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Consolidating Debt & Debt Reduction Without Owning A Home
You have two options to consolidate and reduce your debt if you
don't own a home. First, you can use the services of a debt
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and smaller payments. The other option is to take out a...
Do It Yourself Debt Relief
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How to Find a Cheap Debt Consolidation Loan
If you're shopping around for a cheap debt consolidation loan, then you're going to want to try to find the one that has the lowest interest rate that you can get. The interest that you pay will depend largely on the collateral that you can offer...
Is There A Way Out Of Your Debt Problems?
Do you have multiple debts? Do you have just one large debt which you could afford, but your circumstances have since changed? Are you finding it harder each month to meet the payments on your debts?
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Online Gambling Causing Credit Card Debt
It is the latest craze at the moment and everyone seems to be enjoying gambling at home with the increase of poker sites on the internet, but its not good news if you are running up debts on your credit card. I don't know about you but it seems that...
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Cash Loans...The Good, the Bad, and the Debt-Free
Happiness is what they�re selling. Relief from the crushing weight of that gigantic rock we�re all forced to carry called �financial burden.� It�s heavy and cumbersome, and the very thought of unloading it for a short time is so tempting, that some of us find it easy to throw caution to the wind and apply for the quick cash loans these small payday advance lenders offer.
Why not? The cops towed your car off, and you need eighty bucks to pay off the ticket. You can�t work without your car. You don�t have the money to get your car. You don�t get paid until next week. A cash advance seems like the logical solution. They don�t even look at your credit history. They just want to see a paycheck stub and a bank account. How easy is that? Then there�s that thing you�ve been wanting to buy...it�s only a few bucks more, so you may as well make it a hundred instead of eighty dollars. Oh, and your kid has been begging for that game. Another twenty won�t make a difference.
The excuses for more will keep adding up, and here�s this company ready and waiting to hand you a wad of cash. Cold hard cash. The kind that�s easy to spend, because it�s in your pocket (burning a hole) instead of in the bank (waiting for bills).
Why not? Because if you don�t have the money you need saved in the bank, it shows you have a hard time controlling your spending habits, and you�re probably going to have a hard time paying off cash loans. This means a new set of weekly fees that you hadn�t planned. Before you�re through, you�ll end up spending much more than you borrowed just in interest and late fees. Stop the mad cycle of easy cash loans and payday advances. You might have no choice but to borrow, but following a few simple steps can help eliminate the painful after-math of a cash advance.
** Only Borrow as Much Cash as You Need.
This might be one of the hardest parts. When you�re applying for a cash loan, and you know you�ll be out of diapers before your paycheck comes, it�s so tempting to add a few bucks of spending cash to the credit line.
Stop yourself right there. Ask yourself a few questions.
-Do I need this money right now?
-Will I spend the money immediately on something that is necessary?
-Can I do without the money by conserving my resources?
-Will I actually use the money on this excuse, or will I end up blowing it on something frivolous?
Can you wait for the extra money? You probably can. It�s nice to have everything you want without waiting for it, but it will save you a lot of money if you just hold off until payday.
Will you spend this money immediately? If you want to advance an extra thirty bucks so you�ll have enough to for gas on Friday, you should reconsider. If you know for certain that you�ll need it, fill your tank on the way home. Don�t carry the extra cash in your pocket, because you�re likely to spend it on something else.
Can you find another way to get by? Most of us are surprised by what we can accomplish when we�re strapped for cash. Use only half the soap for laundry loads. Buy the cheap hotdogs for supper tomorrow, and reheat last night�s meal for tonight. But don�t use credit.
Are you really going to spend the money on what you think you�re borrowing it for? Cash is hard to hold on to. You know your habits. If you�ve blown the grocery money at a restaurant before, then don�t borrow it.
** Don�t Let the Late Penalties Kill You.
You�ve followed good sense and only borrowed what you needed. You skimped by on as little as possible, and now your pantry and gas tank are empty. You want to stop at the bank, cash your check, and buy a few
things before going to the loan company to take care of your advance.
Here�s where you�ll make your biggest mistake. When you have your paycheck, go straight out and pay off that loan ...all of it. The groceries can wait. The movie rentals can wait. Your only concern should be to get out of debt. Most loan companies can cash your check for you. This will make it easier to do all at once. Don�t spend a single penny until your debts are satisfied. If you delay your payment, or only pay it partially, you�ll start that ugly cycle again, and who knows when it will end, or how much extra you�ll spend. Sell all your toys and eat macaroni and cheese for the next two weeks, but settle that loan.
** Now It�s Time for Discipline.
You borrowed only what you needed. You paid all your cash loans in full the very day your paycheck came. Now you�re debt free and living easy on payday. You even have a few extra bucks in your pocket. Maybe you can afford to buy the gourmet coffee. Just one cup to celebrate. Oh, and a doughnut to go with it. Wrong.
Now comes the real work. Now it�s time to roll up your sleeves and keep this from ever happening again. You need to restructure your spending habits. You need to stop thinking of those extra dollars as spending cash, and start thinking of them as your safety net. Put the money away. Put it in a different account. Not a checking account, but a savings account. One that you need to actually go to the bank in order to withdraw, because the situation will rise again. You�ll have another emergency, and you�ll need cash. Your car will get towed again, your water heater will stop working, or you�ll get a tooth ache and have to go to the dentist who only accepts payment at the time of service.
Here Are a Few Tips to Avoid Frivolous Spending.
1. Don�t carry cash. As mentioned before, cash burns a hole in your pocket, so don�t keep it with you. If you feel it�s necessary to have a stash, keep it at home.
2. If you�re spending more than fifty dollars, sleep on it. We�ve all bought things on the spur of the moment and regretted it later. If you make a strict rule and hold yourself to it, you�ll cut down on most of these regrets.
3. No credit means good credit. Cancel your credit cards. All of them. If you can�t do it, then take your one credit card, put it in a Tupperware bowl filled with water, and put the bowl in the freezer. Eliminate any records you have of your credit card numbers.
4. Go through your monthly bills and decide which ones to eliminate. Don�t �decide if you can eliminate any.� Decide that you�re going to get rid of at least one and figure out which one it is. We all have unnecessary monthly bills. Be honest. Do you really need two cell phones? Do you even need one? If you can eliminate one of them, and put exactly that amount away every month, you�ll be surprised at how fast your safety net grows.
5. As you put away your groceries, look for items you can do without the next trip. Most people could cut down their grocery bills by over 25% just by not buying what will go to waste anyway. Look at everything you throw away, and ask yourself why you bought it to begin with.
Cash loans are convenient, and sometimes necessary, but they are not ideal. They are for emergencies, but with some careful planning and healthy spending habits, you can avoid the need for them altogether.
About the author:
Virginia Douglas is a freelance writer for http://www.faxless-payday-loans.netan online website that offers information on payday loans and cash advances.
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Advertisements Promising Debt Relief May Be Offering Bankruptcy |
Cautions consumers about ads in newspaper, magazine and telephone directories that offer quick fixes for debt problems. |
www.ftc.gov |
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Welcome to Debt Relief International |
Welcome to the web site of Debt Relief International. |
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Debt relief steps, your free guide to debt help. |
Articles on debt relief, and credit management and repair. |
www.debtsteps.com |
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Factsheet - Debt Relief Under the Heavily Indebted Poor Countries ... |
The HIPC Initiative is a comprehensive approach to debt reduction for heavily indebted poor countries pursuing IMF- and World Bank-supported adjustment and ... |
www.imf.org |
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Special report: debt relief | Special reports | Guardian Unlimited |
February 6: A year ago the Guardian set out to track the west's promises of action for Africa on aid, trade, health and debt relief. As G8 finance ministers ... |
www.guardian.co.uk |
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Debt Relief Options - Findlaw for the Public - |
Welcome to Debt Relief Options. This section contains information about the ... To begin, select one of the Debt Relief Options topics from the list below ... |
bankruptcy.findlaw.com |
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William Brewer |
The Brewer Law Firm. William E. Brewer, Jr., Attorney at Law Board Certified Consumer Bankruptcy Specialist. 619 N. Person Street Raleigh, NC 27604 ... |
www.debtrelief.com |
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Debt Relief - InCharge Debt Solutions |
There are many ways to get out of debt, for good, and it may be easier than you think. The first step is knowing your options, the second step is taking ... |
www.incharge.org |
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Economic Policy and Debt |
May 2006, IMF And World Bank Support Cameroon’s Completion Point Under The Enhanced HIPC Initiative And The IMF Immediately Grants 100 Percent Debt Relief ... |
www.worldbank.org |
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Economic Policy and Debt - The Enhanced HIPC Initiative |
The Initiative’s debt-burden thresholds were adjusted downward, which enabled a broader group of countries to qualify for larger volumes of debt relief. ... |
www.worldbank.org |
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Debt relief - Wikipedia, the free encyclopedia |
Debt relief is the partial or total forgiveness of debt, or the slowing or stopping of debt growth, owed by individuals, corporations, or nations. ... |
en.wikipedia.org |
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Debt Analyzer, Debt Reduction Software, Home Page |
Debt Elimination at its best! Potential savings of hundreds or thousands of dollars! Build debt reduction, timed elimination or consolidation schedules. |
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Superior Debt Relief |
We help you get rid of credit card debt much faster than you may believe possible with credit card debt settlement and negotiation tactics, providing debt ... |
www.superiordebtrelief.com |
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Debt Relief - Social and Economic Policy - Global Policy Forum |
Aid Inflows, Debt Relief Yet to Translate into Reduced Poverty (March 20, 2006) ... Fearing that the IMF could tie debt relief to economic benchmarks, ... |
www.globalpolicy.org |
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Debt Relief - Global Policy Forum - Social and Economic Policy |
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www.globalpolicy.org |
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BBC NEWS | Business | Q&A: African debt relief |
BBC News looks at the progress of international debt reduction efforts, and the sticking points which continue to hamper the process. |
news.bbc.co.uk |
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Debt Relief Australia - Start Reducing Debt Today! |
Debt Relief offers Australians in debt assistance with finding the most appropriate debt relief solution. |
www.debtrelief.com.au |
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Debt Consolidation Australia, Debt Relief & Bankruptcy Information |
Specialising in debt agreements, mortgage refinancing and bankruptcy. Company profile, calculators, solutions, media releases, testimonials and existing ... |
www.foxsymes.com.au |
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Oxfam - Debt and Aid - Debt Relief for Nicaragua: breaking out of ... |
Oxfam policy paper on relationship between international debt servicing and poverty. Linked to table of contents and also zipped for download. |
www.oxfam.org.uk |
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What debt relief means for Africa | csmonitor.com |
This weekend's $40 billion debt cancellation deal could spark major improvements in the lives of the world's poorest people. |
www.csmonitor.com |
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