Category: debt

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How To Get Out Of Debt On Your Own Terms.

You’ve seen the ads and heard the commercials touting the best way to get out of debt forever in a few short months. While these promises made by the unending number of companies popping up to help you eliminate debt may sound too good to be true, there is one thing you can take to the bank. There are ways for you to get out of debt, however unless you are in dire straits you don’t need the help of a third party company to accomplish this goal. In fact for a large portion of the population getting out of debt is less about money than it is about strategy and lifestyle changes. Here we will cover how you can get out of debt on your own terms.

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debt
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Pay Off Low-Balance Debt First For A Big Mental Boost.

There are many different schools of thought on the proper way to pay off your debt. Some say to start attacking the high-balance cards first, some say to go after the high-interest debt first, and some fall into my school of thought: start with the low-balance debt first. This is exactly how I started paying off my debt when I finally reached the point of “No More!”. I grabbed all my credit card statements, wrote down all the balances, and sent the most money that I could afford to the one with the lowest balance. Every other card on the list got the bare minimum payment until that first one was completely paid off (and even that one took a little while), and then I moved on to the one with the next lowest balance. Sure, this might have made the repayment of my debt take a little bit longer, and it might have cost me a little more in interest charges, but I did it this way for a few reasons:

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Who Is Responsible For Paying The Debts Of A Deceased Relative.

After a relative dies, the last thing grieving family members may expect are calls from debt collectors asking them to pay their loved one’s outstanding debts. According to the Federal Trade Commission (FTC), the nation’s consumer protection agency, a surviving relative usually has no legal obligation to pay the debts of a family member who has died. In fact, the rights of surviving relatives are covered by the Fair Debt Collection Practices Act (FDCPA), which prohibits debt collectors from using abusive, unfair, or deceptive practices to collect from you.

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Fighting Your Debt, From The Small Steps To The Big Picture.

I will be on vacation for a little bit, so while I am gone I will be taking a break from posting every day while re-running some older posts you may have missed. Want to write a guest post for publication while I am gone? Email me or use my contact page to get in touch!

Some people talk about “˜climbing out of debt’ like it’s a pit, while others say they’re “˜buried under a mountain of debt’. Either way, the top can seem a long way off when you’re right down at the bottom, peering up at the promise of a debt-free future.

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debt
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Things You Own End Up Owning You.

The title of this post is one of my favorite quotes from one of my favorite movies – Fight Club. The quote is from Tyler Durden, (and without telling you too much in case you haven’t seen the movie) who is anti-establishment and anti-consumerism…making it one of those movies that every person who feels the same should see just for his quotes alone!

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debt
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