Tag Archives: Debt Reduction

DIY Approach to Reducing Debt

By Lorena Benchis DIY approach to reducing debt Having outstanding debts is not usually a comfortable position to be in and the greater the debt that you owe, the worse it makes you feel. Debt is often the cause of anxiety and sleepless nights and can lead to depression. The worst thing you can do about debt is nothing. The ostrich mentality where you bury your head in the sand and pretend it’s not happening isn’t going to help matters, … Continue reading

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Is It Wise To Consolidate Debts?

By Celia Roche If you’ve found your way to this website because you’re doing everything you can to free yourself from debt – then you aren’t alone. It seems that in these post-boom times, the whole world is trying to get itself out of debt before — no doubt — the whole merry-go-round stars turning again. But at least by the next time the world is feeling confident enough to borrow to finance an overly lavish lifestyle, you’ll have learned … Continue reading

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How to Rescue Bad Credit

Article written by MoneySupermarket Do you have a bad credit record or do you have no credit history? Getting credit when you’re in either of these situations can be incredibly difficult, here I’ll detail some simple tips that you can do to try and get your credit record back on track! Do you have any credit? This might sound strange but if you have no credit history then credit cards and loans will actually work for you, as they will … Continue reading

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$125,000 of Debt

By Debt Avalanche As part of the debt avalanche, we ended up getting rid of $125,000 worth of debt in 9 months. Here is how the debt was broken down: credit card 1: $8,250 @ 6.9% credit card 2: $5,300 @ 8% credit card 3: $13,500 @ 9.9% credit card 4: $6,600 @ 17% credit card 5: $19,800 @ 23.5% car loan 1: $24,000 @ 2.9% car loan 2: $6,000 @ 4.2% student loan 1: $30,000 student loan 2: $12,000 … Continue reading

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Debt Avalanche

By Debt Avalanche There is an elephant in the room when it comes to debt reduction that nobody seems to want to talk about — that people want to keep their current lifestyle as much as possible while reducing their debt. The fact is that 99% of people that begin the debt reduction process do so while trying to keep their current lifestyle in tact as much as possible. I decided that for me this was the wrong way to … Continue reading

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Create A Budget: Debt Reduction Basics

When you put things in black and white in front of you, they all of a sudden start to make a lot more sense. This is very much so the case with fixing your debt – writing your budget in black and white on a piece of paper will help you to realise the sectors of your life in which you can save money and the sectors in your life in which you can spend more. When it comes to … Continue reading

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Debt Will Not Simply Disappear

One of the things that many people do when they are in debt is bury their heads in the sand pretending that everything is OK and hope that the debt problems simply go away. In reality, you may feel better in the short term by taking this action, but in the long run, all you are doing is creating more financial problems for yourself. Speaking to your creditors is one of the best debt reduction tips that anyone can ever … Continue reading

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Entering into the home stretch

Well friends – barring any kind of financial emergency – tomorrow I will be paying $400 towards my credit card debt snowball and will have another credit card paid off which leaves … ONE. (I can hear Count Von Count in my head “One! One more credit card! Ah, ha, ha!” Yeah – I may be 31, but I’m still a four-year-old at heart.) This card carries a balance of about $1,230.00 and with luck and work, I will be … Continue reading

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A net worth update

I updated my net worth on the NetworthIQ site today. If my debt reduction journey is like a marathon, I’m somewhere in the middle where my lungs are beginning to scream at me and my ass is beginning to drag. I’m hoping that my second wind will come after the wedding and that I’ll be able to make a fast sprint to the finish line. The wedding is 15 days away and while Future Husband and I have always kept … Continue reading

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The method to my madness

OK – I was going to start my “Latte Factor” countdown next week, but there’s never been a better time than right now – mostly because I got paid yesterday and I feel like I have a clean slate to work with. Also, since it’s a new paycheck and the end of the month, it’s time to do some bills. As it sits right now, I have $890 in checking and $30 in savings. This is a $100 more than … Continue reading

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