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.

  • Take inventory – There is no magic debt elimination method that is right for each person. In order to get out of debt while retaining as much control over the process as possible it is necessary for each person to sit down with their own finances and figure out exactly where they stand and what they need to do to accomplish their goal. Determine how much debt you have as well as every available dollar you can apply toward eliminating your debt. Be honest with yourself otherwise you may end up picking a strategy that will not work in the long run.
  • Establish a plan of action – Once you know where you stand in terms of debt and available income you are in a position to determine which debt elimination method is right for you. Remember not everyone has the same circumstances so make it a point to be true to yourself in order to begin eliminating your debt.
  • Understand the risks – There are some people that will not be able to eliminate their debt on their own in the traditional way. With thousands of people out of work and struggling to make it from paycheck-to-paycheck, some people will have to try debt relief methods that carry a bit of risk. Before you begin any process, take the time to carefully review and understand what you are getting into before proceeding. Your debt is still your responsibility therefore it is important to retain as much control as possible throughout the process.
  • Try it yourself – Many of the companies offering services from credit counseling to debt settlement are providing services that each person can do on their own. It might be easier to pay someone else to deal with your creditors and handle your financial affairs, but in doing so you will pay fees (sometimes very high fees) as well as lose control over the situation. There are literally hundreds of websites that offer free information about various “get out of debt” methods, review the information available to see if you can produce the same results on your own.

Photo from shutterstock

Eliminating debt is necessary to ensure financial security in the future. For many people the thought of tackling their debt on their own can become so intimidating they choose to do nothing or hire a third party company to represent their interests. Both options are fraught with risk and negative consequences to your long term financial situation. This is one time in life when it is better to take the bull by the horns and simply deal with your problem instead of hoping it will go away on its own or through the help of a third party.

Guest post by Debbie Dragon, a freelance writer providing articles for Billeater.com, a site that helps it’s readers save money, with unique money saving tips and tricks for your busy lifestyle.


Why You Need Renters Insurance And How Much It Costs.

The renters insurance for the house I am renting is a whopping $12.50 a month for a $45,000 full-replacement value plan. Granted, I have my car insurance with them as well, but as you can see, renters insurance is just not that much money for a decent amount of coverage. And while I could have bought way more coverage than that if I wanted, I really just wanted a basic plan covering my most expensive items like computers and other electronics. That way if I was robbed or a disaster happened, I could easily replace the high-end items in the home without too much pain and agony. I have been paying for renters insurance for years now, but it seems that a majority of renters do not have this kind of insurance, and I just cannot figure out why – after all, it doesn’t cost all that much money and it can provide a little piece of mind for those of us who do not own our own homes yet but do have a few nice things.

In my book, a renter is more likely to experience a major loss than a homeowner is. This is because oftentimes they are sharing a building with many other people in apartment-like settings, so they have to trust every other single resident to not leave the water running, not leave a burner on, or to remember to put out their cigarettes before they go to bed. That is a lot of faith in other people to have to have! Many renters think that the owners of the building have insurance that will cover them, but that is not the case at all – it is up to you to insure your belongings against any loss or damage.

Photo from Shutterstock

While there are many different things that can be written into renters insurance policies, a biggie to focus on has to do with something I mentioned earlier – full replacement cost. Renters policies can come in two flavors:

  • Actual Cash Value (ACV), which is coverage that pays you for the market value of your belongings at the time they get damaged.
  • Full Replacement Cost is coverage that will pay you the full replacement cost of getting a new version of whatever it is that you lost.

I pay for full replacement cost coverage, as I know that if I didn’t, and I lost my TV, I would only get what it is worth today – not what it costs to actually replace it. It may cost a little more than ACV, but it is totally worth it for me and my stuff. Here is what my renters policy looks like for $12.50 a month:

  • $45,300 for loss of personal property, Actual Loss Sustained
  • A deductible of $1,000
  • $100,000 in personal liability

If you rent, and you do not have renters insurance, you are taking a very big gamble. While you might not think that you own many things of value, I bet if you walked around your home and added up the cost of everything in it, it would add up to a pretty penny – and wouldn’t you want some insurance against having to pay for all of it again? I know I like having it. And for a whopping $12.50 a month for $45,000 in coverage, I feel pretty secure in the fact that I could quickly and easily replace the most expensive of my belongings without much pain.

I use State Farm for my car and renters insurance policies, but there are plenty of companies out there who want your business. Quite often, a good place to start is an insurance comparison shopping site like ESURANCE or HOMETOWN QUOTES which let you see how much a policy would be with different insurers. If you already have an auto insurance company you are happy with, see if they offer renters insurance as well and if you can get a discount because of your other policy. Whatever else you do this week, LOOK INTO RENTERS INSURANCE SOON if you do not have it – it doesn’t cost a lot but can save you a lot in case of emergency!


One In Nine Americans Receiving Food Stamps.

As of this past June, over 35 million Americans are receiving food stamp assistance from the Federal Government. That amounts to 1 in 9 Americans who need help in putting food on the table for their family, which is a pretty scary statistic. And while I realize that there are some who abuse the system (as with anything else, there are always people who take advantage), it really bothers me to know that there are that many people who just cannot make ends meet. Friends I know in major cities talk about the increase in the amount of homeless families they are seeing by the side of the road begging, and the fact that there just aren’t any jobs available, or that they themselves have been unemployed for quite some time. News pundits like to say that things are starting to show signs of recovery (and they might for some), but we obviously have a long way to go when 1 in 9 people are in need of food assistance. What are you seeing in your town? What are you hearing? Are jobs becoming more available or more scarce? Has there been an influx of the homeless on street corners near you? What’s the scoop in your city?

photo from shutterstock


And The Winner Of ‘Get Motivated!’ By Tamara Lowe Is…

Last week I started a giveaway for a copy of the book Get Motivated! by Tamara Lowe, and we have a winner! Chosen at random by random.org, the winner of the book is Trent W. who wrote “I am a hard worker and one who is self-driven, but who encounters frequent burn-out in my career. I need to find a way to achieve balance in my life by feeling a greater sense of motivation for what I do.” Well, hopefully this book will help you out Trent! If you didn’t win this time, don’t fret – I have plenty more giveaways coming up for you guys, so stay tuned.


Taking The Day Off For Labor Day.

Hope you guys all have a great day off and be sure to get outside!

photo by Zevotron

Page 53 of 347« First...102030...5051525354555657...708090...Last »