Many financial guru's will tell you to forget about cutting back and reducing debt. They want you to create a prosperity consciousness. You may be told that if you think about your debt and look for ways to reduce your spending you will only further entrench your poverty consciousness.With respect to these guru's it is a complete load of rubbish. That's my opinion anyway, and I will seek to explain why.If you have had a long term poor...more
Debt is a thin red line before hitting the bankruptcy. It is not merely having no financial incapacity but its damage is not only hurting the pocket but sad to say its damage is more than what one expects it to be.Money says it all. Though some people say that money is not the most important thing in life, the paradox happens around us. People do everything just to keep their pockets full. Many even tries to do all means just covet...more
A change in lifestyle plays an important part in the elimination of debt. A person who is an excessive spender should adopt an attitude of spending less. There is no need spending money and buying something that you cannot pay for. It is always better to note down all the expenses you face in a month and the income you generate. Then if your expenses are greater than income, it sure means you have to limit on expenses! Once you lower your expenses, you will end up with more money to pay for your debt.The best approach to adopt to eliminate credit card debt is to have your excessive debt discounted. Sometimes, credit card companies accept about 50% or less as payments for the debt if they are convinced that you are heading towards bankruptcy. So write a letter to the credit card company explaining your situation and how you intend to pay off the credit card debt. Including the point that you plan to file for bankruptcy, and intend to settle with willing creditors will compel them to agree with you, lest they be left with nothing!When paying yourself out of debt, it is always better to pay the high-interest credit cards first. This means that if you have three credit...more
One of the reasons given over and over for the slow recovery from this recession is the amount of debt so many Americans are buried under. The soaring house values of just two years ago made people feel rich and the financial future looked promising. The future look so promising, in fact, that people spent well beyond their means. It is...more
In the current economy it is more important than ever to eliminate debt and build up a savings account of some kind. Financial experts recommend speaking to a consumer credit counseling service to help those in debt to make a plan for paying off their high interest credit card debt including the possibility of combining several credit card balances...more
The current economic slowdown is compelling increasing number of businesses to hold on to payables as long as possible. Companies are delaying making payments to preserve funds for their own business operations. Studies have shown that payments delayed for long periods often go uncollected. Consequently, companies awaiting payments are becoming more vigilant in collecting payments from customers. If you have piled up bad debt on your books, you have three options.1. Assign bill collection to in-house Accounts ReceivablesIf a payment is being delayed, the in-house Accounts Receivable (AR) department is assigned the job of collecting dues from the customer. It is in the interest of both customers and your business to share a good relationship. Customers want products and services from trusted companies and companies want continued sales to customers.The AR personnel work out a payment plan with customers who are unable to pay on time for any reason. The AR personnel can take informed decisions on these accounts, as they know the customer and understand the business need. They also have the authority to withhold pending orders of these customers, to refuse new orders, and to warn them...more
It is a sad situation for many of us in the U.S. today. Many have found their hours cut back at work or even learn that their job (and paycheck) is no longer there for them as they've been laid off. Jobs are becoming scarcer and the...more
Are you somebody who struggles each month to pay all of the bills? Are you in debt? Are you looking for ways in which to reduce your level of debt? In this article I write about ways in which we can control and reduce our debts which I...more
A comprehensive plan is being offered by Obama to help individuals get out of debt during this difficult economic period. As a result, many people don't understand that the government is giving out money to individuals in order to...more
In these challenging economic times it is very important that we make the right financial choices that will help improve our financial situation. We cant afford to maintain the extravagant life styles that we once lived. We have to do away with all...more
In these tough economic times its very crucial that we develop a habit of saving. We can start doing this by making small changes in our lifestyles, which will significantly help in cutting down our current spending habits. We have to stop spending...more
There are few essentials in life and clothes, along with food, water and shelter, is one of them. While the majority of our daily food and water supplies are sourced locally and we have a fair idea of the source of our housing supplies,...more