Financial Blog Network

Nearly half of all Americans, according to the Federal Reserve Board, are carrying some debt, and while not all of them are carrying what is considered a major debt of more than twenty thousand dollars, they very well could be if they do not take steps to reduce their debt load and interest burden. It’s difficult, but not impossible, to eliminate debt, even for those who are not financially savvy.

If you find yourself saddled with an uncomfortable amount of debt, don’t panic. Perhaps you’re guilty of some financial mistakes, but mistakes can be learning experiences. It’s not what you did to get into debt that counts; it’s what you intend to do to get out of it that does. Your credit record is a history not only… Continue reading

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You’ve heard it numerous times - on television, in the newspaper and on the radio - people across the United States are struggling financially. Foreclosure rates are at record high levels, credit card delinquencies are skyrocketing and thousands of individuals employed in manufacturing are losing their jobs every day. If you’ve fallen victim to any of these scenarios, there’s a very good chance that you’re feeling embarrassed due to your financial woes.

Well, it’s time to stop that nonsense and realize that millions of people are struggling financially, and you’re certainly not alone. The majority of people face at least some type of financial difficulty throughout their lives and finding a solution to their problems is much more productive than letting embarrassment get in the way of results. As a matter… Continue reading

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Today there are many debt relief options available. With so many choices, which one is the best? There is only one choice that has personally worked for my family. It is debt elimination.

First, it’s important to understand the difference between debt elimination and the other choices. Debt elimination is not debt management, debt consolidation, credit counseling, or debt reduction. Debt elimination is completely paying off all of your debts by adding a little extra money each month to the minimum monthly payment of a certain bill.

Usually, it’s best to start with your smallest debt, pay it off, and then start on the next one. This creates a snowball effect where each debt is paid off in order from smallest to largest. Of course, you… Continue reading

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It seems that there are an overwhelming number of choices out there to eliminate your debts. There’s debt consolidation, debt management services, credit counseling services, along with many others. With all of these different programs out there, what is your best choice?

Your best bet is to follow a system that totally eliminates your debt. Now understand that debt consolidation is not the same as debt elimination. Studies have proven that many people end up in worse shape financially when they consolidate their loans than those who don’t. Why do you think this is true? When people consolidate their loans they borrow money to pay off their credit cards.

After they have a zero balance on their cards, many people start charging them up again… Continue reading

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Many times financial advisors will say, “Call your credit card company and ask for a lower interest rate.” So what are the important steps you need to take in order to get your lower rate? You can manage your credit card debt better and save hundreds per year by making one simple phone call.

First, you need to get all of your bills together and target the one with the highest interest rate. Next, sort through some of those credit card offers that you get in the mail and find one with the lowest interest rate, preferably 0%.

Second, get on the phone and call your credit card company with the highest interest rate. You will want to be pleasant to deal with show that you’ve been a… Continue reading

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As a result of TIPRA or the Tax Increase Prevention and Reconciliation Act passed in 2005, the IRS will accept three payment methods or plans with an Offer in Compromise (OIC).

1. Lump Sum Offer (cash) - with this option the payment must be paid in no more than 5 payments if acceptance letter is mailed. When submitting form 656 (form for offer in compromise), 20% of the total amount due must be enclosed. If installments are to final in less than 5 months, the taxpayer should offer his total realizable assets (amount that can be offered if assets were sold in 90 days or less, minus what is owed to creditors like banks) plus the the total that can received over 48 monthly payments. If installments are to final in… Continue reading

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