Be Debt Free

Muna wa Wanjiru


It’s a very easy thing to continually use your credit cards without thinking twice about the fact you’re not spending your own money but that you’re spending someone else’s money – which you will have to pay back, with interest. Soon, without even realising it, you will be in debt up to your eyes, so why not try to become debt free today, without waiting for any drastic problems to arise.

There are many things that you can do to help you become debt free today, and it doesn’t even matter whether you are in debt to every creditor on the face of the planet! It might sound simplistic and naive, but if you truly want to become debt free, you can do it. It’s as simple as that (sort of!). There will of course be certain things you need to do in order to start the process of becoming debt free today, but unless you start doing these things, you will never see the end of your debts.

So to start becoming debt free today, you will first want to go about setting a budget for yourself. Although that might sound horrific to you right now, you will be glad that you made the effort to do so, later on. And the easiest way to set a budget for yourself is to take your total income, and subtract the necessary amount for taxes. This is the money you have available to you on a monthly basis and to start being debt free today you will have to learn to live within its constraints.

This means that if you spend using your credit card, you will need to have that money available to you by the end of the month to pay off your card so that you aren’t accumulating debt, and so that you aren’t paying interest rates on your purchases either. And remember that your budget for the month is for everything – groceries, utility bills, credit card bills, loans, any support (spousal, child etc) that you need to pay, and for whatever else it is that you need to spend money on during that month.

When you’re setting your budget, it is always best if you can draw up at least a rough estimate of the things that you will need to spend on, and how much you will have to spend for the month. This will give you a good idea of where your money is going, and how. And as the month progresses, you can keep a journal, or a log on what you spent money on, so that you can get a more accurate picture of your spending habits.

The best thing that you can do to become debt free today however, is to only buy what you need when you need it, don’t go out of your way for a bargain that you might not need; leave your credit cards at home; pay your bills on time; and spend only what you have on hand

Miss Angora


There are a lot of answers in here on this topic, but I would like to know about people’s specific experiences with bank errors in your favor… what did you do, was the error corrected, how long did it take, etc.? There’s been a payment to my credit card that I didn’t make, so it’s a little different than extra cash in a bank account; it’s a reduction of debt.
Thanks Phitzi and rssr27. Both your answers were very informative and helpful!

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Poly Muthumbi


Debt free army understands that Debt problems have in years disorganized peoples lives taking them to directions that they were never intended for. Debts are positive in some way especially when what you are paying for is critical. For example if a debt is as a result of that home, or for education of your children, or if an abrupt and unavoidable thing happens, then it is worth. Debts are dreadful if they are due to carelessness or lack of discipline on the way we use our credit cards or taking a loan to buy a car or just something one can live without and still survive.

John Avanzini or Brother John if you like it had a God’s Visitation to help address the issue of debt and establish a debt free army ready to live stress free and serve God without any limitation. Brother John met Harold Herring and knew that he is the chosen one, to help him come up with debt free army. They both could not say no to God’s call and so they had to figure out a way form a debt free army to help His children to walk to debt freedom.

God wanted Brother John and Harold Herring to minister to His children and help them get out debt as soon as possible. He also wanted his Debt free army to be a sympathetic army that will look up on the needs of those still in debt and not leave them struggling. Having followed closely to several rules, a debt free army was formed.

So Herring having been entrusted by Brother John, approached his loving wife and together with the help of United States financial writers and experts went into action to form the debt free army. They came up with overwhelming financial strategies that were meant to direct people on how to save money.

On the first year of operation, these financial strategies were emailed to every member of debt free army and the implementation began. These materials have been circulating over the years and a lot of appreciation for the pioneers and those who contributed to the formation of debt free army have ever been praised. It was a big hit to the Christian world. People were able to successfully get out of debt after following closely to the financial plan.

The debt free army ministry may have spent a lot of money to develop these financial materials that saw to so many becoming debt free but it was able to accomplish God’s assignment and is still performing its purpose.

If that debt is really pushing you to the wall, it is not really the end of the world. Debt free army is the place to be right now. Join the thousands of people who are enjoying this great debt free army financial plan approach and help solve that nagging debt problem. Use debt free army financial tools and the links provided for you and who knows, this could be the end of your debt problems. With people like Herring and John who cared that you are struggling a lot with the debt and came up with such a wonderful solution, all that is left for you to do is implement this financial strategy to your advantage and you will not regret.

Poly Muthumbi is a Web Administrator and Has Been Researching and Reporting on DEBT for Years. For More Information on DEBT FREE ARMY, Visit Her Site at DEBT FREE ARMY

Proust


He could have left America with a lot more room to maneuver right now if he had simply done the conservative thing, and pushed for deficit control and debt reduction. Instead, he spent money like a madman, and now we have a gigantic deficit and debt even BEFORE all the new stimulus packages.

Why were Republicans dumb enough to fall for the very un-conservative George W. Bush? Why didn’t the GOP nominate an actual conservative back in 2000?

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Andrew Bicknell


There is no greater threat to your financial future then having to deal with overwhelming debt. Nothing can interfere with you plans quite like owing other people lots of money, money that you could put to use through investments, savings, paying for school, or even just blowing some actual cash on yourself. That’s the problem with borrowing money through the use of personal loans, car loans, and credit cards; once you start paying that interest its money that is now working for your creditors instead of you.

If you are reading this then you are probably one of the millions of Americans who desperately want to become debt free. There is no quick and easy way to accomplish this but if you put your head down and attack your debt like your life depended on it in as little as 3 years you can be completely debt free.

So how do you do this? The first thing you’ll need to do is take a debt inventory. As bad as that sounds it is something that will need to be done if you want to get a handle on your financial situation. There are two ways to do this. You can either just list out all your debts or you can build a budget that includes all your income and expenses, including debts. A budget is the better way to go as it allows you to start taking back control of where your money is going and get some of those more unnecessary expenses under control.

There are many reasons you could be in debt but the most common problem is the fact that you probably spend more then you make. But even if this is the case do you know why this is happening? Where is your money going? Until you get that figured out you will continue to be financially lost.

So take that first step to becoming debt free and make a budget. Just get out a pencil and paper and write down your income in one column and then write down all of your expenses in the next column. Add up the two columns and those two numbers will tell you how well you are doing financially. If the income is greater then the expenses then things aren’t too bad. If the expenses are more then the incomes then you have found the primary reason for your financial problem.

If you want to add another level of sophistication your budget you can ad in more information about debts that include interest and monthly payments. These include mortgages, car loans, student loans, and those evil credit cards. In this case you will have columns for the balance owed, monthly minimum payment, interest rate, and interest being paid each month. Chances are if you are deeply in debt these are the reasons why.

Here’s the thing about making a budget. It isn’t the greatest of fun and the results can be somewhat depressing but if you have never made one before it will show exactly why you are having financial difficulties because it’s all laid out in front of you.

The next step to become debt free is to act on what you see in your budget. Your monetary problems are right there in front of you and it’s time to start performing some financial surgery. Start cutting and eliminating bad spending habits to free up money that can be put to use reducing those debts.

You will have to make a conscious decision to live on less then you make and apply any savings to fixing you financial problems. And if you are serious about being debt free get rid of those credit cards. Don’t just hide them in a drawer; you have to destroy the things in whatever manner works for you. Credit is not your friend when your debt is destroying your future.

The first steps to become debt free are simply taking back control of your money and telling what to do and where to go. Once you have done this by building a budget and seeing how lost control of your expenses you can start down the road to financial freedom.

Apurva Shree


You must consider credit card debt reduction schemes seriously if you want to have a secure future. You may blow up money from your credit card account and make yourself believe that the money just came from nowhere. However, somewhere deep down you are sure to know better than that. Indulging yourself foolishly using your credit card will only heap up a huge debt account for you, which can land you into a big financial mess. Debt reduction or credit card debt consolidation must become a part of your other personal finance management programs. You can go for a number of online credit card debt elimination approaches as well. Help from a professional finance management firm can be of great help too.

Credit Card Debt Reduction Made Easy

You may think that debt reduction credit card consolidation is the most impossible option available, in which case you are highly mistaken. There are a number of simple ways in which you can move towards credit card debt reduction. The easiest as well as the most difficult way of credit card debt reduction is to stop using credit cards. With urbane lifestyles making survival without credit cards increasingly difficult, it might indeed surprise you to read a suggestion like this. However, a little more thought into it, and it will seem to make a lot more sense. If you have been using credit cards then probably and have already accumulated a lot of credit card debt then the best thing to do would be to stop using your credit cards until you have gotten rid of the previous debt.

Other Off-Track Ways of Credit Card Debt Reduction

If you were thorough with your research about credit card debt reduction then one of the options listed under online credit card debt elimination would include taking the assistance of a number of professional financial agencies. If you want to go towards debt reduction credit card consolidation then professional help may not really be so bad after all. These agencies will help you file your bankruptcy and other legal documents if and when the need arises. These agencies negotiate with the companies to which u owe debt. The better companies have records of having repaired a number of financial records. They try to get rid of their clients’ debts by the payment of the minimum amount possible through easy installment schemes. They also try to lower the interest rates levied by the company for credit card debt reduction.

Another possible way in which you could strategize your credit card debt reduction is through the use of the ploy called ‘homeowner’. Owning property can be extremely beneficial when you are trying your debt reduction credit card consolidation options. As the value of the property keeps increasing, it overshoots the mortgage rate. Due to which credit card debt reduction through declaring your home equity and refinancing your credit card debt through loans becomes an easy option.

Naturescent


The Debt to the Penny and Who Holds It
http://www.treasurydirect.gov/NP/BPDLogin?application=np

How much has the debt increased since we’ve had a majority of Democrats in Congress? I thought they were going to make our life better when they took office if we gave them a chance. What happened?

The President can’t introduce and vote on bills. He can only endorse or veto them.

The war was already in progress, so look at all of the added expenditures this Democratic Congress has voted on since they’ve been in office.

I guess it’s easy for them to spend someone else’s money. Maybe they need a reduction in salary to the level they have put the majority of US citizens at.

Think it’s time for a change?

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mudder9999


I will not be able to afford my credit and loan payments. Is debt reduction good or bad for me.

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Elizabeth Harfleet


Some very important factors, such as a grace period and subsidies, will also be part of the benefit package your consolidator can negotiate for you.

Many of these desperate consumers find themselves contemplating a bankruptcy filing, but bankruptcy can carry a legacy you will have to live with for years. A bankruptcy filing will stay on your record for a minimum of seven years, and you may find it difficult or impossible to obtain necessary credit in the interim. There are numerous types of debt, including basic loans, syndicated loans, bonds, and promissory notes. Debt, especially large sums of debt, can also be secured through a mortgage or other security interest over some of the debtor’s property, in which case the creditor will have some rights over that property in the event that the debtor becomes unable to repay the debt and defaults on the loan.

If your objective is to reduce interest rates and lower your monthly payments, avoid bankruptcy, consolidate your bills and have one monthly payment, or simply get out of debt the fastest way possible, then a debt consolidation loan could provide the answer.

Creation of a Budget

No man is an island. We all need help once-in-a-while. We’re not only referring to personal matters. We’re talking about financial matters. We reach a point where we have to buy something out of necessity, but we can’t pay in full just yet. An example of this is a home. Now the time has come for you to repay on what you own. You must have the discipline to plan out how much you should have saved so when your time is up and you have to shell out the money you owed there and then (plus interest), you wouldn’t have a hard time doing so.

Prioritize which of the debts must be paid first. Prioritize your bills. Make a list so it would be more organized because you could see it right in front of you. This is what you call establishing goals. Establish first what must be prioritized over those you could schedule paying some other time.

The essential debts are debts that should be on top of your list. These are

- Rent or mortgage. Of course, who in his right mind won’t pay up as soon as possible. Paying your rent or mortgage bills on time helps you have a roof over your head.

- Child support. If you don’t pay on time, there’s a possibility you can be held behind bars.

- Utility bills. As much as possible, set aside a budget on gas, heating, water, electricity or telephone when you get your paycheck. In doing so, when the bill comes, then you have something prepared.

- Car payments. This also includes car maintenance.

- Other secured loans. If you don’t repay collaterals, the creditor takes the property even without court interference.

The non-essential debts can be set aside because when these aren’t paid, they don’t have that much of a side effect. It’s a desired goal but not really a priority. The only concern that can be considered when you don’t pay non-essentials debts for a long period of time is the negative image it could project on your credit report.

- Department store and gasoline charges. Failure to pay these charges may result in losing credit card privileges. If it’s too large, you might be sued.

For many who buy wisely, the equity could be substantial. A home equity loan can be used to pay off high dollar items, pay for college tuition, and be used to pay off those high-end credit card accounts. How to address Debt Collectors. There is a law that gives certain conditions for debt collectors as to when and how they should ask you to pay. The federal law, Fair Debt Collection Practices Act, clearly states that those collecting debts may not bug you, give false assertions, or do practices that are not fair when they are getting to collect money from you. Having trouble paying your bills? Getting dunning notices from creditors? Are your accounts being turned over to debt collectors? Are you worried about losing your home or your car?

The main reason for this risk is that in order to secure a lower interest rate (and thus a cheaper overall payment rate), you’ll need to present some sort of collatoral to back the loan. If you have an attorney, the debt collector must contact the attorney, rather than you. If you do not have an attorney, a collector may contact other people, but only to find out where you live, what your phone number is, and where you work. Collectors usually are prohibited from contacting such third parties more than once. In most cases, the collector may not tell anyone other than you and your attorney that you owe money.

- Loans from friends and relatives. Morally speaking, there is an obligation to pay but sometimes since they’re family, we think that they will understand if we can’t. Check with them if you can delay the payment and ask them for how long.

- Newspaper and magazine subscriptions. Little by little, if you haven’t paid, they’ll amount to so much.

- Legal and accounting bills. If these remain unpaid after a long period of time, then that’s when you might be sued.

- Other unsecured loans. In unsecured loans, there’s no collateral for the debt. This means that the creditor can sue and then collect the debt.

Here’s the confusing part. Some of the bills border between essential and non-essential. If you let these bills defer for a long period of time, it could have consequences in your personal life.

- Auto insurance. The consequence in some states is losing your driver’s license.

- Medical insurance of bills. If you have a tainted record, you might have a hard time getting new insurance in the future.

- Credit and charge cards. If you don’t pay your bills on time, you might lose your credit privileges and would have a hard time applying for a new credit card.

Now that we laid out the groundwork on how you can prioritize which bill to pay first, we move on to having a time frame. It’s best that you have a calendar in front of you. A palm pilot or the calendar in your Microsoft Office program will do. Mark the dates wherein you would have to pay the specific debt - be it essential or non-essential. Then what you can do is set aside the bill that is allotted for that debt.

As for the budget, prevention is always better than cure. You know how much you get in a month. That being in mind, you must allot how much percentage of your salary shall go to which. Then do your best to stick to that budget. If this is how much you should spend for leisure, then that’s how much you should spend for leisure. If at one point, it went overboard, then there would have to be a sacrifice on another aspect, such as food. That seems off, right?

Debt is a hard thing to live with, reduce debts today! So even in budget, you must also list down which is number one for you. Have the discipline to stick to your priority, your budget and your time frame. If you succeeded, paying the bills won’t be any problem. It may be more convenient to make one payment rather than several. Or you can improve your cash flow in the short term by reducing monthly outgoings. But this may cost you more over time because you are paying the debt off over a longer period of time. Interest rates for credit card debt consolidation loans through traditional lenders may be based on your credit score. If high, you are likely to get a credit card debt consolidation loan at a lower interest rate. Stop spending on things that aren’t absolutely necessary.

Each individual will have to define what “necessary” means, but it may mean taking a sack lunch to work, bringing your own coffee instead of stopping at Starbucks, and canceling that subscription to HBO. Debt is a hard thing to live with, but we all have it and deal with it everyday. Sometimes it is manageable, sometimes you feel like you can barely keep your head above water and unfortunately many times you feel like you are drowning in it!

Joel Teo


Most of us know that having a stable job will not ensure wealth or prosperity and that only acquiring an equity interest in any business that we are involved in is the best way to become wealthy. But before reaching this stage, there are some people who spend like they are rich and end up in piles of credit card debt before they know it. This article highlights three ways you can carry out today to reduce your debt or credit.

Get a job and strive to earn more

Every job or business requires more sales and if you want to pay off your credit card bills or debts faster, the best way is to help your boss generate more sales and close more deals. Spend time focusing on activities that can help you company generate more money and you can then find that you will start getting more promotions and better remuneration. Make it a goal to pay off all credit card bills religiously until you are no longer in debt. Your focus should now be on generate more income and reducing all waste.

Reduce spending

If you one of those that has become accustom to the high life before you have enough cash to support your lifestyle, this may be a rude awakening. The best thing to prevent impulsive shopping is to make most of your purchases in cash. By actually paying for items by cash or by a debit card, this helps to keep impulsive shopping in check. Reduce your current spending so that you can get your credit in order.

Debt repayment program

Enroll yourself in a debt repayment program and make monthly installment payments for your credit card bills. Spend time negotiating with creditors and make fixed appointments to pay up the amount owed to these creditors. If you show a determined effort to earn more and pay off your bills on time, your credit history will then start to clear up and your bad debt will start to clear.

In conclusion, debt reduction can be done but you have to make the critical decision to banish your bad debt and take steps to start clearing it up. Only then with the burden of interest and bad debt off your shoulders will you be able to start pursuing your money making dreams and get financial mastery of your life.

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