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A study put out by the [tag]Christian Science Monitor [/tag]states [tag]Americans[/tag] who make less than $20,000 give more. To qualify this stat, this group gives more in relationship to their [tag]income[/tag]. I find this amazing, but at the same time its great to see everyone open their pocketbooks to those who have less.
Interesting fact: This year Americans will give away 260 [tag]Billion[/tag] to charity. Yes that is “B” as in Billions.
Money guru Jean Chatzky knows her latest book, “Pay It Down: From Debt to Wealth on $10 a Day,” centers on a gimmick.
10 easy ways to stash away thousands – MSN Money
So what is the gimmick? If you just took $10 a day and saved it that would equal $300 a month, $3,600 a year, $18,000 in 5 years, this is all simple math with out factoring in interest. A gimick that works. The only probelem is it takes discipline to do it and not spend your savings on things versus paying off debt.
technorati tags:paying off debt
For the first four months of 2006 the number of bankruptcy’s declined to a 20 year low. Maybe the new laws imposed at the start of the year really are working to stop the number of bankruptcies? Not so fast in the courts are now seeing 2000 new fillings a day. This is up four times the filling in November 2005.
It’s that dreaded time of the year again. Uncle Sam is asking for his cut of your money!
If you are one of the luck ones who will be getting money back and not sending in a check then, I would highly recommend you use the refund to pay down your debt.
Yes, you could buy a new TV, computer, a great vacation but if you are in debt use that money to pay the debt down.
Your refund is a great way to jump start your debt crushing efforts.
I once used a $4000 check to slam out a credit card. It felt great. Sure I could have had a new Plasma TV but the freedom of getting rid of a debt once and for good was well worth the 4 grand.
Reduce Your Debt – How To Use Debt Consolidation to Get Yourself Out Of Debt Permanently
By Carrie Reeder
Debt consolidation can get you out of debt permanently if you make it part of a financial plan. Within five years, you can have your unsecured loans paid off and on your way to debt-free living. The key is to plan for the future.
Get Your Bills In Order
If you are in the hole with debt payments, then debt consolidation may be your way out. Debt consolidation programs lower your interest rates on unsecured loans with creditors. With their low fee, they handle payments, account paperwork, and direct dealings with creditors. All you do is send them a monthly payment for all your consolidated bills.
Initially, you will see a slight drop in your credit score, eliminating your ability to apply for more credit. However, within two years you can apply for credit as lenders see your commitment to repaying loans. You can even apply for a mortgage loan at this time.
To make sure you are betting the best deal, shop around for a debt consolidation company. Request quotes on fees and information on their services. While you want the best deal, don’t be lured by false promises.
Pay Bills Faster
Once you have one account paid off, apply that monthly cash toward another account. Not only will you be paying off your bills sooner, but you will be saving money on interest payments. Also consider applying any refunds or bonuses toward your bills.
Also, look for ways you can cut spending, even if just temporarily. Cell phones, cable TV, or eating out can all be reduced or cut out. It is difficult, but keep your eye on your goal of being debt-free.
Plan For Your Future
It is not enough to get out of debt, you also need to plan for your future. You may find a credit counselor can help you create goals and design a budget. You can also find a lot of good information on finances online or through books.
One of your future goals should be creating a financial safety net. Even while you are paying off debt, you should be saving money every month. While a job loss or a major illness can’t be avoided, you can minimize their financial impact by being proactive with your finances.
To view our list of recommended debt consolidation companies online, visit
this page: Recommended Sources for Debt Consolidation Online.
Carrie Reeder is the owner of ABC Loan
Guide, an informational website about various types of loans.
Article Source: http://EzineArticles.com/
Is There A Way Out Of Your Debt Problems?
By Roy Thomsitt
Do you have multiple debts? Do you have just one large debt which you could afford, but your circumstances have since changed? Are you finding it harder each month to meet the payments on your debts?
You know debt is a problem, but maybe do not have any idea what the best way out is. Financial problems rarely just go away, so a solution of some beneficial sort is needed. Otherwise the problems just keep piling up and eventually overwhelm you.
While there may not be any instant debt solution, there are a number of things that can be done. Some of those things that can help you, apply across all methods of improving your debt situation, so let us have a look at those first:
1. Change Your Attitude Towards Debt And Spending
While debt is almost contagious these days, it is possible to be different from the crowd. Once you are determined not to follow social trends just because they are there, your mind can become a powerful ally in finding and achieving a solution to your debt problems.
This part of the debt solution is a long term aid, but one that will act like an immunisation does with disease. You will build up an immunity to the debt traps in the future, and for your existing debt you will be far more inclined to plan and budget your way to a debt free future.
2. Plan And Budget As Part Of Your Debt Solution
Another essential debt solution element is for you to budget and plan your financial future. First of all, list your outgoings and give them an order of priority in monthly payment. If you have an annual charge, then divide by 12 and use that monthly figure, remembering to set aside that amount each month in a savings account.
Include all your repayments, including credit cards, in those outgoings. Set a firm budget for yourself each month, and stick to it. If there is a surplus, use it to pay off extra each month on loans and credit cards, choosing the most expensive to clear first. Combined with 1 above, this is an important part of your debt solution, whatever other methods you may add.
3. Cut Out From Your Budget Non Essential Items Of Expenditure.
Now that you have gone through part 2 of your debt solution, take another look at the list of outgoings. First of all, ensure the list is complete. Then go through the list an item at a time, and see if there is anything that can be eliminated or at least cut. You may find it useful for the first month to take a detailed look at your supermarket and other household grocery spends, to see if there are possible savings.
By going through the above three processes you are well on the way to finding a debt solution that is achievable and without penalty. In the long term, it will improve your financial welfare no end.
If you want to go further though, and mix the above 3 suggestions with other solution possibilities, then you may consider the following:
1. Debt Consolidation Loan
If you have multiple debts a debt consolidation loan may well be a part of your debt solution possibilities. By taking out a debt consolidation loan, you could give yourself some breathing space by reducing your monthly payments. Combined with the three self help methods described above, you can give yourself an opportunity to plan and budget for debt elimination over the period of the loan.
By setting aside the savings from your monthly reduction in payments, you can accumulate enough for just about all your needs. Aim for no further borrowing. Save for your next car, next vacation, or anything else you may have used a loan for before. Become a saver and cash buyer from now on.
2. Debt Negotiation
If you have debts getting out of control and are struggling to make monthly payments, or have started to fall behind, then debt negotiation or settlement is an option as a part of your long term debt solution. With debt negotiation, it is usual for the debtor to use a consultant to negotiate settling the debts, at perhaps a 40%-50% lower level, and then agreeing a repayment rate for that lower level of debt.
Debt negotiation will have an impact on your credit rating, so if you can use a debt consolidation loan it will probably be better for you.
There are other ways to reach a debt solution, but those above are the most likely and practical. But whatever way you choose to go, you will find your long term wealth growth improved by using the first 3 self help methods: changing attitude or mindset; budgeting; and cutting out non essentials. Later, you can look forward to all the non essentials you want, after your patient period of constraint.
Never forget also that there are many ways to increase your income, whatever your age. Keep expanding your knowledge, and those possibilities will always increase. You may even find a way of earning money online.
This debt solution article was written by Roy Thomsitt, owner of the Eliminate Credit Card Debt Now website.
Article Source: http://EzineArticles.com/
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Consolidate Debt to Help Get You Out of the Quagmire
By Lee Bennett
Will you agree with me if I tell you that, the key to financial success is to live within your means? This is an old belief that modern day income earners have completely forgotten. This is because it is now extremely easy to get into financial trouble. Credit card, store cards and other loans are easy to acquire. However, you will agree with me when I say that they are very hard to pay, you may end up living a paycheck-to-paycheck kind of life if you will not fix the situation immediately.
Consolidation debt may save your sinking credit standing. However, you need to be careful if you need a consolidation debt. Many debt consolidation companies may offer their services when you need a consolidation debt. This may be helpful but it is more advisable if you try to make a realistic personal assessment of your financial condition before deciding on acquiring a consolidation debt.
First, you need to consider the ultimate reason why you think a consolidation debt may be your only way out. Does interest rate burden you that even you pay your dues; your obligation remains that same. If this is so, then may be a consolidation debt can be your best bet. If you need to reduce your monthly payments to only one in order to avoid sacrificing other debtors in favor of another, then this may also be a reason for acquiring consolidation debt. Additionally, proper handling of a consolidation debt may speed up repair of your credit standing. This may be a very good benefit you will get from acquiring a consolidation debt.
When you finally decide base on your personal assessment that really, consolidation debt is a good way to help take back your credit standing and credit worthiness, then you need to decide on the next issue. Do you want to negotiate for your consolidation debt or would you need a credit counselor? You may try to negotiate personally but this proves to be too tedious and that there may be technical terms you are not familiar to. Let us hope you do not fall prey to loan sharks that will apply unrealistically high interest rates on the consolidation debt you will acquire. It may be a good recommendation to get the services of a reputable and respectable lending institution to negotiate for your consolidation debt. There are benefits you may get from debt consolidation companies that you may not provide for yourself. Since, they are in the business of providing debt consolidation services, they may be able to negotiate better and may lessen your debt, lessen the interest rates and even lessen the late payment charges. This is going to be very beneficial. However, you need to be smart in choosing a debt consolidation company to represent you in your consolidation debt application. Because there are some who may take advantage of you. Get references and find resources that may help you in assessing the best lending institution to represent you.
Finally, a good recommendation for acquiring a consolidation debt is to get as many proposals as you can. From there, you assess which offers the most flexible terms. Consider the monthly payments you need to set aside. You may also need to consider the length of the payment terms and the charges of the debt consolidation company for the services in acquiring your consolidation debt. After all these get the most advantageous offer and start from there. Take back your life and your credit standing. Avoid headaches and sleepless nights due to bugging creditors. When you finally get a consolidation debt, pay diligently, this is the best way for you.
Lee Bennett
http://www.debt-helponline.info
Article Source: http://EzineArticles.com/
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