If you are considering enrolling in a Debt Management Plan or have just enrolled you may be wondering what will happen with your credit cards.
With an increasing number of people falling on hard times comes an increasing number of “debt help” companies who promise they have the best solution.
Most people say they are but few are willing to do what it takes to complete the task! Joining a debt management plan is a great way to start, but it is not the only thing you can do.
As America has transitioned into a full service economy as opposed to a production economy, we have gotten lazy and being lazy costs money!
You got in debt, now it’s up to you to get out. If you smoke, quit! If you eat out too often, quit! This sounds easy enough, right? Of course! Everything sounds easy; the hard part is actually doing it!
A large amount of reliable information about how to pay off your debt, live on a budget, and save money for the future is available to you, it’s up to you to use it!
Everyone is feeling the pinch. Groceries, gasoline, and heating and air conditioning bills have skyrocketed over the past several months and wages are stagnating. This is requiring families who may have already been under a financial strain to stretch the family budget even further.
As I began to build a company to help consumers overwhelmed by their debt, I wanted to make certain that when our customers finished their debt repayment program, they were able to face managing their money going forward with confidence.
This is an attempt by the government to stimulate the economy by providing people with “free” money to spend on anything and everything from groceries to big screen televisions.
For many, they see joining a DMP as a fresh start financially, and taking a more proactive approach to correct their past mistakes..
If you find yourself in a situation where you are no longer able to afford your mortgage payment, try the following strategies to strengthen your finances and help manage your mortgage commitments.
The purchase of a vehicle is generally the second biggest purchase most Americans will make, with their home being the first.
In the late 1980s, I was a struggling young father in my 20s who was going through a divorce and trying to make ends meet. In an effort to seek help managing my debt, I took the advice of a lawyer and declared bankruptcy. It was a huge blow to my self-esteem, but it made an important impression on me. I was committed to learning more about managing money, investing, saving, and making my money work for me. What I soon discovered is that most financial companies only help people who have lots of money, not people who are struggling to live paycheck to paycheck and pay their bills on time.
With banks losing money through their mortgage investments and the current credit crunch; they are turning to other portions of their business portfolio to make up the losses.
We are bombarded daily with advertisements promising that more credit will help. This is not the case!
It is almost impossible to purchase anything these days without hearing the phrase, “Would you like to open a store card and save 10%?”
Enrolling in a Debt Management Plan is a huge step for many struggling with debt. Many are skeptical at first and frequently ask these three questions after enrollment.
The problem is they are not exact and defined, and most people are bound to fail with these goals. If you don’t have a target, how can you hit it?
It's important to take an active role in your plan and understand what you can do to ensure your success.
A few months later you have five or six payday loans and each of the lenders are taking money out of your checking account.
In addition to the blogs, be sure to check out the new CareOne Groups:
Are you finally out on your own and figuring out how to balance your finances? If so, this is the group for you. In Starting Out, you can talk about the challenges you are dealing with in a group of like-minded people.
Do you feel like you are finally understanding what being a "grown-up" is all about and are settling into your adult life? If so, this is the group for you. In Settling In you can connect with others who are just like you.
Struggling to balance all that an established lifestyle has to offer? The balancing it all group is for you. Discuss the challenges you face when your responsibilities at work, at home and with family and friends all compete for your attention.
Are you currently retired or planning on retiring very soon? If so, this is the group for you. Times have changed and so has retirement. Learn how others are redefining retirement.