Can you get out of debt? Yes, you can, no matter how far in the hole you’ve allowed yourself to get. Times are tough, it’s true, but that doesn’t mean you have to live in debt forever. Even now, with businesses failing left and right and paychecks getting lower, you can still take measures to reduce your debt and ultimately get rid of it entirely, probably much sooner than you expected.

So, how to you get out of debt? First of all, you need to learn how to spend less and save more. However, you must also allow yourself to have fun and enjoy life, otherwise you’ll feel deprived and start spending wildly again.  Having an entertainment fund is just as important as having a savings account, so be sure you set aside money for entertainment each month.  Then, follow these simple guidelines to put more cash in your pocket:

   1. Cook at home instead of eating out.  Save dining out for one night a week or month, whichever you can afford.  When cooking at home, involve the whole family to make it more fun for all of you and to create meaningful time together.
   2. Borrow from friends or buy from thrift stores whenever you need new clothes and appliances.
   3. Sell things you never use on eBay or have a garage sale to earn extra money.
   4.  Instead of going to the bookstore, go to the library.  It’s free, and they get new releases almost as soon as the stores do.
   5. Find free events in your community, such as museums, parks, concerts, and more!
   6. Watch DVDs at home instead of going to the movies.
   7. Learn to fix small things yourself, like holes in clothes or nicks in furniture.
   8.  Learn to change the oil in your car yourself.
   9.  Rent video games instead of buying them.
   10.  Instead of staying in expensive hotels when you go on vacation, go camping in the national parks. Many of them offer free campsites, or only charge a few dollars a day.  Plus, you get to get out and see the best natural settings our country has to offer!

Also remember that paying yourself first is important.  You should always set aside a certain amount of money for savings from each check, and you need to save it BEFORE you pay any of your other bills. YOU are your most important investment, and if you don’t take care of you, no one else will.  By paying yourself first, you’re securing your own financial future, and that’s the best kind of security there is. In this way, you can get out of debt and finally have control of your finances from now on.

This is the fourth installment in our credit & debt series. Be sure to check back for updates…

If you’re struggling under the huge burden of credit card debt, it can be frustrating, especially if you see no easy way out. The interest rate on most cards are unbelievably high and if you’re only paying the minimum each month, it could be years before you’ve got it all paid off. Meanwhile, your other bills and overall financial life are suffering.  However, there IS a solution to your problems, and it’s called consumer credit debt counseling. This could be the solution you need to become debt free at last!

In consumer credit debt counseling, a qualified counselor be able to help you negotiate your current debt balances with your current creditors, and might even help you qualify for a debt consolidation loan. By rolling all your outstanding balances into one large loan, you can almost always negotiate a lower interest rate with your creditors, which saves you money. It will also reduce your overall monthly payments.

Your debt counselor could even find a way to extend your consolidation loan term, so that your payments are further reduced. These steps are a positive way to make sure you have more money in your own pocket at the end of each month, rather than having to continue to live from paycheck to paycheck just to survive. Plus, once you’ve got your debt under control, your counselor may be able to help you control your debt in the future by learning how to regulate your spending.

Believe it or not, learning to use your paycheck wisely is a habit that can be taught. The most important thing is to learn how to avoid temptation. Banks and other lenders are actively trying to increase their businesses by convincing you to borrow money. Learn to ignore them and know when and when not to spend and borrow, and you’ll do just fine. Then, your consumer credit debt counseling will have been well worth it!

This is the third installment in our credit & debt series. Be sure to check back for updates…

If you’re getting in over your head, you may want to look into how to consolidate credit card debt.  One of the fastest and easiest ways to do this is with a new credit card. A new credit card can help you eliminate some of that debt on your other cards, as well as non-credit card debt (such as medical bills, etc.).  Here are a few things to look for when selecting a credit card to use for debt consolidation.

Look For 0% APR Interest

Getting a 0% APR interest card will help you cut down on the total amount of money you pay each month.  Make sure the 0% APR will last for at least a year. This means you won’t pay any interest for as long as the 0% offer is in effect.

Balance Transfers

Take the debt from one credit card and put it on another. However, be sure to avoid cards that have transfer fees, since you’re trying to reduce your debt, not increase it through needless fees.  Also try to find a card that doesn’t charge higher interest for transferred balances, since some cards are sneaky and will try to fit this clause into the fine print. 

Make Large Payments

Make as large of a payment as you can each month to reduce your debt quickly.  Don’t just pay the minimum balance, as this will just keep you in debt longer.  As long as your 0% interest period is in effect, get the most out of it by paying down your debt as much as possible each month.

Make No New Purchases on Your Card

Look at this card as a debt consolidation loan, not as another line of credit.  View this card as a way to get control of your finances, and you will be rewarded greatly by becoming debt-free in a short amount of time.

Find Rebates And Rewards

In order to save even more money when you consolidate credit card debt, look for cards that allow you to save anywhere from 1% to 3% when you transfer your balances. Further, find a card that lets you receive this in the form of a rebate or reduced payment each month. This is the best way to consolidate credit card debt and regain control of your financial life fast!

This is the second installment in our credit & debt series. Be sure to check back for updates…

Do you want to learn how to consolidate debt? There are many options available for doing so. Consolidating your debt can not only make taking care of your monthly payments easier, it can save you hundreds, or even thousands of dollars over the long run. Furthermore, it’s not as difficult to do as you may think, and almost always well worth the effort.

First of all, you need to decide if debt consolidation is right for you. In general, consolidating is a  good idea if your credit cards are maxed out, if your car payment is more than two months overdue, or if you’ve bounced more than one check in a month.

The best and easiest way to consolidate debt is to get a loan. This loan will pay off all of your existing debt, usually at a steeply negotiated discount. After the debt is paid, you’ll pay back the loan, swapping your many different high interest payments for one low interest one.  You can get a debt consolidation loan through your bank, through a debt specialist company, or through your mortgage company (this one will use your home as collateral for the loan).

The next best option is to hire a debt management company.  This company will handle all of your debt accounts and payments, and will negotiate lower interest rates and pay-off amounts with your creditors.  They’ll charge a small fee to do this.  The benefit is that you don’t have to remember the due dates of all of your bills, and you’ll often end up paying back your debt at a far lesser amount than you would if you paid everything off individually as you are now.  You’ll also be debt-free a lot quicker than you would otherwise be.

If you’re struggling with many high interest monthly bill payments it can be of great benefit to you to consolidate debt.  It will make your life a lot easier, take away a lot of stress, and put you back in control of your finances.

This is the first installment in our credit & debt series. Be sure to check back for updates…