by YoTuT

Debt reduction scam is an unfair practice by the debt settlement companies. It has become a worrying concern for consumers. Being strapped in credit debt, debtors seek a way out and look for debt settlement firms. Fraudsters just take this opportunity and make the miserable debtors their prey. They falsely promise the debtors of clearing their debts and drain them of all their money in the process. Consequently, the debtor discovers that his debt has piled up more than he actually owed. This worsens his situation and forces him to file bankruptcy. 

Beware of Debt Reduction Scams

Do you want to cut your ties with the bondage of debt? Is the cost of bankruptcy too much for you? If your answer is yes then a debt reduction program is indeed a good option for you. In today’s socio-economic scenario, credit card debt is very rampant. Taking advantage of the situation, a large number of debt management firms have popped up all over the internet. If you browse through the internet you will come across a lot of sites promising to offer legal assistance to the debt stricken people. If you really feel that the burden of your debt has pushed you into a tight corner then of course you can look forward to the help and advice of any debt management firm. But before enrolling into any program promoted by those firms, you have to check the authenticity of their programs on different parameters.

Debt reduction firms may bombard you with loud promises but as a responsible citizen it is your duty to check if their promises are genuine. Fraudsters are always trying hard to amass your money and at the same time the cost of bankruptcy can also prove to be disastrous for you. So you will always have to proceed with measured steps, keeping your eyes open.

First of all, check whether the company you are going to enroll with is accredited by the BBB (Better Business Bureau). When it is certified by such a reputed agency, you can put your confidence on them.

Next, check the track record of the firm regarding their debt reduction programs, their success stories and also the consumer’s feed backs. It will encourage you to keep faith on their expertise in handling diverse client issues.

Now, I will list down a few things that you should consider as a negative sign of any debt settlement firm. 

Stay miles away from those companies which ask you for advance payment as their enrollment fees. It is not safe to rely on a company that charges you money even before starting with their services. The representatives of that firm are supposed to negotiate with your creditors and restructure your repayment schedule as per your feasibility. And they may do it by opting different solutions like debt settlement, debt management and debt consolidation program. But if they charge you prior to initiating any of those programs it will be unwise to believe them.  

Do not believe if you are told that the settlement company will lessen your credit debt by 60% to 70%. In most cases, the arbitrators of any firm try to reduce your spiraling interest rates and other late fines and penalties. But if they make such a high claim even before assessing your financial status, it just indicates that they are less than a trusted party. 

You should also take it as an inkling of scam if they claim to have known some secret laws that will eradicate your financial obligation.

You can suspect their honesty if they promise you that they would prove the credit contract as an invalid one or the credit issuer as an unauthorized party.

No settlement agency can actually ensure you that you will never face any embarrassing calls from your creditor in future. Now if any such promise is made to convince you, it is better to avoid those companies.

They may urge you to stop paying money to your creditor and all your money is put into their trust account. But in many instances debtors have been shocked to find that most of their money was absorbed by the settlement firm as their hidden charges. No money has reached their creditors which they had sent in good faith. Such cases will only aggravate your credit company to pursue their collection effort more relentlessly.
Finally, it will be unfortunate when you discover that you have strapped yourself into more debts after enrolling in their debt reduction programs.

by jwinfred

Did you know Benjamin Franklin said “We don’t plan to fail, we fail to plan”? Spending some time on debt reduction planning could really increase your chances of success.

If you know your finances are a mess and you’re struggling with a mountain of debt, then you need to create a plan of attack to help you get rid of your debt properly. This means reducing your balances and working on your spending habits at the same time so you don’t end up back in the same situation in future.

Step 1: Evaluate
Write a list of your current consumer debts. If you have credit cards, store cards, payday loans, car loans, personal loans or other consumer debts, include them here. Bigger debts like mortgages or student loans generally have lower interest rates, so for your debt reduction planning, you will be working on those debts with higher interest charges.

Include the names of your creditors, how much interest you’re being charged, your total balance and your monthly repayments.

Step 2: Budget
When you have a list of your total monthly repayments, write down how much income you have coming into the house each month after taxes. Then write down all your living expenses. It’s easy to remember the bigger expenses, like rent or mortgage payments, groceries, fuel, child care, utilities, insurances and any other living expenses you have.

Deduct the total amount of your living expenses from your after tax income. This figure is the amount you have left over to put towards debt reduction. From this amount deduct the figure you worked out in step one for your total monthly repayments.

Many people get a surprise at this stage to see that they spend more than they earn each month. If you have a negative amount after you’ve worked out your figures, then you’re in serious need of a debt reduction plan.

Step 3: Create Your Debt Reduction Plan
When it’s time to create your debt reduction plan, begin by circling the debt with the highest interest charge. This debt is costing you the most money, so it makes sense to get rid of this one first.  Work down your list of debts from most expensive to least expensive. This is the order you’ll be working on repaying them.

Change all your other repayments down to the bare minimum amount due on your list and put any extra money from these towards the most expensive debt first. Any extra money you have, either from bonuses or pay rises or even just if you hold a yard sale, put it towards paying off your debt.

Step 4: Negotiate
Take a careful look at the amount you’re being charged in interest. It’s outrageous! Call your creditors and ask if they’re willing to negotiate for a better rate or if they have an alternative product to offer you that is cheaper. If the representative is unhelpful, immediately ask to speak to the customer retention department. Lenders are more willing to negotiate if they think they’ll lose a customer.

Reducing how much you pay in interest can often reduce your monthly payments as well, which gives you more money to put towards debt reduction.

Step 5: Follow Your Plan
Once you have your debt reduction plan in place, do your best to follow through with it. Update the list you made as each of your balances begin to drop and don’t give up on your efforts. Be patient and work through your plan until you succeed.

More Debt Reduction Articles

Large numbers of individuals are desperately searching for loaning hand to work through their disrupted lives as a consequence of debt crisis and there are lots of problems faced by the people because the economic system is unpredictable. The most significant problem is that the people have created huge bad debts through the years and they are struggling to keep control of them. For anyone who is in critical debt problems, you may need a break now and totally free from all your debts.

Debt free has set up known solution for any individual who searching for debt help. The great thing to do now is go to get debt free website and find out what they will offer you. They will assist you in making your credit ratings much better and as well assist you in saving most part of your income and provide you with a lesson how to control your expenses in later life. In order to get help, first step is to submit an application. Right after accomplishing this, they will forward your details straight away to a debt consolidation company for a free consultation in regards to the services they provide.

The most important thing that you must keep in your mind is that you ought to select a deal very carefully in order to benefit yourself fully. Think about it and do not let that debt stress and anxiety you up. Make a decision today that may change your financial life for a very good.

by jwinfred

If you’re searching for debt reduction solutions, no doubt you’ve been inundated with advertisements for various debt management programs, companies and solutions. The truth is, there are plenty of self help debt reduction options you can use to get your financial situation back under control.

While many of the advertisements you see encourage you to hand over the responsibility for your finances to other people, taking the difficult step of learning to manage your finances yourself can mean that you learn a valuable lesson. Once you’ve grasped the basics on your own, you’ll be in a much stronger financial position in that you’ll be less likely to get back into the same mess again in the future.

Here are some basic self help debt reduction options you can use to get you started on the right track.

Snapshot

It’s important to have an accurate picture of your current financial situation before you embark on a self help debt reduction program. This means understanding exactly how much income is coming in and how much you pay out each month in expenses. Include all forms of income you receive and write this figure down.

Your expenses list should include things like rent or mortgage payments, repayments on any other consumer debts, living expenses, utilities, fuel, groceries, school fees, and any other living expenses you have. Don’t forget to include the little items you buy, like magazines or lunches or coffee. They are still expenses too, so be honest about what you’re spending.

Starting Point

Write down your outstanding balances on all of your current debts. Include any unpaid bills in this amount and add up the totals. The total figure might look a little scary at first, but it’s important you know where you’re starting in order to create a plan of attack.

Alongside each debt balance, write down the amount of interest you’re being charged and how much you’re paying each month on that debt.

Plan of Attack

Self help debt reduction works best when you create a plan specifically designed to work for your unique financial situation. Trying something that worked for a friend won’t necessarily work for you as your situation is not the same as theirs.

Ideally, you should aim at reducing the debts with the highest interest charges on them. These are costing you the most money each month. If you can see anywhere at all in your current list of expenses where you might be able to save a couple of dollars each week, then you should immediately allocate those dollars into your debt reduction plan.

You might want to consider the option of a debt consolidation loan to roll the balances of the high-interest debts into a loan with much lower interest costs. This can help reduce your monthly repayments and give you a little more free cash each month.

Try to keep any smaller balances aside from the consolidation loan. The money you’re saving each month with your lower consolidation loan repayments should be put towards making extra payments on those smaller balances to get them cleared and out of the way quickly.

When these are under control, put that extra cash back into making some extra payments on your consolidation loan to help reduce that balance as quickly as possible.

While self help debt reduction takes time, learning to take responsibility for your own financial situation can be a vital lesson to learn. After all, it took you time to get into debt so be patient while you spend some time getting back out of it again.

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by 350.org

Several consumers are understandably reluctant to admit, even to themselves, that they are burdened with more debt than they will handle.  But, if you find yourself in such a state of affairs, or if you recognize someone in such a scenario, it is vital to get the help you need before it’s too late.  Debt problems do not get higher by themselves; they solely go downhill, so the earlier you house excessive debt the higher off you may be in the long run.

The reasons for obtaining into debt are many, and the debt often starts out innocently enough.  Typically an sudden expense sort of a major automotive repair or an sudden medical drawback will cause you to run up more bills than usual.  Once the cycle of debt begins, it will be tough to prevent, particularly if the debt is financed through high interest vehicles like credit cards.

If you feel you’ll be in over your head, regardless of what the reason, possibilities are that the services of a debt reduction service could be able to help you accommodate and eliminate that prime debt level.

A debt reduction company will simply what its name implies; it helps customers in hassle to reduce their level of debt to where they’ll cater to it.  Debt reduction services work during a selection of ways that, from negotiating lower payments with creditors to eliminating interest rates.

The first step of the debt reduction company can be to urge a handle on just what you owe, and to whom you owe it.  It’s vital, therefore, to gather data on everything you owe, and to provide thorough information on all of your sources of income, including your salary, any pensions, kid support or alimony payments, etc.  The employees of the debt reduction service will then work with you and your creditors so as to ascertain a schedule for debt repayment that works for you.  This repayment schedule is the key to the debt reduction plan.

One factor to stay in mind concerning debt reduction corporations is that their workers are typically highly skilled at negotiating favourable repayment terms and realistic repayment schedules on behalf of their clients.  That’s as a result of they have tons of experience talking with creditors on behalf of their shoppers, and they’ll speak to banks and credit card firms in their own language.  They’ll have done this same factor lots of times on behalf of tons of clients, and that they grasp what works and what will not.

When the repayment schedule has been puzzled out, the debt reduction company can then assist the consumer in staying with the set schedule and making the payments on time.  A history of consistent on time payments can help the consumer regain lost footing when it comes to his or her credit rating, plus help he or she retire their current debt.

More Debt Reduction Articles

by jwinfred

While trying to work out a deal through a debt reduction company, the debt collectors will be knocking on your door. Some can be very aggressive and use numerous illegal tactics to get you to pay your outstanding debt. Many of these unscrupulous debt collectors will tell you that you will be arrested if you do not pay off your debt.

This is not true.

You can’t be arrested if you do not pay your debts. A debt collector is not allowed to imply that they are a government representative or that you have committed a federal crime. They may not harass or abuse you or anyone they contact about your debt.

You need to be aware that credit collectors will do anything to get the debt repaid. Establishing a relationship with a debt reduction professional will enable you to reduce harassment and repay your debt.

Debt creditors use all kinds of shady tactics to try to get you to pay. Do not be bullied into repaying the debt under terms that you did not agree to. By using a debt reduction plan, you can avoid numerous calls, letters and visits from debt collectors. A debt reduction plan will take each outstanding debt you have and use one monthly payment to repay each of them.

Though a debt reduction company, you can reduce payments to each creditor, pay less over time, pay off the debt in full, and still be in good standing when the debt is paid off. Debt collectors will no longer call, as the debt reduction company will take care of informing each creditor that they are working with you and that the debt will be repaid.

In order to stop the debt collectors, a debt reduction plan should be used and adhered to in order to be successful.

More Debt Reduction Articles

by infomatique

This is the time of recession and many people are suffering due to bad economy and financial crisis. The recession has made it impossible for the people to manage their monthly expenditures. The incomes are becoming low and the prices are high due to which many people are suffering a lot reason being these financial crisis. People used bank’s money for different purposes like credit cards, home loan, equity loans, personal loans etc. At the start people pay regularly but as the time passes it becomes difficult for them to pay back their loans and they find themselves in massive debts.

Debt reduction has become necessity these days to ease the lives. Many people used the traditional way of bankruptcy to eliminate their massive debts but this is not an appropriate way to eliminate your debts. The recovery agencies of financial institutions do not let a consumer to ease his life. They call again and again and use some unfair activities due to which a consumer gets stressed and this stress leads him to make wrong decisions. This wrong decision could be in shape of bankruptcy which is absolutely an inappropriate way of debt elimination.

If you need debt reduction, it is advisable for you to manage your income expenditure accounts and spare some money for your debt reduction. Try to increase the monthly payment so you could reduce the debt as soon as possible. As the debt will be reduced, the markup rate will also be reduced and once you regularize your installment with extra money in it, very soon your debt will be reduced and you will be able to reduce your debt in few years.

For debt reduction, many debt settlement programs were also introduced few years ago, the function of debt settlement programs is to prevent bankruptcy and to provide a relief to a consumer. Debt settlement is a process of negotiation through which consumer can get a legal reduction over outstanding amount of loan. Many debt settlement companies are also working in this regard and are helping people to get rid of their massive debts as soon as possible.

The function of debt settlement companies is to make the process of negotiation easy and affective. If a consumer has cash reserves and he wants to eliminate his loan in full; the debt settlement company will deal with the officials of financial institutions and will offer a certain amount to eliminate the whole loan. With the rise in bankruptcy the managements of financial institutions decided to promote debt reductions so that they could recover those amounts which are near to charge off.

The debt settlement programs are favorable alternatives of bankruptcy and the best way of debt reduction.

For more information please visit our web site becomedebtfreeenow.org

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by Josh Liba

Debt is one of the very common dilemmas many Americans are facing today. The recent global travesties have played a major role in making personal consumer debt the largest problem. Many of our readers have worked hard to establish their businesses and to reach good financial benchmarks.  However, to see your hard work and financial gain go to utter waste due to debt is mind boggling and downright disconcerting!

For sensible solutions you will need to find a consultant who can guide you through to the best possible ways to solve this problem and can deliver the best debt reduction avenues that you can afford, today. If you google search for the sake of searching a debt reduction consultant (or company) you will find thousands of results but the question comes to mind, “who is the most appropriate counselor for me?”

There are some pointers, which if kept in mind, will surely help you to select the best debt reduction consultant.

The first point is the first call itself which will help you to determine whether the consultant is of any sincere help or not. Remember this: everybody cannot get debt settlement in every instance. If the consultant is giving an impression of every case getting settled then it is better to check out the business directory for another consultant.

Second, if the consultant gives approval of your case without reviewing your statements this is a sign of uncertainty and red flags should go up immediately. No consultant or company will approve the case until they have analyzed your statements tediously. So if this part is missing then start looking again!

A very important element can be to judge the reputation of the company by contacting associations like “Association of Settlement Companies (TASC)”and United States Organization for Bankruptcy Alternatives (USOBA). Moreover, one can also contact the chamber of commerce of their city to get verifiable details about any good company.  Companies registered with above mentioned organizations are more worth while to be contacted.

A good consultant will be able to counsel you and explain thoroughly about how much payment is to be made on a monthly basis only after the case has been approved through a rigorous classification process for your unique debt elimination needs.

So be careful when selecting a debt reduction company or consultant.

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by jwinfred

The Truth About Debt Reduction and Debt Consolidation
Consumer debt has reached epidemic proportions, with more individuals and households than ever finding themselves over their heads in unsecured debt. Many men and women that owe more than 10k feel as though there is no way out of there situation. In truth, debt reduction solutions including consolidation, interest rate reduction, and settlement services can help you to not only pay off your debt but to reduce the total principle owed by up to 50%. Stop the harassing phone calls from collection agents and angry lenders by being proactive; enroll yourself in a consolidation program and begin your personal journey toward complete financial freedom.

Consolidation, Settlement, and Interest Rate Deduction

When an individual has over 10k in monies owed to several different creditors, it can be difficult to maintain monthly minimum payments, let alone make any progress in paying down the principal amount owed. A financial strategy helps you build a plan toward debt consolidation, debt reduction, and debt elimination, and then savings growth, ultimately building wealth for your retirement.

Debt Reduction

One option is negotiating settlements with your individual lenders. The bottom line is that financial institutions consider you a risk liability if you have missed several payments. They would rather negotiate a low settlement to close your account instead of absorbing the risk that you will not pay your account balance at all. If you do not pay, your creditors will eventually need to sell your account to collection agencies that pay just pennies on the dollar. Therefore, when you have a lump sum of money from a consolidation loan with which to negotiate a settlement, you can often get your total amount owed reduced by up to 50% of your original principle.

Fiscal Support

A debt reduction plan is not often a loan but rather a full wrap-around program that can help shepherd you into financial freedom. Financial Strategies has innovative software available to their clients, which can help you to organize all of your various accounts and assets, allowing you to gain control over your finances. In addition, they have tools available that can help you to create a realistic budget that you can stick to for a prolonged period. Getting out of debt utilizing consolidation or settlement is a terrific first step toward financial freedom, but real change must take place in your spending and saving habits if you hope to stay out of debt and achieve your personal financial goals in the years to come. The groundbreaking software at Financial Strategies can even provide you with overspending alerts that warn you when you are sliding back into your old patterns of living beyond your means.

The Help You Need

Chances are, it took a while to get yourself into a situation where you owe more than 10k to various lending institutions. While it may take a while to find your way out of the messy maze of negative credit, having a solid debt reduction team in your corner can make things much easier. Financial Strategies has counselors ready to assist you Financial Strategies is not a miracle cure for getting out of debt, but they can provide you with sound advice, representation in settlement negotiations and practical tools to create and maintain a healthy financial life plan.

www.DebtReductionConsolidationHelp.com. If You Are 10K Or More In Debt, Then You Can Learn A Proven System To Drastically Reduce That Debt And Reclaim Your Financial Freedom! You Are Not Alone, Give Us A Call 1-877-253-8957 to Schedule An Appointment Today. Even if you’re more than 10K in debt, you can not only reduce your debt, but you can eliminate it entirely, and you can retire in wealth and security.

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by jwinfred

A debt reduction strategy is an organized way of eliminating your debt. This may sound difficult for you but it is easy to make a plan towards a debt-free life. Start creating your strategies now.

There is a particular debt reduction strategy that will suit you best. The one that you will choose would highly depend on the amount of debt that you carry and the monthly payments you can afford.

One way of reducing your debt is by creating a household budget. This will make you see where your money really goes. List down all your expenses and total them up. Then, make a total of your earnings each month. Subtract the total of your income and of your expenses. You will see how much you are spending and how much is left.

This is a way for you to evaluate the expenses that can be set aside. Pay for the important expenses and save the rest of your money for paying smaller debts. Cutting your spending habit is a great way to reduce your debts.

The next thing that you can do is to stop using your credit cards. Pay your bills through cash as long as you can do so. If you won’t use your credit card, you won’t incur any interest fees. If cash is unavailable, make a wise decision if you really need to purchase that particular item or service.

Your debt reduction strategy may include enrolling in a debt elimination program such as credit counseling or debt negotiation. These companies help by negotiating your debts with your creditors. They collect all necessary information about your creditors and makes arrangements with them. They merge all your bills into a one small monthly payment. They make sure that the money you pay is being distributed to all your creditors.

Debt management companies will work on dropping the interest rates, renewing your accounts, and reducing monthly payments. It is important to pay on time when you are enrolled to a debt reduction management program. Some debt reduction companies will provide you an agent once you have their service. Be assured that these agents are well-trained and are certified to understand your financial information.

Debt negotiation is the fastest method to pay-off your unsecured debt (other than bankruptcy). Debt consultants negotiate with your creditors to reduce your principal balance. You may be able to eliminate your debt in 2-4 years and lower your monthly payment.

There is a debt reduction strategy that will surely fit you. You may utilize two or more strategies at the same time. But for an individual who’s not yet sure, it is recommended that you search the internet for reputable companies or organizations. Research the financial market and compare two to three of your options. Take note of the rates, the terms and conditions and of course the reputation of that company. Be wise in making your decision.

by bwc

350 action_Quezon City_Philippines

Image by 350.org
*October 24 is the Global Day of Action*

*Youth groups handpaint a world united against climate change*

* *

In solidarity with the international community, members of Kabataan
Partylist, League of Filipino Students (LFS), Anakbayan, Student Christian
Movement of the Philippines (SCMP), College Editors Guild of the Philippines
(CEGP), National Union of Students of the Philippines (NUSP) and Karatula,
used their hands to paint a world, where its inhabitants are working
together to reduce its carbon emissions.

The youth groups joined the global climate action to call for the reduction
of CO2 in the atmosphere to 350ppm. According to them, this is the optimum
level for life conduciveness. Currently, the level of CO2 in the atmosphere
is 390 parts per million. The emission of carbon is crucial, as its release
into the atmosphere greatly affects the production of ozone, and maintenance
of the protective layer. This in turn, results in changes in temperature,
precipitation, and sea levels.

Alvin Peters, NUSP national president, said that the carbon emission issue
is not something only environmentalists should get excited about. “We are
still reeling from the devastating effects of Ondoy and Pepeng, and we are
already dreading the arrival of Ramil. This goes to show that indeed, we
have already felt the effects of climate change. Reducing our carbon
emission will ensure that future rains will not cause so many deaths.”

According to Terri Ridon, LFS secretary-general, climate change is not an
issue that can be dealt with individually. “We grew up with the propaganda
that the damaged ozone layer is our fault. That’s not accurate. Imperialist
countries, with their factories, produce almost 80 percent of the greenhouse
gases the entire world creates. We blame ourselves for the wrong reason. We
are not entirely responsible for climate change; we are however, responsible
for letting these imperialist countries get away with it.”

“If we are sincere in saving our planet, we must act now: we must make these
imperialist countries, such as the United States of America, accountable for
the environmental debts it has incurred against the people. As our country’s
hope, we are tasked with ensuring that the next generation will live in a
better place,” Ridon concludes. ###

* *

* *

Reference:

Alvin Peters 09206209362

National President, NUSP

National Coordinator, TULONG KABATAAN!

Credit card debt reduction is a wise choice if you are struggling to meet your monthly bill payments and need to reduce your debt amount so as to pay less than what you owe. A debt reduction program is being offered by debt settlement companies that work with your creditors and collection agencies in order to trim down your debt by 40-60%.

Debt reduction firms will arrange a free debt counseling session for you. The purpose of this is to find out whether debt reduction is the right choice for you or if you need to choose some other debt relief option.

A credit card debt reduction program includes these steps. First, they will analyze your current debt situation. They will find out how much you can pay towards your debt. You will be asked to stop making payment to your creditors. The settlement company will create a trust account for you to save a certain amount monthly for your one-time debt payment. The company will handle your creditor calls. While your funds grow in the trust account, the company handles all communication with your creditors and the collection agencies.

There are five credit card debt reduction tips to watch out for:

Pay more than the minimum. The minimum payment includes mostly the interest that you pay on your credit cards. As such, it will take a longer period of time for you to clear off your debt. Paying more than the minimum will reduce your outstanding balance, thereby, helping in debt reduction.

Split minimum payment if you can not pay more. If you can not pay more than the minimum payment, split it into half and make two payments a month. Since interest is calculated on the average daily account balance for the entire month, making a payment every two weeks will definitely reduce the average balance. It will also lower the finance charges included in a single minimum monthly payment.

Make extra payment on your credit card bills. Whenever possible, try making extra payments towards your credit card. It will reduce your bills and will truly help in debt reduction.

Credit card balance transfer may also help. You can transfer the outstanding balance from a higher interest credit card to low interest rate credit card. Just watch out for balance transfer fees which might be included in these kinds of transactions.

Credit card debt reduction is all about helping you to settle debts for less than what you owe. These professionals will guide you in every step of the way towards your goal of being free from financial obligations.

by jwinfred

Debt reduction doesn’t have to be an overwhelming experience. Who wants to deal with a cure that’s more painful than the ailment? Mounting debt is stressful enough – then you have to face the task of figuring out just where to start if you want to get rid of it. Then there are all the different angles of attack you can take and that just adds to the frustration.

So here’s a simplified approach that will get you started in the right direction for debt reduction. After all, sometimes the simplest approach is the most effective. This 9 step plan can help you get out of debt and stay out.

1. Spend less than you make. Easier said than done, right? I agree, but this is the very first step in any debt reduction effort. And there’s no getting around it. The only way to get out of debt is to spend less than you make. The key is to get determined to make it happen.

2. Make a budget. Your budget is your plan. Follow it and it will get you where you want to go. Most people don’t like the budgeting part but it’s absolutely necessary. The key to a budget is don’t make it too complicated. You don’t need to account for every single penny.

To find your starting point, determine how much you spend each month and what you spend it on. Make a list of all your typical expenses you would have over a one month period. Then you see where you can make cuts and adjustments. Keep finding ways to reduce those expenses until you are spending less than you make. Laying it all out in a budget and sticking to it will help keep your spending under control.

3. Know the difference between good debt and bad debt. Good debt helps you make money in the long run or at least won’t help you lose money. Your mortgage and student loans are examples of good debt. Your house usually appreciates over time and an education usually helps you get better paying jobs.

A car loan is neither good nor bad. They tend to be lower interest loans but cars typically don’t appreciate in value. So the best thing is to make sure your car loan is manageable and fits within your budget.

All other debt is bad debt. This includes credit card debt, payday advances, and all high interest credit or loans. These are the things that don’t appreciate in value and now that you have put them on credit or loan, you just continue to pay for them month after month in the form of interest. So you want to tackle these debts head on in your debt reduction efforts.

4. Choose the one credit card you have that has the lowest interest rate. Make sure the monthly spending limit is within your monthly budget and use this card for emergencies only. Then cut up the rest of your credit cards. Now that you have your lowest interest rate card, never take it with you when you go shopping. Use cash or your debit card only.

5. Take all your bills from your ‘bad debt’ pile and spread them out where you can see them all. Find out how much you owe by adding up all the minimum monthly payments. You’ll want to pay this and more each month in order to pay off all that bad debt. Make sure you don’t just pay the minimum or it’ll never go away. After all, the name of the game is debt reduction. If this doesn’t realistically fit into your monthly budget, then step 6 will help tackle the problem.

6. Consolidate your debt. Getting a debt consolidation loan can make your debt reduction efforts much easier. First, it lumps all of your loans into one loan so your monthly payments are lower and fit within your budget. Second, you can probably get a much lower interest rate than what you’re currently paying (especially on credit card debt). Third, it simplifies things. Debt consolidation bundles it all into one loan with one monthly payment which means it’s easier to keep on top of it.

7. Stack your bill payments. What is this? It happens to be one of the most important things you can do when it comes to debt reduction. Stacking (or snowballing) is a way of accelerating your effectiveness when paying off your debt. This is how it works.

Take your ‘bad debt’ bills from step 5, and put them in order from highest interest rate charged to lowest. Choose the highest interest rate bill and pay the minimum plus as much extra as you can on that bill, while paying the minimum payments on the rest of the lower interest rate bills. Keep doing that until the highest interest rate bill is completely paid off. Then repeat the process with the next highest interest bill, paying the minimum plus as much extra as possible while paying the minimum payments on the rest of your lower interest rate bills. Because you no longer have that first bill to pay, the extra monthly savings help pay off the second highest bill even faster. Then just keep repeating until they are all paid off.

8. Ask for a lower interest rate. With each of your outstanding credit card bills, call the company and ask for a lower rate. You can explain that you are a loyal customer but you’re being offered much lower rates from other companies. This includes the bills for the cards you have already cut up. They don’t need to know that you cut up their card. The goal is to pay as little interest as possible while you are trying to get rid of the debt. That way you have more money each month for your debt reduction efforts.

9. Make sure you have enough for emergencies. It’s great to be aggressively paying off your debt but you need to plan for the unexpected. You don’t want to be on such a tight budget each month that it doesn’t allow for a misstep. You need to be in a position where you can make your mortgage payment or car loan payment.

Each of these debt reduction steps is achievable if you put your mind to it. A little willpower and this 9 step plan and instead of stressing about your debts you may find yourself trying to figure out what to do with all your savings.

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by jwinfred

Economic Fears Reignite Market Slump

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OCTOBER 16, 2008 Economic Fears Reignite Market Slump
Stocks Post Biggest Drop Since 1987 Crash as Retail Sales Fall, Commodities Sink and Investors Worry About Hedge Funds
By SUDEEP REDDY, JENNIFER SARANOW and ANN

Fears of a deep recession sparked the worst drop in the Dow Jones Industrial Average in 21 years, as retail sales tumbled, demand for commodities sank and bank earnings fell.

Bloomberg News/Landov
SOMBER OUTLOOK: As markets fell Wednesday, Fed chief Ben Bernanke said stabilizing financial markets won’t spur a broad economic recovery overnight.
The latest data suggest the U.S. economy is poised to fall into its deepest recession since the early 1980s. That news, coupled with renewed signs of trouble in the all-important markets for credit, reignited the sell-off in stock markets, all but wiping out the huge gains that shares had made in Monday’s rally.
The Dow dropped 733.08 points, or 7.9%, to 8577.91 as recession fears and continuing doubts about the world financial system’s prospects shook investors. Wednesday’s decline marked the Dow’s largest percentage drop since October 1987 and the second-biggest point drop ever. The index is down 21% this month and almost 40% from its record close a year ago.
Other indexes plunged, too, including the Standard & Poor’s 500 stock index, which fell 9.03%. Overall, investors lost about .1 trillion in U.S. stock-market value on Wednesday, the second day in history that they have lost more than trillion in one day.
In another sign of economic weakness, demand for the most important raw materials continued to slide, with oil and copper prices falling sharply.
With the big drop in stocks, many investors fled into safe-haven instruments like the two-year Treasury bond, which rose in price, sending its yield down to 1.6%, while the 10-year bond price rose slightly to yield 4%.
The stock market was unnerved late in the day by new fears of instability in the financial system, this time in the hedge-fund industry. Traders heard talk that hedge fund Citadel Investment Group, whose funds are down between 26% and 30% for the year, was facing margin calls. The rumors fed an already anxious market, where investors have grown worried that some big, highly debt-dependent hedge funds could fail, causing more market declines. Citadel said its financial situation remained strong.
Adding to the somber mood, Federal Reserve Chairman Ben Bernanke in a speech at the Economic Club of New York warned the economy faced tough prospects despite the government’s 0 billion rescue plan aimed at bolstering the U.S. financial system.
"Stabilization of the financial markets is a critical first step, but even if they stabilize as we hope they will, broader economic recovery will not happen right away," Mr. Bernanke said. "Ultimately, the trajectory of economic activity beyond the next few quarters will depend greatly on the extent to which financial and credit markets return to more normal functioning."
Mr. Bernanke noted that the economy had been decelerating even before the September shock to financial markets. He ticked off a broadening list of troubles that now weigh on it: slower exports from a global slowdown, nagging declines in home prices, slower consumer spending and business investment, and the time that it will take for credit markets to unfreeze after the government’s dramatic steps this week.
Mr. Bernanke subtly left open the possibility of interest-rate cuts in the weeks or months ahead, noting inflation pressures have receded as a result of falling commodities prices.
But it’s far from clear how much effect further rate cuts would have. Investors have been demanding huge premiums — known on Wall Street as spreads — over benchmark interest rates to make loans to businesses and households. As long as these spreads remain large, the benefits of rate cuts are diminished. A big priority for now remains calming the fear that has swept through financial markets. That would make financial institutions more willing to lend at narrowed spreads.
Evidence is mounting that the U.S. is likely to experience a far worse downturn than the 2001 or 1990-91 recessions. Job losses started at the beginning of this year but started deepening last month, even before the worst of the credit crisis struck. The degree of the declines is sapping consumer incomes after a decade showing few earnings gains for most Americans.
In Seattle, 25-year-old Web developer Scott Krager is curtailing his spending — especially on eating out — and now rarely pays full price for anything. Recently, when he needed to purchase new khaki pants after his older ones were ruined in the dryer, Mr. Krager visited a Kohl’s department store for the first time and bought two pairs using a -off coupon.
"Overall, you can tell that it’s not 2003 or 2004 anymore," said Mr. Krager. "It’s the first time my generation has really felt the effect of any kind of pull back."
The Commerce Department said its broad gauge of retail sales dropped 1.2% last month, a much sharper decline than in July and August. The figures followed last week’s weak September sales reports by major retailers, and they confirmed that the economy was weakening before this month’s market turmoil, suggesting deeper declines in the coming months. Consumer spending, which accounts for more than 70% of the U.S. economy, is likely to record declines in the third and fourth quarters of this year.
Retail sales slipped in almost every sector. Auto sales fell 3.8%, while furniture, electronics, clothing and food stores also declined.
The troubles are weighing heavily on the global economy. Weak prospects around the world are pushing commodity prices sharply lower, a sign that strong demand — which led to huge price surges earlier this year — has abated with the economic turmoil. Crude-oil prices tumbled .09, or 5.2%, to .54 a barrel, its lowest settlement price this year.
Meanwhile, the continuing turmoil in credit markets is likely to hit the banking sector hard in the coming months. J.P. Morgan Chase & Co. and Wells Fargo & Co., two of the nation’s strongest banks, on Wednesday said their consumer operations are likely to worsen for months amid weaker performance of mortgages, credit cards and auto loans. J.P. Morgan, which is one of the nation’s largest credit-card issuers, said charge-offs — reflecting loans considered to be uncollectible — represented 5% of its card portfolio compared with 3.64% in the third quarter of 2007. That’s expected to grow to 6% in the beginning of next year and 7% by the end of 2009, the bank said.
The Federal Reserve’s latest "beige book” report, a summary of regional economic conditions, showed weakness across the nation into early October. Consumer spending declined, manufacturing activity dropped and several regions reported lower capital spending or reductions in capital spending plans "due to the high level of uncertainty about the economic outlook or concerns over the availability of credit." Among the few bright spots were agriculture and other natural resources, though drops in commodity prices since the reports were compiled could hurt those sectors.
Job losses, which started at the beginning of this year, are expected to worsen as businesses feel the credit pinch. The effects of the worsening economy were on display at retail outlets around the country.
After years of conspicuous consumption, many middle- and upper-income Americans are morphing into cautious shoppers. The change in mood could have a dramatic effect on consumer spending on everything from cars and travel to electronics, fashion and jewelry, especially heading toward the holiday season. That’s a radical change from the 2001 economic slowdown when many people shopped to feel better.
In Chicago, Fanchon Simons, an avid 60-year-old shopper, says she couldn’t bring herself to buy a 0 blouse that she tried on at a designer-clothing boutique last week. Ms. Simons says she hasn’t bought much for herself in the past couple weeks — and not because she can’t afford it. Buying "is not that important to me right now because of the climate," she says. "Maybe it’s a way to be in sympathy with the rest of the people…or maybe it’s that I don’t really need anything."
High-end consumers aren’t the only ones pinching pennies or turning to window-shopping. Synetha Chambers, a 31-year-old single parent from Cedar Hill, Texas, who makes an hour as a service representative for AT&T, says she has pared her grocery list to the necessities — milk is a must, but she no longer buys soda and chips. "And I will be honest with you, Christmas is no longer a necessity in my household," Ms. Chambers says.
Besides worrying about the economy, stock-market investors have two other immediate concerns. One is that credit markets may remain dysfunctional for weeks or even months, which would make the recession worse. The struggling credit market in particular is making it more difficult for many companies to raise the cash they need to run their operations.
In addition, investors are watching the earnings season, in particular what companies are saying about their outlook for the rest of the year. One test comes Thursday: Citigroup Inc. is reporting its latest quarterly results, and investors will be closely monitoring the health of its huge portfolios of consumer loans.
—Jon Hilsenrath, Miguel Bustillo and Robin Sidel contributed to this article.Write to Sudeep Reddy at sudeep.reddy@wsj.com, Jennifer Saranow at jennifer.saranow@wsj.com and Ann Zimmerman at ann.zimmerman@wsj.com

There is no doubt in anyone’s mind that getting deep into debt is a very stressful time. For one, the mind of the debtor is troubled and filled with worry about how he will be able to pay his bills and adequately address his basic needs at the same time. He could also be thinking of how he will be able to provide for his family’s needs given the financial condition that he is facing.

And then, there is the feeling of insecurity and paranoia that could be plaguing him. He is often wary of answering the knock on the door or picking up the phone when it rings; the person on the other side of the door or on the other line could be a creditor’s agent who came to collect for payment that the debtor cannot deliver. Maybe he could not bear to look at other people’s eyes anymore out of fear of finding out whether or not they whisper behind his back about the debt problem he is facing and how “irresponsible” he is.

In the process of making good the payments due to them, creditors and collectors alike sometimes forget that the debtor is a human being, subject to being hurt, humiliated and bewildered by the financial trouble he is facing. That is why there are Christian debt reduction agencies around. They aim to address debt reduction in a more humane way.

Christian debt reduction agencies are non-profit companies certified and recognized by Christian churches and Christian debt organizations. These Christian debt reduction companies claim that their methods and services are based on Biblical principles. They do not just aim for debt reduction; their end goal is to get their clients to rebuild their creditability.

Another trait that sets Christian debt reduction agencies apart from other debt settlement companies is that Christian debt reduction companies try to dig the reason behind the accumulation of debt and attempt to help their clients get over it. They understand that compulsive and irresponsible spending is not always the reason why debtors get deep into debt. The debt could be a result of the client losing his job, getting an illness or accident that forced him to stop working for a long period, or if there is a sudden death in the family that the debtor was not prepared for.

Because Christian debt reduction companies are non-profit organizations, oftentimes they charge lower monthly payments at a reduced percentage of interest. Also, the client usually has the option to settle this monthly payment at any day he can make it, without worrying about facing late payment penalty fees or over-limit charges. Christian debt reduction companies also try to work out a reduction of debt of up to 50% to 70% from their client’s creditors in behalf of their client. Once terms have been reached in negotiation, the period for debt settlement often takes three to six years.

For the downtrodden debtor who is tired of being hounded and gossiped on, going to a Christian debt reduction agency is a more humane and a more welcome alternative.

Check these links to learn more:

http://www.commercialdebtcounseling.com

http://www.commercialdebtcounseling.com/business/business-y/business-index.shtml

by lisby1

Archibald Campbell, 1st Marquess of Argyll, 8th Earl of Argyll, chief of Clan Campbell

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Archibald Campbell, 1st Marquess of Argyll, 8th Earl of Argyll, chief of Clan Campbell, (1607 – 27 May 1661) was the de facto head of government in Scotland during most of the conflict known as the Wars of the Three Kingdoms. He was the most influential figure in the Covenanter movement that fought for the Presbyterian religion and what they saw as Scottish interests during the English Civil War of the 1640s and 1650s.

He was eldest son of Archibald Campbell, 7th Earl of Argyll, by his first wife Agnes Douglas daughter of William Douglas, 6th Earl of Morton, and was educated at St Andrews University, where he matriculated on 15 January 1622. He had early in life, as Lord Lorne, been entrusted with the possession of the Argyll estates when his father renounced Protestantism and took arms for Philip III of Spain; and he exercised over his clan an authority almost absolute, disposing of a force of 20,000 retainers, being, according to Baillie, by far the most powerful subject in the kingdom.

In January 1644, he accompanied the Scottish army into England as a member of the committee of both kingdoms and in command of a troop of horse, but was soon compelled, in March, to return to suppress royalists in the Scottish Civil War and to defend his own territories. He forced Huntly to retreat in April. In July, he advanced to abet the Irish troops now landed in Argyll, which were fighting in conjunction with Montrose, who had put himself at the head of the royalist forces in Scotland. Neither general succeeded in obtaining an advantage over the other, or even in engaging in battle. Argyll then returned to Edinburgh, threw up his commission, and retired to Inveraray Castle. Montrose unexpectedly followed him in December, compelling him to flee to Roseneath, and devastating his territories. On 2 February 1645, while following Montrose northwards, Argyll was surprised by him at Inverlochy. He witnessed, from his barge on the lake to which he had retired after falling from his horse, a fearful slaughter of his troops, which included 1500 of the Campbells.[1] He arrived at Edinburgh on 12 February and was again present at Montrose’s further great victory on 15 August at Kilsyth, whence he escaped to Newcastle. Argyll was at last delivered from his formidable antagonist by Montrose’s final defeat at Philiphaugh on 12 September. In 1646, he was sent to negotiate with the king at Newcastle after his surrender to the Scottish army, when he endeavoured to moderate the demands of the parliament and at the same time to persuade the king to accept them. On 7 July 1646, he was appointed a member of the Assembly of Divines.

Up to this point, Argyll’s statesmanship had been highly successful. The national liberties and religion of Scotland had been defended and guaranteed, and the power of the king in Scotland reduced to a mere shadow. In addition, these privileges had been still further secured by the alliance with the English opposition, and by the subsequent triumph of the parliament and Presbyterianism in the neighboring kingdom. The king himself was a prisoner in their midst. But Argyll’s influence could not survive the rupture of the alliance between the two nations on which his whole policy was founded. He opposed in vain the secret treaty concluded between the king and the Scots against the parliament. Hamilton marched into England and was defeated by Cromwell at Preston. Argyll, after a narrow escape from a surprise attack at the Battle of Stirling (1648), joined the Whiggamores, a body of Covenanters at Edinburgh; and, supported by John Campbell, 1st Earl of Loudoun and Alexander Leslie, 1st Earl of Leven, he established a new government, which welcomed Oliver Cromwell on his arrival there on 4 October.

This alliance, however, was at once destroyed by the execution of Charles I on 30 January 1649, which excited universal horror in Scotland. In the series of tangled incidents which followed, Argyll lost control of the national policy. He describes himself at this period as "a distracted man…in a distracted time" whose " remedies…had the quite contrary operation."

He supported the invitation from the Covenanters to Charles II to land in Scotland, and gazed upon the captured Montrose, bound on a cart to execution at Edinburgh. When Charles II came to Scotland, having signed the Covenant and repudiated Montrose, Argyll remained at the head of the administration. After the defeat of Dunbar, Charles retained his support by the promise of a dukedom and the Garter, and an attempt was made by Argyll to marry the king to his daughter. On 1 January 1651, he placed the crown on Charles’s head at Scone. But his power had now passed to the Hamiltonian party.

He strongly opposed, but was unable to prevent, the expedition into England. In the subsequent reduction of Scotland, after holding out in Inveraray Castle for nearly a year, he was at last surprised in August 1652 and submitted to the Commonwealth. His ruin was then complete. His policy had failed, his power had vanished. He was hopelessly in debt, and on terms of such violent hostility with his eldest son as to be obliged to demand a garrison in his house for his protection.

During his visit to Monck at Dalkeith in 1654 to complain of this, he was subjected to much personal insult from his creditors, and on visiting London in September 1655 to obtain money due to him from the Scottish parliament, he was arrested for debt, though soon liberated. In Richard Cromwell’s parliament of 1659 Argyll sat as member for Aberdeenshire.

At the Restoration, he presented himself at Whitehall, but was at once arrested by order of Charles and placed in the Tower (1660), being sent to Edinburgh to stand trial for high treason. He was acquitted of complicity in the death of Charles I, and his escape from the whole charge seemed imminent, but the arrival of a packet of letters written by Argyll to Monck showed conclusively his collaboration with Cromwell’s government, particularly in the suppression of Glencairn’s royalist rising in 1652. He was immediately sentenced to death, his execution by beheading taking place on 27 May 1661, before the death warrant had even been signed by the king. His head was placed on the same spike upon the west end of the Tolbooth as that of Montrose had previously been exposed, and his body was buried at the Holy Loch, where the head was also deposited in 1664. A monument was erected to his memory in St Giles’s church in Edinburgh in 1895.

While imprisoned in the Tower he wrote Instructions to a Son (1661). Some of his speeches, including the one delivered on the scaffold, were published and are printed in the Harleian Miscellany.

He married Lady Margaret Douglas, daughter of William Douglas, 7th Earl of Morton, and had two sons and four daughters.

As the basic costs of living have continued to rise, more Americans are falling into debt. If you’re one of them, you may think there’s no hope for the future. But there is. A debt reduction plan is all you need to free yourself from debt for good. Follow these three steps to start reducing your debt.

Debt Reduction Step 1: Stop Creating Debt

Pay cash for regular expenses like groceries, gas, and utilities. Using a debit card is okay, as long as the money is in your checking account. Your goal is to avoid paying interest on your daily expenses and to avoid increasing the balance on your cards. Once you have a balance, every charge will carry interest, even if you pay that portion of the bill at the end of the month.

Before making a purchase, consider whether it’s a need or a want. For example, groceries, heat, and new shoes for your growing child are necessities. 0 designer sneakers for your trend-following teenager are not. Of course, you shouldn’t skip necessary car maintenance and medical appointments to save money. It’s usually cheaper to solve a problem in the early stages than to wait until it’s much worse.

Debt Reduction Step 2: Calculate Your Expenses and Debt

You don’t need fancy software to create a debt reduction plan. All you need is paper, a pencil, and a calculator. First, list all your monthly must-pay expenses: rent or mortgage, auto expenses, groceries, insurance, medical expenses, student loan payments, childcare, utilities, tuition, and minimum debt payments. Second, list all your sources of income and how much you receive on a monthly basis. Third, subtract your expenses from your income. The difference is how much you can put towards reducing debt. If your expenses are more than your income, see step three.

Now make a chart that lists the name, balance, interest rate, and minimum payment for each debt or loan.

With these three lists in hand, you can create your debt reduction plan. You have two options to quickly reduce debt: pay off the smallest balances first or pay off the highest rate debts first. The highest rate plan may save you a small amount over the smallest balance plan, but paying off a small balance quickly might be the motivation you need to keep going. The key to success is your commitment to paying as much as you can every month. If you can pay off any one balance in full right away, do it now.

If you pay the smallest balances first, pay only the minimums on your other debts. Once that debt is paid off, move onto the next one, but pay both the large payment and the minimum payment. This is called a debt snowball. By the time you reach the last debt, you’ll have worked up a large payment that will pay off your final debt quickly.

If you pay the highest rate debts first, pay as much as you can to the highest rate debt and the minimums on the rest. When that debt is paid off, apply those payments plus the minimum to the next highest-rate debt.

Many people with high interest rates apply for debt consolidation loans or balance transfers to 0% cards. Either option will significantly reduce your interest rate, allowing you put more of your payment toward the principal. Just make sure that you can either pay off the debt or transfer it again before the interest rate rises.

Debt Reduction Step 3: Change Your Spending Habits

People who permanently eliminate their debt also change the way they view money. Rather than going into debt trying to keep up with their friends and neighbors, they see money as a tool to help them achieve their own goals. Instead of acquiring stuff that impresses other people, worry about how you feel about yourself. Being debt free will make a lot happier than the biggest TV in the world would.

For more articles on Debt Reduction, visit: http://www.bills.com/debt-reduction/

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by Jon Juan

Road Records On Fade Street – Ceased Trading R.I.P

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I operated my own record shop way back in 1979 (actually i ceased trading in 1979) and even then it was difficult to make money selling records so I am really surprised by the fact that Road Records managed to survive as long as they did. I should also say that I am sad to see them go out of business.

ROAD RECORDS IS CLOSING DOWN !

How do I begin a piece like this, without repeating everything I wrote nearly two years ago now.

I suppose I would have to say its with great sadness to inform you we are finally closing the doors of Road Records.

Its been a difficult two years since we first faced the prospects of closure and we have literally worked night and day to try and see if we could save the shop and make it a viable business again. The current economic situation in this country added to the many problems we faced in the past have finally caught up with us and we can no longer sustain this little shop.

This time, I am sad to say, there is no alternative for us, we have literally tried everything in our powers to keep this place operating and nothing has worked for us. It hasn’t been an easy decision to make, if anything its even more difficult than two years ago, we have had amazing support from people but nothing we do seems to work anymore.

With debts beginning to build again Julie and myself have finally decided that we cannot take any more risks personally and before things get any worse we will have to finally walk away from the shop for the last time.

I have to say I still have no regrets about the last 13 years, its been a real blast and a pleasure to be here over the years. We have met some amazing people and have become friends with some truly amazing bands. The level of support we have received since last year has been truly mindblowing but so much has changed economically since then that its just not possible to sustain such a small record shop like this anymore.

I am not going to give out about the music business this time around, its just one of those things and we have finally come to a stage where I think the days of the small indie store are numbered. Its sad to have to admit that but this time I think its true, we cant blame digital sales, illegal downloading etc, the world is a changing place and I cant see any room in it for kooky little indie stores like ourselves.

We will be starting our closing down sale this Saturday [17th July] and everything will be on sale at a 25% reduction. We will be open for just one more week after that with the final day being Saturday 24th of July. Literally everything will be going on sale so if you want to pick up a cheap stereo, cash register or stapler, then do drop in.

We would both like to thank each and everyone of you for your support over the years, maybe we will catch up at some point in the future.

We would also like to thank all our wonderful staff from the last 14 years, in person they are Dylan, Jonny, Jimmy, Gib, Colm, John, Chip and Aengus.

As for what we will do next, the honest answer is we really dont know, hopefully we can pay off any debts we have and then at least we have a beautiful little baby boy to try and put a smile back on our faces.

Thanks & Adios

Dave and Julie

With top debt reduction tips you can start to get your debt under control. Your goal would be to eliminate debt from your life. You know, it is too easy to fall into debt, and hard to get out of it. But you’re not powerless-all you have to do is develop a plan to get out of debt, then be disciplined enough to stick with it until your debt is gone. These six tips will help.

Stop Increasing Debt

The first of our debt reduction tips is to stop increasing your debt. This is an important step you have to take, because if you keep adding to your overall total debt, your problem will compound until you reach a point that you are in over your head.

Throw away all of the offers for credit cards that you receive in the mail. Don’t even open them, or you will be tempted!

Whenever a store clerk offers you a new credit card with an offer you just can’t refuse-refuse it anyway. It is in your own best interest to reduce the temptation by not increasing your potential to borrow more money.

Close Accounts

Next, you want to close as many credit accounts as you can. Again, your goal is to reduce the temptation to easily spend money using credit.

Identify credit cards with low balances that can be paid off, or transferred to another card. Then cut up those cards and call the bank or creditor to close the account.

Your credit rating will actually be improved because you will have less potential outstanding debt.

Transfer High Interest Accounts

As far as debt reduction tips go, this is an important one: move your existing high-interest credit cards to a lower interest rate card, or get a secured loan with a lower rate.

Do a little research to find a credit card with a low interest on balance transfers. If your credit is good, you can usually find a zero percent interest rate on balance transfers, at least for a certain period of time. Then, when you get that new credit card in the mail-cut it up!

Only use this card for balance transfers, and not to add more debt! Transfer all higher-interest balances to your new card.

The money you save in interest should be used to pay down the overall principal balance of your outstanding debt.

Pay Higher Minimum Payments

Always try to pay more than the minimum payment, if possible. Don’t fall into the trap of paying only the minimum monthly payment, or it could take you forever to pay off your debt.

At least try to pay a little more than the minimum, because it really does add up to paying your balance off a lot faster. And, if you have a loan you are trying to pay down, such as a home equity line of credit, or a mortgage, find out if there are any pre-payment penalties. If not, then try to pay off the loan as quickly as possible by making larger monthly payments.

Pay an Extra Mortgage Payment

Pay one extra mortgage payment per year. You may think this is impossible, but you can divide your payment by twelve, and then add that amount to what you pay each month.

Or, if you get paid every two weeks, set your mortgage up on auto pay, and simply pay half of the mortgage amount every two weeks. Even paying one single extra payment per year can reduce a thirty year mortgage by six years or more!

This is one of the all time best debt reduction tips you can ever follow. You could own your house sooner than you think, and save a ton of interest and debt by following this one tip.

Seek Professional Credit Help

Finally, if you are truly just in over your head and drowning in debt, consider professional debt help. You can work with a debt reduction company to create a plan.

These companies can work with your creditors, and negotiate a pay off strategy. The worst thing you can do is just give up on your credit-there are many options available, so contact a debt reduction professional and learn more.

Let’s review the top debt reduction tips:

Don’t open new credit accounts you don’t need
Close existing credit accounts
Transfer high interest cards to a lower interest account
Pay more than the minimum balance
Pay one extra mortgage payment per year
Seek professional debt help

These top debt reduction tips are great techniques that you can start applying today, and take charge of getting out of debt fast!

As long as you have the willpower to apply these techniques, you will begin to relieve the pressure of too much debt.

www.howtoeliminatedebt.org Learn the various ways to eliminate 00 of credit card debt and find the best debt relief solution – is it debt settlement, debt consolidation, or bankruptcy…
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