We’re Getting a Debt Consolidation Loan, and I’m OK With That

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consolidation

Hot off the presses, EOD Nation, despite all you may have read, debt consolidation loans are not evil. Even after completing a debt management plan in which we paid off $109,000 of credit card debt, my wife and I knew we still had actions we had to take to really get our finances completely on the right path. One of those actions is paying off two additional lines of credit that could not be included in our debt management plan. Our goal was to consolidate these two lines of credit with a single consolidation loan. We applied for such a […] Read more »

Optimise your spending: eliminate waste in your life and budget

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optimise your budget

In my last post I told you about the ERR budgeting strategy I came up with to optimise our spending and make out money go further. Today I’ll share a bit more about the first element of it – eliminate. This is about eliminating waste and deciding what you absolutely want in your life. Let’s get back to the time when my husband told me about the enormous, obscene amount of consumer debt we had. Now, I’d love to tell you that I kept my cool and calmly went on following the commandments of personal finance. It was not to […] Read more »

Two rules of wealth building: our debt story

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wealth building

Good day, Enemy of Debt readers. Travis already mentioned that I’ve joined the EOD Team so I’m writing this in a way of introduction. After all, before anyone pays any heed to anyone on the Internet these days, they wish to know what their credentials are. What makes my relationship with Enemy of Debt passionate (yep, I hope the site loves me as much as I love the site) is that I am a big, gigantic enemy of debt. I am a debt destroyer: I destroyed sh*tload of our debt and I support others to do the same! I started […] Read more »

How Delinquency and a Debt Settlement Program Can Affect the APR on Your Credit Card (Part 2)

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Interest_Rates

In part one of this two-part post, we examined APRs of current and delinquent credit card accounts under a few conditions. From good standing to charge-off and collection situations, creditors may treat account APRs differently, but a few things can be applied across the board. Here is a more in-depth look at APRs under debt settlement programs. The following assumes that you haven’t been paying your unsecured creditors and that a debt settlement program is a viable option.   It also assumes that your delinquency isn’t recent and that a debt management plan isn’t a viable option.   If you enter into […] Read more »

“I Don’t Have Time” and Other Budgeting Excuses You Can Fix Right Now

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budget budgeting excuses fix tips

I’ve been recommending doing a written monthly budget for many years now.  That’s not gonna change any time soon. Today I’ll cover what are probably the most common excuses for not making a budget.  I’ll give you tips on how to overcome those excuses, and provide you with a load of killer resources at the end to help get you moving forward.   Everybody Has a Budgeting Excuse Doing a consistent, written budget is the best thing you can do to start getting your finances under control.  When you start this valuable habit and stick to it, you’ll stop living […] Read more »

How Delinquency and a Debt Settlement Program Can Affect the APR on Your Credit Card (Part 1)

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Interest_Rates

A selling point, deal breaker, or the cost of securing credit — the annual percentage rate usually gives you a standard for comparing interest and fees from different lenders. However, when you’re initially issued a credit card or dealing with debt that is piling up, the APR is going to be very much based on the individual bank with which you’re dealing. Each and every lender tends to have unique strategies in pricing APR. However, when it comes to factors that generally affect APR, one thing creditors look at in evaluation is the credit-worthiness of the potential cardholder.  As a […] Read more »

Debt Relief Firms: Why Use One and How to Pick a Good One

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Decide

If you’re currently in debt and are considering working with a debt relief firm, you’re in good company. Many people just like you are turning to debt relief firms to help them create and follow a plan for freeing themselves from debt. But why would you opt to work with a debt relief firm versus trying to attack your debt on your own? And if you choose to work with a debt relief firm, how can you find one that will do a good job? Let’s take a moment to answer these questions and more. A Guide for Your Journey […] Read more »

3 Reasons To Never Borrow From Your 401k

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borrow withdraw 401k

Have you ever needed a large amount of money and dipped into your 401k to get it?  Maybe you wanted to put a down payment on a house, had an emergency, or some other reason you needed the money. If you did dip into your 401k, was it really worth it?   Taking Money From Your 401k Has Consequences When you withdraw funds from your 401k account to take care of a present need, it can be very detrimental to your future.  Even if you take the money out with the best intentions, it can still have far reaching consequences […] Read more »

3 Ways to Get the Most From Your Income Tax Refund

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TaxRefund_money

Over 100 million Americans received refunds in 2013. Undoubtedly, the effects of such windfalls wore off long ago. Were these bonuses used wisely? Here are three ways you can get the most from your income tax refund: 1. Prepare for an Unexpected Event This sounds like an oxymoron, being prepared for something unexpected, but this could be the smartest move for anyone – even someone in debt. Nothing could be smarter than to cash the check and put it into a savings account for emergencies. Let’s face it – something bad is going to happen someday and those things usually cost […] Read more »

Teaching Your Kids About Money? 5 Concepts They Need to Know

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teaching your kids about money

Are you regularly teaching your kids about money and how to handle it?  I don’t mean just talking about very simple concepts such as “save money” or “don’t spend it all”.  I mean are you really teaching them what money is all about? When they get older are they going to have a clear picture of how to manage their money well so they don’t end up in financial trouble like so many people who never learn these principles?    The Basics Still Apply Managing money is much more difficult than it was 40-50 years ago because most of us […] Read more »

It’s Over. We’re Free!

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Finished

This morning I made a quick phone call, and just like that it was over. With our 55th payment, plus a partial payment scheduled to be automatically withdrawn on Tuesday, the last of the $109,000 of credit card debt that we had enrolled in our debt management plan is gone. We’re free!!! Free from the shackles of debt that have have held us down for our entire seventeen year marriage. Free to finally have the decision of what to do with our money fully within our own control instead of having to hand it over to credit card companies.  No […] Read more »

Debt Collectors Harassing You?- Here’s What You Can Do

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debt collectors harassing

Dealing with overdue debt stinks. Dealing with a debt collector harassing you can be just plain scary. When you have debt that’s gone bad and been placed in a collection agency, it very easy to avoid the situation or even completely ignore it when you feel like there is no way you’ll be able to pay it. That’s why some debt collectors will resort to whatever it takes get your attention, even if it’s illegal.   Some Debt Collectors Do Crazy Things Most debt collection agencies are very professional and do their best to follow the rules on debt collection […] Read more »

How Much Do Your Teeth Cost You Each Year?

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Teeth_Pic

One of the foundations of handling your finances successfully is to know where all your money goes, and what you spend it on. Our family just went through our beginning of the year round of teeth cleanings and checkups and as I sat in the chair wondering why it’s so freaking hard for the hygienist to prevent herself from poking me in the gums repeatedly (I HATE that), I also wondered just how much the maintenance of my our teeth costs us for a calendar year. So when I got home, I broke it down: Cleanings: Our family of four […] Read more »