Comments on: Back to Basics: Reduce your debt

By: mortgage loan modification

mortgage loan modification — Fri, 24 Jul 2009 00:40:51 +0000

Man this is great information on getting out of debt. I’m bookmarking and will be referring clients over to this page!

By: Nelson Smith

Nelson Smith — Tue, 14 Jul 2009 22:03:44 +0000

Very good article about how to reduce debt.I remember reading a book called rich dad poor dad and in that book it refers to good debt and bad debt.People tend by nature to spend there money on bad debt instead off turning there money into a asset and most people would say they can’t save but if they reduce the outgoing they will create wealth.

By: Armen Shirvanian

Armen Shirvanian — Tue, 25 Nov 2008 01:53:37 +0000

Larry Winget’s book “You’re Broke Because You Want To Be” sends a clear message to many individuals that are in debt, letting them know that being in debt could be something they have become accustomed to, and that they are subconsciously maintaining a certain level of debt due to some other insecurity or missing quality. It turns the issue of debt into an item that one might be able to get a better grasp upon.

By: San Francisco Certified Financial Planner

San Francisco Certified Financial Planner — Mon, 24 Nov 2008 20:28:16 +0000

great advice in this article. Really, everything you need to know to get out of debt. I’d add that you should Make it a regular practice to call your credit cards to ask for a lower rate. I have one client who owes over $20,000 on a Visa that was at 18%. He spoke with a ‘rate specialist’, touting his rising credit score and declining balance and got his rate cut in half, from 18% to 9%! His monthly interest charge was instantly reduced by $150, which will help him pay off his debt even sooner.

By: Ken

Ken — Thu, 20 Nov 2008 22:19:02 +0000

Get out of debt. Make a game of spending as little as possible to survive. After a few months, this lifestyle gets rather easy. Write down every purchase you make in a diary. I don’t care how small the purchase. Don’t waste a penny on something not essential to live.

By: CheapBastid

CheapBastid — Thu, 20 Nov 2008 21:21:08 +0000

Great list. Just like an alcoholic has to admit he has a problem, so does the chronic debtor. Just a few months ago I realized that financially I was going nowhere, just paying interest on debt and waiting for the next paycheck. I guess the economic downturn and talks of layoffs at the job finally gave me the slap in the face I needed.

By: debt relief

debt relief — Wed, 19 Nov 2008 23:15:45 +0000

Thank you so much for your post! You really hit the nail on the head with this one. With the economy the way it is right now with all the layoffs and more to come; government spending and deficit out of control; the continued housing slump; one wonders where to turn for help. It sure is nice to know that there are debt management companies out there that can help folks avoid bankruptcy and still keep their heads above water. Thanks so much for the taking the time to post this information.

By: Mark

Mark — Mon, 17 Nov 2008 17:39:53 +0000

The best description I heard of debt and savings is to think of them as shifting consumption – either earlier or later. You pay to shift consumption earlier and are rewarded for delaying it. As you said, being in debt means that at some point you borrowed. If you bought a car on credit, did you consciously decide that it was worth $xxxx to have the car sooner rather than later? Or did you just take the car because the salesman told you that the payment was “only” $400 per month?

By: Sheena

Sheena — Mon, 17 Nov 2008 14:35:11 +0000

Great post. This is first time I have come across someone who recommends to read various blogs to get out of debt.

By: Mary@SimplyForties

Mary@SimplyForties — Sun, 16 Nov 2008 20:26:27 +0000

Excellent down-to-earth advice. It never hurts to be reminded of the basics.