Category Archives: Reduce Debt

3 Common Financial Mistakes Many Couples Make

Single consumers have plenty of challenges when it comes to personal finances, no doubt. For couples however, whether pre-or post-marriage, the consequences of making bad financial decisions can be a lot more expensive and damaging in the long run.

Below are 3 of the common financial mistakes that couples make and advice on how to avoid them. Enjoy.

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Paying Off Debt Smarter and Faster

There are few things better for your financial health than paying off any debts that you have as quickly as possible. The fact is, the longer you have the debt and the longer interest accrues, the more you pay for that debt. Even if what you purchased might have been a “bargain”, paying for it over several years will quickly turn it into something far less. For that reason, we put together a number of tips and bits of advice for paying off your debt smarter and faster. Enjoy.

Tip 1: Prioritize

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Borrowing Money? Avoid using these 2 Methods

While it’s certainly true that everyone needs money, sometimes it’s rather hard to find if you need extra money quickly.

In many instances consumers find themselves in a financial bind but, rather than applying for a bank loan, they look for “simpler” and quicker methods. While there are a certainly number of alternatives, some are definitely better than others. The 2 borrowing methods below, while not always the worst choice, can oftentimes be financially disastrous.

One of the easiest ways to get fast cash is to use a Pawn Shop, where you can use valuable items like gold, jewelry, collectors’ items, firearms and so forth as collateral to get a 30 to 90 day loan. These loans usually come with high interest rates and “storage fees” that range from 10 to 20%.

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Cutting Those ‘Extra’ College Costs Down to Size

If you have a child in college, and you’ve got their college tuition and room & board “under control”, pat yourself on the back because you’re doing better than most, but don’t sit back and put your feet up on the desk just yet.

The fact is, the average student spends thousands of dollars every year on higher education “extras” that must be factored into the total cost of their college education.

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Debt Consolidation Plan of Attack!

Dealing with debt is no laughing matter, nor is it an easy one! There is discipline to getting out of debt that is much more difficult to master than the art of getting into debt in the first place. While a daunting task it is certainly not impossible, and based on a recent debt consolidation guide by Zopa there is a very structured and effective way to beat debt and take back control of your financial future!

First things first, you need to organize and add up your various sources of debt and the interest you are paying monthly based on those debts. Next, you simply add up your earnings and deduct all of your monthly spending. From there it’s quite easy to see how much you have left over to pay down your debt, and where you are able to cutout your monthly expenses. As the old saying goes, spend less than your earn and you will never go broke.

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How to Fight Back against “Zombie Debts”

If you think zombies are only found in the movies and in popular TV shows then you’re dead wrong. (Pun intended.) The fact is,  “zombie debt” is any debt that just doesn’t seem to ever die or go away. This can include judgments that may haunt your credit for years or even decades, tax liens that keep you from purchasing a new home or car, student loans that follow you all the way to the grave or medical debts that are trying to kill you financially.

While that may have sounded a little bit overblown, the fact is that dealing with zombie debt is a real fact for millions of Americans and can be quite scary. If you’re dealing with this kind of debt and you need help, you’re in luck because today’s blog is going to give you advice about just that very thing and help you to fight back and, hopefully, slay that zombie (debt). Enjoy.

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5 Incredibly Bad Ways to Pay Off Your Debt

While paying off your debts is always a great idea there are a number of ways that many people use that unfortunately are not really in their best interest. One of the easiest ways to recognize a debt repayment method that isn’t very good is to think about whether the debt is going to be truly paid off when the payment method is complete. If it’s not, the method you’re thinking of using isn’t a good one.

When you’re thinking about different ways to get rid of your debt load you need to ask yourself if the solution that you’re going to use is quick and easy or if it will, in no uncertain terms, actually get rid of your debt. With that in mind, below with listed some of the worst and most expensive ways to pay off your debt. Our advice; avoid them if at all possible. Continue reading

The Perils of Living in Debt

If there’s one topic that we see and hear a lot about here it is debt. Most of the questions that we get are along the lines of how to get out of debt quickly and how to avoid creating debt. Today we’ve put together a blog filled with information about how to lower your debt and pay it off as fast as possible. With bankruptcies, underwater loans and  student loans spiraling out of control we thought it was a good subject. Enjoy.

Statistically nearly 70% of adults carry some type of debt. Surprisingly that’s down from about 75% from 10 years ago but it’s not actually good news. The reason is that  people today are carrying much more debt than ever before. For example; Continue reading

Financial Tips for the Single Parent

Many of the blogs that we write here on our site are aimed at families and the financial situations that go with having them. The fact is however that, for many people in the United States, their family unit consists of only one parent. If that describes your family and financial situation then you’re in luck because this blog is specifically for you. (Frankly where surprised you found time to read this as busy as you must be.) Simply put, keeping your finances in order as a single parent is even more important for you and your children because you don’t have a spouse, and their income, to fall back on if you lose your job or have a sudden decrease in income. Setting up a single mom budget can prove to be very useful. With that in mind we’ve put together a smattering of excellent financial tips for you to use. We hope that it offers some valuable advice. Enjoy

More than likely the majority of your money is going towards housing, food, clothing and of course gasoline. One of the best ways to make sure that you aren’t overspending on any of these is to closely monitor and scrutinize your spending over a 1 to 3 month period. If you do this diligently you will get a lot of valuable information about where your money is going and where you can possibly cut back on spending and increase your savings.

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5 Financial Blunders you Should Avoid at all Costs

No matter who you are, what you do or how intelligent you are about money and finances almost all of us will make at least a couple of financial blunders in our lives. Most of these mistakes are simply due to lack of knowledge and experience but some of them, indeed the worst of them, are usually those that seem harmless at first glance. While we aren’t saying that the 5 financial blunders that we focus on below are the only ones that can be made they are probably the worst and thus should be avoided like the plague. And on that interesting note let’s get started. Enjoy.

  1. About 65% of Americans that were born during the ‘baby boomer’ years will receive an inheritance from a family member who has passed on. The median amount is $64,000.00 which is no small chunk of change. The mistake? Spending it all immediately on things that you might think are important or might think you need but actually don’t.

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