Money Minute: Wednesday 11 December

This article discusses how people who fall into debt do not always have to lose everything when they go bankrupt. It also offers advice about finding an expert to guide them through the problem.

Many of us fail to understand the process of debt reduction and merely get hung up with the thought that debt is eating up all your income and wealth. And, it is a proven fact, if you let debt grow on you, it can eat up all of your resources. Many of the people who file for bankruptcy in the nation are ones that have finally given in to the tormenting cycles of debt.

One of the keys to getting out of debt and staying out of debt is knowing what your monthly expenses are. Some of these are easy to track. You get your electricity bill, phone bill, water bill, etc. in the mail. You can file these away for easy reference. But, what about those expenses that aren’t billed in advance? Basically, you have three methods of tracking your monthly expenses. You can use a computer program like Quicken, you can keep paper records, or you can use a combination of the two methods. I personally use the third method, so that’s the one I’ll cover.

If you’re struggling with debt, changes are good you probably aren’t tithing. You probably just don’t know how you could possibly come up with another 10 percent when you are already broke and living paycheck to paycheck in order to tithe. You are probably wondering how you are just going to pay the rent and feed your family this month, so tithing is out of the question. Am I right? I know because I’ve been there. But, what I can tell you without a shadow of a doubt is that tithing is part of the Christian’s walk of faith, and tithing is the cornerstone of Christian finance.

In the United Kingdom, an Individual Voluntary agreement is a formal option for individuals wanting to avoid bankruptcy. In layman’s term, an Individual voluntary agreement is a tool provided by the government in order to help you come out of a financial hardship. In this case, if you are struggling with your debt repayment, you can opt for Individual voluntary agreement or IVA to get your creditors to accept a plan you can afford.

Business debt collection has become more important as businesses of all sizes are experiencing ever-increasing late payments and unpaid bad debt brought on by a sluggish economy. Discover reasons why to consider outsourcing problem accounts to a business debt collection agency.

Discover some of the best ways to get out of debt. Whether you have a good credit rating or not, this article suggests some methods to help you beat the banks at their own game!

Once you have made the decision to get serious about reducing your debt, there are many debt reduction calculators available to help you formulate a plan. Debt reduction calculators allow you to plug in all the relevant data about a loan including the balance, interest rate and monthly payment. By changing the payment amounts according to the increased amount you are able to pay, you can see the effect to the remaining balance.

There are very specific actions that will be taken against you if you just don’t pay on your unsecured debt. What may surprise you, is not paying could actually be a good way to help you get out of debt! It all depends on your circumstances. Let me explain.

The first thing that comes to mind is to consider whether or not to have yourself committed. Just stop and think for a minute. You are in debt. You got into debt because you borrowed money. Why on earth would you think borrowing money to get out of debt is a good idea? If you are considering borrowing money to get out of debt, I think you have to ask yourself if you really want to get out of debt. If you do, then don’t borrow more money. Even a five year old could tell you that you will be even further in debt.

Do you really want to get out of debt? Like really really? It’s really easy, if you are committed. Tip of the day. Automate debt payments. Nice and simple. Work out what your credit card repayment is on average, double it, and set that figure as an automated monthly payment on the day after your salary gets paid into your account.

Feel like you’re drowning in debt and don’t know what to do? Debt can be an overwhelming situation. It literally affects every area of your life. And, most Americans are swimming in it. Not only do we have 30-year mortgages that more than double the total cost of our homes, but many of us also have car loans, student loans and unsecured credit card debt. So, how much debt is too much to handle?