Dealing with Tough Times

The past year has been a very difficult one, trying to stay safe and healthy, dealing with income reductions and wondering when we can get back to a normal lifestyle. Maybe you are one of the unfortunate consumers to experience some reduction in income and within the past few months have found a new job or been rehired at your last employer. Maybe your spouse has lost their income and you are both struggling to maintain your home and obligations on one income. You now realize how much debt you may have accumulated? How do you handle this going forward?

Time to create a new budget and plan to move forward. Look at your take home income and make a list of the fixed monthly expenses, mortgage, rent, car payment, utility payments as these would take precedent over any other expenses. Make a list of any other new expenses and make sure you write them down to keep track of them.

Review any automatic payment plans you have setup. Review these payment plans and examine the benefits they provide. Although they may be small, they can add up and you may find you have the same benefits elsewhere, which is duplicative and costly.

It is imperative you pay yourself first, meaning you must put away some income into a savings account after each paycheck and before you start paying your bills. Consequently, you will want to have 3-5 months of living expenses put away in case you lose your job or have a loss of income.

Start making your fixed payments first as you would always want to have your food/shelter protected so you may move forward. Extra monies would then be applied to the remaining debt. Slowly start to pay down the debt, this may take months or even a few years. Pay attention to your current spending as well and stay focused on making your new budget work. It will not be easy, but you can make the effort and get the debt under control.

Consider talking to your creditors and explain your situation or contact a Certified Credit Counselor at Debt Management Credit Counseling Corp. www.dmcconline.org, or 866-724-3328, and ask for a free budgeting session and ask how they may be able to help you with your debt issues.

How to Negotiate With Your Credit Card Company

DO-IT-YOURSELF PROJECTS are a popular way to save money, which is one reason why there are several TV shows and loads of magazines celebrating the joys of hands-on home improvement.

There is another DIY opportunity that gets much less fanfare and can take about as much time as fixing a leaky kitchen faucet – negotiating with your credit card company.

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Debt Management vs. Debt Settlement

Out-of-control debt has a way of taking over your life. High interest rates can cause your balances to climb higher each month, and the higher balances hurt your credit score, making it more difficult to obtain financing for important household expenses or personal needs. As the debt grows, so does your stress.

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Should you pay extra on your mortgage?

You’ve probably dreamed of the day when you finally send in your last mortgage check and own your home free and clear.

Paying a little extra every month on your home loan is a way to make that dream a reality faster than you thought, and with today’s historically low savings rates, it could make more sense than ever.

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The Facts About Pension Advances

Pension advances are typically marketed through online ads that most frequently target military and government retirees, and, to a lesser degree, retirees from private-sector companies. Pension advances are also marketed to consumers with low credit scores who may otherwise encounter difficulty obtaining a loan.

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Get Out of Debt

Getting out of debt is a great concern for Americans today. Those who suffer from extreme debt often feel like there is no way out of their situation, but the reality is that with careful planning even those in the direst circumstances can look forward to a debt-free tomorrow. There are many different options for people who find themselves with more debt than they can handle.

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