discomfort if you do not plan well. Here are things you can do to make your beach holidays easier, safer, and more meaningful.

Beach Holidays for Fun in the Sun

In many parts of the world, people head for their beach holidays in the family car. When planning a trip, it’s always a good idea to give the car a good cleaning out first. This will give you more room for your luggage. Stock you glovebox, too, with a few first aid and comfort items, such as sunblock, acetominiphen for headaches, a roll of antacids, a few cough drops, and a few bandaids.

Don’t forget a couple of scrunchies or pony-tailers for long hair. Get the tires checked and replace any that are likely to go flat. Get an oil change if it’s getting close. Road trips are not much fun when they include breakdowns. And whatever you do, make sure you have a map and a place to keep it handy. target=

From: http://is.gd/X99Mp8

What is the Best Tablet Computer

2011-06-23T21:49:00.001-07:00

Although the iPad 2 may be the media’s favorite choice, there are, in fact, a whole range of competing tablets sold by a number of different manufacturers, incorporating a range of operating systems. The question of whether you should by the iPad 2 vs. other tablets is important when it comes to getting the best value for your money.
What is the Best Tablet Computer

What is the Best Tablet Computer

At this point in time, the main competitors to the iPad 2 are the Motorola Xoom, Blackberry PlayBook and the HP TouchPad. Here are a few key points of comparison to help you make that all-important buying decision.
Tablet Computer Operating System

The tablet computers feature the following operating systems:

iPad 2 – iOS 4.3
Motorola Xoom – Android 3.0
HP TouchPad – webOS 3.0
Blackberry PlayBook – BB Tablet OS (QNX)

Many people who own an iPhone will naturally choose the iOS operating system over the others, but there are pros and cons of all of them. The Android system is known as the main contender to Apple’s own, and it’s especially popular thanks to its customizable features. However, what really matters is what feels intuitive to you, so you’ll want to try out some demo models before you buy.

Reasons to get an Ipad 2

2011-06-23T08:53:00.001-07:00

Lots of people including me are looking for reasons to get an Ipad 2. With the new version of the iPad now available, many people are quick to ask “why buy iPad 2?” Is it really worth buying the new model when there are other tablets on the market, and is it worth current iPad users upgrading their device?

Reasons to get an Ipad 2

Not everyone will admit it, but there are millions of people out there who line up at the Apple Store on release date simply because they love to have the latest greatest thing before everybody else. Even if you haven’t gone to that extreme, the iPad 2 is still a “must-have” gadget! You’d be missing out if you didn’t get your hands on one.

From: http://is.gd/cigem5

Why is the Macbook the Perfect Laptop...

2011-06-22T20:56:00.001-07:00

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Why is the Macbook the Perfect Laptop?

2011-06-22T20:00:00.001-07:00

You may be asking why is the Macbook the perfect laptop. The Macbook is the standard laptop offering from Apple. With a distinctive design and impressive tech specs, it’s fast becoming one of the most popular laptops for students, professionals and casual users alike. A deeper look into its features shows exactly why this is such a bestselling gadget.

Why is the Macbook the Perfect Laptop?

Some of the main features of the design include:

13.3 inch glossy LED-backlit widescreen,
NVIDIA GeForce graphics card that will play most of the newest games flawlessly,
Intel Core 2 Duo processor,
250GB – 500GB hard drive size,
Built in iSight camera,
Mac OS X operating system.target=

From: http://is.gd/iesK6b

YouTube - Will Darbel - At the Grade ...

2011-06-22T15:16:00.001-07:00

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YouTube - Will Darbel

2011-06-22T14:14:00.001-07:00

At the Grade 3 Talent Show at AE Bowers Elementary School in Airdrie, Alberta. Will plays

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Macbook Pro Review - The Mac Pro is t...

2011-06-17T19:25:00.003-07:00

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Royal Solaris Cabo San Lucas - My wif...

2011-06-17T19:25:00.001-07:00

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Royal Solaris Cabo San Lucas

2011-06-17T19:07:00.001-07:00

My wife is dragging me out of town , and off the internet next month for a week and a half and we are going to Cabo San Lucas. After lots of checking around and searches, and my wife looking throughout the Carribean and Mexico we ended up booking at the Royal Solaris Cabo San Lucas. Here is the info on the all inclusive hotel itself but I will be sure to follow up once I get back as well.

Royal Solaris Cabo San Lucas

All Inclusive is located on the beach in San Jose del Cabo, close to Estero de San Jose and Palmilla Golf Club. Other points of interest are Eldorado Golf Club and Cabo Pulmo Marine Reserve.

Royal Solaris Cabo San Lucas Property Features

This property is all inclusive. Rates include meals and beverages at on-site dining establishments, taxes, and gratuities. Charges may be applied for dining at some restaurants, special dinners and dishes, some beverages, and other amenities.

Dining options at Royal Solaris Los Cabos & Spa - All Inclusive include a restaurant and a swim-up bar. Room service is available during limited hours. Recreational amenities include an outdoor pool, a children's pool, a health club, a spa tub, and a sauna.

From: http://is.gd/Cx5BO0

Macbook Pro Review

2011-06-17T18:18:00.001-07:00

The Mac Pro is the fastest and most powerful computer option Apple have ever made. In the line of its three desktop computers, the iMac, Mac Mini and Mac Pro, the latter is also the most expensive and designed for powerful users.

What Does The Mac Pro Have That The iMac Doesn’t?
The main difference between the iMac and the Mac Pro is that the latter is a lot more powerful. The higher end version of the iMac is pretty impressive, but it’s nothing when you take a look at the power of the octo-core 2.26 GHz processor of the most expensive Mac Pro.
The Mac Pro also features better quality graphics (NVIDIA GeForce GT 120 – 512 MB GDDR3), double the amount of potential RAM (up to 32GB), a faster optical drive (18x DL SuperDrive) and 640GB storage space. Lastly, it can also support up to eight external displays.

Benefits Of The Mac Pro

The Mac Pro is the most powerful Mac computer you can buy. The standard tech specs mean that it’s already designed for the most powerful applications and advanced users – especially when you choose the octo-core model. This makes it perfect if you use high performance programs that demand a lot from your desktop computer. If you only work with more basic applications, such as word processing and internet browsers, then you could get by on an iMac or Mac Mini instead.

From: http://www.xptechsupport.com/macbook-pro-review.html

Common Mistakes that New Budgeters have

2010-12-13T18:20:00.000-08:00

Budgeting, when done right, is the most awesome tool for erasing debt and building wealth. But many people do it wrong and then quickly fall out of practice. Here are The 5 Most Common Mistakes for New Budgeters.

1. "Forgetting" To Include Everything
One of the biggest mistakes first time budgeters make is to not include every single instance of money coming in or money going out on their budget. In fact the expense side, or money going out, will usually contain the most mistakes. When you are not use-to tracking all of your expenses and budgeting for them, it is easy to overlook them when it comes time to write them down.

And many times your mind tries to play tricks and pretend a bill doesn't exist. Denial. Your brain tricks you into thinking that if you don't acknowledge a debt then it does not exist. Trust me, it is still there.

This will become easier as time passes and you have been budgeting for several months. Soon you will get to know each of your bills by heart. But in the beginning it is easy to over-look something. And easy to forget something if your mind is playing games with you. Do not leave anything off your budget. Include it all.

2. Over-Complicating It
The next biggest mistake is that people either purposely or not try to over-complicate the budget. There are 200 categories, and each category has its own subcategories, and those sub-categories refer to other budgets. Or your categories do not even apply to your lifestyle. If your kids are older there is no need to have a category for day-care on the budget.

Make sure your budget is clean and free of any extraneous categories. Your budget should be customized to you and not the person before you who gave you the budget form.

3. Not Changing With the Times
Another mistake made is people do not modify their budget over time. No two monthly budgets will ever be the same. So don't try to force a one-size fits all mentality into your budget. Your December budget will be very different from your June budget. Make sure you take that into account.

Sit down and rework your budget each and every month to customize it to that month's budgetary needs. This doesn't have to take a long time. You should be able to do this in 10 to 15 minutes once you have been budgeting for several months.

4. Using Tools You Are Not Familiar With
Another pitfall of new budgets is made when folks try to use tools they are not familiar with when creating their budget. If you are technically challenged then do not buy a $100 budgeting program for your computer that you will never fully understand. All it will do is create frustration and lead to you not using your budget.
And if you are not good with Excel, don't try to force your budget into a spreadsheet program.

Again all you will end up doing is causing yourself grief and giving up before you have really had a chance to do it right.

There is nothing wrong with the old-fashioned pen and paper when creating a budget. Sit down, and write it down. It is simple and doesn't require you to understand 3 programming languages to add up 1 + 1.

5. Not Sticking With It
Finally, the last mistake folks make is not sticking with it. Or just not continuing with their budgets. If you don't use a budget, you will not get out of debt. And if you just stop, it gets harder and harder to get back on track. You need to be able to train yourself to take a few minutes per week or per month to review your budget, edit it, and follow it. A budget will do you no good if it is just sitting in some junk drawer in your kitchen.

So avoid these 5 big budgeting mistakes and continue to erase debt and build wealth.

To learn more about how you can Erase Debt and Save Money visit http://www.erase-debt.org/erase-debt/erase-debt-in-5-easy-steps to get started.
From Shawn Dempsey and Erase-Debt.org

getting out of debt - part 4

2010-07-24T07:50:00.001-07:00

Once you've got your cash flow under control by spending a lot less on housing, then you can begin hammering away at getting out of debt. Downsizing means downsizing everything. You're ultimate goal is to live on 50% of your take home income. If you do that, you can retire at 100% of your lifestyle and never have to take a pay cut to yourself - until you die. That means you shouldn't spend more than 25% of your income on your house, and it also means (this is going to hurt) you should never ever finance a car.

Financing a car is dumb. Financing anything that has no way of holding its value and returns you no cash flow is financial suicide. You can consider financing a truck for your business, if the truck itself makes you a thousand dollars a month or something, but individuals should never finance a vehicle. You would be better off renting one for long trips (which is actually a good idea - let someone else pay the insurance and wear and tear). No, you need to buy your vehicles with cash, and that means paying off your current car loans, and then continuing to make car payments, but make them to yourself. In just a few years, you'll have enough money to buy a car with cash, and keep all your cash flow in your own pocket, instead of some dude driving a ferrari who sold you a yugo.

next, never buy new cars. You can get a car that is basically new and actually profit a bit from someone else's impulsiveness. The last car we bought my mom was paid for with cash. It was a 2005 SUV with 7,500 miles on it. It had all the trimmings. The exact same model on the dealer lot was close to $40,000.000. Because it was "used" and just out of new model year status, AND we were paying cash, we got it for right at $22,000 dollars. That's right, almost half price. We kept $18,000.00 of our own money for the same vehicle, and that;s not all. If you financed the forty grand, you would also be giving up an extra eight thousand five hundred dollars in interest. Meaning we spent $27,000.00 less than the average sucker who financed the same car new off the lot. And all we gave up was 7,500 miles on the odometer.

Doing things like that: keeping $27,000.00 you might have spent on a car over four years, keeping $48,000.00 you might have spent on a house over four years, saving a couple of hundred dollars a month on the smaller house in lower electric and heating costs can add up to some really big numbers pretty fast. In our scenario, the person bringing home $4,000.00 a month who uses these principles can end up completely debt free and have a whopping $250,000.00 in the bank at the end of ten years!

Now, all of this means you're going to have to make decisions about your money every single day for the next ten years. Do I spend it - or keep it? Do I get another year out of this car while I save for another one - or get silly and walk onto the dealer lot because they have balloons? Those may sound like tough decisions, but you'll find out that keeping your money gets a little addictive after a while. You'll find yourself thinking things like: if I get two more years out of this car and then buy a nice, cheap used one, I can take a vacation to Paris for two weeks!

Now, money is there to spend, because, of course, you can't take it with you. You don't have to leave a huge pile to the kids, they can make it on their own. So yes, you should own nice things and go nice places, but you have to do so in a way that doesn't leave you bankrupt. And that's how financial discipline works. If you make out a new budget right now that only spends 50% of your cash flow, you'll be completely debt free and on easy street faster than you can imagine. Spend on decade getting your financial discipline down pat, and you'll never have to worry about money ever again. That's what your grandad meant by discipline - doing the right things over and over again until you are completely free.

fix your credit - part 3

2010-07-24T07:50:00.000-07:00

So now you know why you are in the bad credit situation you're in, and that's that you've given away all of your cash flow to other people. So let's discuss how to get some of it back and start digging out of the hole you're in. First, take out all of your credit cards right this second and get a big pair of scissors and go to work. All of them, debit cards included. No cards of any kind whatsoever. Until you get a real firm grip on your finances, plastic is a poison that will kill you over and over again. Get rid of it.

Now that you're on a cash system, you need to figure out the best and fastest way to get back a chunk of cash flow. The easiest way, of course, is to file for bankruptcy. Doing this will let someone else tell you how to do this. You'll lose everything you own but you'll get all of your cash flow back all at once. Which is why you shouldn't do that. You may not be able to keep everything, but you don't have to lose it all either. Besides, if you don't figure out how to do it yourself, you'll just end up right back where you are now ten years later.

So, when we look at our example from above, the biggest chunk of your cash always goes to your house. I know you've grown attached to it in some ways, and you feel like it has some powerful sentimental value or something. Get over it. It's just sticks and bricks and paint. A home is where your family is. And your family will be much better off somewhere a lot cheaper with more money to spend on family things. I know that most people recommend cutting back on entertainment choices, like amusement parks and tell you to just go to public parks instead. But honestly, four hundred bucks here and there is nothing like getting back $750.00 every single month by downsizing the house.

You see, it wasn't always like this. Just fifty years ago houses were teeny tiny by today's standards. My dad grew up in a house that was just under nine hundred square feet. He and his brother always shared a room and they both turned out just fine. As a matter of fact, they both ended up with doctoral degrees. Everyone having their own space is silly. Smaller homes reinforce the sense of togetherness. besides that, most young couples lived at home until they could buy or build one of their own. For thousands of years that's the way it worked. Now, we boot kids out of the house as soon as they turn 18 and expect them to have their own place. Bah, I love my kids, I hope they never leave. Imagine the fun we could all have with all of that cash flow and no debt?

Unfortunately, your parents probably don't want you back. If they do, move right this instant. Pay their bills in exchange for not having a house payment. But at the very minimum you need to turn that $1,950 house payment into something more like $950.00. Most people could very happily live in a house that is worth half as much as their current house. It's going to take a little getting used to, but it will almost instantly cure a big bunch of your credit issues. Instead of trying to work out the small things, whack away at the big one.

fix my credit - part 2

2010-07-23T08:22:00.001-07:00

Let's say you bring home four thousand dollars a month. That's a pretty good income to a lot of people, but it's not going to buy you six cars and a mansion. There just isn't enough cash flow there. There are some expenses that are unavoidable, (and taxes are one, which is why we said "bring home;" it's income after taxes) such as insurance (although you should insure yourself for most things) food, clothing, utilities, you get the idea. Let's assume that these types of basic needs expenses should consume no more than 30% or so of your income, and the smaller that percentage is, the better. So in our example, that would mean that we need to budget no more than around $1,200.00 a month for all of those things, leaving us with $2,800.00 for everything else.

We still don't have a car or a house yet, or any furniture for that matter, so let's see where the rest of it goes. Very few lenders will allow someone to borrow more than about 48% of their income to buy a house, which means your payment can't be higher than $1,920.00 dollars. But my goodness, that's a LOT of house. Are you sure you need that much house? If you max out your borrowing power for your house you have $800.00 left over to buy furniture, go out to eat, go to a movie, vacation, oh - and get a car.

But you want a nice car (or three) to go in that nice big garage you've got. So you lease, or go to a bunch of "sales" and end up with $750.00 a month in car payments. But you've still got insurance and gas to pay for, but only fifty dollars a month to spend. And you still don't have that big screen TV you want or a couch to watch it on. So you tighten your belt for a month or two and then get a credit card and trade another $250.00 a month of your cash flow to get the house all gussied up. And then, you decide that you need a vacation.

It's obvious that you are already bankrupt. You have more expenses than you can pay for with your income. And the only way out of the situation is to get some of your cash flow back to deal with the rising mountain of debt. The problem is that all of your cash flow is committed to someone else's pocket. You don't have a dime. You've got lots of stuff, but it belongs to other people. Your cash flow has become their cash flow. It's not long before you're missing payment, defaulting on some of the small loans - and before you know it you're credit is a train wreck and you don't have any idea how to fix it.

You may be one of those folks who never made much money at all. I know I was for the longest time. I never had a chance to build a good credit history because I always spent more than I earned trying to have more stuff than I could afford. I never had good credit and lost it, I never had good credit at all - that is, until I got really protective about the cash flow I did have.

I know what some of you are thinking. All I need is more income and everything will be ok. Wrong. You are spending every dime and more right now, more dimes will just fly right out the window after them. You have to change your habits before you can fix your credit, until you do that, more income will just make your problems worse. But you can fix your bad credit, all it takes is a little downsizing and some time.

Fixing bad credit (article series) - part 1

2010-07-23T08:22:00.000-07:00

Some things are harder to do than others. It's pretty easy to fall down when you begin to surf for the first time, for instance. It's not hard to keep from falling down walking across the street - at least, not if you're older than about three. Unfortunately, most people enter their adult lives completely unprepared from a financial standpoint and end up having to go through the process of learning to surf through the currents and massive waves in the ocean of money issues that await them. Falling down is pretty normal in that case, and unfortunately fixing bad credit is a little bit tougher than just getting wet and crawling back up on your board again.

Odd analogies aside, it's not going to be easy to fix your bad credit history. the key word there is history. It took you some time to get into the mess you're in, it's going to take you some time to get out again. Actually, fixing bad credit isn't really hard, not like scaling mount Everest hard, but it is going to take something that very few people seem to take the time to develop - discipline.

Discipline involves making some decisions about your lifestyle and money habits over a period of time. It involves patience and persistence. Wow, there are a lot of big words that sound like your grandad, I know, but there really isn't any other way around it. Part of the reason your parents and grandparents harped on those things is that they knew you would figure out the easy stuff, like falling in love, but that subjects and issues like discipline were going to need some reinforcement. So what exactly does financial discipline mean?

Well, the pursuit of discipline is the same no matter what you apply it toward. Discipline in fitness means exercising consistently and eating right every day for years at a time. You have to concentrate and practice to get good at it. And that means you're going to have to make some choices before hand, and then learn to stick with those choices for days and weeks and months and years - and decades. A lifetime in fact. But if you really want to fix your bad credit, you're going to have to change the way you think about and deal with money starting right now, and moving forward for the rest of your life. Every single day is a chance to not only fix bad credit, but gain true financial freedom from credit.

A certain amount of credit may seem necessary, but that's not entirely true either. Credit is the process by which you give away part of your cash flow over a period of time to someone else, in exchange for a lump of cash now. The only kind of credit that might be required, and only because of the way families operate these days, is house credit. Everything else is just a waste. You need to think about your cash flow in an entirely different way before you can begin to make good financial decisions.

Read the other 2 parts as well

Fixing my credit part 2 , and Fixing my credit part 3

Living debt free

2010-07-20T09:37:00.000-07:00

You know what it's like to sit down at your desk with a pile of bills that seems 6 inches thick. Every single dime in your paycheck is gone and spoken for well before you put it in your bank account. While the idea of living debt free sounds fantastic, you may not know how to get there, or if it is even possible for you. The good news is that living debt free is absolutely possible for anyone, it's just going to take some dedication and patience.

The key to living debt free lies in financial discipline. If you have too much debt it means that you spend too much money. That's all there is to it really, you can blame it on a lot of things, and there are often situations, such as illnesses that arise, that are completely out of your control. But most people are deeply in debt because they are spending money that isn't theirs, on things they just can't wait to have.

In just a few years, most of the junk you bought is already in the trash, but that debt is still there. Not only that, it's growing faster than ever because of interest. The good news is that there is a very simple solution for getting out of debt. Living debt free means following a couple of very simple rules for as long as it takes to pay off your debt and get on the right financial footing.

The first step is to throw your credit cards in the blender. Cut them up, burn them ceremonially, let the dogs chew on them, throw them in the garbage disposal, or whatever else it takes to make sure that you never use them again. The only way to get out of debt is to begin by not ever getting in any more debt.

The next step is to begin downsizing your budget. In order to pay off your debt and live debt free you're going to have to free up some extra money from your paycheck to pay extra on the debts you already have. The only two ways to do this are to increase either your income or decrease your expenses so that there is extra money available to pay off debts. A combination of both will work best of course, it just depends on how fast you want to be debt free.

Once you stopped spending, and started paying off your current debts, the only thing left is the discipline of patience. You simply must make a commitment to living debt free or you will never make it. It's going to take a few years, but once you're done with it that old stack of bills will be much smaller and you will be able to keep a lot more of the money you earn.

Settling credit card debt

2010-07-20T09:36:00.000-07:00

One of the most common questions we get is, "How can I got about settling credit card debt myself?"

And it is a great question. Wanting to settle your debt for less than you owe obviously makes the most sense if done in the most cost-effective manner possible. There's tons of advice out there regarding debt settlement. Some of it is useful but dangerously incomplete. And some of if it is just plain old bad and should be avoided.

Here is a basic plan for settling credit card debt for less than the principle amount owed. I'll discuss some key concepts to this plan and shed some light on how the process works. First, let's clear up a couple of things...

Its NOT as easy as you may think and there are plenty of pitfalls to avoid
It requires significant time to do the process, its not a simple call to a collections agency. You must document, communicate, negotiate, and follow up when settling credit card debt
Don't expect to be able to simply talk a collection's caller into settling for 10% of your debt over the phone. If you are negotiating on your own, 2/3rds is a much more reasonable and attainable goal.

Generally, most people to choose to try to settle credit card debts on their own are able to do so for 75%. However, the real professionals are able to negotiate settlements as low as 10%. But this is because they are able to invest significant time into the process and they know exactly what they are doing.

It is not uncommon for people to have no success at all getting any reduction of debt without assistance -- even failing to get a break on double-digit interest rates. Unfortunate folks such as these either remain in debt for life or must reach out for professional assistance.

Attorneys and arbitrators, the common professionals hired to negotiate debt settlements average around 50% and then charge around 15% for their service fee putting the total cost around 65% of your total debt.

So how are they able to settle for 10-50%? The secret lies in the volume of debt that the professionals represent. You see the professionals deal with the creditors every single day; they are dependent on each other. And when a professional approaches a creditor representing millions of dollars in debt from many clients, he's able to negotiate what is effectively a "bulk discount". By representing and being able to guarantee cash for a larger segment of the creditors receivables, a professional is able to gain significant leverage saving his clients big time.

reducing credit card debt - part 2

2010-07-19T07:04:00.002-07:00

In part 1 we looked at what needs to be included in a hardship letter, now let's cover what comes after you've gotten your letter written. Send the letter, along with a request to settle for $x amount (where again, x is a dollar amount, 35-50% of the current balance).

You can also talk about your hardships while on the phone with the collectors and requesting a settlement offer. Try to focus on financial hardships over personal issues. Be sincere when you tell them about this stuff. You might just find that acing embarrassed by the situation will go further than being a "woe is me" victim with no personal responsibility. But remember we ALWAYS want an offer IN WRITING.

That also means you want to start a small journal where you record the name of the person you speak with, who they are representing, direct number/extension, time and date. You want to keep this accessible at all times in case they call and you have to speak with them.

3. When you do send them a check, use certified mail that includes a receipt.

After they send you a settlement offer that is acceptable to you, send them a check. IMPORTANT: make sure that you write your account number on the check and write "For Payment In Full" in the memo area. Send the check and a COPY of the settlement offer via certified mail. And don't forget a return receipt!

After the account has been paid and has a zero balance, you can do some steps to repair your credit and possibly have the settled debt removed through disputing it.

The negotiation process can be tricky and often times, a company's willingness to cut you a good deal will be dependent on the economic climate. There are many helpful resources available with insider knowledge written specifically by arbitrators and lawyers

reducing credit card debt - part 1

2010-07-19T07:04:00.000-07:00

You must be willing to document, communicate, negotiate, and follow up if you want to go about reducing credit card debt alone. These are essential skills for successfully getting debt free. If you are willing to do these things then there's three golden principles that you must always follow:

1. The accounts you are trying to settle must be delinquent

This is NOT a method of paying less for items you purchase (that you can't afford!). Creditors are not looking to settle for less than the full amount you owe them until your account is past due. That means usually around 180+ days. At this point, creditors write your account off for a tax benefit as bad debt. At this point the creditor usually sells off the account to a third party collector.

Bad debt is often sold to collectors for pennies on the dollar. A $10,000 debt is typically sold for around $350! Its for that reason that we can negotiate with collectors - if they settle for 50% of the original debt amount, they're still making a huge profit!

2. Focus on documenting EVERYTHING. This is much more important than conversations you have on the phone!

Never make a payment by phone!

Collectors will always try to get you to pay via check by phone. Do not accept this! Say something to the effect of:

"I'm not able to make a payment immediately but do want to close this account as soon as possible. I know you all want to collect your cash right now, but I'm afraid that is not possible at this time. I'm about to have $x (where x is 35-50% of your debt balance) soon and I'd like to settle one of my accounts with whichever creditor can offer me the best deal. Can you send me a hard copy of an offer in the mail?"

They will probably send you an offer that is still way higher than you want to be paying such as 80-85% of the full amount. Now what you want to do is write a "hardship letter." A hardship letter basically describes why you are unable to pay the amount they are saying you owe.

You can cite, health issues, unemployment, family/marriage issues, natural disasters, accidents, reduced income, or disability to name a few possibilities. Use as much detail (within reason) as possible to describe your hardship(s) as this can help with your negotiation. If you can obtain documented proof of any of them, it doesn't hurt to include it with your hardship letter. We'll continue with the hardship letter in part 2.

how to get a loan with bad credit

2010-07-19T07:03:00.001-07:00

There's no need to panic if you are having trouble getting a loan approved because of a low credit score. A lot of people want to know how to get a loan with bad credit. Increasingly, financial institutions are taking more precautions before issuing loans. But rest assured, if you follow some specific guidelines, you can always find the financial assistance that you need.

Using the most accessible loan application processes, you realize that almost anyone, regardless of credit score, can buy a house or car. But if you have a bad credit rating, you will find that it is a much more tedious process; they do more to secure their investment. Your credit is measured by your FICO (Fair Isaac Corporation) score, which is a 3-digit number between 365 and 850. Your FICO score basically is a predictor of how likely you are to payback your credit at the defined term. It is based on your history of credit payments, number of open accounts, total credit balances, and some public records such as liens and judgments.

Generally speaking, if your FICO score is about 680, you are attractive to creditors, while a score below 680 will cause lenders to be more cautious.

Don't be afraid to ask for loans if your FICO score is below 680. As Wayne Gretzky said, "you miss 100% of the shots you don't take". The worst thing that can happen is they'll say no. And if you're in a situation where you must to take out a loan, you need to go for it!

It is highly likely that they'll want collateral or 20-30% down. This is the time to evaluate what it is you need the loan for and decide if you can afford it. That 20-30% shows them that you are serious about being responsible and will probably be the difference between getting approved or denied.

The other possibility is that the loan will carry a higher interest rate. Unfortunately, that's just the nature of bad credit loans. You are a higher risk to the creditor because you've demonstrated in the past that you have not always met your obligations.

That's why it is important to shop around and find the best offer possible. What you don't want to do is get yourself into a situation where the monthly payments are not affordable and you once again find yourself damaging your credit score.

get out of debt advice

2010-07-19T07:02:00.001-07:00

You can get all kinds of bad advice if you're not careful. And we're not just talking about the kind of advice you're looking for to get out of debt. You can get bad eating advice, bad relationship advice, and certainly there is a whole lot of bad advice when it comes to getting out of debt. Most of the time if it sounds too good to be true it probably is. But there are a few bits of information that always work when it comes to getting out of debt.

The first piece of advice you really need to listen to when it comes to getting out of debt, is to stop getting in debt. Every time you borrow money you can picture yourself with a shovel taking out a big scoop of dirt and tossing it to the side. It may not be very long before the hole you've dug is so deep it doesn't look like you're going to be able to climb out of it. So rule number one is put the shovel down and stop digging.

Once you have stopped digging you have to start filling the hole back in. It's going to take time and effort to do so. And that means making a budget, cutting back on frills, and using the extra money out of your pocket to pay off what you owe. The only way you will ever get out of debt is to pay off your debt - that's it. I know it's not what you want to hear, but it's the only advice you should ever listen to.

Forget about debt consolidation, forget about leveraging your home, just get a firm grip on how you spend your money, and make a real commitment to paying off your debts, cutting up your cards, and never picking up another shovel. Getting out of debt can be very difficult, but it's never impossible. You just have to decide to take the right advice.

Financing Options if things go bad

2010-07-13T11:37:00.001-07:00

A lot of people take loans for their everyday needs, and these loans ensure that they have the needed liquidity in terms cash for fulfilling their short-term or long-term goals. However, what sometimes happens is that due to unforeseen circumstances, the debtor is unable to repay the loans, and at this point of time, refinancing of the home is considered as a solution to curtail the crisis. However, before deciding this option, one needs to consider if the refinancing would help one gain any profits.

In the current era of technology, where all information is available freely and abundantly over the internet, it is very easy to search for the available refinancing options. However, looking at the number of different possibilities may confuse you regarding which of the available many options will bring maximum benefits, and which among the options don’t provide any gains and should be weeded out. A lot of patience and thought needs to be put in for gauging these options before making a decision, since taking the beneficial policy will not only get you out of a financial mess, but will also aid in resolving issues like debts and bad credit scores; and on the other hand, if a wrong policy is selected, it will bring with it miseries of further debt, which may increase the risk of losing out the collateral.

Refinancing is considered risky because unless a right option is selected, it will result in poor credit scores and loss of finances, coupled with the loss of collateral or home, which will make an already bad situation worse. Thankfully, there are some criteria which if considered can be helpful in making the decision and ensuring that you get the right mortgage refinance plan and hence a lucrative loan. The main factors to be considered while evaluating the various options include interest rates, amount to be paid as monthly installments, and other costs like the legal procedures. The risks should be carefully evaluated based on personal foresight to ensure there are no lapses which could later result in foreclosure or loss of the collateral.

There are various kinds of refinance options for homes, which are briefly as follows.

Fixed interest rates for mortgages refinance loans:
These are similar to the traditional mortgages where the mortgages have fixed interest rates. With such refinance options you can not only avail better interest rates but also get better terms for the mortgage. Since the duration of the mortgage is not changed and as the interest rates also remain steady, if there is an effective budget planning and you can spare the required amount of dollars every month, these type of loans can be a perfect fit for you. The biggest benefit with this type of refinancing is that the loan option becomes independent of the market fluctuations and it also ensures that the debtor knows exactly how much amount is needed to be paid as an installment every month.

Loans with adjustable interest rates:
As the name suggests, in these types of loans, the interest rates are adjustable, and their percentile can be determined on the basis of the current market value of the collateral. These loans are riskier compared to the fixed interest rate loans, since the monthly payments are not linear in nature. The interest rates may remain less for a certain period of time, however, depending on the financial index of the loan in a long run, the applicable rate of interest may raise and hence the monthly payments will increase in amount. The problem here is that if the market improves, a part of the appreciation in the value of the collateral gets passed onto the lender as the interest rate increases.

Jumbo mortgage refinance loans:
As the name suggests, these loans are ideal for people when a higher amount of capital is involved. These options can be exercised by consumers provided their home mortgage refinance loans requirements exceed 417,000 dollars. The terms and conditions for these loans had been decided as per the 2007 limit for traditional loans and hence people with higher budgets may opt for the jumbo mortgage loans. The flip side of these loans is that since these loans are taken from the non traditional lenders, the borrowers are expected to pay a rate of interest which is higher than both loans with fixed rates and loans with flexible rates. It is suggested people, who have taken the jumbo loan first should consider the refinancing to aid them in reducing the costs involved and create liquidity for themselves.

If exercised properly, the option of mortgage refinance loans brings with it a lot of benefits; however the main advantages are the assurance of cutting down the amount that needs to be paid as monthly payments or a decrease in the tenure of the mortgage, along with reduction in risk of a property foreclosure. Needless to say, a proper study of the various mortgage rates is as crucial as deciding to take the option of refinancing, since it is these quotes or rates which will decide the other parameters like the amount to be repaid and the duration and hence quantify whether the policy which was used for the refinancing brought any benefits or caused a loss of capital.

Finding Debt Settlement Services

2010-04-16T19:50:00.001-07:00

If you want any kind of debt help, you do not need to look beyond the net. It has the ability to solve all your financial problems by providing all possible kinds of solutions. It is user-friendly and you can get valuable advice regarding dues settlement that can prove beneficial to you. Out of the different methods, debt settlement programs seem the most convenient. No other method can boast of putting an end to your crisis situation so easily and permanently. Therefore, it is always a smart choice to opt for this legal method of settling all the dues. Never contemplate about taking refuge to bankruptcy as it can ruin your future prospects as far as getting further loans or a new job is concerned.

When it comes to getting reliable information, you can easily bank on the net. The amount of information that you will get might confuse you. However, you need to go for those options that are more popular and enjoy more respectability in the market. Since scam companies can also be found on the net, you need to stay away from them and not fall victim to their false promises. Finding the best debt settlement services out of the lot is not that tough. You just need to keep your eyes open and do adequate research about the concerned settlement program.

You need to consider the benefits that you can get if you choose a particular conciliation program. You should not forget that the reason why you are taking the help of a settlement company is to solve your monetary crisis. Therefore, your main duty should be to maximize your chances of recovering from it. That is why it is important to choose a company that can successfully interact with the creditors to get a reasonable waiver on the total debt amount. As far as finding a reliable and competent settlement program is concerned, you can do that by getting in touch with a relief network and finding out whether the concerned program has any affiliation to it. Also, the price is another determining factor. You should make sure that you are not paying more than what you are required to approximately.

Debt settlement companies are widely available in just about every state however some are just flat out more experienced than others in debt negotiation. That's why it's so important for consumers to use debt relief networks. These networks qualify and only accept the best performing debt settlement companies. To find a legitimate debt settlement company in your state check out the following link:

Free Debt Advice.

Worksheets Needed for a Good Budget

2010-02-02T12:29:00.000-08:00

When you start working with making a household budget it is extremely important to track your spending and all your expense both on a weekly and monthly basis. Many people dread tracking their expenses and recording every receipt but this is by far the best way to gain control over your spending. There is always a huge gap between what people think they spend and what they actually spend each month. So, tracking your spending is the only way to establish a working budget.

In order to track you spending you will need the following two budget worksheets:

#1 Weekly Expenses Report Worksheet - On this worksheet you will record all the spending for a given week. You will want to have four copies of this worksheet for a given month. Carry it with you to record expenses or make a habit of recording expenses at the end of the day with your daily receipts. Make sure to include a description of the item, the date purchased, the amount and the expense category. You will also want to write down how you paid for the item whether by cash, check, or credit card. This will give you a very detailed report of your weekly spending.

#2 Monthly Expense Record Worksheet - After you have filled out your weekly worksheet for a given week, you will want to transfer all spending and expenses over to the monthly expense record worksheet. It is very helpful to first fill out the weekly expenses report worksheet because people forget to record certain spending when just using the monthly expense record worksheet along.

After filling out these two worksheets you will have effectively tracked your spending for the month. Using the monthly expense record worksheet, you will now have the information you need to create a working budget for next month.

And if you would like a free chapter of our "Finacial Solutions" Workbook along with three of our budget worksheets just go to http://www.financialsolutionsadvisors.com and sign up for our free newsletter. You will also receive helpful budgeting tips along with money saving ideas.

Filing Chapter 13 Bankruptcy

2009-11-18T12:26:00.000-08:00

With the economy being in the state it has been in, many people have found themselves out of work and not able to find another job to provide for the many bills they have incurred. You search for a job, and as the search for employment continues, there is great discouragement when coming to the conclusion that the situation is not going to improve but worsen, so you have to begin to make other considerations. Filing chapter 13 bankruptcy could be the possible solution for you.

Bankruptcy

You may be in a financial situation where you find yourself in over your head, and you do not know how or what to do to salvage what you have left and prevent losing more, if not the rest of your possessions. If you are an individual and you find yourself in a situation you do not feel you can overcome alone, you may want to strongly consider filing chapter 13 bankruptcy.

Bankruptcy is very strenuous and can weigh on you, but it could be the answer to help save what you have left and protect you from the harassment of the nagging creditors. It is an option, and one you should seek after you have finished with the proper and thorough research to obtain a favorable amount of understanding. The understanding you get will equip you with the knowledge and preparation of filing bankruptcy and how it will affect your situation.

Benefits of Filing Chapter 13

Once you have done the necessary and thorough research of filing chapter 13 bankruptcy, you should be careful to weigh your options and advantages to filing. There are various advantages to filing chapter 13 bankruptcy, such as being able to keep your house and no more one-on-one with the pesky debt collectors.

If you bought a house for you and your family, the last thing you want to worry about is having it taken away from you. Filing chapter 13 bankruptcy will help to prevent you from losing your home and give you a chance to get caught up by paying the mortgage payments within the time specified.

Filing chapter 13 bankruptcy will be seem to be similar to that of an overseer by acting as the mediator for your home. In other words, you will have no need to worry about the word home owners do not want to hear – foreclosure. Bankruptcy gives you the ability to keep your home, which is a relief to those in this situation.

Bankruptcy will help to allow you to pay what the creditors are nagging you to receive over an allotted period of time, and you will not have to worry about dealing with the harassing dealings of the bill collectors any longer. That in itself is a peace of mind knowing you have a way to avoid them, while you have the opportunity to protect and keep your possessions. Filing chapter 13 bankruptcy will be as an aid, but still you need to have answers before you make the decision to file bankruptcy.

Filing Personal Bankruptcy

2009-11-17T18:27:00.000-08:00

When you were a child, you probably dreamed about the many things you would like to accomplish in your life, as most people do. You made goals then sought ways to accomplish them. Once you became an adult, you successfully achieved most of the goals, if not all. Then suddenly, the times changed, and one thing led to another that seemed to be spiral out of control. Because of this, you have had to experience some of the hardest times in your life - losing your job was one of them. Now, you cannot pay your bills, nor are you able to find a job to compensate and help prevent further loss, and your debt is piling up more and more. You do not know what you are going to do, which is when you begin to consider filing personal bankruptcy.

Write it Out

Before you consider filing personal bankruptcy, you need to write every thing out on paper and calculate it all carefully. Doing this will help you to better evaluate your situation and the hopes of salvaging it. Once you realize filing personal bankruptcy is the one solution that seems to be the answer to help prevent you from losing your home and other assets, you will need to do the research to find out how to go about doing it.
Find an Attorney

If you decide filing personal bankruptcy is right for you, you will need to do plenty of research to gather the necessary information to suit your needs. The first thing you should do is to communicate with an attorney to see if he or she deals with bankruptcy. If so, it is best for you to set up a time to go into the attorney’s office and consult with him or her to figure out what is the best way to go about filing personal bankruptcy and see which chapter to file is right for your situation.

There are different kinds of bankruptcy, chapter’s 7 and 13. You will need to speak to the attorney whom will help you to select the right path for filing. The attorney will ask a series of questions, as well as wanting to see the reason you are there in the first place, your debt for assessing it. So, be prepared ahead of time and take necessary paperwork and documentation for the verification and an idea of the total amount of debt.

No matter what chapter of bankruptcy you file, you will have to do the proper analysis and research to go with it, so you will know what is ahead of you. With bankruptcy, the attorney will look every thing over and discuss with you the best route for you to go and give you the hypothetical and probable to the resolution of filing personal bankruptcy. Bankruptcy is not a fun situation for anyone to have to experience, but it is a way to help to protect you from losing anymore than you already have lost.

How to File for Bankruptcy

2009-11-17T15:27:00.000-08:00

Debt is something most people will experience at one point or another in their life. Whether it is a car, mortgage for a home, boat and other luxuries and of course, the most infamous – credit card loans. You do not want to have to be asking yourself how to file for bankruptcy, but if you do, there are steps to take in doing so.

Debt, Debt and More Debt

Everyone wants to have the finer things in life, so when the opportunities have a way of presenting themselves, people will usually take them to purchase the various things that are desired. Next thing they know, they are in way over their head and see themselves paying more of their hard earned money for the interest to the credit cards. When this happens, they cannot seem to get ahead and realize the debt has affected them!

What do you do when you seem to be swimming in the debt that has been accumulating and is demanding more from you? Because of all the debt, you seem to have difficulty paying it all because there is too much of it. You do not know what to do, and that is when you begin to wonder how to file for bankruptcy.

Bankruptcy – Is It Right for You?

Let’s say you have a family business that has been passed down through your family that goes way back through the generations. You have put all your hard work and labor into running this business, but with the changing times, you cannot seem to stay afloat. You want to keep your business, because of the sentimental value of it and want to prevent damage to your credit, as well. How to file for bankruptcy will require a positive knowing and understanding of what it entails and how it will affect you and the business.

If you are an individual and work very hard to provide for your family, but you have lost your job and cannot find another one, which prevents you from being able to pay your bills, you may want to consider filing for bankruptcy to avoid losing your home, car and other possessions. If so, bankruptcy might be the solution for you.

Filing Bankruptcy

Once you are have done the calculations and know bankruptcy is the only solution for you and/or your business, you will need to take some time to find the right attorney or firm to help you. Perhaps a paralegal could be assigned to help you, but either way, having an attorney when learning how to file for bankruptcy will help to protect you.

How to file for bankruptcy may or may not be an option for you, but it is there for those whom need the help. By talking to an attorney and hiring one to do what is needed for you when filing bankruptcy, you will be protected and can obtain a peace of mind, knowing you will not lose your home. That is in itself very comforting and consoling.

How to Get a Personal Loan After Bankruptcy

2009-11-17T09:28:00.000-08:00

For many, getting a loan may be a very difficult thing to do, but when you file bankruptcy, getting a loan may seem to be impossible. Yet, it is not. How to get a personal loan after bankruptcy requires some cleaning up of what once was – the negative on your credit.

Do Some Rebuilding

In order to apply for a personal loan when you have filed bankruptcy, you must first do some repairing to your name and credit. How to get a personal loan after bankruptcy will be up to the lender, and having a positive credit report is necessary to do this. Start off with the minor things and work your way up. Do what you can to clean up and reduce the negativity on your credit report.

Try Applying for Secured Loans

By applying for a secured credit card loan at your bank or another branch, you will be able to take the initiative to begin rebuilding and repairing the broken and negative credit. This will not happen over night, and it is going to take a lot of effort on your part, but it can be done. Be persistent and do not give up, nor give in to the doubt and frustration you will more than likely feel for trying to build on something that was torn down and apart. Your credit can be repaired, but it will take some doing.

Talk to a Broker

If you are considering buying a home after you have filed bankruptcy, you might want to ponder about talking to a mortgage broker whom can help to guide you. A mortgage broker knows what you will need and how much it is going to take to get you what you are asking for when trying to find out how to get a personal loan after bankruptcy. You never know, you might form a bond with the broker you choose to do business.

One Step at a Time

How to get a personal loan after bankruptcy means taking it one step at a time. You cannot cause things to happen over night. The debt and negative credit did not occur over night but within a period of time. There may be times when you feel extremely frustrated, stressed, and it may seem to be endless, but it is not. Take the time needed to rebuild and repair what you can to help salvage your credit rating.

With anything you do, it is going to require some time, patience and effort. How to get a personal loan after bankruptcy is going to be on the top of that list. Make a list by writing it all down to study. Figure out what you need to do versus what you can do then do it. Step out and do not worry about rejection or anything. Time goes by quickly these days, so do all you can and do not worry. In time, your credit will be repaired.

Filing Chapter 7 Bankruptcy

2009-11-17T06:30:00.000-08:00

Bankruptcy is a method many people choose to use to help them when they find themselves overwhelmed with the debt that tries to overtake their lives. Debt can be a life-altering thing when it begins to accumulate to the point that it is beyond control and out of control. Filing chapter 7 bankruptcy will liquidate what you own.

Too Much Debt

There are many people who have been swarmed and entangled with the strongholds of debt. The amount of debt they incurred managed to grab them and place such a hold on them. They do not know what to do, so they must carefully evaluate their overall financial health and ability to pay these debts. It is in those moments when filing chapter 7 bankruptcy becomes prevalent to the solution for their financial situation and needs.

Credit cards are notorious and have a way of enticing you in a snare of debt that turns into a vicious cycle of spending. Before you know it, you have gone over your limit and have several large amounts you owe to one or more credit card companies. Filing chapter 7 bankruptcy is something you consider.

Bankruptcy and Chapter 7

Bankruptcy is not an easy solution, nor is it the quick answer to take care of your financial duress. Filing chapter 7 bankruptcy will help to alleviate the strain of the debt by selling your valuables to pay off the debts owed. If the individual is deemed to have enough funds, chapter 13 may be what he or she will need to file, instead of filing chapter 7 bankruptcy.

Bankruptcy should not be the quickest and most trusted way to deal with debt, but it can help to bring some relief. When you make the decision to file for bankruptcy, there will be steps you will need to take to prepare for it. Researching your alternative options is recommended.

Research

Before you decide to file chapter 7 bankruptcy, you need to do the appropriate research to better understand what is going to be required from you, what you will need to do and the effects of bankruptcy on your life. Once you have the information you need, write every thing out on paper and sort through the details to determine if bankruptcy is right for you.

Ask an Attorney

Find an attorney who deals with bankruptcy, so he or she will be able to determine which chapter to file in your situation. An attorney will want to see the total debt amount for each creditor and account to whom you owe the debt. Being prepared with the proper documentation will help the process.

Filing chapter 7 bankruptcy should be carefully considered and not just assumed it will make every thing better, because there are advantages as well as disadvantages to bankruptcy. It will have an effect on your credit for many years, but it will also protect you from the creditors whom try to harass you and attempt to sue you.

How to Avoid Bankruptcy

2009-11-17T03:30:00.000-08:00

Debt is like a cold, it is contagious and spreads. You buy something and decide you want more and more and more. This never-ending cycle of debt begins to envelope your life, as it begins to place its strong choke hold on you that tries to suffocate your finances and leave your life desolate. Bankruptcy is a strong thought, because things become so bad for you financially, and you do not know what you are going to do, where you are going to turn or how to avoid bankruptcy.

Cut Back

Your financial dilemma is not going to get any better over night. It will not go away on its own, so you are going to have to take some sort of action and become proactive to help resolve this situation.

As you try to figure out how to avoid bankruptcy, you should begin to sort through and weed out the unnecessary assets or possessions you have that you do not need. Eliminate any extra spending to avoid further debt. The money you spend on extra amenities, pleasures or expenditures, put towards your debt to help pay it off quicker or just to get caught up. You would be surprised at how much a little money here and there would add up, and this is a good beginning to a way of how to avoid bankruptcy.

Downsize What You Have

When you buy something you have always wanted, then you have to consider selling it to reduce the cost of living for you, that is not so easy to do. However, if you want to learn how to avoid bankruptcy, downsizing is one of the most common ways to do so.

Perhaps you have a two-story home with five bedrooms, but you only need three. Sell the five bedroom home for a three bedroom home.

Maybe your car is costing you too much money per month in the car payment, not to mention the gas it takes to drive it to and from work every day. Get rid of that by trading it in for a cheaper car that is much cheaper on gas. If the gas is expensive and your car is really thirsty for the gas, it is going to crave it and need it too soon and too much. Trade it in on something that is much cheaper in the monthly payment and price for the filling up the gas tank in the vehicle. Buy something much more economical and less expensive.

Credit Cards – What a Snare

For the credit cards you have to use, cut most of them up and only keep one or two at the most. No matter what, do not ask for another card of the ones you ripped up. Have you noticed the payments you have been making barely touch the principal balance of your credit card loan amounts? Instead, the banks are charging you too much money in the way of the interest they add on to the balance of your loan.

Double up on your payments, if you can, especially with all the extra cash from the downsizing you have been doing. This will all help in great ways to improve your overall financial health and situations when you are trying to learn how to avoid bankruptcy.

Do everything you can think of to try and reduce the unfortunate options of bankruptcy. How to avoid bankruptcy is right before you, but you may not see it or do not want to see it. If you will take the necessary precautions, you will not be subjected to this thing called debt any more, nor will it become your master, unless you allow it to be.

When to File for Bankruptcy

2009-11-17T00:32:00.000-08:00

If you are an adult, you more than likely have debt. Debt is not a friend but an enemy that intends to destroy your life. Debt is not a good thing to have, because it has the potential to destroy every thing you have built upon and worked so hard to have. At that time, you may say, “Should I file for bankruptcy?” Knowing when to file bankruptcy is pivotal to your life, if you are going to do so.

The Debt Bug

There are many people who have been overshadowed by too much debt, and they do not know what to do to get out of it. They wonder, “Should I file for bankruptcy?” Knowing when to file bankruptcy is an essential to understanding the steps you will need to take in the financial dilemma you are facing.

Debt is a key factor for bankruptcy when you have too much of it. Let’s say you have a house with a 30-year fixed-rate mortgage and a payment of $1250 per month, two cars with payments totaling $850 per month, a boat for $325 per month, a motorcycle that is $275 per month, four credit cards with different amounts and student loans you still have not paid. The house payment is due the first of every month, while the car payments are due the middle and end with the credit card payments being due throughout the whole month. The total amount of debt will be astronomical, and the interest alone is so unreasonably high for each one that you barely touch the principal balance, and the cycle continues. All of a sudden, the job you have had for 10 years laid you off due to lack of business and revenue, only operating from the cash flow. Six months have passed, and you are four months behind on every thing. What do you do? Now is the time to ponder, “Should I file for bankruptcy?” Knowing when to file bankruptcy is important in this situation.

Filing Bankruptcy

In this scenario, because of being laid off and not having an income, the bills have not been paid, and the creditors are calling day and night wanting their money, but you do not have anything to give. So, they tell you they are going to sue you. If you file chapter 13 for bankruptcy, you would be making legal arrangements to pay off your debts in a consolidated manner. Therefore, you would be able to keep your home, car, boat, credit cards and every thing else.

There is help available for you if you are in a financial bind and cannot get out of it. Ask yourself, “Should I file for bankruptcy?” Knowing when to file bankruptcy is going to be the first step in treating the financial crisis you are dealing with and how to resolve and restore your situation.

When you decide to file bankruptcy, make sure you research thoroughly and gather all the necessary information to help you better understand what to expect with bankruptcy. Bankruptcy is not a quick fix, but it is a way to help you in a way that is legal to protect you and help you to solve the problems you are having with the debt bug.

Why Fix your Credit Score

2009-11-16T21:32:00.000-08:00

Having a low credit is really bad and takes away from all the privileges that comes with a good and healthy credit score. It is necessary for you to fix your credit score on time. There are so many benefits of having a good credit score. Be sure you take all necessary steps to increase the credit score the next you get a report delivered. A good credit score acts like your conduct certificate while dealing with loans, interests and other issues where money gets involved be it finding an apartment for rent or applying for a loan sanctioned with your local bank.

It is always very important to have a good credit score record as no bank or lender will give you a loan if you have a bad "credit history". Act fast before it’s too late, start working on building up your credit score. The faster you start working on to bring back a good credit score, the higher are the benefits you can reap when in need of credit.

Almost all banks verify your past record in paying the monthly EMIs, they consider your credit report score while determining whether they can lend you some money or not. The worst, few banks even fix the rate of interest on loan taken on your credit score. If you have a good credit score, you can get the loan approved or sanctioned without much hassle and also, the rate of interest on the loan amount decreases if you have a good credit score. So, it is important for you to repair your credit report score in order to escape from the high interest rates on the loan amount.

Your credit report score shows you how responsible and capable are you in terms of repayment of the loan. No banks is ready to take any chance of losing a good customer. And it is for this reason that people with good credit report gets loan approved faster and with low interest rates when compared with those with bad credit score.

If you credit score is low, you may find it very difficult to get an apartment for rent. In general office flats or apartment building owners feel safe when they rent their building to the person with good credit history because, they feel more secured and assured of the monthly rent. The most common reasons in having a bad credit score includes, due in payment of monthly rent, EMIs of loans taken from banks or even some times non payment of telephone, water or electricity bills. And if you still neglect these payments, these further affect the credit report scores.

So, it is high time you act fast in fixing your credit report score in order to get the maximum benefits from banks, money lenders and other mortgage and finance corporations.

What's the National Average Credit Score?

2009-11-16T18:33:00.000-08:00

What's the National Average Credit Score? See Where You Rank on the Scale

Many people are curious or worried about getting approved for a bank loan. Many are forever engrossed in knowing their credit scores and trying to compare it with the National Average Credit Score. So what is the national average credit score now?

A research conducted by a major credit reporting and scoring agency has shown that the National Average Credit Score is 680. The research was based on the Fair Isaac Risk Model, a.k.a. FICO credit scores, developed by Fair Isaac. The scale of the credit score is in the range of 300-850, where 850 is the highest credit score possible. The reports show that even though the national average credit score is 680, about 13% of the of the population falls above 800, while about 15% of them have a score lesser than 500 and a majority of the population falls just above 700.

Now many of them will scratch their heads thinking about this equation, which says majority of the population falls above 700 mark and still the score is just 680. So does that mean more than 50% of the population fall below 680? Well, it isn’t that way.

About 58% of Americans have a credit score above 700. However, the national average is only 680 because the average is brought down by the low credit scores of some people. When we take an average, we cannot assume things to be like, half above and half below. The FICO calculations are concerned about five bits of information. The two major bits that form 65% of the total score are Payment History and Outstanding Debt.

The payment history is a list of all the payments to the creditors and lenders, which depicts how regularly you clear your bills or loans and it takes 35% of the credit score. The Outstanding Debt tells how much debt you are yet to clear. The more you are indebted, the lower your credit scores. This takes about 30% of the credit score.

A common man cannot calculate the loan rating and all. There are credit experts who have worked for several years to devise an exact rating method, which deceived the system and was used to help people better. This made the scoring system ineffective to the lenders and there had to be done something to check it. This led the scoring companies to make some minor changes to the existing system and come up with a new technique which brought out a national uproar.

You may check your scores and compare it with the national average credit score for free over the internet, to check where you stand. If you happen to fall short of what you expected, then its time to find ways to improve your credit scores.

Perfect Credit Repair Roadmap

2009-11-16T15:33:00.000-08:00

Have you might have come across commercials saying they would ‘create a new credit identity-legally’ or they would ‘solve your credit problems’ or ‘erase bad credit’? We come across them daily while watching the T.V, listening to the radio, or even in the mailbox and if you are lucky enough they would give you a call offering a perfect credit repair service. However, the Federal Trade Commission (FTC) requests people not to believe such advertisements, which are bogus stunts to wipe out your pockets further. The fact remains that nobody can resolve your bad credit that quickly, it takes time, a considerable time, to pay all the debts and improve your credit.

A "self" credit repair is the best credit repair and if there is anything that anybody can do for you, is to give advice, that’s it. You must take note of how much debt you have and then take the necessary step(s) to credit repair. List out the various possibilities to increase your credit and think of the various steps or measures to be taken, to solve the problem. Constant hard work and immense planning will make sure that you improve your Credit limit. Remember, self credit repair works, only this method works others will only wipe out your pocket even further.

There could be situations where you need to spend more than what you should and fall but you are short of money. This might affect your bill payments this month, which gets accumulated to be paid for next month with a late fee. This is a black mark on your credit report and fetches you less credit score. If this happens only once or twice, it doesn’t affect your report that much. But, if this happens every month, then you must be really pushing your self to do a self credit repair. Begin with the credit report and repair it all by yourself by proper setting up and arrangements.

Take note of every amount of money you spend, whether it is one cent or $100, do enter it to the book of expenditure. As soon as you receive your salary, from that moment onwards, until the end of complete month, just make sure you do not miss out on anything. This will also help you psychologically, because you will become cautious of unnecessary expenses. If you find out that your expenses are more than the income, then you will need professional counseling, in such situations a self credit repair would not help you. They will be quite helpful and advice you on how to go about it.

By consolidating your debt, you may start off the self credit repair. You may take a loan to clear all the other bills, which will leave you indebt with only one loan that could be cleared by monthly payments. Minimize the use of the credit cards, as they play a major role in degrading your credit, nevertheless, you may keep one card, just in case of an emergency.

Getting a Mortgage after Bankruptcy

2009-11-16T12:31:00.000-08:00

Owing creditors a lot of money is one thing, but when the debt gets so far out of control, you have to do something to help you. Bankruptcy is an option for you. You may wonder about being able to obtain mortgages after bankruptcy. You will have to take some steps to ensure and rebuild your credit.

Rebuilding the Credit – One Step at a Time

Bankruptcy is comparable to starting over with a fresh beginning, only with more negative on your credit rating. Credit is very important and pivotal when it comes to purchasing anything. No matter what you are planning to buy, you will need credit in one way or another. So, after you have filed bankruptcy, you will need to do what you can to improve your credit. Mortgages after bankruptcy is a possibility, but will require some cleaning on your part – your credit that is.

Secure a Loan

One of the ways you can help to begin cleaning your credit is by creating new credit. Go to your local bank and apply for a secure credit card with a low credit amount. Once you have been approved, use the credit card and make some purchases. For example, you could go to the bank and apply for a secured credit card. Once you are approved to have a $200 secured credit card, then use it and pay off what you have spent by charging on it. By doing small things, which this may not be small but small enough, you are going to help create some positive to add to your credit.

Mortgages after bankruptcy are not only possible, but you can also get a home at an affordable rate, which is hopeful for those whom have had to file bankruptcy in the past but would like to purchase a home again. The more steps you take towards rebuilding your credit, the more confident you will become.

Find a Mortgage Broker to Help You

When you have filed bankruptcy, you can feel very stressed yet eased at the same time. No longer do you need to worry about anyone coming to take your stuff or sue you, because filing bankruptcy has protected you. When you would like to purchase a home again, you will need to find a good and reliable mortgage broker who can walk you through the steps you will need to go through when seeking to find mortgages after bankruptcy.

Filing for any chapter of bankruptcy is extremely difficult and time-consuming. You carry the weight of the world (so, it seems) on your shoulders when you are in the process of filing for bankruptcy and after it is over. Mortgages after bankruptcy are doable and can be affordable. Bankruptcy is a method many people tend to turn to when they are in a great financial bind of debt. Doing what you can to help alleviate the effect of bankruptcy on your credit, will help to enable you to purchase a home, again.

What is Chapter 13 Bankruptcy?

2009-11-16T12:25:00.000-08:00

When you are having financial difficulties, it puts an enormous strain on your life. With all the hounding creditors and bill collectors calling you, emailing or sending you the letters you choose not to open, you know you have to do something. When you are searching for a possible solution to your dilemma, you wonder what is chapter 13 bankruptcy, how will it work for you, and is it for you?

Is Bankruptcy the Right Choice for You?

You work hard to have the things you do, and you are proud of your accomplishments with the building of your credit. Knowing credit does not just happen over night and takes a long time to establish a good rating, you try extra hard to maintain it. Losing your job can definitely injure the good rating of your credit in a matter of months because of not being able to pay the bills you have been paying on time, consecutively every month.

In order to try and salvage what you have and not lose it all, you know you must act. So, you begin the quest to find an answer for your problems and wonder what is chapter 13 bankruptcy.

Understanding Bankruptcy

When considering bankruptcy, you must clearly understand what it defines and how it will affect you. Do the research you need to do to get the many answers you are going to need before making the final decision of what is chapter 13 bankruptcy and the affects of it on your life.

Because bankruptcy is very strenuous and difficult to deal with, you are going to have to carefully sort out the details of the debt and count the cost (emotional, credit, etc.). Write the debt out on paper and analyze the depth of the situation. When you have done that and sought out every other possible solution and cannot find another one that seems to be the best answer to your financial situation, take the next step – find an attorney.

Find an Attorney

If you have assessed your financial situation and discovered what is chapter 13 bankruptcy, the next step will be to find an attorney who deals with bankruptcy. The attorney will want to speak with you and look over your financial debt and assets, so be prepared and take all the paperwork pertaining to your creditor, account and financial information, as well as letters, emails or other data.

Salvaging Your Possessions

Filing bankruptcy will help to protect and keep you from losing your possessions, such as the home you have worked so hard to keep. This will be reassuring to know there is hope when you are in a financial crisis and are in the threshold of losing your home, car and other things.

Understanding what is chapter 13 bankruptcy will help you to know it is not something you should jump right into, and it takes time to complete the process. Although it can prevent you from losing your home or having it foreclosed, still it can be stressful and cause you to feel overwhelmed. Stay focused by not looking at the negative but the positive, which will help you to endure bankruptcy.

How To Get A Free Annual Credit Report

2009-08-05T07:20:00.000-07:00

With the economic situation as it is, more and more people are in need of a free annual credit report to see what is being said about them when they apply for loans, credit cards and other types of finance. This is partly because it is getting harder to find finance.

With the economic situation in crisis in the USA and many other parts of the globe, people are probably more in need of credit than ever. At the same time, the downturn means that lenders are not so keen to give out unsecured loans. The result is that some people who never had a problem before are suddenly being turned down or told they have a bad credit rating.

If something like this has happened to you, the first thing to do is to get a hold of your credit report. If you were refused some kind of finance deal, ask the lender where they saw your credit history and then apply to the provider to see it for yourself.

You may be angry that they are turning you down on the basis of information from an agency that you may never have dealt with directly, but it is very important to stay calm and polite in all of your dealings with these institutions. That is the best way to get help from the person that you are speaking to. Remember, it is not that individual's fault but company policy that they are enforcing.

Every time that they lend money or issue a credit card, the lender is taking a risk. There are some people who will never pay that money back. They need to work out how likely it is that you are a good customer who can and will repay any debts. Clearly anybody who has always repaid loans on time in the past is more likely to do that again than somebody who has frequently missed payments or has had to be taken to court.

So just about any institution that lends money will contribute reports on all of their customers to say whether they were good steady payers or not. This information is gathered together by the credit agencies and then any member institution can look at your credit history to assess what is the risk of lending to you.

That was the original purpose of credit reports. These days their uses are even more widespread. Most house and apartment rental agencies will consult a credit agency before they agree to rent a property to you. They want to know that you are likely to pay your rent in full and on time. Some employers will even consult your credit history before offering you a job, especially if you are going to be handling money in your job. It may seem unfair but this is one way that they decide whether you are trustworthy.

So you can see that it is very important that you know what is being said about you in these reports. The good news is that if you are in the USA you can get a copy for free from all three of the main credit agencies. These are Equifax (Equifax.com), Experian (Experian.com) and Transunion (TransUnion.com). Just follow the instructions on their website to apply for a copy of your credit report and your current credit score.

Even if you believe your credit history is good, you should take a look at your free annual credit report every year just to make sure that there are no mistakes.

Improve Your Credit Score With This Credit Repair Tip

2009-08-04T23:09:00.000-07:00

Yes, it is possible to improve your credit score and this is exactly what we set out to help you do with this credit repair tip article.

It could happen to anybody: you check your credit score and find that it has slipped below desirable levels. It may be because of some issue that you know about or it may simply be a mistake. Whatever the reason, you need to fix it if you can. A poor credit rating can stack up problems for you in the future including difficulty getting a mortgage or higher interest rates charged on your cards and loans.

So the first thing to do is to check for mistakes on your credit record. This could be anything from something appearing there that has nothing to do with you, to a payment that you made that has not showed up on the due date. Wherever you find a mistake, contact the company that recorded the matter to have them put it right.

There are certain procedures that you can go through to do this and as long as you can prove that it was a mistake, you have the right to have it corrected. So do not lose sleep over this kind of thing but do not ignore it either. Act immediately because it will take a while to go through the system and you never know when you may need credit.

If everything on your credit record is correct but your score is low, it may take a little longer to set right. Still, it can be done. First, remember that your credit score can increase if you have a loan or credit card and make all of the repayments on time. So if you have any financing where everything has always been up to date and it is not shown on your credit record, you could try to get it added.

Next you will need to work on the debts that you have, so that repayments are manageable. This means working out a budget and perhaps asking for some debts to be refinanced over a longer period. For some people a consolidation loan is helpful. Whatever you do, try not to miss any more payments. It is way better to talk to all of the companies to arrange a different payment plan. If you are sticking to an agreed repayment schedule you have the best chance of improving your credit score in the least time.

Watch out for companies that advertise credit repair services that may be a scam. Some of these companies are fine but others will charge a fee even if they cannot do anything for you. Be clear about what you are getting. Most times, if credit repair is possible you can do it yourself, but you may find it less stressful to hire somebody to do it for you, especially if you do not like writing letters and getting involved in a lot of paperwork.

So use each credit repair tip one by one and begin your journey towards a permanently better credit rating.

Erase Bad Credit From Your Report

2009-08-04T21:09:00.000-07:00

Contrary to what you may hear from some people, it is possible to erase bad credit. In some cases it can be done quickly and in others it can take time, but however bad your credit report seems, you should never give up hope of improving your score.

While some people do not care about their credit score, this is a shortsighted approach and can cost you a lot of money. It is always worth knowing what your report is saying about you even if you never had a bad debt in your life. You never know, there could be a mistake that could prevent you from getting a mortgage or a loan when you need one, or will cause you to have higher interest rates than you should be paying.

Sometimes having a bad score can stop you getting insurance at a good rate, or in some special cases it may even lead to you being turned down for a job. This seems very unfair because a person with a lot of debts can need a job more than anybody, but that is how the world works. People with financial problems are simply not trusted as much as people with a clear history.

But there is a lot you can do to wipe some of that bad credit off your report. Of course the first thing is to have any mistakes corrected. You are entitled to a free copy of your credit report every 12 months and you should always take advantage of that. Go through it carefully and check all of the negative entries. Often there might be a mistake that will affect your score. You have the right to have all mistakes corrected, as long as you can prove what really happened.

Then of course you need a realistic budget that you can keep to. This should include all of the payments that you need to make. If it is not possible to make all your repayments and live on your current income, then you need to look for a solution. This could be either refinancing so that your repayments are lower, or finding ways to increase your income, or perhaps reducing your expenditure if you are still spending more than you need to.

Reducing your debt will be a slow process. Often times, people have built up their debts over many years and you have to face the fact that it may take just as many years to pay them off. But if you have patience, you will find that the best way to do it is slowly and steadily.

For a good credit score it is best to keep your credit card balances below 30% of your available limit. This tells lenders that you have your debts under control and you are not pushing everything to the limit.

Debt consolidation may be helpful but be careful that it really does help you to reduce your debts. There is a danger that you will pile all of your current debts onto a consolidation loan and then simply start looking around for additional sources of finance so that you end up with more. However, debt consolidation can be a good solution if you are having trouble keeping track of all of your repayments. It is certainly easier psychologically to handle one payment a month instead of many. It can also bring financial advantages if you can transfer high interest repayments into a lower interest consolidation loan.

Bankruptcy is an option that some people take to avoid their debts but it has long term consequences for your credit score. You cannot wipe bankruptcy out of your history until the due time has passed, and it will cause you to have most of your credit applications turned down for many years. So voluntary bankruptcy is not a solution if you want to erase bad credit from your report.

Fix My Credit Score Right Now Please

2009-08-04T19:10:00.000-07:00

How do I fix my credit score? This is one of the questions that we receive most often from visitors to our site. It is not surprising when you consider that according to recent studies, at least one in ten Americans is facing the problem of having a poor credit rating.

If you have read this far then you are probably one of these people. The first thing to remember is that you are not alone. Millions of Americans and millions more people in other countries are in the same position. In these times of economic uncertainty many more people are facing financial issues that were never a problem before.

So banks, credit companies and other lenders understand the situation. Always keep in mind that their main aim is to get back as much of their money as possible. This means they will do all that they reasonably can to help you clear the debt.

The first step in fixing your credit score is to see exactly what has been recorded in your credit report. You can get a hold of your credit report simply and easily from the main credit agencies, and in most cases it will be free. If you find out what has been reported about you, you can right away begin to fix any errors and identify the main issues that you need to address.

You do need to face the fact that if there are no actual mistakes in your report, it will take time to fix your credit score. It is not possible to wipe out credit history by any sneaky means, so do not fall for the promises of mediators who try to attract you to pay them fees to solve your credit problems through loopholes and shortcuts. Be sure that if you do hire someone to help you, it is a professional whose methods are legal and ethical. That is your best chance to have your credit fixed permanently.

Another thing that you can do right now is to make sure that you do not get into any more debt. Most people who are serious about sorting out their financial problems will cut up almost all of their credit cards. You do not necessarily want to cancel the accounts, because to do that you have to pay them off (or risk having a lot more bad reports in your credit history). So unless you are taking out a consolidation loan that will pay off your credit card debts, keep the accounts and simply cut up the cards so you cannot use them.

You may want to keep one card but it should only be used for purchases that you cannot make any other way. On this one card you should make sure that you pay for all of your new purchases immediately, plus reducing the balance by paying a little off each month.

If you are looking for a way to get yourself a top credit rating overnight, you are probably going to be disappointed. Slow and steady is the way to improve your credit score. So take a good honest look at your situation and understand that you are master of your own destiny. There is no need to plead 'Fix my credit!' to anybody else. The most effective way is to do it for yourself.

Fast Credit Repair: How To Get It Done

2009-08-04T17:10:00.000-07:00

If you have a credit score that is not so great and you are going to need more credit soon, you are very likely to be looking for a way to arrange fast credit repair. Repairing your credit history, like many other things in life, is something that is best started as soon as possible if you want to get it done effectively. In fact, the best time to start is right now.

Your credit rating will depend on the reports that you get from banks, finance companies and credit card companies on the history that they have on your account. This means that if you made some late payments in the past on any loan, mortgage or credit card, or missed any payments completely, this is going to show up on your credit history. If the reports are correct it is difficult or even impossible to get them erased quickly. In fact in most jurisdictions the items on your credit report will stay there for up to 7 years.

So the first thing to look for when you are interested in repairing your credit is this. Are there any mistakes in your report? If there are, you can usually get those fixed pretty fast and this is probably the quickest way of repairing your credit score.

You need to apply to the company that you had the debt with and send them proof of your payments (such as a bank statement) to show that you did make all of the payments. You can find form letters online that will help you be sure that you have worded your letter correctly and sent all of the required documents. Do this right now because the company has a certain time to consider and reply to your request for a correction of your credit history. So it will not be instant and the sooner you have your letter done, the sooner your credit rating can be corrected.

If you are finding it difficult to make all of the payments to your current finance providers, it is vitally important to take that in hand now too. Do not start missing payments because that will only worsen your credit score. Find some way to make your situation manageable. That could include talking to your credit card companies etc to have your repayments lowered or rescheduled, or taking out a debt consolidation loan so that you can pay off higher interest debts and have one simple repayment to make per month. At the same time, it's a great idea to set yourself a realistic monthly budget that you can stick to, and maybe look at ways of increasing your income by taking on a part time job.

Beware of falling into a situation where your debt is sold off to a credit collection agency. Although this might not seem like anything important at the time, it looks very bad on your credit history. The best way to avoid this is to pick up the phone and talk to the people that you owe money to. The main thing they want is to get back the money that they lent to you. They usually do not care too much whether it comes fast or slow but they want your payments to be steady and they have an interest in helping you to stick to a payment schedule. So as long as they know you are communicating with them and genuinely want to clear your debt, they will usually be very helpful about creating a payment plan that works for you.

If you do hear from a debt collection agency then you need to act at once. Contact the original creditor and try to clear the debt with them. If they agree, ask them to remove the label of "gone to collection" from your credit history right away. If you have that label in your record, then getting it removed will be a valuable step in your aim of fast credit repair.

How To Get A Free Credit Check

2009-08-04T14:38:00.000-07:00

There are two reasons that you might want a free credit check. One is that you want to check your own credit report and score. The other is that you might want to run a credit check on somebody else. The rules for these two types of situation are very different so we will take them one at a time.

First, if you want to know what is being said about you in your credit history, it is pretty much always possible to find out. If you live in the USA you have the right to see your credit report once a year for free from the three main credit agencies. These are Equifax (Equifax.com), Experian (Experian.com) and Transunion (TransUnion.com).

If you are running into any problems getting credit then you should consult them all. It will help you find any mistakes that may have been reported about you and have them corrected. It will also let you see where you need to work on your budgeting or repayment plan to improve your credit score for the future.

If you live outside of the USA then you will need to investigate the main providers of credit reports for yourself. A quick search online will tell you what rights you have in your country. Or if you have been turned down for a loan or told that you have a bad credit score, call the finance company who told you that and ask them which credit agency they use. Then you can contact the same company and find out what their report about you contains. You almost certainly have the right under local laws to know what is being said about you. There will also be a procedure for reporting and correcting errors.

The second thing that you might want to do is to run a free credit check on somebody else. This is harder because as you will appreciate, there is a cost involved to the companies that provide credit reports and they have to cover this cost somehow. They are not allowed to charge the consumer, they have to provide a person's own credit report to that person for free. So the usual way that they make the money to run their service is to charge the lenders and other entities that want to check somebody's credit. In short, you have to pay a fee.

However, the credit agencies work in different ways and you may find that it is possible to get a limited amount of information for free. This might be something less than the full credit report but it might still be enough for your purposes. Or you may find a company that will let you run one credit check to test their service before joining.

In most cases, though, you have to be a member to run credit checks. This can involve either an annual fee or a pro rata fee where you pay per report, or a combination of the two. If you are a small time user, not planning to run many checks, then you will want to pay per report rather than paying an annual fee.

In fact it is very difficult to run a credit check on somebody for free unless you happen to have a friend who works for an organization that is a member of a credit agency such as a bank, finance provider, real estate rental company etc and is willing to run the check for you through their company account. But even then there may be a fee and this is not likely to be allowed under the credit agency's rules. So we cannot recommend this method of obtaining a free credit check report.

How To Get Loans For Bad Credit

2009-08-04T07:48:00.001-07:00

It can be difficult to get loans for bad credit. Even companies that specifically offer loans to customers with a bad credit history will not always accept everybody. Check out all the points in this article so that you understand how low credit score financing works and maximize your chances of getting a personal loan when you need it most.

First, understand that there can be many reasons why people end up with a low score and usually the lenders do not care. It will not make any difference to whether they accept you so there is no point in giving out all of your personal history and unfortunate circumstances to the person on the other end of the phone line. Of course if they ask questions about your circumstances you should answer them, but that is enough.

Some banks and finance companies are simply not willing to lend to people who have had financial troubles in the past but others will. Keep in mind that any loan that is refused may have a negative impact on your credit score so you want to be pretty sure of being accepted before you ever apply.

For this reason it is best to look only at lenders that advertise loans for bad credit. You should also find out all you can about your chances of being accepted before you fill out any forms. Look at the fine print, then give them a call. Tell them up front your credit score and ask what your chances are. They probably will not commit themselves to promising that you will be accepted but they will often say if you are clearly going to be turned down. While this can be unwelcome news, it is better to know before you put in the application. Try to stay calm and polite and ask if they can recommend any other solutions for your situation. They may have another offer that you would be eligible for.

There is a higher risk for the lender in offering loans to people with a poor credit history. You will need to face the fact that you will have to pay a higher rate of interest to compensate for your low score. Look carefully at what this will mean in practice for your repayments. Can you really afford the loan?

If you are at all concerned about your financial future you should never accept any credit unless you can make the repayments on time, because late or missed payments will have a terrible impact on your score. So what can you do if you are desperate for a cash injection but you don't think your chances of repaying are good?

First you should consider whether you really need as much of a loan as you were hoping for. Could you manage with a lower amount, e.g. half? That would lower your repayments and give you a much better chance of staying on track. Second, are there any ways that you could increase your income? Could you work more hours or rent out a room in your home, for example? Third, can you ask for a loan over a longer time so that the repayments will be lower?

Finally, understand that banks and other lending institutions are in business and will do all that they can to recover any money that they lend to you. Loans for bad credit usually work out expensive so before you apply, you need to be sure that the loan is going to help you get out of trouble and not make your situation worse.

Top Tips To Improve Credit Score

2009-08-04T07:22:00.000-07:00

With the economic situation as it is, more and more people these days are looking for ways to improve credit score. Your credit score is a key factor that demonstrates to lenders whether you are credit worthy and a good prospect to lend to. If you ever want credit, whether it is a new credit card, a personal loan, financing for an auto or other purchase, or a mortgage, you will find that your credit score is important.

It is a fact of life that all lending agencies use this figure to decide whether to extend credit to an individual. The lower the credit score, the lower the chances of getting loans. What is more, if you have a low credit score then even if a loan is obtained, it is likely to carry a higher rate of interest. This is because credit score is also used to fix interest rates and the terms of repayment in some cases. It may not seem fair but the reason is that if you have a low score then the company is taking more of a risk in lending to you. They offset that risk by charging higher interest.

Fortunately there are several things that you can do to improve credit score and become eligible for loans at better rates. Here are our top tips for raising your credit score.

Fix any mistakes in your credit report

You have the right to see a copy of your credit report from the major credit agencies and ask for any mistakes to be corrected. They will help you with instructions on how to put right any errors that you find. You will need proof of your payments, for example bank statements. This is the simplest and quickest way to fix your credit score.

Make all of your payments on time

The biggest factor in determining a person's credit score is their payment history for any past financing that they have had. This goes back several years and although there may not be much that you can do to affect what your payment history has been in the past, you can make sure that from now on you make all of your payments on their due date. You probably need to work out a budget so that you can do this. It's probably the most important step in sorting out your debt issues so why not sit down and do it right now?

If possible, pay a little more than the minimum

With credit cards you usually have a choice to either pay the minimum monthly amount or more. Do pay more if you possibly can. Even if it is only $5 over the minimum, it looks good. It is obvious that you are trying to clear the debt.

Do not max out your cards

In the same way you should keep your card balance always below your maximum credit limit. If you pay the minimum each month plus paying off anything that you used the card for during that month, your balances will slowly come down. All of these tactics will help to boost your credit score.

Finally, try to stay with your current card accounts until you have them paid off. Do not keep switching to get new offers because this will not improve credit score.

Consumer Credit Counseling Service: What To Look For

2009-08-03T19:08:00.001-07:00

Are you facing any problems regarding the management of your personal finances? If you are, you should probably take a look at the option of consulting a consumer credit counseling service. This a service that is generally open to anybody. You can either visit in person or, if there is no convenient office in your area, you can book a consultation by phone or online.

Credit counseling can help you with many financial questions or difficulties. These can include disputes with lenders, dealing with debt collectors, correcting your credit history and improving your credit score, establishing and sticking to a budget that works for you, and many other issues.

Since debt is an issue that is more and more of a problem for many people in these difficult times, you will probably see a lot of ads for these services online, on TV and in other media such as newspapers. How do you know what to look for and whether you can trust them to provide you with a good service?

First, you can look for whether the service is registered or regulated by any national organizations. If they are a member of one of the major regulatory bodies in your state or country then you can be sure that they follow certain guidelines set down by those bodies. This can give you some protection.

Second, you should check whether they are independent. Some so called consumer credit counseling services are really just agents for one or more lenders, so instead of giving you independent financial advice, they will push you to take out a debt consolidation loan that they will get a commission on. Of course in some cases debt consolidation may be your best option, but you want an independent service that gives you all of the options, not just the ones that make money for them.

Keep in mind that you may need to pay to get independent advice. It is tempting to go for a free consultation but remember that if the company is providing a free service to you, it must be making its money some other way and often this will be by commissions paid to the counselors when you take out loans or credit cards that they recommend. So they have an interest in recommending the solutions that will make them the most money in commissions, not necessarily the solutions that are best for you.

You can sometimes get advice that is both free and independent from a not for profit organization. This may include your local social services office or a charity. Find out what is available in your area. If you are interested in a service that is run on commercial lines you can also check the register at the Better Business Bureau to find out whether there are any complaints about the company before you get involved.

Credit and debt counseling can be a life saver for some people and often it is worth the small fee that you may have to pay. The services can be wide and varied. They will often save you money right away by finding ways that you can cut down on the interest that you are paying every month. In addition, the counselor will help you to work out a budget and a repayment plan so that you can begin to clear your debts or at least avoid getting into a worse situation.

In summary, just about anybody who is having trouble managing their finances can benefit from consulting a credit counselor. Just be sure that you understand how the consumer credit counseling service is funded and whether they are giving you truly independent advice.

Bad Credit Credit Cards: Are They A Scam?

2009-08-03T19:06:00.000-07:00

Are you looking for bad credit credit cards? You may be finding it hard to get approved for loans and other forms of credit. Then you need to read this article, where we will set out some points you must watch out for when you are applying for credit cards with a bad credit score.

Credit cards are almost a necessity these days. It is true that many times you will see advice for people wanting to get out of debt where it says to cut up all of your cards. Now in general this is good advice, because it is true that credit cards are not generally the best way to manage your debts.

However, there are many things you might want to buy that you need a card for. For example, you can often get a better deal by buying online and that requires cards. Also if you are buying higher priced goods such as a car or furniture, the store clerks are likely to think it is very weird if you turn up with hundreds or thousands of dollars in cash. They may even be suspicious and think you are passing fake bills or money laundering, and refuse to sell to you. People just don't buy high ticket items with cash these days! So you might want to make sure that you keep at least one card.

Another reason why you might want to keep a card when you are working on getting out of debt is that having credit and making the payments regularly is one way to improve your credit score.

Of course the ideal situation is to get yourself into a position where you have a good credit score. Then you would have no trouble getting loans and other forms of credit at favorable rates. But the irony is that it is usually the people with bad credit history who are in most need of credit. And lenders can get away with charging more for it, because the people often need it bad.

At the same time of course the lenders will justify the higher rates by saying that they are taking more of a risk with people with a bad score. It is more likely that the person will declare bankruptcy and they will never see their money again. Of course banks and finance companies are not charities. They are looking to make a profit out of lending money. So if they can charge you a higher rate, they will.

The actual cards that are available to you will depend on the country that you live in, but one thing you can be sure of, and that is that not every finance company will offer bad credit credit cards. You may not have a lot of choice but still it is very important to look carefully at the fine print. Some of these cards are a pretty good deal and others are definitely not.

It is not just a question of interest rates. You will often find that a card which seems to offer low interest rates has many other charges that can almost cripple you financially. For example, there may be a sign up fee, or a special extra set up fee for a person with a low credit score. There could be yearly fees and even monthly account maintenance fees. In some cases these can add up to more than $100 a year and $200 in the first year. All of these fees must be paid even if you do not use the card and often, even if you have a zero balance.

So in most cases, you could be better off paying a higher interest rate and lower additional charges, especially if you have a good chance of reducing your balance. Don't be taken in by the ads. Always check the fine print when you are considering signing up for bad credit credit cards.

Debt Relief: The Debt Snowball

2008-12-31T16:02:00.000-08:00

The debt snowball is a form of self managed debt relief, a way to finally get rid of your debt. Yes, it is possible - and you can almost certainly do it, however much you owe.

The first thing to do is accept that your debt is not going to disappear overnight. It probably took many years to mount up and it will certainly take months, perhaps years, to work it off. Forget about winning the lottery. If you want to get out of debt you have to develop patience and determination. You also have to stop using your credit cards.

Next, work out how much you have to spend. Look at ways to decrease your expenses and increase your income so that you have enough to live on, pay your essential bills and make the minimum monthly payments due on your debts. Cut out any repeat billings that are not strictly necessary, like gym memberships and magazine subscriptions.

Then start to save. Before you can operate the debt snowball you should have minimum savings of $500 for a single person or $1000 for a couple or family. This money is for emergencies - not food or rent, you have to cover those from your income, but for example to repair your car if you need a car for your work.

The reason you need this amount of savings is so that if an emergency occurs, you will not borrow or use the money that you need for your monthly payments.

Then you can start the debt snowball. Make a list of all of your debts, large and small. Include everything, even $5 that you borrowed from a friend that they never expected you to repay. Arrange the list in order of how much you owe, lowest first (the total debt, not the monthly payment). You should finish up with a list that starts maybe with the $5 you owe your friend and ends with your mortgage or your biggest loan.

Now you will take all the spare money that you have each month - the money that you were putting toward your savings before - and start to pay off those debts, beginning with the smallest.

Some people will tell you to pay off the highest interest debts first and while this makes sense in theory, it does not work in practice because we are not motivated by saving a few pennies here and there. We are motivated by a sense of achievement, and we get that whenever we can cross one debt off our list.

Imagine how you will feel taking that $5 to your friend. Way, way better than if you put it toward one of the bigger debts. The effect of the debt snowball is to motivate you to keep paying off your debts by having you get that great feeling of achievement as often as possible in the beginning.

To maximize the feeling, give yourself a treat whenever you pay off a debt. Don't make it an expensive treat of course, but do something that you enjoy. If you are married or have a family, the treat should be for all of you. Make getting out of debt a whole family experience.

Once you experience the feeling of paying off the first few debts, you will never want to go back. That is why it is called a debt snowball - you start it off and then it goes on rolling under its own momentum. Use the debt snowball to get yourself the best kind of debt relief.

Fair Debt Collection Practices Act

2008-12-31T14:03:00.000-08:00

The Fair Debt Collection Practices Act (also known as the FDCPA) is a US Statute added in 1978 with later amendments, which protects consumers from unscrupulous debt collection agencies or methods. It also gives consumers a way of challenging inaccurate information that may be held against them.

This article gives a summary of the provisions as we understand them, but it is not exhaustive (it does not include all of the details) and its accuracy is not guaranteed.

What It Covers

The FDCPA regulates debt collectors, who are defined as "any person who uses any instrumentality of interstate commerce or the mails in any business the principal purpose of which is the collection of any debts, or who regularly collects or attempts to collect, directly or indirectly, debts owed or due or asserted to be owed or due another."

This means that it covers the situation where a debt collection agency is contacting you for payment of a debt that you owe to another institution such as a bank. If the bank is collecting the debt itself, the FDCPA does not apply, although some states have laws that regulate institutions that collect their own debts in the same way.

What Debt Collectors Must Do

- Every time they contact you, they must tell you who they are and that they are a debt collector.

- They must notify you of your right to dispute the debt. This notice is called a 1692g Notice.

- If you ask in writing within 30 days of receiving this notice, they must tell you who the original creditor was (the name and address of the company or institution that you owed the money to). They must also produce proof of the debt if you request it within this 30 day period.

- If they file a lawsuit, it must be in the place where you live or where you signed the contract that incurred the debt. So if you used to live in New York and you got into this debt while you lived there, but now you have moved to Washington, the debt collector can file a lawsuit either in New York or in Washington. Nowhere else.

What Debt Collectors Are Not Allowed To Do

- They must not phone you after 9 pm or before 8 am (your time zone).

- They must not continue to contact you if you give them written notice that you do not want further contact or that you refuse to pay the alleged debt; except that they can still tell you certain things, e.g. that they plan to file a lawsuit or that they are writing off the debt.

- They must not harass you by telephone, e.g. constantly ringing you.

- They must not contact you at your place of work after you ask them not to in writing.

- They must not go on contacting you after you give them details of an attorney who is representing you, they must contact your attorney instead.

- If you ask them for verification of the debt within 30 days of the 1692g Notice, they must not contact you until after they have sent you the verification.

- They must not engage in misrepresentation or deceit; e.g. they must not lie about how much you owe, or claim to be attorneys when they are not. They must not demand extra unjustified amounts above what you owe.

- They must not publish your name and address on a bad debt list.

- They must not threaten you with arrest or legal action unless these things are genuinely possible and planned.

- They must not use abusive or profane language.

- They must not reveal or discuss your debt with anybody who is not involved, except your spouse or your attorney, and they must not threaten to do this (e.g. they must not threaten to tell your employer).

- They must not contact you in way that reveals your debt to others, e.g. putting details on a postcard, or sending a letter in an envelope that is marked as being from a debt collection agency.

- They must not put false information on your credit report, or threaten to do so.

If you have been subjected to practices which are against the terms of the act you can report the collection agency to the Federal Trade Commission. You can also sue the collection agency, but it would not be worth while for most people to do this. That is why the Federal Trade Commission takes the role of enforcing the Fair Debt Collection Practices Act.

Debt Cures: A Review

2008-12-31T08:00:00.000-08:00

'Debt Cures They Don't Want You To Know About' is a book by Kevin Trudeau published May 2008 which claims to blow the lid off the finance industry. It is a follow up to his 2007 book, 'Natural Cures They Don't Want You To Know About' which exposed the pharmaceutical industry and medical practitioners for covering up the fact that there are simple natural treatments for many conditions that are just as effective as prescription drugs, but 'they' (the medical establishment) are constantly pushing us into becoming dependent on pharmaceutical company products.

'Debt Cures' follows the same kind of pattern in claiming that the banks and other finance institutions are virtually ganging together in a conspiracy to push the population deeper and deeper into debt so that they can make money from all of the interest that we owe.

This is an attractive idea for many people who are in debt because it takes the blame firmly away from our shoulders and lays it on the credit card and loan companies. It's not your fault - you were virtually forced into the spiral of debt that you find yourself in. That is Kevin Trudeau's argument, anyway.

We grow up accepting that it is normal, natural and even wise to be in debt. Perhaps in some cases it is. Take mortgages for example. Your parents and grandparents may have warned you about living within your means, but did they ever suggest you shouldn't take out a mortgage because you would be getting into debt? I doubt it.

For most people, a mortgage is a very good financial proposition. It often works out cheaper than paying rent, at least after the first few years, and at the end of the time you own the house. It's almost a no brainer, if you have the salary to afford it.

The problem is that most of us do not understand the difference between taking out a loan to buy an asset that will increase in value, like a house or perhaps a business, and getting credit for things that will never again be worth what we paid for them. That includes cars, furniture and all the little things that we put on our credit cards.

When you get into debt, banks will offer you more cards and loans until the point where it becomes almost impossible to pay. Then they pull the rug out from under your feet. No more loans, your cards suddenly don't work, and the credit score system makes sure that all of the other finance companies instantly know that you are a bad risk. That's where the conspiracy idea comes in.

In the end though, we could say that it doesn't really matter whose fault it is. If we are in debt then nobody is going to help us get out, that's for sure. Certainly not unless we pay them for their advice.

'Debt Cures' is a little repetitive in places, but it gives you some good ideas for reducing your debt and even eliminating parts of it. There are web addresses for internet sites where you can pick up free reports on how to reduce different types of debt. Some of the tactics he suggests are not workable in every situation but you should find some hints in there for dealing with all types of debt.

There are more comprehensive debt management books out there but this one is simple to read and excellent for anyone who doesn't know where to start. If you have not begun tackling your debt yet, 'Debt Cures' by Kevin Trudeau should give you some ideas that could quickly help you save much more than the purchase price.

Debt Negotiation: How To Talk To Your Creditors

2008-12-30T17:01:00.000-08:00

Debt negotiation is something you may need to do if you cannot make your payments on your debts. You can talk to your creditors and discuss ways that you can pay, which might suit you better than the payments you are currently due to make.

When you are having difficulty making your monthly payments, it is very important to act quickly. Many people put this off and hope the problem will resolve itself. It will not.

Do not think that nobody will notice if you miss a payment. Your creditors (the banks, credit card companies and others that you owe money to) will always notice. They have computer programs set up to alert them any time a payment is more than a certain number of days overdue. They may not contact you right away, but they know!

Sooner or later they will write you a letter, and your best chance is to contact them before that happens. That way, you have the initiative and you show that you want to talk to them. This will reassure them that you are not going to run out on your debt. But you must get in first if you can. Since you do not know when they will write, you need to contact them now. Yes, today.

The first thing to do is to make a list of all of your debts and figure out which you can pay and which you cannot. Probably there are some monthly payments that you can make without a problem.

For the others, calculate what you could pay. Do you need to reduce the payments, and take longer to pay off the loan? Or do you need a payment break this month, so you do not pay at all? This option can be good if your problem is temporary, but it is only advisable if you are sure you will be able to pay in future months.

Then call them. Make sure that you are talking to a person who has the power to approve your proposals, otherwise you can waste a lot of time. Then go through what you propose.

Usually the company is happy to negotiate with you. They may not agree to all of your suggestions but with a little flexibility on both sides you should be able to find an agreement that is acceptable to both of you. They will be happy to know that you do want to pay off the bill and you are looking for ways to do it.

They do not want to take you to court or hire debt collectors. That is an expensive last resort for them, something they will do if all else fails.

Having negotiated a variation in your agreement, the company will write to you with the new payment plan. Check it carefully, and then make sure that you make the payments on time. It is very important to do this because they will probably be watching your account more closely for a while.

If you really do not want to talk to the finance companies and banks, you could hire a debt counselor to do it. However, the finance companies will prefer to talk to you in person. So do carry out your debt negotiation yourself if you can.

Unsecured Debt Consolidation Loans

2008-12-29T12:09:00.001-08:00

Unsecured debt consolidation loans can be the answer for anybody who is having trouble managing their finances and does not have anything to offer as security for the loan.

Unsecured means that the loan does not depend on you owning property or other assets that the bank would foreclose on if you did not pay. A mortgage is an example of a secured loan. A car loan would usually be unsecured.

Unsecured loans are riskier for the bank so the interest rates tend to be higher than for a secured loan. However, for the person taking out the loan it may be better because the bank cannot take your house if you do not pay. Besides, many people do not own property, or already have a mortgage and do not want to increase it.

A debt consolidation loan is a loan that pays off all of your other debts so that you only have one payment to make each month. Most people find that they have many small debts on credit cards, store accounts, plus car loans, etc that they are paying each month. It can be hard to keep track of all the payments and you may miss a few, resulting in higher charges the next time.

Debt consolidation loans take care of that so that you only have to remember to make one payment. Another advantage may be that you could get a consolidation loan at a lower rate of interest than many of your other bills. Credit cards and store cards tend to have high interest and you can often do better if you take out financing to pay them all off.

Before you will be approved for a loan, there are some forms that you will have to fill out. The bank or credit union will want to know about your financial history, including your income and your monthly expenses. They will also look at your credit history.

Generally if you have a regular paid job with a good salary you should be able to find a loan. Even if your spending has been a little high, you should be able to cut back on your expenses to make the loan payments without too much trouble. Finance companies are always looking for steady, regular people to lend money to. After all, that is what they are in business for.

If you have a bad credit score you may be turned down for an unsecured loan. You may even be turned down with a good credit score, for no clear reason. Don't give up. Just because one bank or finance company refuses you, does not mean that they all will. You may have to search around a little but there are plenty of companies that offer bad credit unsecured consolidation loans in certain circumstances.

Nonprofit Debt Consolidation Loans

2008-12-29T12:08:00.000-08:00

There are many nonprofit debt consolidation loans available and many people choose this type of loan above others. If you have a lot of small bills that you are paying off every month, a debt consolidation loan could be the answer. You take out one loan that pays off all of your other debts, so you only have one repayment to make each month. It is much easier to budget and to remember the payments. Often it can work out cheaper too.

Not for profit loans are available from credit unions. These are co-operative associations owned by all of their members. This is different from other financial institutions such as banks which are owned by shareholders.

The first place that most people try for a loan would be a bank or finance company that you already do business with. If you have had a checking or savings account with a bank for a number of years, they are likely to feel better about lending to you because they can look back and see exactly what has been happening in your account.

However, credit unions can be a better option because they can often offer you more choices. They work through a different set of laws and regulations than those applying to banks, and they also have a different approach. You are more likely to get personal advice that will consider all aspects of your financial situation from a credit union. The interest rate is often lower too.

In a credit union, some members save and put their money into the credit union. Other members need to borrow and they take money out. The interest that they repay (after administration costs) goes to the members who have saving accounts, as the interest on their savings.

In the USA, credit unions are regulated by the Credit Union National Association, or CUNA. Credit unions have a 'field of association' which is the definition of people that they will lend to. They are not open to everyone. They might only take members from a certain geographical area, church, school or employer. In order to join a credit union so that you can save or borrow with them, you need to be in the 'field of association' for that CU. You can search CUNA's database to locate a credit union: http://www.creditunion.coop/cu_locator/index.html

When you find a credit union that will accept you, you also need to know if they offer debt consolidation loans. Then get a quote.

It is quite simple to figure out whether the loan will make you better off financially. One way is to look at the interest rate and compare it to the interest rates of your various small debts. If it is lower than most of the other balances that you owe, it will probably be a good deal for you. Or you can make an application or ask for a quote. Then check that the monthly payment that they quote you is less than the total of all the payments you are making right now.

Usually, the loans offered by credit unions have more favorable terms than a bank loan. Most people who are eligible would recommend nonprofit debt consolidation loans over loans from other financial institutions.

How To Get Out Of Debt

2008-12-29T12:07:00.000-08:00

In the current recession, how to get out of debt is a question that is affecting more and more people. It is very easy to get into debt when you go through a bad patch financially. You may have lost your job, had a long time off sick or lost a part of your income such as overtime payments. You let the credit cards mount up or take out a loan thinking that things will quickly be back to normal and you can pay everything off.

But often, it does not turn out to be so easy. Maybe you cannot find another job, or your company cuts back on your hours permanently. Even if the situation is resolved and your income goes up again, the debt is usually not so easy to pay off as you expected.

The best way to get out of debt is just to keep making those monthly payments on time. Do not worry that it is going to take you a long time. Just budget for it, do it and think of it as a necessary expense like the mortgage or the rent. That money is not available for spending.

However, if this is not working for you, there are several things you can do.

Debt Consolidation

This is a way of paying out a lot of small loans or credit card debts with one large loan. It can work out cheaper per month, especially if your debts are mainly on high interest store accounts or credit cards. It can also be very good for people who have problems managing money and keeping track of all their debts.

To be successful with debt consolidation, you need to include absolutely everything, and do not run up any more credit card balances after. In fact, it would be best to cut up those credit cards and store cards until the consolidation loan is paid right off.

The danger with debt consolidation is that you may take out the big loan, pay the others off, but then start accumulating more debts while you still have the big loan to pay. This can leave you in a very bad situation. Do not let this happen to you.

Renegotiate Your Loans

Most loans (including credit card debts) can be renegotiated to give you longer to pay. This will mean smaller monthly payments, or possibly a 'payment holiday' if you simply cannot make your payment this month.

Negotiating with your bank or credit card company is not as scary as it sounds. Work out a proposal of payments that you could make before you call, then explain your situation truthfully and tell them what you suggest.

Bankruptcy

This is a last resort process where, briefly, you have a court declare that you cannot pay your debts and will not be able to do so in the foreseeable future. You give up all you have and your creditors have to accept whatever they are awarded. Bankruptcy can be voluntary (where you initiate it) or forced (where you have court judgments against you that you simply cannot pay).

You will lose all of your assets in bankruptcy proceedings: your home if you own it, perhaps your car, any savings that you have. You will find it very hard to get credit for many years after. In terms of how to get out of debt, it is not the best way, but something that some people have to resort to.

Government Debt Relief Grants

2008-12-29T12:05:00.000-08:00

There is a lot of mistaken information going around these days about government debt relief grants. Some people believe that the government will pay to get individuals out of debt. Unfortunately that is not true. However, there may be other ways that the government can help you financially.

Government Debt Relief Grants

The federal government will not give you money just because you are in debt, but it may be that you will qualify for a financial grant for other purposes. That would help you out financially.

There are 26 different government grant making agencies. Many of these are set up to make grants for community projects, for example in the arts or community development. Others are research grants, for hospitals or doctors carrying out research into health and disease. However, some grants are available to individuals.

You have to be in certain situations to qualify for these grants. For example, there is disaster prevention and relief which helps people who have lived through disasters such as hurricanes or fires. Other grants may be available for housing or for developing your small business if you have one. You can see the grants available at www.grants.gov

Government Debt Relief Loans

There is also a government loans program. While this will not get you out of debt, if you qualify you could get a loan at a much better rate of interest than you would pay with most credit cards or commercial loan companies. Again these are usually for specific purposes such as business, housing and education (student loans).

Some of the government loans are administered through banks. So if you are asking your bank about a loan, it is always worth enquiring whether they have any government loans that you might be entitled to. You can find information about these loans at www.govloans.gov

Debt Relief Agencies

There are many debt relief agencies that are nothing to do with the federal or state government but may have a name that makes you think they are a government agency. Be cautious in dealing with any of these. Some of them are reputable agencies but others may be trying to deceive you.

You can be fairly sure that if a website ends in .gov, it is a government website. If it ends in .com or anything else, it is probably not. If you are in doubt, check the terms of the website or ask them.

If an agency charges you a fee for finding you a grant or helping you get out of debt, it is a sign that you are probably just dealing with a commercial debt counselor or debt relief agency. They may be able to help you reduce your debts but they will charge you something for their time. You have to decide if this is likely to save you money overall.

Sometimes a company may advertise that they have 'government debt relief' available. What they will usually offer you is advice on declaring bankruptcy. This process may be regulated by the federal government but it is not a grant. For most people there are better ways of getting out of debt than bankruptcy.

Even if it comes as bad news, it is better to know the truth about the options that are available to you. There is really not such a thing as government debt relief grants.

What To Do About Gambling Debt

2008-12-29T12:03:00.003-08:00

Gambling debt is like any other debt, with one big difference. That is, that there is a big temptation to try to get out of debt using the same method that got you in there in the first place, that is, gambling.

Take a person who runs up store card debts buying clothes and furniture. It is obvious that their first step in getting out of debt is to stop doing that. There is no way that buying more clothes and furniture is going to solve their debt problem.

But a gambler sees things differently. A person who has lost a lot of money on horses or in casinos is very likely to think that they can get their money back by gambling more. They believe in the big win. They believe they will hit the jackpot.

A small time gambler who buys a couple of lotto tickets every week is the obvious example. Now and then they have a little win, but over time, they are steadily losing money. They know this. But they believe in the dream.

It is also partly psychological. People do not like to feel stupid, or that somebody has made a fool of them, or that they have wasted their money. The only way that they can justify all that money that has been poured down the drain that is the casino and the lottery is to go on believing that if they keep gambling, sooner or later they will have the big win that will have made it all worthwhile.

Some people who gamble even do it because they want to buy that dream. 'If you're not in, you can't win' - and without a ticket, you can't dream your way out of your mundane existence.

But we all know in our hearts that it doesn't make sense. Almost all small time gamblers lose money; almost all big time gamblers are crippled and broken by debt. The only winners are the casinos and the bet takers ... and a very small number of instant millionaire jackpot winners who are used by the establishment to keep the dream alive for everybody else.

So the first thing to do in getting out of gambling debts is to give up the dream. Accept that you are not going to profit from gambling. Understand that even if you did win something next time, you would always lose it in an attempt to win more. As long as you believe that you can profit from gambling, you will never stop.

Read books on the statistics of gambling, if that helps. Analyze casino games to understand that nobody can beat the casino in the long term. Ask yourself how many lotto winners are happier after their win. You will find that most of them are miserable - suffering from depression, divorce, drugs or drink, unable to manage their unexpected riches, soon poorer than ever and with their self esteem gone too.

Then, stop gambling in all forms. This may mean asking to have yourself banned and canceling your accounts. It also means not betting with your friends on the outcome of the match at the weekend and not buying another lottery ticket.

If you can do that, you will be able to get out of debt. You will never do it if you go on gambling. Stop thinking that one more bet will solve all your problems - it will not. There is only one way out of gambling debt, and it is not the way you came in.

Credit Card Debt Settlement: Your Options

2008-12-29T11:57:00.000-08:00

Credit card debt settlement is an option that you may be able to take if you have long outstanding credit card debts where you are not making the monthly payments.

What Is Discounted Debt Settlement?

Sometimes, if a company can from its records that you have not paid anything for a while and they figure it is not likely that they will get the full amount of the debt plus interest from you, they will sent you a discounted debt settlement offer.

This means that they will write with an offer where you can pay perhaps 50% of the debt and they will write off the rest. Usually they will want this all in one payment, but if it is a large amount they may accept it in two or three instalments.

Often the letter will come from a debt collection agency. This can mean that your original lender has signed over the debt to the debt collectors, or it may simply mean that the agency is working for a percentage of whatever they can recover.

Why Do They Offer Debt Settlement?

The finance companies offer this when they can see that you are having so much trouble making payments, they might have to take you to court to get the whole amount, and maybe they wouldn't even get it then, because you might declare bankruptcy.

So they have a choice between incurring the cost of court proceedings and perhaps still getting nothing from you, or offering you this deal where you pay 50% or whatever. They figure they will be better off accepting half of what you owe, than trying to get the full amount through the courts.

What Should You Do?

Whether you should accept the offer depends on many factors.

First, you should be aware that accepting this will affect your credit score in a negative way, because you will not have paid off your whole debt. If you can pay the full amount then it is better for your credit record if you do so. However, you probably would not have gotten to the point of receiving a settlement offer if you could pay in full. Accepting the settlement offer is usually better than having court actions against you.

Second, you will need to consider how you can make the payment that they want. Does it mean that other debts will go unpaid for a couple of months? What will be the consequences of that? Would you have to miss rent payments and perhaps lose your home? Think carefully about how you can raise the money.

Third, even if you decide to accept it may be worth trying to negotiate a lower settlement. This means calling them and saying that you cannot pay what they have asked for but you could pay 40% or whatever. This is often worth trying because it can save you some money without extra penalties.

When you call, write down the person's name that you speak to. If they accept your offer, ask them to put it in writing and wait for the letter to come before you pay. Then write a letter to send with your check stating that this is full and final settlement of your debt, and ask them to write back acknowledging that the debt has been paid.

Be aware that if you decide not to accept the offer, then after a while they may take the matter to court. A court may judge that you must pay the whole amount plus the costs, so you would have a lot more to pay.

If you decide to accept, always read the small print on any offer. You need to be sure this is full settlement and they will write off any additional debt, so they have no right to come back to you in future demanding more.

When everything is complete, check out what has been posted to your credit record. If there is any mistake you should ask for it to be corrected right away and you will need to send copies of all of your correspondence. So keep all of the paperwork when you accept any credit card debt settlement.

Starting an emergency fund

2008-10-30T15:08:00.000-07:00

Finding money during an emergency can be very difficult if you fail to plan. Establish emergency savings in both good times and in bad. The chance is very good that you will be called upon to put out a sum of money on the spot and when you least expect it.

It is a very good rule of thumb to sock away three to six months’ living expenses. You can also use this same money when you’re faced with major, unplanned expenses such as a car that breaks down or much needed college funds.

The purpose of this type of savings plan is to put the money away consistently, and then tap into it for true emergencies. The success of this type of long-range savings plan will depend less on the rate of return than on, day-by-day, putting the money away and then leaving it there for a true emergency.

Lock it away and then hide the key.

People who are living on a fixed-income will have the toughest time setting aside money for emergencies. If you can manage to just squeeze out another $10 or $20 each month and sock it away into a money market account, it’s worth doing.

If you decide you need $2,000 in an emergency fund, look at what you can afford to sacrifice each month from your current budget and then look at that sum of money as a bill to pay yourself. Decide on a monthly amount and then put that same amount aside every month and then watch it grow.

Once you have reached your goal of $2,000 you’ll now be in the habit of putting away that extra set amount each month. Keep on doing it.

Financial planners echo the idea of treating your emergency fund as a bill. Put the money away each month, but don’t be tempted by the latest sale. You are not to touch the amount, except for in an emergency.

Putting money aside on your own is hard. Retirement plans are successful because the money comes out of your paycheck before you can get your hands on it and because there are taxes and penalties for early withdrawals.

Stashing money away in an easy access money market account takes discipline. Limit your access to the emergency fund. You can have immediate access to some of the money, but not all of it. The bulk of the fund is to be used, strictly, for emergencies and nothing else.

Once you have saved up about two months of living expenses, move one month of expenses to a one-month CD. When the CD matures, roll the principal and interest into another one-month CD. Your savings will grow well this way.

As you continue making regular payments to the emergency fund money market account, you will soon have another month of living expenses that can be used to invest in a two-or three-month CD. If you are wishing to set aside six months of expenses, continue the process until you can comfortably purchase a six-month CD. Your savings will accumulate quickly this way.

Fix scratched glasses with Armor Etch

2008-06-13T17:21:00.000-07:00

Armor Etch is a liquid that can be found at Michaels and it can be used for getting rid of scratches from eyeglasses.

My wife has complained about the scratches on her glasses for the past month and found this posting regarding the use of Armour Etch. She bought her glasses at JC Penney's and we travel a lot and our current location has no Penney's. So what did we have to lose? She couldn't see squat through the lenses as they were so hazed over with scratches.

I applied the Armour Etch as described here with a "Q" tip and let the cream sit for about 5 minutes.

After washing the cream off in the sink with warm water and drying with a clean "T" shirt, her glasses look brand new. I did not remove the lenses from the frames, the frames were not damaged at all by the Armour Etch cream.

We are so thrilled at this procedure we will advise others the same. I am very happy that she does not need to get new glasses. This seems to always work. You can save up to $400 for replacements when they aren't necessary.

Ideas to spend less money than you make

2008-04-04T10:59:00.000-07:00

Annette and Steve Economides of Scottsdale, Arizona, try to live the life they describe in their book, "America's Cheapest Family Gets you Right on the Money."

The Economides, who don't use credit cards, believe consumers need to avoid debt, spend less than they earn and embrace a thrifty lifestyle.

"It's not about sacrifice, it's about priorities," Annette Economides says.

The couple suggests people start on the road to frugality by making a spending plan.

"Some people think 'budget' is a four letter word," Steve Economides said. "It's not. And it's not a noun either. It's a verb. And it's an action verb."

Budgeting requires a family to estimate future spending, based on what has happened in the past, and to set aside money to cover what a family considers important, he said.

What if it doesn't look like the money will go far enough? That's where frugality comes in.

Take grocery shopping. The average American family of four spends between $800 and $900 a month on food, Steve Economides said. By shopping more carefully, a family can cut that in half, he said.

The Economides, who have four children, watch the store circulars and ads so they can stock up when items they use frequently are on sale.

"Around Thanksgiving, when turkey goes on sale for 35 to 40 cents a pound, we buy several," she said.

They limit meals out in restaurants, plan menus in advance to take advantage of seasonal -- and thus cheaper -- produce, and use coupons to hold down food costs even further.

They shop just once a month, to reduce the time they have to spend in stores -- and the gasoline they use to get to and from the supermarket.

For Crannell, frugal spending in some areas, like clothing, frees up money to be spent on things she cares more about.

She and her husband, Neil Gussman, invested in energy-efficient windows for their home several years ago. She walks to work, but when she does drive it's behind the wheel of a Toyota Prius Hybrid car, which runs on gas and electricity.

Crannell likes yard sales, especially those where an entire neighborhood cooperates because there's a bigger selection. She shops at a local farmers market and sometimes makes vegetarian meals, partly because she believes they're healthy and partly to cut down on high-cost meat.

Crannell also believes in teaching her children the fine art of thrift shopping.

"Nigel, my 8-year-old, loves to go to yard sales with me," she said. "He can get toys for a quarter at yard sales. In fact, he's so cute that he can get things for free.

"He has more toys than he knows what to do with."

How to prevent debt problems

2008-02-11T06:33:00.001-08:00

There are many people that stay so stressed out and worried over the fact that they can not pay their monthly bills, that they are actually becoming ill from it. Debt stress is something that most of you out there know entirely too much about and if this sounds like you then perhaps you should consider reading this article very carefully. There are many things that you can do to help alleviate some of the current problems you have been undergoing each day.

Being healthy is very important and preventing debt stress from causing this occurrence (poor health) is also very important and anything you can do to help keep yourself healthy should be important to you. Exercising and eating nutritional foods, along with possible meditation or some other means, to help relieve you from some of that stress that is bogging you down each day, you will be surprised by the difference in which you feel.

Debt truly can make you sick, literally and throughout this article I do hope that you find different ways to start working on preventing this from happening to you. Pay attention to any/all of the helpful tips that I post throughout this article because you deserve to feel better each day and you do not ever need to allow debt to slow you down in any way, especially allowing it to affect your health in a negative manner.

Consolidating debt can be one thing you might want to try, this would reduce your monthly payments, because you are only going to be paying out one lump monthly payment, that will take care of all of those pesky debts that have been causing you so much strain, struggle and stress each day. Doing something positive to help get rid of some of your debt is always a good thing and for each individual it might be different.

Your debt could be extremely different from the next persons and the relief from that debt could be gotten in a much different manner than with the next person. It does not matter how you achieve debt relief as long as whatever it is that you are doing is working for you and preventing you from being so stressed out that your blood pressure is always elevated and the threat of other health ailments are eliminated because of what it is you are doing each day to help yourself.

Debt does not have to be a constant worry or concern of yours, yes, it will always be in the back of your mind, until you have most of it alleviated but letting it keep you down, upset or sick, is just simply not the best bet, it is not healthy whatsoever, so make sure that you think about that when you feel that it is bringing you down each day. Do something positive so that you can start feeling better each day that you step out of bed, with a smile.

Figure out what to do aout your debt

2008-02-08T15:47:00.001-08:00

Debt condition happens for many different reasons and for most people it can really turn out to be extremely overwhelming for them at times. Unfortunately too many of these accrued debts never end up getting paid off at all and the creditors eventually just take the huge loss and lose quite a bit of money or have to spend more time and money trying to file suit so that the debt can be collected, one way or another.

Debt problems come in all different sizes, and with all different types of people, nobody is beyond ending up in trouble with debt issues. It is definitely something that has taken over many peoples lives and has caused many families to lose everything that they have worked so very hard for their entire lives. It is difficult for some people to understand the importance of paying off their debts on time and always being consistent on their monthly payments, otherwise creditors are going to be pounding at your door, calling your house phone nonstop and sending threatening letters that will most definitely cause you a great deal of stress.

It is absolutely crucial that you all figure out different ways of finding the debt relief that you deserve, because if you do not figure things out quickly on into this then more than likely you are going to end up in so much debt that you will never possibly see the light at the end of the tunnel, which is extremely depressing. Debt is not something that you should be ashamed of because as I mentioned before, it can happen to the best of them and nobody is above ever running into any problems like that.

Debt conditions can come in many different ways, whether it be from credit cards, bank loans, mortgages, car loans, student loans and many many other things as well. Either way it goes, if you allow these stressful debts to continue collecting as they have, things are only going to get much worse for you at the end of the day. It is so sad that entirely too many people allow their debt condition to keep them down and turn them into people that ignore their responsibilities, that is not what you want for your financial future.

Online help can be found just by simply taken a few minutes out of your time and spending time doing a little bit of research. There are people online that can help you to figure out what your best options would be to try and straighten out your current debt condition. Debt does not have to worry you constantly and become so bothersome that you end up mad at the world. Gain back control of your life and your money, do not allow your debt to slow your pace down, preventing you from accomplishing the many things in life that you have made your goal throughout the years.

Creating A Budget For Yourself

2008-02-07T10:18:00.001-08:00

Figuring out a budget is something that too many people have difficulty with and there is definitely no doubt about that. Unfortunately people, including myself, are just not educated enough about finding debt relief by having the ability to properly manage a well balanced budget. Following a strict budget each month or week, however you would want to do it, is no doubt the best way for everyone to improve their debt condition.

This is something that you should all really have already started thinking about because knowing how to manage your money properly and being consistent with it, will drastically pay off down the road. You will finally be able to enjoy your life completely, without all of the worries that come along for anyone who is just totally overloaded with debt over debt over debt.

Your budget will make it possible for you to recognize that you can survive every single month, not just survive though, much better than that, you could potentially have a little bit of extra money each and every month! How fabulous would that be people? You know you want it, you know you are exhausted thinking about your debt, so get up off that couch and stop pitying yourself, try fixing your debt problems instead of forgetting about them!

Allow your budget to work for you, no matter what might come up unexpectedly. If you can do this month after month, I do believe that you are just really going to be shocked by the wonderful results. You will have so much more confidence each day just knowing that you can make it on your own, you are a responsible, mature and highly intelligent individual. Learning about managing your money and following strict budgets at an early age in life sure did pay off for you as an adult, aren't you so proud of yourself!

Most of us do have a great deal in common unfortunately, whenever it comes to spending more money than we can truly afford to spend each month and it is definitely a very serious problem, or could eventually become a serious debt concern of yours. Creating this amazing budget for yourself can dramatically improve your severe debt issues for good, how fantastic does that sound?

Take the time out of your busy and very hectic schedule, sit down, take a deep breath and prepare yourself for this fun and exciting learning experience. You will learn so much about yourself once you have prepared a budget for yourself, to follow each and everyday that passes, that is going to rid you from all your debt. It will definitely be an eye opener for many of you out there that tend to go a little overboard from time to time when you are out shopping around for things.

Debt is your worst enemy so if you can do anything at all to prevent this from occurring with you all throughout your fun life, start at an early age figuring out how you will follow your budget each month and make it work.

Getting a debt consolidation done

2008-01-14T15:27:00.000-08:00

So you have decided to go for credit card debt elimination and are wondering on what the methods for credit card debt elimination are. As they say, let’s take the bull by its horns and lay it all flat on the ground. There are generally 2 recommendations that are most common for credit card debt elimination: controlling the expenditures and consolidating debt. Let’s check both of these credit card debt elimination recommendations and check the list of things that you can do for achieving credit card debt elimination using these recommendations:

1. Control your urge to spend: The first thing to do for credit card debt elimination is to control your expenditures. Here we are talking about the payments you make using your credit card. Remember that the main reason being your getting into credit card debt is uncontrolled expenditures using your credit card. So if you are really serious about credit card debt elimination, this is one thing that will help in credit card debt elimination by preventing accumulation of further debt. Here is what you can do to control your expenditures:

a. You need to stay away from attractive offers that are put-up by various shops and stores. Don’t buy anything that you don’t really-really need. After all you are looking for credit card debt elimination not supplementation.

b. Leave your credit card at home. If you really-really need something, then you can fetch your credit card from your house. This will prevent you from yielding to the too-attractive-to-resist sale offers (that are actually there all the year round). This credit card debt elimination technique, again, works on the principal of ‘prevention is better than cure’. This will prevent unplanned expenses from happening.

c. Prepare a monthly budget and stick to it. This is really a very important credit card debt elimination measure. This budget will form the basis of your credit card debt elimination plan. So if you deviate from your budget, your credit card debt elimination plan will go for a toss.

2. Debt consolidation: Debt consolidation or moving from high APR credit cards to a low APR one is generally the first step (the first reactive step) for credit card debt elimination. Here are a few things that you need to do:

a. Do not go for the first balance offer you come across. Analyse various offers and choose the one that best suits you. This will be an important thing on you credit card debt elimination plan. Initial APR, Initial APR period and standard Apr, all need to be considered.

b. Read the fine print on the balance transfer offer and check the terms and conditions on these. These might affect your overall credit card debt elimination plan.

c. Compare other benefits e.g. rebates, reward points, etc, before you actually decide to go for one of the offers.

Credit card debt elimination is about proper planning and discipline. So make your credit card debt elimination plan and stick to it.

Types of credit cards to stay away from

2007-12-05T20:32:00.000-08:00

I know that this may be dangerous info but just remember after you gotten yourself out of debt that it is very helpful to have at least one credit card when travelling or for other events. Hopefully after you have solved your debt problems you will understand the ideas of frugality and the evils of materialism and will just use these cards for a month to month end use and never carry a balance

All across the United States, there are hundreds and hundreds of banks and credit card companies looking for your business. This day and age, banks and credit card companies are in competition with each other, trying all they can to get your business. To try and get your business, they offer different credit cards with various incentives, rebates, and other perks.

Before you make your decision and choose a credit card, you should always compare what each company or bank has to offer you. If you get an offer in the mail for a credit card, you should go on the Internet and look into it more. You should also make sure that you read the fine print as well, to see if there are any type of hidden fees or other costs associated with that card. Many times, with offers in the mail, credit card companies or banks will try to sneak hidden fees and costs in there.

When you start to compare offers, you should make sure that you look at the APR and the fees. The APR is very important, as this will tell you your interest rate. You want to get the lowest APR possible with your credit card. If you look at a credit card that has an unusually high APR, you should immediately rule it out. Credit cards that come with high APR rates can easily lead you on a roller coaster towards credit card debt. No matter how good your credit may be, high APR rates can leave you with charges that are really difficult to pay.

Among the many options available to you, you’ll have three primary choices for your credit card - Visa, MasterCard, and American Express. These three giants are the leaders in credit cards. Visa and MasterCard don’t issue the cards themselves, they have banks and other companies issue on their behalf. American Express, or AMEX, is the only one that does everything themselves. AMEX issues their credit cards, maintains their own networks, and doesn’t use any type of third party.

If you like to travel, you will probably want to choose either Visa or MasterCard, as they are accepted all over the world. American Express is the least accepted of the three, although the company is upgrading their networks every chance they get. Before too long, AMEX will be accepted virtually everywhere. Right now though, AMEX isn’t accepted in all areas of the world.

Discover is another type of credit card, although it isn’t near as popular as the three above. Discover does have some great benefits to offer you, although it isn’t accepted in other parts of the world. Most people who have Discover credit cards stay local and use their cards in the event of an emergency. If you don’t have a credit card and have been thinking about getting a Discover card, you should really think about that decision and choose either Visa or MasterCard instead.

All in all, there are a lot of credit cards to choose from. That final decision though, is entirely up to you. There are a lot of great companies and banks out there, although it’s up to you to find the best credit card for your needs. You can choose to go with a company or bank that’s local to you, or get online and look for your credit card. The Internet can be a great resource for credit cards, as long as you know what you want. If you know what you want before you go online - you’ll save yourself a lot of time and money.

Miscellaneous money saving tips

2007-07-12T12:19:00.000-07:00

Here are a few more stragglers as far as money saving tips go I will try to find more soon but these should keep you thinking about how to save money

Grocery shopping is a big expense and here are a few money savers there

1. You can save hundreds of dollars a year by shopping at lower-priced food stores. Convenience stores often charge the highest price.

2. You will spend less on food if you shop with a list, take advantage of sales, and purchase basic ingredients, rather than pre-packaged components or ready-made items.

3. You can save hundreds of dollars a year by comparing price-per-ounce or other unit prices on shelf labels. Stock up on those items with low per-unit costs.

4. Do all of your shopping in one trip. Studies have found that you will buy more junk food and things that you do not need if your shop a few times a week instead of just once

Prescription Drugs

1. Since brand name drugs are usually much more expensive than their generic equivalents, ask your physician and pharmacist if a less expensive generic or an over the counter alternative is available.

2. Since pharmacies may charge widely different prices for the same medicine, call several. When taking a drug for a long time, also consider calling mail-order pharmacies, which often charge lower prices.

Funeral Arrangements

1. Plan ahead, making your wishes known about your funeral, memorial, or burial arrangements in writing to save your family or estate unnecessary expense.

2. For information about the least costly options, which may save you several thousand dollars, contact a local Funeral Consumer Alliance or memorial society, which are usually listed in the Yellow Pages under funeral services.

3. Before selecting a funeral home, call several and ask for prices of specific goods and services, or visit them to obtain an itemized price list. You are entitled to this information by law.

Reducing your housing costs

2007-07-11T10:32:00.000-07:00

There are many ways that you can save money with your home. Whether you are renting or own your own home there are direct expenses that you can cut down to live a little cheaper.

Home Purchase
1. You can often negotiate a lower sale price by employing a buyer broker who works for you, not the seller. If the buyer broker or the broker's firm also lists properties, there may be a conflict of interest, so ask them to tell you if they are showing you a property that they have listed.

2. Do not purchase any house until it has been examined by a home inspector that you selected.

Renting a Place to Live
1. Do not limit your rental housing search to classified ads or referrals from friends and acquaintances. Select buildings where you would like to live and contact their building manager or owner to see if anything is available.

2. Remember that signing a lease probably obligates you to make all monthly payments for the term of the agreement.

Home Improvement
1. Home repairs often cost thousands of dollars and are the subject of frequent complaints. Select from among several well established, licensed contractors who have submitted written, fixed-price bids for the work.

2. Do not sign any contract that requires full payment before satisfactory completion of the work.

Saving Money on your car costs

2007-07-10T13:16:00.000-07:00

Another very high expense for people is the cost of their car and maintaining their car. Read through the following tips and see if there is an easy way for you to save money on your car costs. Their are a lot of holes in most peoples systems between buying and leasing to the gas and repairs. Be very careful about your car insurance as well, you may have the potential to save thousands by being on the right plan with the right company for your car insurance.

New Cars
1. You can save thousands of dollars over the lifetime of a car by selecting a model that combines a low purchase price with low depreciation, financing, insurance, gasoline, maintenance, and repair costs. Ask your local librarian for new car guides that contain this information.

2. Having selected a model and options you are interested in, you can save hundreds of dollars by comparison shopping. Get price quotes from several dealers (over the phone or Internet) and let each know you are contacting the others.

3. Remember there is no "cooling off" period on new car sales. Once you have signed a contract, you are obligated to buy the car.

Used Cars
4. Before buying any used car:

* Compare the seller's asking price with the average retail price in a "bluebook” or other guide to car prices which can be found at many libraries, banks, and credit unions.

* Have a mechanic you trust check the car, especially if the car is sold "as is."

5. Consider purchasing a used car from an individual you know and trust. They are more likely than other sellers to charge a lower price and point out any problems with the car.

Auto Leasing
1. Don't decide to lease a car just because the payments are lower than on a traditional auto loan. The leasing payments are lower because you don't actually own the car.

2. Leasing a car is very complicated. When shopping, consider the price of the car (known as the capitalized cost), your trade-in allowance, any down payment, monthly payments, various fees (excess mileage, excess "wear and tear," end-of- lease), and the cost of buying the car at the end of the lease. A valuable source of information about auto leasing can be found in Keys to Vehicle Leasing: A Consumer Guide, which is published by the Federal Reserve Board and Federal Trade Commission.

Gasoline
1. You can save hundreds of dollars a year by comparing prices at different stations, pumping gas yourself, and using the lowest-octane called for in your owner's manual.

2. You can save up to $100 a year on gas by keeping your engine tuned and your tires inflated to their proper pressure.

Car Repairs
1. Consumers lose billions of dollars each year on unneeded or poorly done car repairs. The most important step that you can take to save money on these repairs is to find a skilled, honest mechanic. Before you need repairs, look for a mechanic who:

* is certified and well established;
* has done good work for someone you know; and
* communicates well about repair options and costs.

Auto Insurance
1. You can save several hundred dollars a year by purchasing auto insurance from a licensed, low-price insurer. Call your state insurance department for a publication showing typical prices charged by different companies. Then call at least four of the lowest-priced, licensed insurers to learn what they would charge you for the same coverage.

2. Talk to your agent or insurer about raising your deductibles on collision and comprehensive coverage to at least $500 or, if you have an old car, dropping this coverage altogether. This can save you hundreds of dollars on insurance premiums.

3. Make certain that your new policy is in effect before dropping your old one.

Should you apply for a business credit card?

2007-07-10T06:53:00.000-07:00

I do not advocate credit card use if you are trying to get yourself out of debt. There are a few reasons to have a credit card but as we all know they are dangerous! If you have a home business you may have no choice but to get a business credit card

Among the so many varieties of credit cards, one of the most underestimated is the value of a business credit card. Many people do not choose to apply for a business credit card because aside from having a definite target market— the business owners or business executives—it seems to be complicated to use. Although a business credit card has more requirements and has higher interests compared to other types of credit cards there is, contrary to the common conception, t can be very helpful if used properly.

What is a business credit card?
Basically, business credit card is for the business people’s consumption. Compared to the regular credit card, a business credit card has a high limit plus low interest rates. Depending on the manner of choosing, a business credit card may also bring a lot of automatic benefits.

Since it is targeted towards businessmen or those people who are heading towards building a business, a business credit card can definitely benefit these small businesses. A business credit card helps the budding business by extending payments while improving the cash flow. Aside from bearing the image of a dependable credit card, business credit card boasts of having detailed reports and giving quality customer service as its major trademarks.

Aside from having limits and low interest rates, a business credit card provides many alternatives and numerous credit options for small businesses. A business credit card also caters to large corporations that are crafted to aid those people who are starting with their own business to grow while closely monitoring the baseline of credit.

Simplifying business credit cards
It really pays to go to the bank when one applies for a credit card to get the chance to answer all immediate inquiries. But since business credit card is for business people who are always on the go, many business credit card issuers offers online applications for business credit cards. When one applies for a business credit card, there is no need to visit the bank. There is also no need to wait in the queue just to talk to a bank representative. When you apply business credit card online, all you have to do is to select the business credit card option that would perfectly suit your small business or corporate credit requirements right from the comforts of your home or office. Aside from offering safe, secured, and simple processes that are designed help you take care of your starting business, most business credit cards online offer accessible features for the convenience of the business credit card holder like the online payment and reporting. Customized company logos and access to instant cash are also available on line. Other business credit card online offers detailed reporting features for easy monitoring and access.

Most business credit card applications offer free fee for the first year and no pre-set spending limit or finance charges. Other business credit card offers viable membership rewards program that enables the member to earn points towards travel, merchandise and other rewards for his or her business. Some of these business credit cards offer small businesses a line of credit up to $100,000 at a competitive APR as low as prime + 1.99% for both cash and check purchases; 100% of the line is available as cash and no collateral is required. The business credit card holder or customer might receive fee-free checks as well as a card to access the account. Everyday savings or exclusive savings, express approvals, no annual fee, up to 5 percent rebates on all qualified purchases, and 0% introductory annual percentage rate (APR) on purchases during first half of the year of card membership are some of the great offers of most business credit cards.

Although majority of the business credit card issuers offer great value deals, it is very important to research first what does your business needs. Whether your business credit card is meant for investing in inventory or just for payroll, it is significant to look for a flexible business credit card that can handle almost anything. Whether you opt to go directly to the bank or apply for a business credit card online, a number of premier business credit card suppliers are there to help you find the right credit card product as easy and convenient as possible.

Saving money on your telephone bills

2007-07-09T11:54:00.000-07:00

There is one very interesting way to get your expenses down and that is by changing your phone plans. We all have home phones and cell phones and it costs money for the duplication that you may or may not need. Here are some tips to drop those $100 or more phone bills to a more manageable price.

1. Review your phone bills for the previous three months to see what local, local toll, long distance, and international calls you normally make. Call several phone companies which provide service in your area (including wireless and cable), to find the cheapest calling plan that meets your needs. Consider a bundled package that offers local, local toll and long distance, and possibly other services, if you heavily use all the services in the bundle.

2. Check your phone bill to see if you have optional calling features or additional services, such as inside wire maintenance, that you don't need. Each option you drop could save you $40 or more each year.

3. If you make very few toll or long distance calls, avoid calling plans with monthly fees or minimums. Or consider disconnecting the service altogether and use dial around services such as 10-10 numbers or prepaid phone cards for your calls. When shopping for dial around service, look for fees, call minimum, and per minute rates. Treat prepaid cards as cash and find out if there is an expiration date.

4. If you use a cell phone, make sure your calling plan is what you need, not more and not less. Understand peak calling periods, area coverage, roaming, and termination charges. Contracts offered by most carriers will provide you with a trial period of 14 days or more. Use that time to make sure the service provides coverage in all the places you will be using the phone (home, work etc.). Prepaid wireless plans tend to have higher per minute rates and fees but may be a better option if you use the phone only occasionally.

5. Before making calls when away from home, compare per minute rates and surcharges for cell phones, prepaid phone cards, and calling card plans to find how to save the most money. I know many people that have been surprised at a hotel with giant bills for just a few short calls.

6. Look at alternative long distance phone plans. Do you do much or any long distance calling? If not you may not need that in your plan at all and then you can use an independent service to save money on your long distance calls. If you do make a lot of long distance calls then many carriers now offer a flat rate for unlimited long distance.

So look at your bills now and see what you can do. Remove features? Change you long distance plan? Change carriers for home or cell phone? There are a lot of choices and these should save you some money.

Four more ways to stay out of broke

2007-06-10T15:42:00.000-07:00

Unfortunately, there is no escaping it but debt is a factor of modern day life. With credit and credit cards being so easy to come by, it is not surprising that many think that debt is unavoidable and just part of living in the 21st Century.

It should always be remembered, however, that debt is a big problem and not one that the credit companies will always make us fully aware of when we consider taking up their latest offers. After all, it is not in their interests to do so - no matter how consumer-aware they appear to be. Although many have seen this very late in their credit-card owing lives, more and more are starting to realize this and are now looking into debt management programs. If you are one of those who are now looking into debt management programs then listed below are five top tips for you to consider.

Tip #1 - Cut Your Spending
Cutting up or hiding your credit cards is only part of a debt management program. You still need to watch what you spend day-to-day and budget yourself.

This will change your thinking and reprogram your brain into escaping, and then staying out of, the debt trap. If you do not do this you will slip straight back into it again.

Teach yourself how to set a priority on your spending. Include a treat to enable yourself to have a goal. After all, you want to clear you debt but you want to reward yourself to show you that you are doing well. Just avoid making the treats expensive. It could just be going to a movie or having a meal out with your partner. By teaching yourself sensible budgeting, you will make your debt management exercise a lesson in becoming a wise shopper where you will be able to seek out superior items without paying full price.

Tip #2 - Seek Help With Debt Management - Not An Easy Escape Route
It's only human nature to be drawn in by the multitude of advertisements on television, radio, internet and all other media channels which all claim to be able to clear all our debts without having to pay any money to our creditors. They claim that there are a series of loopholes in the Federal Reserve System that will help you with your debt management.

Do not be fooled by them and their claims of quotes from various politicians and laws that are understandably very convincing. After all, as we have now accepted we have a debt management problem, they are preaching a message we want to hear. They will usually try to force a call-to-action to take up their offer whilst we can - encouraging us to sign up now to their various debt management programs before the loophole is closed. Nevertheless, be assured that the government actively discourages people to stay away from these companies as what they offer just does not work. Take heed. Even if you do not read on, this debt management tip alone can save you losing more money when you actually set out to manage you debts.

You must seek out a legitimate debt management company if you want help as they will help you develop a credible and legal debt management plan. This often is not a quick-fix solution and may take sometime, but at least you can be safe in the knowledge that the proposed long term debt management program will work.

Tips #3 - Remember The Interest
Often, people forget that interest grows over time. They set their debt management objectives but only consider the main (or principal) sum.

If you are really serious about debt management then you need to consider the interest as well as the principal sum. When you receive your debt reminders, let's say it's your credit card bill or loan account, there will be a minimum balance required to be paid. That minimum balance usually only considers the principal amount owed and does not go any way to decrease the interest you owe as well. If you go that extra mile to pay above the minimum payment, you will be able to reduce the interest as well and prove you are serious about your debt management and cut years off duration of your payments at the same time.

Tip #4 - Act Now
Once you have decided on your debt management program, then put you plan into effect immediately. The longer you wait the more your interest will grow. so, work out your debt management program and implement it immediately to ensure you clear that debt in the shortest possible time.

Lance Bolton is a frequent writer on personal finances and has a number of internet sites dedicated to helping people with this and other credit and debt management problems. He has written a number of books and many articles on debt, loans, credit cards and associated topics. He has a free Newsletter with his http://DebtManagementTipsOnline.com

Although these tips seem like they are obvious it is very true that you need to plan your financesto stay out of debt. please start acting today to keep yourself out of debt.

Credit Card Basics

2007-05-03T07:13:00.000-07:00

Credit card anyone?

The emergence of electronic age made almost everything possible to people. Determining and curing terminal diseases made convenient, reaching uncharted territories became a possibility, and most of all; everyday life of people is made easy by the technology. We now have more convenient stores, easier means of transportation and a variety of gadgets that makes work and pleasure almost effortless.

When it comes to finances, technology—through efficient banking system and services—has given people better alternatives and options how to manage their finances. Among the so many financial management schemes that emerged, one alternative stands out among the rest—the credit card.

Credit card, especially to working people and those who live very busy lives, has become an ultimate financial “savior.” More than just being a status symbol or an add-on to expensive purses and wallets, credit card has revolutionized the way people spend their money.

But, more than the glamour and the convenience credit card brings, there is much more to this card than most people could ever imagine.

Credit Card 101

Before indulging much into the never-ending list of the advantages and disadvantages of having a credit card, it is very important for people to first have a brief realization of what credit card really is in order for them to maximize its potentials.

In layman’s terms, credit card is a card that allows a person to make purchases up to the limit set by the card issuer. One must then pay off the balance in installments with interest payments. Usually, credit card payment per month ranges from the minimum amount set by the bank to entire outstanding balance. And since it is a form of business, the longer the credit card holder wait to pay off his or her entire amount, the more interest pile up.

Since having a credit card is a responsibility, only those people who are of legal age and have the capability to pay off the amount they are going to spend through their credit card, is allowed to have one. Actually, most of the adults in the U.S. use credit card because this is very convenient compared to carrying cash or checks every time they have to purchase something.

It is also equally important to be familiar with the different types of credit cards before you begin to build up credit card balances and to avoid having a nightmare of debt. Since credit cards are indispensable to most consumers, it is a must that they understand the types of card that include charge cards, bankcards, retail cards, gold cards and secured cards. All of these types come in one of two interest rate options—the fixed and variable. Actually, it doesn’t really matter if you decide to have a fixed-rate credit card because the interest rate remains the same. Compared to variable rate cards where rate may be subject to change depends upon the credit card issuer’s discretion, fixed-rate carry higher interest rates.

Basically, credit card grantors issue three types of accounts with basic account agreements like the “revolving agreement” a.k.a. Typical Credit Card Account which allows the payer to pay in full monthly or prefer to have partial payments based on outstanding balance. While the Charge Agreement requires the payer to pay the full balance monthly so they won’t have to pay the interest charges, the Installment Agreement, on the other hand, asks the payer to sign a contract to repay a fixed amount of credit in equal payments in definite period of time.

Another category of credit card accounts includes the individual and joint accounts where the former asks the individual alone to repay the debt while the latter requires the partners responsible to pay. The common types of credit cards available through banks and other financial institutions also include Standard Credit Cards like Balance Transfer Credit Cards and Low Interest Credit Cards; Credit Cards with Rewards Programs like Airline Miles Credit Cards, Cash Back Credit Cards and Rewards Credit Cards; Credit Cards for Bad Credit like Secured Credit Cards and Prepaid Debit Cards; and Specialty Credit Cards like Business Credit Cards and Student Credit Cards.

Now that you have an idea how many types of credit card there is, it is now time to review your goals before applying for one. Some of the things you should consider is how will you spend with the credit card monthly, if you plan to carry a balance at the end of the month, how much are you willing to pay in annual fees, if you have a strong credit history and is does your credit in need of rehabilitation. Once you have an idea of what you are looking for choose the right credit card for you by researching the information you need that will fit your basic needs. You may also review the credit cards you’ve research and compare them.

Shopping for a credit card?

Regardless of the type of credit card you choose, be sure to discuss your specific financial needs with your financial advisor or accountant before applying for any credit card. It is a must that you understand the benefits of having a credit card like safety, valuable consumer protections under the law, and the accessibility and availability of services. The most popular credit cards include Chase Manhattan Bank, Citibank, Bank of America, BankOne, American Express, Discover Card, First Premier Bank, Advanta, HSBC Bank, and MasterCard Credit Cards.

Although having a credit card is synonymous to invincibility, this may also trigger a person’s thirst for material things and may lead into the temptation of buying something they don’t really need. A credit card bearer should always have in min that having a credit card is a big responsibility. If they don’t use it carefully, these may owe more than they can repay. It can also damage their credit report, and create credit problems that are quite difficult to repair.

Credit cards for business

2007-05-02T07:26:00.000-07:00

Do you have a home business? Then a business credit card may be for you. Keep in mind that I am not talking about a merchant account, an account with a bank that allows you to accept credit cards but instead there are advantages to having a business credit card.

Among the so many varieties of credit cards, one of the most underestimated is the value of a business credit card. Many people do not choose to apply for a business credit card because aside from having a definite target market— the business owners or business executives—it seems to be complicated to use. Although a business credit card has more requirements and has higher interests compared to other types of credit cards there is, contrary to the common conception, t can be very helpful if used properly.

What is a business credit card?
Basically, business credit card is for the business people’s consumption. Compared to the regular credit card, a business credit card has a high limit plus low interest rates. Depending on the manner of choosing, a business credit card may also bring a lot of automatic benefits.

Since it is targeted towards businessmen or those people who are heading towards building a business, a business credit card can definitely benefit these small businesses. A business credit card helps the budding business by extending payments while improving the cash flow. Aside from bearing the image of a dependable credit card, business credit card boasts of having detailed reports and giving quality customer service as its major trademarks.

Aside from having limits and low interest rates, a business credit card provides many alternatives and numerous credit options for small businesses. A business credit card also caters to large corporations that are crafted to aid those people who are starting with their own business to grow while closely monitoring the baseline of credit.

Simplifying business credit cards
It really pays to go to the bank when one applies for a credit card to get the chance to answer all immediate inquiries. But since business credit card is for business people who are always on the go, many business credit card issuers offers online applications for business credit cards. When one applies for a business credit card, there is no need to visit the bank. There is also no need to wait in the queue just to talk to a bank representative. When you apply business credit card online, all you have to do is to select the business credit card option that would perfectly suit your small business or corporate credit requirements right from the comforts of your home or office. Aside from offering safe, secured, and simple processes that are designed help you take care of your starting business, most business credit cards online offer accessible features for the convenience of the business credit card holder like the online payment and reporting. Customized company logos and access to instant cash are also available on line. Other business credit card online offers detailed reporting features for easy monitoring and access.

Most business credit card applications offer free fee for the first year and no pre-set spending limit or finance charges. Other business credit card offers viable membership rewards program that enables the member to earn points towards travel, merchandise and other rewards for his or her business. Some of these business credit cards offer small businesses a line of credit up to $100,000 at a competitive APR as low as prime + 1.99% for both cash and check purchases; 100% of the line is available as cash and no collateral is required. The business credit card holder or customer might receive fee-free checks as well as a card to access the account. Everyday savings or exclusive savings, express approvals, no annual fee, up to 5 percent rebates on all qualified purchases, and 0% introductory annual percentage rate (APR) on purchases during first half of the year of card membership are some of the great offers of most business credit cards.

Although majority of the business credit card issuers offer great value deals, it is very important to research first what does your business needs. Whether your business credit card is meant for investing in inventory or just for payroll, it is significant to look for a flexible business credit card that can handle almost anything. Whether you opt to go directly to the bank or apply for a business credit card online, a number of premier business credit card suppliers are there to help you find the right credit card product as easy and convenient as possible.

Questions before you apply for a credit card

2007-05-01T14:05:00.000-07:00

One of the disadvantages of modern times is that people tend to acquire so many things they don’t really need. Numerous gadgets and services occurred targeting a vast market of consumers and this emergence of various inventions somehow blinded people.

Since finances—especially money—is one of the major concerns of many people, a wide array of financial management services and financial options emerged. One of the most visible among the unending line of financial management services there are is the credit card.

Although many people testify for the financial convenience you get when you apply for a credit card, it doesn’t mean that every financing convenience applies for you or for everybody in that matter.

When people apply for a credit card, there is always a reason. It can be for managing their finances, needing extra money or in preparation to a big expenditure. But, no matter what the reason is, people apply for a credit card because of the ultimate convenience it brings. By now, you may have had your share of ‘pre-approved’ credit card offers in your virtual and physical mail. Since people are quite vulnerable when they apply for a credit card, some credit card issuers lure these people by giving low introductory APR, no annual fee offers among numerous perks. The tendency of this so many alternatives and “value” deals is to sway the person who wants to apply for a credit card.

There are undeniably endless lists of pros and cons when you apply for a credit card, but if you really have decided to apply for a credit card, these are some of the helpful tips that can guide you on your credit card shopping journey.

Actually, there are three easy steps you should follow if you have decided to apply for a credit card. First, surf the net and do some research on credit cards. By doing this, you can familiarize yourself with different credit card terms and types. Second, you can compare numerous credit cards that would best serve your needs and lastly, you may now apply for the credit card of your choice by filling out a credit card application by visiting a bank representative or through online.

In order to find the right credit card fast and easy, first, before you apply for a credit card, make sure you mastered the credit card terms. When you apply for a credit card you must know what a “credit card” really is. Being a form of borrowing that involves charges, credit cards usually have underlying credit terms and conditions affect your overall cost. So, it’s best to compare terms and fees before you apply for a credit card and agree to open an account. Some of the important terms to be understood well include the annual percentage rate or the APR.

When you apply for a credit card, you must know how the APR affects your credit account. Being a measure of the cost of credit expressed as a yearly rate, the APR should be disclosed before you apply for a credit card so that you would not be obligated on the account and on your account statements later on. Aside from APR, the periodic rate must be disclosed to the card holder before they completely apply for a credit card so they would have an idea of their outstanding balance and finance charge for each billing period. Other important terms to know before you apply for a credit card are free period or “grace period,” annual fees, transaction fees and other charges, other costs and feature, and balance computation method for the finance charge like average daily balance, adjusted balance, previous balance, and two-cycle balances. If you’re not that type of person who is patient enough to research on all these terms, make sure that before you apply for a credit card, the issuer will give an explanation how the balance is computed and it must appear on your monthly billing statements.

Building up your emergency fund

2007-03-27T20:34:00.000-07:00

Before you start stashing away your money for an emergency, the first step in building your emergency fund is to figure out just how much money you have to put aside in the first place.

People often don’t know where they’re spending their money. Once you can account for every penny, it’s a lot easier to decide where you can cut back and start to save.

You can’t always account for emergencies so it is more critical to build the fund as fast as possible.

Say Good-bye to Credit Cards

One of the best ways to save money the fastest is to clip up all of those expensive credit cards.

Credit cards are perhaps one of the most expensive forms of money. A very good rule of thumb is, unless you pay off your credit card bills each month, don’t use the cards for anything you can either eat or wear.

Another good rule of thumb is to consolidate your debt. If you have several credit cards, each at different rates of interest, why not fold them into a home equity loan and then write off the interest payments? This is a good way to begin an emergency savings fund.

Here are some good suggestions for budget trimming that can work for just about everyone:

When mortgage rates are especially low—consider refinancing your mortgage and, while you’re at it, your car loans, too.

When you live in an area that has good public transportation, see if you can get by on one car instead of two.

Make your current car last. With good maintenance, you will be able to replace it every six to eight years instead of every three years.

Do a periodical energy check on the house. Replace all essentials such as cracked storm windows and renew the weather stripping.

Cancel subscriptions to magazines or newspapers that you’re not reading.

Eat out less often and learn to be creative using leftovers. If you stop for a morning cup of coffee at the local Deli, make coffee at home.

For the kids weekly allowance cut it back. Explain to them that every member of the family needs to contribute to the emergency fund for it to work.

Remember, too, that you will be teaching your kids to be frugal and to develop good spending habits.

Saving money on your own brings many rewards, and like most other things, it becomes easier over time. In the end, your entire family will have peace of mind that comes from knowing you have financial resources set up and ready for when times are the toughest. The sacrifices you make now will be realized when you need the most comfort as a family.

Painless Ways to Find Money for an Emergency

If your plan for money for your next emergency is to scoop up the change that falls between the cushions, you might want to come up with a plan to add to that stash. It is always a good idea to have a little extra green for the lean times. Rainy days could be just around the corner. Rainy day funds become necessary! Here are some very clever and virtually painless ways to put aside some money now!

Put aside a large envelope, cookie tin, coffee jar or something similar. At the end of every week, throw a couple of dollars aside. By the end of your first month you should have some extra cash put aside to have a nice start on an emergency fund. The idea to doing this is don’t count it or spend it. Place it somewhere that is hidden away. Put it somewhere that you won’t be tempted to dip into it. This kind of money really adds up!

The next time you treat yourself or your family to a meal out, tip yourself! Just as you go to tip the waitress 15 to 20 percent, put the same amount aside for yourself. When you get home, stash it away in your cookie jar. Every time you go through a fast food window, put a dollar away for that cookie jar, too!

The next time you get a good raise, instead of applying it to your cost of living, bank it! This way you will always be living one raise behind and your bank account will be growing by some 3 percent.

Take advantage of that cash back option! Next time you make a purchase using your debit card, ask for a small amount of cash back. Instead of spending it, stash it away in your cookie jar! Chances are you won’t even miss that extra $1, $2 or $5 bill and come emergency time, you will notice how the amount has piled up.

Next time you pay off that big-ticket item like a new car or tuition, continue to make the payments to yourself! Set up a savings account and each month slip the ghost payment into it. Watch as it builds nicely.

If you have noticed that you can get a better long distance telephone plan and you want to switch, allocate the savings to your cookie jar. You won’t likely miss that little bit of extra money, and you will have a better telephone plan, too.

Consider joining a Christmas club. You will save a lot of money. Each year you put aside a bit of money and place it into a hamper program. Then, as Christmas rolls around you don’t need to scramble looking for Christmas cheer to share with your family. Your hamper arrives filled to the brim with all kinds of seasonal goodies that you paid for over the previous year. You can easily put aside $50 each year towards your emergency fund this way and you and your family will enjoy a hassle free Christmas.

Sign up for a grocery shopping membership card. At the bottom of your store receipt, you will see a print out that states how much you save each week. It really adds up. You can easily save an average of $15 on each weekly grocery trip. Add that amount, each week, to your savings cookie jar.

Did you enjoy your tax refund this year? Sure you did, we all did. That’s because of the new tax laws. Many people will have a little extra money coming their way after April 15. Decide to deposit that extra money right away into your savings account or cash it and then stash it. Sure you can come up with plenty of ways you can use that money now, but put it away for later. You might need it even more later.

If you are a responsible spender, take out a credit card that rewards your loyalty. When you pay off the bill every month, use a card that promises a cash reward and bank the money. Use your reward credit card smartly and you could end up with a very nice windfall for your rainy day fund.

Put aside a large mouthed jar in the kitchen. It is very likely that your parents and grandparents had one. At the end of each workday simply empty your pockets or clean out your change purse. All the change goes into the jar. Who wants to carry around all that dead weight, anyway? Your spare change adds up a lot faster than you think. While you are at it, add at least one bill to your change jar at the end of each week. Aim for a $20!

Is it time to give up that nasty smoking habit? Imagine the money you will save! If you are not quite ready to quit at least cut back by half. Put the savings each day into your change jar and watch it overflow!

Convert to a coin-operated laundry. Keep a jar on your washer and dryer and every time you go to do a load of laundry, slip in a coin or two. This adds up month by month.

The next time you go to return a movie rental on time, pay yourself the late fee. You will see how quickly that $1.50 to $4 can add up.

If you yearn to loose some weight, try rewarding yourself the cost of the item that you do without each day. Put that money into your change jar. You will look great and you will be saving for a rainy day!

Place a large jar by the telephone. Everyone must drop in a coin to make a call. All proceeds go to the emergency fund. This one works!

Emergencies always crop up. They are always guaranteed, unlike the money to deal with them. Be prepared and plan!