Debt-onators

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

2006-04-20T18:44:00.000-07:00

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

NWAnews.com :: Northwest Arkansas' News Source

2006-04-08T18:34:00.000-07:00

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

2006-04-07T18:32:00.000-07:00

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

2006-04-06T19:31:00.000-07:00

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

2006-04-03T20:02:00.000-07:00

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

2006-04-02T07:52:00.000-07:00

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

2006-03-30T06:04:00.000-08:00

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.

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The Ithaca Journal - www.theithacajournal.com - Ithaca, NY

2006-03-27T17:58:00.000-08:00

The Ithaca Journal - www.theithacajournal.com - Ithaca, NY
If you're getting a refund from the IRS this year, paying off debt is a good plan for your money. But even better, look toward next year and change your withholding to better reflect your real tax bill. If you can make payments on credit card debt, but get an IRS refund yearly, you are giving Uncle Sam an interest-free loan all year. Increase your deductions and pay down the additional pay on your debt. That way, you are reducing your interest on the debt and not allowing Uncle Sam to hold it.

Along with getting out of debt, it's important that we also learn how to use money wisely. Too many people look at their tax refund as a "windfall", like it's Christmas or something. That's your money!! If you enjoy the enforced savings, and have paid off debt, open a savings account or investment account with automatic draft and forget that money is there!

Chicago Tribune | Debt stands in the way of your life

2006-03-26T17:40:00.000-08:00

Chicago Tribune | Debt stands in the way of your life
Debt does just exactly what the title says; it interferes with your life. This author states that paying off debt is the best thing you can do financially; basically, paying for what you already have. To control our finances, we must learn to live within our means. We acquire debt because we want something we cannot afford!! To have financial stability, we have to learn to live within our means. And to acquire wealth, we have to learn to live beneath our means.

Getting out of debt is essential in order to have control over your finances. So many of us buy into the idea that you'll "always have a car payment", and you'll "always have a house payment". In other words, you'll always be in debt! Not true! I bought into that idea of debt as a part of life. I paid car payments for about 25 years! I'd have a car for about 2 years, then get bored and go into debt to get another car. My last car was a leased Acura. How ridiculous that I would lease a car when I live 25 miles from town. When that lease was up, I bought a 1997 Saturn for less than $3K. Still driving it! And I plan to until I can save to pay cash for a better car.

Read on for more information on getting out of debt!

Stock Market News and Investment Information | Reuters.com

2006-03-25T07:03:00.000-08:00

Stock Market News and Investment Information | Reuters.com
Bankruptcy filings for consumer debt rose 30% last year, with a dramatic spike in the weeks before October 17, when new, stricter bankruptcy laws went into effect. When you're deeply in debt, bankruptcy seems like the best way out of debt. However, as I'm sure you know, bankruptcy also trashes your credit - not a big problem if you're wanting to live debt-free, but it can interfere with trying to get a mortgage. Using bankruptcy to clear up debt stays on your credit bureau report for 7 years. Oh, you CAN get credit after bankruptcy, but you'll be gouged in the interest rates. Read on for more information on bankruptcy and consumer debt.

Credit Card Payments Are Doubling - Yahoo! News

2006-03-23T18:05:00.000-08:00

Credit Card Payments Are Doubling - Yahoo! News
Good news and bad news for those of us with credit card debt. Bad news - many credit card companies are raising minimum payments on credit card debt 100%. Double! Good news, for those of us trying to get out of debt - you'll pay off credit card debt faster!! Read on for more information on credit card payments.

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Credit card debt and stress

2006-03-20T16:21:00.000-08:00

Credit card debt and stress
This article discusses the impact of debt on our mental health. They suggest that debt contributes to both stress and depression. Read on for more information.

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Press Release: Taxpayers can Increase Tax Refunds by Investing in Debts - Financial / Legal | NewswireToday

2006-03-20T16:09:00.000-08:00

Press Release: Taxpayers can Increase Tax Refunds by Investing in Debts - Financial / Legal | NewswireToday
This article gives examples of how applying your federal income tax refund to your consumer debt can be a wise investment. Of course, it also helps with getting out of debt. According to this article, a refund of $2500 applied to a 15% credit card debt with minimum payment of 2.5% will save the consumer an additional $2500 in interest. If you are trying to get out of debt, you apply all extra money to paying off debt.
The author did fail to mention, however, that getting such a large refund is not wise use of your money, effectively loaning Uncle Sam your money INTEREST-FREE for the year. That money could have been invested or used to pay down debt all year. Read on for more debt reduction advice.

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The News-Press: Dan Warner

2006-03-18T16:25:00.000-08:00

The News-Press: Dan Warner
Interesting article commenting on the absurdity of certain credit card promotions. He reports on a commercial by Amex credit cards that apparently offers a savings award when you use your credit card. However, the impression given in the commercial is that you save by spending (via credit card, of course). Ridiculous claim, huh? (The article includes comment on other absurd TV claims, but the credit card one is the relevant here). Read for more details on how you can "save by spending" with credit cards!!

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MSN Money - Sleazy new debt-collector tactics

2006-03-15T19:53:00.000-08:00

MSN Money - Sleazy new debt-collector tactics
Debt collectors are not nice people (how's that for understatement?). And debt collectors become a fact of life when you're in financial trouble. They do not care, for the most part, that you are unexpectedly out of work or sick or whatever; they want their money.
Not all debt collectors are monsters, I'll grant you. When I was out of a job and out of money a couple of years ago, some of my creditors were very reasonable and willing to cut SOME slack. I appreciate those type of debt collectors - well, not appreciate, but can respect them. What I do have a problem with are those that call at 7am, that threaten and lie or call more than once a day. I refuse to talk to them. When I am forced to talk to them, I tell them what I want to say and let it go. I am not going to be bullied into making a promise to pay that I cannot keep. I won't even participate when they end the call with "I just want to update or verify your information. Is your address ....". I tell them that my information has not changed and that they have that information on file.
I truly hate to see consumers bullied by these debt collectors. YOU DO NOT HAVE TO TALK TO THEM AT ALL if you choose not to. If you do, you do not have to take disrespect or abuse. HANG UP! You do not have to stay on the line while they "update their information", or anything else. Do not be bullied into sending them money that you don't have or would force your family to suffer (as in going hungry). Never listen when they advise you to get another loan to pay them, take a second mortgage, get a rip-off payday loan, whatever. They have no right to ask that of you. You do not need to tell them anything except when you can pay them. And, if you can't tell them that, then say so! "I don't know right now when I will be able to pay you, but I will pay as soon as I can" is all you need to say. If they don't like that, hang up!! You are not required to talk to them!
There is a law against unfair debt collection practices. Some of these protections are discussed in this article, as well as some of the sleazy "guerilla" tactics that they use. Read on for more information.

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Debit or credit: Weighing the financial risks - Personal Finance - MSNBC.com

2006-03-14T20:04:00.000-08:00

Debit or credit: Weighing the financial risks - Personal Finance - MSNBC.com
We all enjoy the convenience of credit cards and debit cards. They function much the same; one can use a debit card as a credit card for almost any purchase. However, savvy people trying to get out of debt or stay out of debt choose the debit card. Charges on the debit card are taken directly from the checking or savings account; once the money's gone, charges will be declined. Credit card companies will often allow one to exceed the credit limit, then charge over-the-limit fees until the balance is down below the established credit limit. And the credit card company may also simply raise the credit limit and allow the cardholder to incur MORE debt. Read on for more information.
Information on debt consolidation here!

delawareonline � The News Journal � When you have a little extra money

2006-03-13T05:32:00.000-08:00

delawareonline � The News Journal � When you have a little extra money
Here are some suggestions on managing "found" or "windfall" money - you know, the bonus money, or raise, or whatever. Pay on your debt is right in there. If reducing debt is your goal, every bit of extra money should go on debt. Read on for more information.
Debt consolidation quote here!

Ten Ways to Make the Most of Your Money and Your Life

2006-03-12T13:50:00.000-08:00

Ten Ways to Make the Most of Your Money and Your Life
Sound advice in this article re:personal finance. A big part of the advice is to pay off debt before starting a savings plan. The only point that I tend to disagree with is that budgets do not help you save. If you have a plan on how to spend your money, assign all your money to a budget category and stick to it, you cannot help but have money to save. And once debts are paid off, that money can go into savings and investments. Read on for the full article.
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MSN Money - Zombie debt collectors dig up your old mistakes

2006-03-09T05:53:00.000-08:00

MSN Money - Zombie debt collectors dig up your old mistakes
There is apparently a trend among some debt collection agencies to attempt to collect old debt...and I mean old, like 10-20 years old and long past the statute of limitations had run out. Debt collectors are using their typical debt collector practices, including threats and lies, to try to convince people that they must pay this debt. Theses agencies are buying these old debt from companies and making money when the uninformed pay. Read on for more information.
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Credit card balances on rise, study says

2006-03-07T18:43:00.000-08:00

Credit card balances on rise, study says: "
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This study indicates that more families are carrying credit card balances. DUH!! If not careful, you'll drown in personal debt. Read on for more information.
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Chicago Tribune news : YourMoney Student Loan Debt

2006-03-06T05:11:00.000-08:00

Chicago Tribune news : YourMoney
Student loan debt affects many of us, including yours truly. This article discusses student loan debt and how it impacts personal finance long term. Many today graduate with $30-50K in student loan debt. (I wish! I won't even discuss my student loan debt; it's a shame!). Read on for more information.

Debt help here.

FOXNews.com - Politics News - Cheney Urges Americans to Save More Money

2006-03-05T12:07:00.000-08:00

FOXNews.com - Politics News - Cheney Urges Americans to Save More Money
Our VP Cheney remarked last week that we should be saving more money, that many of us are living paycheck to paycheck. I listened to a segment of Fox news where some pundits were commenting on the VP statement. Can you believe it? One pundit kept saying that families living paycheck to paycheck is a "small per centage of the population". Where do some of these so-called "experts" live?? I don't know many people that aren't living that way, and in debt to boot. It's amazing how out-of-touch some of the media really is.
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Personal Debt Progress

2006-03-04T18:08:00.000-08:00

I have not updated with my personal debt progress. I have managed to pay off ALL credit card debt. We have less than 2K left on my husband's truck - should have that paid off very soon. You have no idea how it feels to sit down at payday time, pay bills and realize - hey, I have money left! And wonder if I forgot to pay a bill or something because I am able to pay my bills. I listen pretty regularly to Dave Ramsey (he's my inspiration for getting debt-free) and now I understand the psychological and emotional component to getting out of debt. Paying off each debt is really a great feeling, and certainly inspires one to continue.

I am happy with my progress so far, but the student loan amount is very daunting - about 72K. We may deviate from Dave's plan a little since I have so much student loan debt and fund our 3-6 months emergency fund (more likely 3 months) before I attack student loans. My husband is really concerned about not having more savings, so we may make this slight detour.

wendy

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ChannelOklahoma.com - News - Extreme Money Makeover: Cutting Out Credit Cards

2005-03-21T18:25:00.000-08:00

Here is an article that is very consistent with living debt-free. "Destory credit cards, start saving for purchases". DUH!!
ChannelOklahoma.com - News - Extreme Money Makeover: Cutting Out Credit Cards

Debt Hell

2005-03-20T20:55:00.000-08:00

After years of student loan debt, credit card debt, and 23 years of car payments, I want to get out of debt hell. The trap, the prison, the treadmill. I kid you not; I started paying car payments in 1981, and paid them regularly for 23 years!! The only break that I had from car payments in all those years was the occasional month between cars - you know, when you trade cars, and sometimes you get a month before the new car payment kicks in.

I have lived for years as if consumer debt was a way of life and that bank accounts were just temporary "parking spaces" for my paycheck because there was nothing left after bills were paid. Can you see why I mentioned "treadmill". I didn't even own my paycheck!!

I had to read the financial "handwriting on the wall" when I lost a job, my husband was retired on disability, and we could NOT pay our creditors. Just couldn't and couldn't tell them when I could pay. Rude awakening. It was such a terrible time that I began to see that my finances would always be that way if I didn't get out of debt. Today, getting out of debt is my earnest goal!

I must confess here that I am a big fan of Dave Ramsey, the author of the "Fianacial Peace" series and host of the "Financial Peace" t.v. and radio show. He was recently published in Reader's Digest, too. His show originates in my hometown, so I listen regularly. Dave's approach to personal finance is radical; he belives in paying off debt and not taking on debt OF ANY FORM! He runs his business on a cash basis and takes on NO personal debt. I truly respect his integrity. Recently he relayed a story about his college-age son wanting to apply for our state's scholarship program. The boy was automatically qualifed and began to apply. Dave put a stop to that real quick. These state scholarships were funded by a state lottery that Dave had opposed. Dave felt that the lottery exploited the poor and was opposed to it. And consistent with his belief, he would not have his son apply. Gotta love a guy like that.

Let me put a disclaimer here. I do love Dave Ramsey and agree with almost all advice that he gives. However, there might be options and issues discussed here that are NOT consistent with what Dave teaches. I am a fan of Dave's but I am not his spokesperson, nor does he endorse anything on this website.

If you've never listened to Dave, you really must! His website is here and you will find a listing of his shows there. You can also buy Dave Ramsey books here.

Wait until I tell you about putting a stop to car payments!!