Tag Archives | Getting out of debt

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To Get Out of Debt Faster, Fix Your Payments

Here’s one of the most important things to know about how credit card debt works. Let’s say you have a $1,000 balance and that you stop going any further into debt. And let’s say you pay the minimum amount that the credit card company requires each month. If you do that, your required monthly payment […]

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Ball and chain

Practical Steps for Getting Out of Debt

People often think of a budget as a ball & chain.  In truth, it’s the exact opposite – a tool that leads to great financial freedom.  But there is such a thing as a financial ball & chain.  It’s called debt. Debt is a drag.  It creates stress, keeps us from achieving our financial goals, […]

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Choosing the Best Method for Getting Out of Debt

There’s an ongoing debate among personal finance teachers: Should someone who’s trying to get out of debt pay off their highest interest rate debt first or their lowest balance debt first? In this installment of the Two-Minute Money Toolkit, I’ll introduce you to a simple online tool, Unbury.me, that’ll help answer that question. While the […]

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Paying Bills

Should You Seek Help From a Credit Counseling Agency?

I was surprised to read recently that there’s been a strong drop in the number of people turning to credit counseling agencies for help in paying back their debts.  After all, plenty of people are still struggling under the weight of too much debt.  Gail Cunningham, spokesperson for the National Foundation for Credit Counseling, said, […]

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How to Mess Up Your Financial Life

I thought I knew a thing or two about making financial mistakes.  After all, I’m the guy who once received a $60,000 inheritance and turned it into $20,000 of credit card debt.  And it only took me two years! I messed up with money the old fashioned way.  I didn’t pay attention to my income […]

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The Warmth of Winter

As another Chicago winter stretches on, I’ve been longing for spring.  And isn’t that how it is whenever we go through a wintry financial season?  We can’t wait for a better one to begin. In my mid 20’s, I inherited $60,000 from an uncle.  I used the money to create my dream job, a newsletter […]

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