Carnival of Debt Reduction: End of Summer Edition
As the fun and sun of the summer winds down to a close, I tend to do the same thing that many of you probably do: I realize how much I have overspent on my summer travels and fun and begin to turn my attention back to my finances. For many of us, summer is a time of fun and splurging. However, we all have to wake up to the reality of our personal finances eventually, and by the time autumn rolls around many of us will need to refocus on our goal to reduce debt.
With that in mind, I thought a great way to get our minds back on track would be to host the Carnival of Debt Reduction. We have previously hosted this carnival twice before, and enjoyed it every time. Each time we received great submissions from some of the best personal finance blogs on the web.
It is an honor to be able to work and interact with these very knowledgeable and talented bloggers. As always, the carnival is focused on personal stories or advice related to debt reduction strategies. Articles that are unrelated to credit card debt reduction and/or reducing debt were excluded from this edition. Continue Reading »
Choosing Between Debt Consolidation Options
When most of us finally decide that we want to get out of debt, the first thing many of us think about is “debt consolidation.” However, with the many different companies and services promising to help us, this can be a very confusing option for us. There are actually several different ways to consolidate your debt, and each of these debt consolidation options comes with it’s own pros and cons.
With that in mine, I thought I’d help spell out and explain some of the various options for consolidating debt. It is important to remember that each situation is different, so debt reduction strategies that are best for one person may not be the best option for you. Continue Reading »
Debt Reduction Strategies that Work
If you are reading this, you are probably looking for credit card debt reduction strategies that will actually get you out of debt. Unfortunately, it can be extremely difficult to find good advice that you can trust on this topic.
Many websites and/or commercials that you come across have an agenda, and it is not to simply help you reduce debt. Instead, their goal is to make money for themselves, whether or not they actually help you with your finances.
In fact, many of these so-called debt reduction programs can actually ruin your credit and even leave you in MORE debt. Obviously, you will want to avoid any service or company that has the potential to harm you rather than help you financially. Continue Reading »
Debt Negotiators: Scam or Solution?
Many of you are searching for debt reduction programs that actually work and can get you out of debt without ruining your credit or leaving you in worse shape than you already are. There are solutions that could possibly help many of you, but debt negotiators are almost always NOT a good option.
We have talked about how debt negotiation services work in previous articles. In short, a settlement or negotiation company will have you sign a contract and agree to send a monthly payment to them to cover your debt.
These monthly payments, however, will NOT go to your creditors. The funds are simply held by the company for several months, with their fees being deducted every month. Eventually, you will save up enough money for them to attempt to settle one of your debts. Then and only then will the company contact your creditor and attempt to negotiate your debt. Continue Reading »
THE 7 DEADLY DEBT SINS
We’ve all heard of the 7 deadly sins –Greed, Gluttony, Lust, Pride, Wrath, Envy and Sloth; but did you know they can be applied to your financial situation? Almost everyone who is struggling with debt can blame their problems on at least one of the above behaviours.
Greed, also known as Avarice, is the compulsion to accumulate more than you need. A sin of excess, Greed is characterised by hoarding or seeking out ways to gain material wealth. In debt terms, this can be seen in people who hold several credit cards, or regularly go on shopping sprees to buy things they don’t need, for the sheer love of spending money. It’s a damaging behaviour, and usually results in large amounts of credit card debt which, as we all know, can take years to clear if you only make minimum payments each month. Continue Reading »
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