Goodbyemydebt's Blog

GET OUT OF DEBT PLAN

411 Helper — Sun, 29 Nov 2009 20:09:15 +0000

PLAN IT AND DO IT

After assessing how much money you owe, you may learn that you’re carrying too much consumer debt. Don’t let this realization overwhelm and paralyze you. By combining financial planning with debt management techniques you can reduce your debt with the following tactics:

Create a get-out-of-debt plan. Use the Debt Recovery Worksheet to help you organize your plan. Although every creditor must receive a payment each month, put any extra cash toward the debt with the highest interest rate. This sounds hard to do, but it will pay off in more than just piece of mind, it will save you money in the long run.
Cut expenses. Try to identify a few things you could stop buying or buy less often. For ideas, review Know Where Your Money Goes and Shop Smarter. This is easy, just stop buying Star Bucks every morning, or stop going out to dinner every night.
Assess your ability to pay bills as you develop your get-out-of-debt plan and then take the appropriate action. For example, if you bought a car and are having trouble making the payments, it may be better to sell the car and pay off the loan rather than let the creditor repossess the car. Repossession will hurt your credit record. You need to make adult decisions, if it gets too hard to pay a bill, do the right thing and make a decision.
Try to increase income. Is it possible to get a second job or get paid overtime and use the money to reduce debt? If you have family responsibilities, first consider what effect your absence could have on the well-being of your family. It’s important to balance your get-out-of-debt plan with the need to spend time with your family and friends.Learn to accomplish as much as you can in a shorter time and you will be earning more per hour.
When one debt is paid off, keep paying the same amount – just put it toward another remaining debt. Dont let up on paying your debt or things will double up and you will be in much more trouble.
Consolidate loans to make your financial planning with debt management solutions reachable. Shift higher-interest loans to a single lower-rate loan and stop running up new charges. If you dont stop spending than forget ever trying to get out of your situation.
Keep only one or two major credit cards. Cut up the other cards and call the credit card companies to cancel the accounts. Keep the remaining one or two credit cards at home (as long as they won’t be used by anyone else). Consider having the credit limits lowered. More than anything, just be responsible with your money and respect it.
Make your get-out-of-debt plan more effective by stopping most credit card offers from arriving in your mail: Call 1-888-5OPT-OUT (1-888-567-8688, www.optoutprescreen.com). Those great credit card deals you get in the mail are usually the ones that will get you into trouble. If you want to get a credit card, go throught a credit union. A credit union wont rip you off, like most banks will.

courtesy of www.smartaboutmoney.org

Getting Out of Debt 411

411 Helper — Thu, 12 Nov 2009 05:10:52 +0000

How does a debt settlement program work?

A professional agency negotiates with your creditors. In most cases if a creditor cannot collect on the debt, they write it off as a loss on their taxes. Creditors will reach agreements to settle debt in order to recover monies they often would not of have been able to get. In most cases this can result as a benefit for both parties.

Will debt settlement affect my credit score?

Knowing whether or not this will affect your credit score all depends on your current situation. Your credit score may be affected due to non payment of existing debt that you wish to settle. In the Debt Settlement process of reaching an agreement with your creditors, many items can be negotiated such as removing negative remarks. This depends on each individual the creditor.

Debt Help Tip of the Night

411 Helper — Sun, 08 Nov 2009 06:08:42 +0000

Eliminate. Take a hard look at what’s truly necessary, and be willing to make compromises. Cable TV, satellite radio, and 3000 dollar channel purses are not necessities.You’ll be amazed at how much of a difference those few extra dollars make when you cut out some luxuries, especially when you find your self in debt

Investing advice

411 Helper — Tue, 03 Nov 2009 17:33:12 +0000

Be extremely cautious if the returns promised on an investment exceed what is generally available. If they sound too good to be true, they probably are. It usually means the investment is too ambitious in its claims, too risky, or simply a scam.

Money tips

411 Helper — Sun, 01 Nov 2009 19:24:52 +0000

Reduce your electric bill by turning off lights that are not being utilized. Leaving a phone charger plugged in without a phone attached still uses energy and will increase your electric bill.

Money tip of the day

411 Helper — Sat, 31 Oct 2009 21:25:34 +0000

Take care of your money today and later on your money will take care of you

A weird money Fact

411 Helper — Thu, 29 Oct 2009 01:31:42 +0000

People have more fantasies about money than they do sex.

Money Saving Tip of the night!

411 Helper — Wed, 28 Oct 2009 03:41:00 +0000

Combine your cable, internet and telephone service. Companies now offer combined services that not only cost less, but offer the convenience of a single bill.

If you are not doing this, its worth looking into! Bring your monthly bills down. This is going to save you a little each month, but over a long period of time, you will save hundereds of dollars and you can pay off more of that credit card debt you have hanging over your head!

A Good Debt Story!

411 Helper — Tue, 27 Oct 2009 22:20:04 +0000

So a friend of mine was drowding in debt and was on the verge of bankkruptcy and was wondering what the best solution was. After being in 20k unsecured debt for over 6 months with his payments not even breaking him even on his balance, he decided to look into way to reduce his debt. I suggested he try debt negotiation for a first look at his current options. After coming a cross a great debt company he was able to reduce his payment down to 53% of what he was currently paying. When all was said and done he ened up financially free in 6 months without filling for bankruptcy.

Money Tips

411 Helper — Tue, 27 Oct 2009 15:23:09 +0000

At Goodbye My Debt, we are going to do our best to share with our readers and clients, some great tips to save money, get out of debt and other financial tips to help everyone we cross paths with.

a tip we believe to be something to take notice of below:

Pay yourself first. When you get a paycheck, first thing you should do with that money is take a portion or a percentage and put it away and dont look back. Doing this for 10 years might change your life and keep you from falling into debt.