Knowing when to throw in the towel is an art: bankruptcy and liquidation are a hard choice

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Today’s post comes a brand new member of the TeamEOD writing team – please help me give a warm welcome to Maria who hails from The Money Principle!   I have a lot of admiration for Maria, as she has an absolutely INCREDIBLE debt payoff story. She’ll be appearing here from time to time, and I can’t wait to read Maria’s take on saving money and debt.  Take it away, Maria! Our readers over on The Money Principle (and some others) know that slightly over four years ago we were in debt; heck we were in a lot of debt. We […] Read more »

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

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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 »

Financial Literacy: Communication and Teamwork Are Vital to Success

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  Preface:  Today I’m taking part in the Financial Literacy Awareness Carnival hosted by Shannon at The Heavy Purse.  Once you’ve finished here, click here and check out the list of other great posts by my fellow bloggers also participating in the carnival! Sitting in a chair facing a filled to capacity movie theater, the question that popped into my head was, “How did I get here?” I was one of three customers invited to the headquarters of CareOne Debt Relief Services in Maryland in September of 2012. They were holding an employee recognition event, and wanted to have a […] Read more »

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

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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 Ways to Get the Most From Your Income Tax Refund

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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 »

What Options Do You Have When You’re Buried In Debt?

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Editors Note:  Today’s post is a guest post from Bob Miller, one of my friends over at CareOne Services, Inc.  Hope you enjoy his expert advice and perspective on debt! Do you find yourself buried in debt? Does it feel like all of your income is going toward paying off credit cards? Does it seem like there’s no way you can dig yourself out of this financial pit of despair? Are you tired of the constant collection calls? Do you just want it all to STOP? You’re not alone. Millions of people struggle to manage their debt. In fact, a […] Read more »

Lies We Tell Ourselves So We Can Keep Our Credit Cards

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People love their credit cards. Why? They aren’t valuable, can’t be traded or sold, and cost people money and often their freedom. I’ve been separated from my credit cards for over seven years and can tell you that I don’t miss them a bit. Now that I’m coaching people through their debt problems I get to hear all the same lies I used to say that justified my reason for keeping the plastic crutches. Do you feel a shiver in your spine when you hear these lies people say so they can keep their credit cards? “I only use my […] Read more »

I Don’t Want To Pay Off My Debt Anymore!

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Today’s post is courtesy of John Schmoll, who is the founder of Frugal Rules, a blog created to help people experience financial freedom through frugality. John is passionate about budgeting, saving and investing and enjoys sharing his knowledge and experience with others so they can avoid making some of the mistakes that he made. A veteran of the financial services industry, John has an MBA in Finance and experience as a licensed stockbroker. Now that I’ve got your attention, let me tell you that I’m not thinking of giving up on paying off my debt. 🙂 Instead, I’m expressing the […] Read more »

Before You Start To Pay Off Debt….Do THIS

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The comment reminded me of myself four and a half years ago. A reader of a post featuring my get out of debt story asked for insight regarding how I handled unexpected expenses during my debt pay-off period. I’d like to say that I had done everything perfectly during my four and a half year quest to eliminate $109,000 of credit card debt, but there were plenty of bumps along the way. If I had to single out one thing as my biggest mistake, it would be not having an emergency fund in place from the very start. The importance […] Read more »

How to pay $2,048 in debt before Thanksgiving by doubling-down

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Would you be interested in knowing how to pay off $2,048 in debt? We all know having a budget is important, but budgeting doesn’t work unless you do. That is why motivation, encouragement, and a vision to succeed is required when putting on the uniform as an Enemy Of Debt. Follow these three ideas to pay $2,048 in debt before carving your next Thanksgiving turkey.   The power of a post-it note Write your most urgent goal on a post-it note and stick it to your bathroom mirror. It doesn’t have to be prolific and it doesn’t have to be […] Read more »

My New Decade Resolution: Paying Off My Mortgage Early

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As another year comes to a close, people will reflect upon their successes and failures of the past year. They will also look forward to 2014 and set goals for what they hope to accomplish in the new year. Having turned 40 over the weekend, I’m taking a bigger picture approach. I started reflecting on my life in terms of decades. I spent my entire twenties and half of my thirties being financially irresponsible racking up $109,000 of credit card debt. The second half of my thirties was spent recovering, paying off that debt through the help of a debt […] Read more »

Debt Free For the Holidays

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Today’s post is a guest post from Jefferson, who writes for the family finance site, See Debt Run. The site began as a place to chronicle a family’s journey out of debt, but has evolved into a place to discuss a whole spectrum of topics around family finance. They discuss everything from saving money on groceries, to how to teach your kids about money, to even how to find out if your co-workers are making more money than you. Last year at this time, my wife and I didn’t get each other anything for Christmas. We didn’t have to. We were […] Read more »

We Doubled Our Net Worth and You Can Too!

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Note from Travis:  I’m excited to announce a new addition to TeamEOD!   Steve Stewart, who hails from his home blog of MoneyPlanSOS, will be sharing with us a dose of no-nonsense personal finance once a month.  I’ve been a HUGE fan of Steve for several years, and know that he is an excellent addition to the team.   Please give him a warm EOD Nation welcome by leaving a comment below on his debut post here on Enemy Of Debt! Despite the blame-scream media’s coverage of The Great Recession and all the bad decisions Congress has made, my wife and I […] Read more »

Are You Perfect?

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Like most stereotypical males, I enjoy movies with lots of action and explosions. But I also really enjoy movies that inspire, and cause me to reflect upon the things going on within my own life. I got pulled into just such a movie one night last weekend. It’s one of my all time favorites, and I stayed up way too late to watch the ending. The movie is Friday Night Lights. Note: Before you non-football fans roll your eyes and click away, be patient for just a moment, this post has only a passing reference to football. My favorite part, […] Read more »