Credit and Debt Counseling

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Debt problems and consolidation - Is your future bright
Most people have taken out plenty of loans and other forms of credit, from various sources over the years. These could include student loans, credit cards, store cards, a bank overdraft, car loan, goods bought on a buy now pay later basis. All of these sources of credit will have different terms depending on who you borrowed from and how much. One important factor with all these loans is that they... Read debt consolidation 1 article



Debt Consolidation Company
Why bother, I just have to pay the same anyway? This is what they hope you will say. Who are they; Banks, trust companies, insurance companies and credit card people? Read on and I will talk about how you can get some leverage with your debt and pay less in the end. It seems we borrow a bit from this company and that company. Many of us only think in terms of the purchasing price of whatever it is... Read debt consolidation 1 article



Credit and Debt Counseling
I have been here and done this far too often. You come in and tell me, "Ward, I just had to have the 50" big screen TV with the bit stereo". Isn't it funny how your partner does not see it that way? She figured a nice new $1,000 dress would be a better idea. It is like watching two super powers go at it. Only instead of a struggle to build the most bombs they struggle to see who gets their wants met first.

The results are the same, mutually assured destruction, or MAD. A world gone mad, it is true the only reason our economy works is because we spend everything we got and a little bit more. It is the reason for much of the suffering personally and in relationships. I have worked with singles, couples, and business owners to get their spending and debt habits into a healthier position.

Here are the highlights that can apply to all of us. When I was a child my mother told me she always had a secret account she kept for her mad money. I asked her what that was all about, and she told me that grown ups sometimes need to buy stuff just for the sake of having it. There was no real reason to it, it just was something that had to be done. I now think this is caused by careful marketing and sales pitches.

My mother would sneak some of her paycheck into this account. Now that I am an adult and talk to lots of people about their spending habits I would generally agree that for a lot of people they have a need to just spend money on some "trinket". They can't explain it any better than my mother could.

There are books that talk about breaking your pay check into percentages and having different accounts some for the mad money, bills, retirement, debt reduction, education, and whatever else you can think of. I used this technique for several years and quite liked it. My big problem was I did not spend any money except for just food and bills. I was convinced by a mentor to start spending some mad money and money on entertainment. It was a good idea, I enjoy working a lot more now that I know I will have some fun from it.

You see a lot of it depends on what your financial situation is now. If you have dug yourself into a hole of debt then the mad money account is going to be very small. The pay the bill account is going to be much larger. You need to have a balanced financial picture, when one side of your financial ledger is out of whack you need to correct it. Once your are in a more balanced financial picture you can start to increase your mad money account.

A balanced financial picture can look like this. You have enough money to survive for three months if you stopped earning money today. Most people keep this in a short term deposit, that way it does earn some money or you can use a secure line of credit on your house. Next, you have zero monthly credit card debt. I mean every month you pay all your credit cards debts off. Next, you have some money being set aside for retirement, holidays and mad money. Then the rest depending on your age is for school, daily bills and whatever else is in your life.

Whatever you need to do about your debt, do it! If you don't get yourself to the position where you can have some mad money it can end up affecting your health and relationships. Be smart to be wealthy.

Did you find those tips on debt elimination useful? You can learn a lot more about how debt elimination can help you reduce debt here.

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Debt Elimination

Should you bother eliminating your debt? Is it worth the hassle of debt consolidation or refinancing your house? Likely not! You see if you do not figure out how you got into debt and how you will stay out of debt in the future, then what is the point?

I am going to make this simple for all of us. First, how did you get into debt? That is easy, you spent more money than you had. You may have gotten a new boat, taken a luxury vacation or couldn't live without the latest fashions. Every one of us who were ever in debt spent money we didn't have and couldn't pay back right away. This doesn't make us bad people but it won't make us wealthy either.

Okay we spend more than we make and it got us into a little bit of trouble. I will refinance my house and get some more credit, pay off the cards and it will all be good, right? Wrong! What is more likely is you will get deeper into debt because you did not take a second look at your spending habits. Meaning, is it your habit to spend more than you make or was it a one-time bad luck thing that got you to this place?

If this is the second time you have been in debt then it is your spending habit. I would also suggest if it is the first time it is your spending habits also. What this means is, of course you need to get out of debt but first learn to stop getting into debt. It is the old story of ''before you start to put out the fire make sure they have stopped pouring gas on it.'

How do you do that? There are a few hundred ways. The easiest is cut up all credit cards and pay for everything in cash. That way when the cash is gone so is the spending. This is definitely not for the faint of heart but for sure is the simplest way to budget.

Take a minute and think about who taught you your spending habits. Do they have any money? Likely not, for you to get a different result you will need to actually do things differently. Sit down and do some thinking about how you want your life to be, does it include being poor? Likely not, dedicate yourself to a weekly half hour session of sitting down and looking back over the week at your spending. Then look forward on how you are going to spend the coming week.

If you do this for 6-8 months you will have new spending habits and your debts will shrink and your wealth will grow. If you put in this little effort you can become wealthy, even while earning a surprisingly little amount of money. Eliminating your debts begins with adopting better spending habits. Be smart to be wealthy.

Did you find those tips on debt elimination useful? You can learn a lot more about how debt elimination can help you reduce debt here.




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Credit and Debt Counseling
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