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Terms of Use: How to Deal with Debt When You're Out of Work You've found yourself without a job, not knowing how long you may be unemployed. What can you do now to manage your finances in the short-term and long-term? Here's a six-step plan: Step One: Prioritize your debts Step Two: Talk with your creditors Step Three: Pay what you owe (at least the minimum payment amount) on time Step Four: Cut back on your expenses Step Five: If you have to borrow, find the least expensive sources of money fir  More...

Terms of Use: Most experts agree that if you're paying interest rates on the credit card debt that are higher than the interest you are earning on the money in your account at a financial institution, then you should pay off the debt. However, keep in mind that you will want to have some money in your account that is readily available to you in an emergency so that you are not tempted to use your credit card and increase your debt.

Terms of Use: High debt and misuse of credit cards make it tough to save for retirement. Money that goes to pay interest, late fees, and old bills is money that could earn money for retirement and other goals. How much debt is too much debt? Debt isn't necessarily bad, but too much debt is. Add up what you pay monthly in car loans, student loans, credit card and charge card loans, personal loans - everything but your mortgage. Divide that total by the money you bring home each month. The result   More...

Your Get out of Debt Step-by-Step Roadmap You've heard the old saying, live within your means. Easier said than done for some. The important thing is that you've reached a point where you realize your life would be a lot less stressful if you didn't have bills to worry about. Short of winning the lottery, what can you do? Here's help. Four rules to live by: 1. Be realistic! If you are spending $500 a month now on food, don't expect to cut your grocery bill to $100 next month. 2. Make gradual  More...

Terms of Use: Times are tough and many people find themselves out of work and struggling to pay the bills. Faced with not being able to make the next payment on a car loan, you are concerned with how long it will be before the lender repossesses your vehicle and whether there are any other options. What do you do? 1. Inform Yourself Find your loan agreement and read it carefully. One of the clauses will detail exactly what happens if you miss a payment. Your state's law may restrict how  More...

Terms of Use: Credit or debit card blocking happens most often when you rent a car or check into a hotel. For example, when you present your credit card, the clerk scans your card and this action may electronically ask the financial institution that issued the card to “block,” or reserve, part of your line of credit to cover the expected costs. If it's a hotel, the amount could be the cost of your room for the length of your stay, plus extra expenses like meals and phone calls you ma  More...

Terms of Use: Credit repair companies advertise that they can erase bad credit and create a new credit identity legally, all for a hefty fee. Don't believe it . No one can legally remove accurate and timely negative information from a credit report. No credit repair company can do anything you can't do for yourself for free. Only time, hard work, and a personal debt repayment plan will improve your credit report. If you need assistance, you have several options. Credit counseling serv  More...

Terms of Use: Friendly looking people proclaiming the benefits. Smiling representatives, extending a hand. The ads for payday loans and check cashing services are appealing and perhaps you've been tempted to check them out. What is a payday loan? Payday loans are usually small, short-term, high-rate loans intended to get you cash before payday. The idea is that once you receive your paycheck, you'll pay off the loan. These loans may also be called cash advance loans, check advance loans or p  More...

Terms of Use: If you can't make your mortgage payments, your lender can foreclose on your home. Foreclosure is a process that can begin immediately and will result in your losing your home. Most lenders, however, will allow you to miss a couple of payments before starting foreclosure proceedings. If you're at risk of missing a mortgage payment, contact your lender immediately. While the process of foreclosure can take several months, be aware that the process itself will be a costly one for   More...

Terms of Use: Consider and compare all terms, including the following, before you select a card: Annual Percentage Rate (APR) - the cost of credit as a yearly rate. Free or Grace Period - allows you to avoid any finance charge by paying your balance in full before the due date. If there is no free period, you will pay a finance charge from the date of the transaction, even if you pay your entire balance when you receive your bill. Fees and Charges - most issuers charge an annual fee; some also m  More...