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Is each slot of your wallet filled with a credit card of some sort? Do you find yourself experiencing a euphoric feeling or “high” when you swipe your credit card at any type of store?  Is this feeling of euphoria followed by a low feeling shortly afterwards?  Do you find yourself making excuses for why you must have an item?  Are you the first one to the mailbox each day in hopes of getting the credit card bill before anyone else does?  If you answered yes to any of these questions or to all of these questions you may have an addiction. (more…)

Whether you have accumulated a large sum of credit card debt due to a job loss or a spending spree that got out of control, it can be quite difficult to break a habit that you have been accustomed to for so long. While most of us are raised to never carry a balance, and that we should pay them off in full every month, the lure of a new high priced electronics device or even the latest fashions have even the most budget savvy users using credit in times when they know that they should not. Just one purchase has a way of multiplying, and before you know it you have racked up so many charges that your monthly salary is not enough to cover them all. Combine this with an average credit card interest rate of 15% or more and even the smallest of balances can take you years to pay off if utilizing the minimum payment. While you may be feeling like you will be stuck in a credit card dungeon for the rest of your life, here are some simple tips that can help you keep your debt in check so you can finally dig yourself out of the hole that you have created. (more…)

In times of economic crisis, we may need to seek help from as many outlets as possible. Loans are available from banks with good credit and collateral to protect the bank from losses. As banks are out to make a profit, they must protect themselves from defaults by securing collateral to use if a borrower cannot pay their loan back. Payday loans are also a good choice as their credit requirements are not stringent like those of banks and these advances are available online for convenience. (more…)

Before you decide to settle your debt for less than it’s worth, realize that there are consequences to this action. It may be tempting to want to get rid of your debt overnight, but doing so can completely ruin your credit for many years. If you have an option to renegotiate the terms of the loan, or consolidating multiple loans, this might eventually be the best solution even if it adds 2 to 5 years of more debt elimination on your plate. If you choose to settle instead, that information is recorded in your credit history and it can affect your chances of getting an apartment, employment, or even financing for a home. (more…)

Nothing is worse when bills start to pile up, the phone is ringing off the hook with “courtesy” or bill collector calls, and you are being fee’d to death by your friendly, neighborhood, bank. Unfortunately, more and more Americans are finding themselves in this position, due to the aggressive tactics that can put anyone on a round of never ending phone calls, even if for years they’ve had a sterling credit rating. With current salaries stagnant, and prices rising, sometimes you are put in the position of paying one bill over another, or delaying payment for a few days. Those few days, though, shouldn’t put you on a permanent list of harassing calls, which are sometimes happens, disguised as “courtesy calls.” There are ways to take control back and start reducing the stress of managing debt, even if you are thousands in debt. (more…)

One of the biggest debt traps out there is revolving debt. Credit cards have managed to indebt millions of individuals in the United States who took on lines of credit when debt was relatively cheap. Some had offers for introductory 0% cards, motivating them to indebt themselves further with the ideal that they would pay it off before the finance charge reset. Unfortunately, with revolving debt, it’s very easy to get in over your head. It’s not like a short-term loan, like pay day loans, that only allow you to borrow a small amount (between $300 and $600) and then requires payment with a short payback cycle, clearing the balance. Instead, revolving credit on credit cards can linger for years and cost many thousands of dollars more than it’s worth. (more…)

When people are in debt they get desperate, but that’s the time to keep a cool head. Debt scams abound for those with financial issues from fake foreclosure help to consumer debt advocacy organizations that take your money and run. Sometimes the scam is an out-and-out fraud. Other times, the level of service is so poor, you would have done better to go elsewhere. Whatever the reason, if you’re trying to resolve a debt issue, it’s important to realize that you might be a prime target for people who don’t have your best wishes in mind. (more…)

Fraud is something that we may encounter many times in our lives. There are people who wish to deceive in order to gain for themselves by stealing our information to commit fraud. With the incidents of identity theft increasing daily, it is imperative that we as consumers manage our affairs as to keep our personal business to ourselves and we must make sure that no predators get our key financial or personal information. Account numbers and personal information should be held close to our breast unless needed by a legitimate company or company representative. There are new scams occurring everyday that must be exposed as such. From ATM scams to email phishing, it is possible that our information can be breached and used by others for their illegitimate gain. (more…)

When someone is carrying a high burden of debt, they often look for help in many different locations. For instance, they might seek a debt consolidation or personal loan, a home equity loan or even roll all credit card debt into a single low-interest balance transfer offer. Many, in fact millions, turn to debt relief groups for help. While this can often be the wisest choice, the fact of the matter is that each day there are more and more reports about debt scams claiming to offer counseling or relief. (more…)

If you’ve followed the journey at No Credit Needed, you’ll know this blog’s run by a family guy who managed to pay off all his debts and now continues to live debt free. He’s just posted an inspiring list of some of the great things about having no debts, and some of the highlights include:

• He doesn’t dread going to the mailbox to find another bill.
• He can afford to fund his retirement account and education savings accounts for his children.
• He can make bigger and better plans for the future.
• He doesn’t have to be worried and stressed about late fees and changes in interest rates.
• He has peace of mind about all the “what ifs” of life - if something happened to him, he now feels confident that his wife and children would be well taken care of.
• He is now able to give money to those who need it more than him.
• He can set a better example for his children so they, too, can hopefully live a debt-free life in the future.

Take a look at the list to see what else can encourage and motivate you on the path to getting (and staying) debt free.