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Dealing With The Recession

Layoffs were huge last year, and the U.S. unemployment rate has leaped to 7.2 percent. Most of us are in danger of being forced to cut back. If you only have a three-month emergency cushion, try to raising it to six.

There’s some interesting research about having an emergency savings account, and what is does for you from a mental health point of view. It makes you feel much more comfortable, and allows you to deal with emergencies if your hours are cut down or you lose your job.

Where does the money come from? Go online to get the most from couponing. If you joined a car pool to save money when gas was $4 a gallon, do not stop now. Have cash transferred automatically to savings each time you’re paid.

Particularly on your mortgage. If your rate is 6% or more and your credit is good, you may want to refinance. It may or may not make much sense but if you have good credit and equity, lenders are willing to provide you with various choices. Read full article…

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How are debt consolidation companies regulated?

Debt consolidation companies should work with the interests of their clients in mind. The purpose of these companies is to provide counseling and debt management services for their clients by negotiating favorable terms on their accounts. However not all debt consolidation companies are upstanding and some will charge excessive and unnecessary fees. Understanding how these companies are regulated and what rights are set up to protect the consumer are an essential first step for anyone considering the use of these services.

All debt consolidation companies are required to establish themselves under 501(c) non-profit status with the IRS. They must be set up under this status by law however not all of these companies use their funds in the same way. Some companies will spend the majority of their budget on employee salaries and executive perks while charging miscellaneous fees such as loan origination fees and high monthly fees directly to their customers.

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Tags: Companies, Consolidation Companies, Debt Consolidation, Debt Consolidation Companies

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Old School Ways Still Save Money

Everyone is looking for new and creative ways to save money these days.   You don’t need to devise an elaborate budget that will have your family wondering if you’ve turned into Ebenezer Scrooge overnight.  Some times the best ways to save are the same things people have been doing for years – before ‘frugal’ was a cool word. Here are 10 quick and painless ways to save some money right now:

Tags: Money

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7 Ways to Consolidate Your Debt

These days, it’s hard to look at debt consolidation options without getting a heavy sales pitch. The industry as a whole is known for seedy offers that are a better deal for the debt consolidation companies than for the consumer. But when used wisely, debt consolidation helps people save money by reducing the cost of interest on borrowed money. The savings can help you put more money towards the debt and eventually pay it off more quickly than you otherwise could.

The Federal Trade Commission (FTC) warns consumers to use great care in choosing debt consolidation companies because of the many false promises certain companies make. Please take time to read the FTC publication, “Knee Deep in Debt” before choosing any of the debt consolidation methods outlined below: http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre19.shtm

7 Debt Consolidation Methods

1. Cash Out Home Refinance

This method should be used with great care. Homeowne

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Tags: Consolidate Debt, Debt

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The Do’s and Dont’s of Personal Finance

When you think about your personal finances, you have to think about what works best for you. The same thing that works well for one person may not yield the same results for the next person.

However, there are do’s and don’ts that all individuals should pay attention to regarding their finances. Here’s a list of things that you should implement into your personal finance strategies, and some things you should avoid at all possible costs.

Create a Budget – This is the first thing you want to do regarding your personal finances. A budget will give you a clear view of how much money you are earning and where you are spending it. A budget also allows you to see which unnecessary items you can eliminate. For example, if you find yourself having memberships to places you never visit, you may want to cancel those memberships and save the extra money.

Spend Less Than You Earn – This is one of the most important things you can do to improve your personal finances. Credit ca

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Tags: Finance, Personal Finance

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