There comes a time in many of our lives where we realize we are in over our heads, financially speaking. We come to the conclusion we need to do something about our finances, but what?
There are several options when it comes to debt relief and one of them is right for you, your situation, and your family. When deciding what to do there are a few questions you should ask yourself first; your answers may help you determine what you need to do, where to turn and how to get help if you need it.
Download the Free Guide, Nine Things You Must Know to Succeed on a CareOne Debt Settlement Plan
After thinking about the situations I've experienced in the last 12 months, there are five specific lessons that stand out, which I'd like to pass along to you.
Track your spending and identify expenses which can be cut. A budget or spending plan should be built to change, as our financial lives are very rarely steady. Set a realistic goal for savings, and work towards it every day.
As I discussed in a previous blog, Debt Settlement may be the right choice for people who; cannot afford a traditional DMP, do not qualify for bankruptcy, or simply do not want to file for bankruptcy. Debt Settlement is an attempt to negotiate with creditors to accept a lesser amount than what is truly owed based on a customer's budget and payment.
Sometimes it's assumed that you have to travel for a vacation, but in my opinion, if you don't have the cash or time, and then consider taking a staycation this season. A staycation is exactly what my fiancé and I plan to do.
Moving forward, I must continue to stay on this track. It is wise to manage my money because habits established early in life can have a positive impact on my finances
Congratulations on taking the first step towards debt freedom. By enrolling in a debt management plan you have made the decision to pay down your debt with the help of those that have been in your shoes.
The hustle and bustle of the holiday season is almost over! Now it is time to reflect on my money management of the past year, as I head into the New Year with new resolutions.
Debt Diva Guide
An old cliché is the longest journey starts with the first step. This is true when you enroll in a debt management plan as well the first month is probably one of the most important times during your entire Plan. This is especially true if you are behind with your accounts, or are about to be.
A Debt Relief Plan is not for everyone and there are several things to consider before enrolling in one. The marketplace has many options for Debt Relief Providers and often consumers struggle to make sure they are comparing apples to apples. With options such as; Credit Counseling, Debt Management, Debt Settlement, and Bankruptcy it is difficult to ensure that the same type of plan is being compared from one provider to the next.
Americans are getting by with less stuff. The recent economic uncertainly has forced many to spend less. I have been writing for over two years about how families can save money.
The Debt Diva's Budget Planner was created to provide you with a quick and easy to use template to track your expenses.
Looking for more ways to save? Maybe try your hand and a minimalist life? Or better ways to budget? Check out this week's reading from those that are on their way to living debt free!
The start of a New Year leads me to think of my New Year's Resolutions. These often include eating better, exercising more, spending more quality time with my children, spouse, family, and friends, and setting a budget for my household that we can live with throughout the year. All good goals, but getting that budget up and running isn't easy. Here are some tips for setting up a budget and how to save money by using one for your household.
Even though they seem like a good idea, I'm asking you to say no to credit cards.
As my blog posts detailed, we were completely unsure of the process. After reading some elementary books and combing every website for tips, we are more well-versed in the buying process. Besides finding a place that we could see ourselves living in, researching mortgages was the trickiest thing about the process.
Debt Settlement usually offers a lower monthly payment than a DMP and works towards negotiating with a creditor to accept a lesser amount than what is owed as opposed to only lowering interest rates.
That trend is seemingly reversing now, and we want to get rid of the interest-only second mortgage and get everything locked into a fixed-rate loan. As my wife and I pulled into the bank parking lot, she asked me a very valid question: Can we even refinance while enrolled in a debt consolidation program?
As a debtor you do have rights. Creditors and collection companies are legally not allowed to contact you with reckless abandon. The Fair Debt Collection Practices Act was put in place to protect debtors from creditor harassment. Below is an outline of what creditors are allowed to do and what to do
I have always felt that there was something special about this company, but it wasn't until I was on this flight, and had a chance to reflect upon the events of the previous 24 hours that I was able to put my finger on what it is that sets this company apart. Flying through the air at 30,000 feet, I replayed in my mind some of the conversations I had throughout the day.
It took time to get into this situation and it will take time to get out. Remember it is about the creditors receiving a payment, not just being “enrolled” in a program. Consistency is a key to success.
A Debt Management Plan (DMP) is a structured repayment plan which involves you making a payment to a Credit Counseling Agency, who then distributes the payments to the creditors.
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.