5 Simple Tips For Getting Out Of Debt In 2011!

Is credit card debt driving you crazy? Spent too much this holiday season?

Well, you're definitely not alone. Credit card debt is a way of life these days. Especially now, right after the holidays!

For many people, money gets REAL tight this time of year - we need to pay for all the holiday gifts, get ready for tax season...

Ahhhh!

What can you do if debt has taken over your life?

Make getting out of debt your New Year's Resolution for 2011!

Here are 5 simple tips for getting out of debt. Keeping a New Year's Resolution is difficult. But if you follow these tips, you'll be prepared for a prosperous 2011!

1) Write down your goal and make a plan for achieving it! The first step to getting out of debt is by far the most important - you need to:

* make a commitment to get out of debt * write it down * and come up with a plan for reaching it!

Hey, you didn't get into debt overnight, and you won't get out overnight, either. But if you want to get out of debt - if you REALLY want to get out of debt, you need to have a plan. And you need to stick with it.

2) Seriously consider using a debt reduction program If you have the discipline to get out of debt on your own, without any help, then good for you! But if you're like most people, a little help will go a long way. Here are a few debt reduction programs to consider:

* Credit counseling: If you have high interest rates on your credit cards, working with a non-profit company will help you lower those high rates, and combine your credit card bills into one lower monthly payment - which means more of your money will go towards reducing your debt!

* Debt consolidation loan: If you own a home, you can consider taking out a home equity loan to pay off all your credit card bills, lower you interest rates, and possibly deduct the interest on your taxes (but check with your tax professional on this one).

* Debt settlement: If nothing else is working, and your debt is still overwhelming, then you should consider debt settlement. This is a more aggressive approach, and is not right for everyone, but if you're considering bankruptcy, this is a good option. You can pay off all your credit card bills at a savings of 40-60%, and get out of debt much quicker.

3) Start fixing your credit problems Many people think that anything that goes on your credit report stays there for 7 years. Well, that's not always true. I got a bunch of negative credit items off my credit report - all I did was get a copy of my credit report, and ask the credit bureaus to remove the "bad stuff". In just a few months, my credit was almost back
to normal. There's nothing that says we must pay for our mistakes forever (or even for 7 years)!

4) Cut down your monthly expenses If you overdid the spending in 2010, then it's time to cut out all the expenses you don't need, and use the money you save to pay off your credit card bills. Take a look at your checking and savings account statements, your credit card statements, and your monthly bills. Then start looking for things to cut. I know, I know, it's hard to live without cable TV, cell phones, internet access, the morning paper, weekend dinners and entertainment. BUT DO IT ANYWAY - at least until you get your debt back under control!

5) Make some extra spending money Sometimes making more money is the best answer! There are lots of ways to make money - selling some of your valuables, getting a part-time job, starting your own business. Despite some of the ads you read, there's no really secret to making money - you just need to find something you like to do, and work hard at it!

6) Think positive! OK, there were only supposed to be 5 tips, but this one is the best one - no matter how hard life can get, no matter how much debt you have, the one thing in life you can control the most is how you think. So rather than focusing on what you don't have, be thankful for all that you do have. Nobody dies wishing they had made more money or worked longer. But many people do regret all the fun and meaningful things THEY DID NOT DO! So make some time to have fun, think positive, and find little ways to enjoy life EVERY SINGLE DAY you are here on plant Earth!

Wondering what makes me an expert on debt? Well, I lived through it. I know what it feels like to struggle. And I know what it feels like to overcome financial problems. There's nothing special about me. I work at a college, so I don't make a heck of a lot of money. I didn't win the lottery. And no rich relatives left me a pile of money.

I just learned a few simple strategies - actually, I learned the 5 tips you just read about - and stuck with them until my life changed for the better.

And you can, too - just follow the tips above, believe in yourself, and DON'T LET ANYONE OR ANYTHING STOP YOU FROM REACHING YOUR GOALS in life!

About the author:

Kris Bickell is the owner of http://www.Debt-Tips.com, a helpful site for consumers struggling with credit card debt. For more tips on getting out of debt, repairing your credit, saving money, and making extra money online, sign up for the free course "5 Simple Tips For Getting Out Of Debt Faster & Saving A Ton Of Money!" at: http://www.Debt-Tips.com/.
Written By: Kris Bickell

5 Signs You Need a Personal Loan

Sometimes the signs of needing a personal loan are just as convoluted as determining when to seek medical attention for the influenza. There are certain symptoms we all experience when we have the flu. Your nose may be a little runny. Maybe, a scratch or irritant lingers in your throat. The body craves quiet and sleeps. But when the chills and a fever cannot be broken, everyone knows physician care is inevitable.

Certain symptoms of a monetary deficit are not always as obvious. In the world of financial duress, there are five key signs the indebted may necessitate a personal loan:

• Inability to pay monthly bills or an evolution of debt juggling
• Short-term solution for a dire emergency
• A life-saver for a plummeting credit score
• Lower monthly interest rates - payments
• Starting a new business opportunity 
•  

1) An Evolution of Juggling Bills

For the cash-challenged, there may be a monetary deficit to make monthly bill obligations. The vicious cycle of juggling bills can lead to a financial crash and burn. Sometimes, starting over requires bundling several different debts into one affordable bill.

Solution: To quell the never ending cycle of debt and bills, both a personal loan and debt consolidation loan represent a wealth of financial relief. The indebted can package just about all bills into a convenient a debt consolidation loan. Debt consolidation loans come with a variety of interest rates, terms and guidelines. Although a personal loan can provide relief, the terms of a secured and unsecured loan vary substantially.

2) The Short-term Solution for an Emergency Situation

Sometimes situations, beyond one's control call for an immediate monetary relief. For the financially challenged for basic needs like eating a rapid remedy is needed.

Solution: For the individual already head deep in debt, a quick payday loan may better than accruing credit card debt. Cash advances are convenient because the terms of payment are deducted from the borrower's banking account. As a result, payday day loan are not only easy to apply for but a no-brainer for repaying the cash advance.

3) The Life-saver for a Plummeting Credit Score

It happens quite often when people decide to shop for a new home or car. Upon the discovery of their dream purchase they are faced with the reality of tarnished credit.

Although, a consumer may be current on their bills,creditors and banking institutions frown on balances with a long shelf life. Consequently, streamlining the way one appears on paper can improve beef up a score.

Solution: Both a debt consolidation loan and personal loans can pick up the slack of several bills. More importantly, if you have several credit card accounts, it's better to have more 0 balances than a variety of exhausted debts.
 
4) Lower Monthly Interest Rates Payments

With the interest rates of most credit card bills being in the double digits, consumers could lower their monthly bills by consolidating them into one low interest rate.

Solution: Obviously, a debt consolidation loan and personal loan can trim the cost of exorbitant interest rates. If you have three credit cards with an interest rate above 19 percent, shop around for an affordable credit card rate. Moreover, reducing debt with a low interest rate is an intelligent means for paying of bills faster and maximizing one's bottom-line.

5. Starting a New Business Opportunity

Embarking upon the ultimate American dream, starting a new business requires intelligent planning. For instance, it does not make the best business sense to jeopardize a retirement plan, income, unforeseen emergencies, college tuition or other family obligations.

Solution: For the person ready to make their small business dream a reality, review various loan products: personal loans. Although an unsecured personal loan may come with a higher interest rate, it offers protection in preventing any property loss. Additionally, it may serve as great motivation to succeed in making one's American dream come to fruition.

Today's variety of personal loans features abounding financial opportunities for any kind of borrower. Despite of one's financial needs, there are loans for people from all walks of life. Identifying the signs of when a personal loan can make one's life easier is synonymous with improving the quality of your life. Regardless, of the type of loan, you choose, make sure that is convenient comfortable and economical enough for quell your financial needs.


© About-Personal-Loans.com. All rights reserved.



About The Author

Holly Bentz is a finance writer and a contributor to About Personal Loans.
About-Personal-Loans.com
Written By: Holly Bentz

5 Principles for Debt Management

Debt Management - 5 Principles to help you get your debt under control!

Introduction

Debt consolidation and refinancing have become thriving industries in America these days. American personal debt is at the highest rate we've seen. Creditors are more and more willing to give out credit cards, or let people easily qualify for home equity loans so they can refinance or consolidate debt. Not that refinancing is bad, but often times, we feel that since we've reduced our interest rates, we can afford "a little bit extra" credit as a reward.

BusinessWeek says that total household debt in the US was more than 100% of our disposable annual income last year. The average person has more than $8000 in credit card debt.

The bottom line is that our personal debt is growing at an alarming rate. You can now charge your fast food meals at many restaurants, paying interest for years on something you consumed in one sitting. Many people have taken steps to address their debt problems, including consolidating debt to lower interest rate cards, or to home equity loans, or at worst case the dreaded "B" word, Bankruptcy.

5 Principles of Debt Management

1. Create an accurate assessment of your debt situation. Make a list, chart or whatever you're most comfortable with, of all your debts. Be sure and include the amounts, interest rates, and expirations dates (especially on any no-interest for ## days type loans). Be sure and note any old accounts that you've got "laying around", such as that department store credit account that you opened to get the 15% discount. You can now get a free credit report online. You should make sure that you've got a credit report and FICO score from each of the 3 national credit bureaus: Experian, Equifax, and TransUnion. The FTC advises monitoring your CREDIT REPORT activity ON ALL 3 BUREAUS. Order your 3-bureau report from CreditReporting.com today. If you've got bad credit, paying down your debts is of utmost importance!! Click here if you need help understanding your credit score. Depending how bad your score is, you may also consider additional measures to repair your credit.

2. Make a budget and stick to it! Making a budget helps keep from increasing your debt, while you're trying to pay it down. Be specific and detailed in your budgeting. Except for emergencies, you should only be spending what is accounted for in your budget. Some people have found it helpful to keep a 30 day log of their spending. Carry a little notebook, or some index cards with you, and write down everything you spend each day. You'll probably be amazed at how much money you spend on things you want, and don't really need. The smallest things, such as that $3 cup of coffee every day, can slowly eat away at your finances. This will help keep you from getting further in debt. Your budget should define how much money you'll send to each of your creditors monthly and how much you need for bills, and how much is left for discretionary spending. Try limiting your discretionary spending to things you can buy with "pocket cash". This may be hardest thing you've ever done, but you won't get further in debt if you only spend what you have.

3. Pay off the debts one by one. Maintain minimum payments to the rest of the debts, but pick the debt with the highest interest rate, and send extra payments to pay it off. There is a proven psycological benefit to being able to take a debt off of your list.

4. Consider debt consolidation or debt restructuring and possibly refinancing your home mortage. Lower your credit card debt by 70% by consolidating. With interest rates down, it also may be time to refinance your home mortgage loan and cut your monthly payment. You can get free mortgage loan quotes at LowCostLending. When you refinance, make sure closing costs and other fees don't outweigh the savings in your monthly payment. Another option is to get a Home Equity Loan. Home equity loans are good because they allow you to deduct the interest on your income taxes. Remember though, new credit is not a license to incur new or more debts. Once you've transferred a balance by consolidating, or refinancing, don't add more charges to the old account. If you've got a lot of open accounts, you may want to close some of them, but you shouldn't necessarily always cancel the old account. Having a good payment history with a few existing accounts can be better for your credit record than many cancelled and new accounts.

5. If necessary, get help. You may choose a credit counseling service, or debt counseling and debt help service to help with each step of your debt solution. Credit counselors can add accountability to your debt solution, and also serve as a source of encouragement. They are used to dealing with people with bad credit or poor credit, and can help you create a custom debt solution. They can suggest money lenders that might be more willing to make a loan to someone with a lower credit rating. Once you start reducing your debts without incurring new ones, you'll start to see your credit score rise.

For further information, go to http://debt.getfreetoday.net

About the author:

Written by Tom Sexton.

Webmaster of http://www.BestCareerLinks.com
Written By: Tom Sexton

0% APR Credit Cards: A Tool To Eliminate Debt

It is interesting to note that what started off as a marketing gimmick has now become an almost permanent part of the credit card industry in America and today 0% APR credit cards can in fact play a significant role in helping a person reduce or get out of debt.

What Is A 0% APR Credit Card?

APR is the annual interest rate known in industry jargon as the Annual Percentage Rate. It is a reflection of the cost of credit. In the old days everybody paid a standard APR based on bank rates. It was usually about 18 per cent. The use of low APR came with the emergence of the monoline bank. These were banks that only issued credit cards and did not take any deposits or issue conventional loans. For their business model to work well large numbers were important for these breed of pioneering bankers and credit cards issuers so low APR teaser rates were successfully used to lure as many new card users as possible.

The gimmick seemed to have worked so well that today it is difficult to find a credit card company that does not offer some type of incentive APR during the first 6 months or one year. The more popular credit cards offer 0% APR for the first year.

Usefulness Of A 0% APR Credit Card In Reducing Debt

A 0% APR credit card can be extremely useful for somebody who wants to reduce their large credit card debt. For instance if you have a credit card debt that remains at about $10,000 and the APR is 20% then you will end up paying a whooping $2,000 in interest payments alone. With a 0% APR credit card the $2,000 could all go towards reducing that crippling debt. It is therefore clear that 0% APR credit cards can offer much needed financial breathing room for somebody in a serious credit card debt situation.

Consolidation Or Transfer Necessary To Benefit From 0% APR Credit Cards

Transferring a credit card debt or credit card debt consolidation are all-important first steps that will need to be taken before a person in deep credit card debt can enjoy the benefits of a 0% APR credit card. The objective here would be to have all the person's outstanding debt payable to one credit card company and at a 0% APR rate.

The importance of 0% APR credit cards in helping an individual or business to get out of credit card debt cannot be understated.

Although many potential card users place a lot of importance in being able to obtain a 0% APR credit card, the truth of the matter is that it is only attractive and beneficial to two groups of people. Firstly persons able to settle their credit card balances on a month to month basis to whom the 0% APR rate means that their cost of maintaining a credit card is very minimal. Secondly those in debt also benefit because the 0% APR credit card greatly assists them in their efforts to reduce their debt.


Copyright 2005 Ed Vegliante.
About the Author
Ed Vegliante is the owner of http://www.credit-card-surplus.com , a well organized credit card directory enabling the user to compare and apply for a variety of credit credit card offers. Find links to secure online credit card applications.

Written By: Ed Vegliante