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Archive for December, 2009

If Debt Grew On A Tree

personal debtMost people have heard of the expression, ‘money doesn’t grow on trees‘.  Parents say this line to kids when they ask for a lot of things, or when they are not able to get something because it costs to much money.  However, unlike money, it seems like debt does grow like a tree and it just gets bigger and doesn’t go away.  If debt grew on a tree, what would happen to most people’s money and how can they learn to trim and control their debt tree.

Look at the way a tree grows.  It starts as a simple one stem plant that soon sprouts some leaves. This is similar to how people start their debt. It starts with just one simple debt, like a car loan or mortgage. Then it soon grows into some credit card debts, student loans, jewelry, and other personal lines of credit that can make the debt tree a lot bigger. (more…)


New House Bill Would Cap Credit Card Interest

personal debtAccording to reports from Washington, a house panel is considering capping the interest rates that credit card companies could charge at sixteen percent.  The bill, which will be under debate in the Rules Panel as quickly as possible, stems to control unreasonable fees and high interest rates that put many Americans further into debt.  In addition to capping credit card interest rates, the new bill would also look to  cap late fees and over-the-limit fees at $15.

While U.S. consumers are trying to manage debt, which was $842.6 billion as of Nov. 18, down 1.7 percent from a year ago, there are still obstacles that most can’t get past. Delinquencies on loans at least 30 days overdue, considered a sign of future defaults, rose to 6.12 percent in October from 5.97 percent in September, Moody’s Investors Service said in a Nov. 20 report, the highest level since April. (more…)


How To Get Out Of Debt Using eBay

personal debtJust about everyone has heard of eBay by now. It’s the online auction site that connects consumers with people that are selling things.  There are several well known retailers as well as some smaller boutiques that sell items on eBay. The great thing about eBay though, is pretty much anyone can sell one or several items on eBay. As an individual, selling items on eBay for extra income can be a good way to reduce debt.

The following information shows how to can get out of debt using eBay and what you need to know to know to get started. (more…)


Holiday Shopping – 5 Ways To Get More Without Increasing Debt

personal debtThis holiday season almost everyone is feeling Scrooge-like when it comes to spending money and shopping for everyone on the list. Even though we all can’t hope that Santa will bring everything we ask, there are some ways to do some holiday shopping to get more without increasing debt.

It’s not always easy to just add it to the card or apply for more credit, some people have to make due with what they have and by following some simple tips, you can get more this holiday shopping season.

The following are 5 ways to get more without increasing debt this holiday season. (more…)


Credit Options For People With Heavy Debt

personal creditOne out of every three to four people deal with spotty credit. Negative marks on a credit report surface immediately whether one’s thirty days late paying a bill or just declared bankruptcy. Negative information on a credit report can dramatically lower one’s credit score. Unfortunately, having a low credit score makes makes it extremely difficult to qualify for new credit. While many deal with substantial debt loads, the need for new credit may arise. While lenders have tightened their grips on available credit more than ever, there are ways to qualify for credit with option for people who have heavy debt.

While it may seem counterproductive to obtain a new line of credit when trying to pay down debt, there are times when it’s necessary. Also – obtaining a new line of credit can be an opportunity to show that you can manage it. Credit options include prepaid credit cards, secured credit cards, debit cards, and unsecured credit cards. Continue reading to gain a better understanding of what it takes to obtain the aforementioned types of credit. (more…)


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