Money Minute – Tuesday 21 January

Men are apparently less likely than women to seek debt help or debt advice. This is because men are “problem solvers” and like to find solutions to problems themselves, according to a recent study by the Money Advice Trust.

British people should start saving for retirement asap, advises Robin Ellison of Pinsent Masons Law Firm. According to Ellison people are living longer but they are not saving sufficiently for this extra lifetime. They aren’t making provisions for the extra years and thus are putting themselves at risk of being in debt in their later years…

For many, debt can be a very stressful part of their lives, and the impact that it can have can be brutal. Debt can cause sleepless nights, stress and worry. In order to cope with debts, some may seek a debt solution or want to more easily manage debt.

In conjunction with rising demands from people who need a debt relief solution to help them restore their finance back to order, more and more debt management firms are set up to provide the financial services. The problem is, not all of these companies provide legitimate services and some of them even try to cheat money without providing a workable solution to resolve debt problems.

If you’re sick and tired of those credit cards and their monthly payments, then you’ll want to read this article. One piece of advice that can either help you or hurt you…

As a financial coach one situation we face time and time again during our initial consultations is the question “How do I get my spouse on board?” Usually when this comes up it is when one spouse has discovered that it is possible to eliminate their debt, save money and have cash in the bank, and start telling their money what to do instead of wondering where it went just by sacrificing a few things for a short period of time. Maybe they read a book like Dave Ramsey’s My Total Money Makeover or maybe they have talked with a former…

I know the phone calls are driving you up the wall. There are ways you can settle your debt with your creditors and get them off you back once and for all.

Becoming debt free and learning how to pay off debt fast is actually not that difficult. It is basically a two step process to make it happen. First, develop a smart and thoroughly planned out budget. Second, stick to it faithfully.

Having a large amount of debt can be a very stressful experience. Eventually, it may feel like you’ve given up.

The final years of work have traditionally been a period of saving and otherwise planning for a well-earned retirement. These years are popularly associated with savings, paying off mortgages and making extra pension contributions to ensure future comfort. The rise of personal debt in recent years has however resulted in a sizeable minority of older people dealing with personal debt, perhaps even an IVA, during their final working years.

A junk debt buyer is typically a collection agency who will buy charged off debt for pennies on the dollar compared to what the debtor actually owed the creditor when the debt was charged off. Once the junk debt buyer has purchased the charged off debt, the buyer will has many options on what to do with the old accounts. Many times they will have a in house collection agency collect on the debt but they may even repackage the debt with other debt they own and resell the portfolio of accounts to another debt buyer.

Collection agencies are using new technology to locate customers who are past due with paying bills. Also, they are using old common sense techniques as well.