MONEY: Stay away from the mall, say Hallelujah! - Apr. 19, 2006

MONEY: Stay away from the mall, say Hallelujah! - Apr. 19, 2006

NWAnews.com :: Northwest Arkansas' News Source

NWAnews.com :: Northwest Arkansas' News Source
February saw a slow-down in the rise in consumer debt. Consumers have apparently slowed their spending. Please note that stopping the spending is the only way to get out of debt!! The article reports that the total consumer debt tops $2.16 trillion; that is besides mortgages and real estate loans. Read on for more information on the state of consumer debt in the US.

WROC TV NEWS 8 NOW ROCHESTER NEW YORK - Local Story

WROC TV NEWS 8 NOW ROCHESTER NEW YORK - Local Story
According to this report, student loan interest rates are set to rise in July. Federal student loans are re-evaluated every July to determine interest rate. July 2005 saw a rise in student loan interest rates for the first time in several years. It's very unfortunate that so many young people are starting their careers with mountains of student loan debt. Read on for more information on interest rates on student loan debt.

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Good Credit Card News Overstated [Fool.com: Motley Fool Take] April 5, 2006

Good Credit Card News Overstated [Fool.com: Motley Fool Take] April 5, 2006
This article corrects a previous article in which the author reported that credit card minimum payments were doubling. Apparently credit card payments are not going up quite as high as was reported. The author expressed the opinion that the higher payments were good in that consumers would be forced to pay off debt faster. For those of us paying off debt and wanting to live debt-free, paying off credit cards must be done as quickly as possible. Read on for more information re: credit card minimum payments.

Tackling the debt problem | mountvernonnews.com

Tackling the debt problem | mountvernonnews.com
Really good advice on managing money and staying out of debt. The author mentions that consumers have come to rely on credit card debt and that such debt gets quickly out of hand. The fact that many of us live a lifestyle that our income won't support will keep us in debt and drive us deeper into debt. The core of managing money is learning to live within your means. And that means no debt! Read on for more detail about debt and how to manage it.
Debt consolidation quote here!

Winston-Salem Journal | The Color of Money: Theory on deadbeats seems empty

Winston-Salem Journal | The Color of Money: Theory on deadbeats seems empty
Another article that discusses debt and bankruptcy. The article points out that many who file bankruptcy over personal debt are not consumers who went on a shopping spree with no intention of paying off the debt, as the supporters of the new bankruptcy law claimed. An association of bankruptcy attorneys reported that, of the debtors who underwent the credit counselling required by the new bankruptcy low, 97% were truly bankrupt and could not pay off debt.
Paying off debt is never easy for those of us who let debt get out of hand. But motivation to get out of debt and real effort to pay off debt will reward you. My only debt at this time is a $70,000 student loan (besides my home mortgage). I could look at that debt as if it's a mountain that I will never climb, or as just another debt that will be repaid with diligence. (Of course, student loan debt is NOT bankruptable). Read on for more information on debt and bankruptcy.
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Filing Bankruptcy On Debt

News :: WKOW 27 - Madison, Wisconsin
According to this article, bankruptcy on credit card and other consumer debt hit record highs this year. This increase in bankruptcy filings was due to the change in bankruptcy laws last October which required debtors to pass a "means test" and to receive financial counselling along with filing Chapter 13 bankruptcy. Since that law went into effect, bankruptcies filings have decreased.

The article also points out that bankruptcy stays on your credit bureau report for 7 years. The author also notes that by avoiding debt and paying cash you can avoid bankruptcy. If you are having trouble paying bills, contact creditors and try to work with them. A surprising number of creditors will work with debtors to help them get current. I would add here that, remember, it's not necessary to take disrespect or outright abuse from debt collectors. Work with them to help pay your debt, tell them what you can do, and let them know that is it. After that, refuse to discuss it any further. I guess my pet peeve with this is the final "While I've got you on the line let me update your information". I reply, "No, the information has been the same for years" and hang up.
Read on for more information on how to pay off debt and avoid bankruptcy.

Consolidate debt here!