Posted on November 6, 2007 at 2:30 pm :) Let's look at tried and true ways to manage your debt that won't leave you scrambling to meet unrealistic goals. Perhaps the most important component of debt consolidation is canvassing your cash flow system to determine where you are losing money, how much your money you are losing per month, at what rates you are losing that money, and how your spending habits have evolved over the past six months to two years. Debt consolidation experts can help you with the accounting. But doing a budget is essential to any debt consolidation mandate. In other words, until you name the problems you have, you won't be able to identify discrete solutions that can fit neatly with your financial goals. Of course, debt consolidation is complicated because most individuals lead somewhat unpredictable lives. Even married couples on fixed incomes with few debts and numerous assets can get into financial troubles, since the tumultuous economy continues to evolve around them. Interest rates go up, impacting mortgage payments, which in turn impact monthly budgets, for instance. The way to deal with this constant economic change is to create a budget that's flexible enough to allow you a degree of debt consolidation and yet provide enough ?free cash? in your accounts to let you reach your goals comfortably. In other words, you can't budget out every dollar you spend (under most circumstances), since the time cost benefit of doing so generally doesn't make sense. For instance, if you spend 30 hours every month figuring out what you spend down to the penny, you are likely wasting at least a dozen hours that you could otherwise be using to work (and thus earn more money), invest (and thus make your money work harder), or simply have fun. Another debt consolidation idea is to draft a savings plan that will slowly accumulate an emergency fund for you and your family. Budget experts recommend that this fund should store up at least six month's worth of living expenses, but don't try to sock away all that money at once. Allocate a certain amount of cash in your budget per month for your emergency plan, and protect that money from your general spending accounts. And finally, look into a debt consolidation loan to help you reduce reliance on expensive creditor loans and simplify the planning process.

Posted on November 6, 2007 at 2:30 pm [QUOTE]Another debt consolidation idea is to draft a savings plan that will slowly accumulate an emergency fund for you and your family. Budget experts recommend that this fund should store up at least six month's worth of living expenses, but don't try to sock away all that money at once. Allocate a certain amount of cash in your budget per month for your emergency plan, and protect that money from your general spending accounts. And finally, look into a debt consolidation loan to help you reduce reliance on expensive creditor loans and simplify the planning process.[/QUOTE]Yes. Draft is important if you want to manage your debt in right way. So, you can know how long you need to settle your debt without worried about that. Some people failed to manage their debt because never have dicipline and any draft. They just think in their mind but never put down and write some draft. No wonder many people still in debt even their earn well every month..

Posted on January 16, 2009 at 5:34 pm I disagree with the quote]if you spend 30 hours every month figuring out what you spend down to the penny, you are likely wasting at least a dozen hours that you could otherwise be using to work (and thus earn more money)" I could understand if you are spending 30 hours a week.  Good ole Abe Lincoln said, "If I had 6 hours to chop a tree down I would spend 4 sharpen my axe."  Why was this quote made?  I interpreted it as needing a plan and purpose is estential to accomplish a task.  Many people work and many people are in debt.  I think a plan and change of behaviors is something that is needed.  Planning is estential.  Here's a rule of thumb: If you can make the minimum payments or more, then a DMP or Credit Counseling is your answer. If you can't come close to the minimum payments, then look into settlement. If you can't do that, then I would contact a BK lawyer. Before going with any company know what you want.  Set goals. Know exactly what you want before choosing anything.   Without a goal or goals there really is no motivation to stay with any program.  Everyone wants to get out of debt but why?  Your goals will answer the why for you and therefore give you the motivation you need to start your journey.  It is easier to get to a destination if you know where you are going and why. 

Posted on February 2, 2009 at 6:19 pm Both shonna 27 and guest are right.  You need a plan and need to research.  It is so easy to get ripped off with anything you do.  With any product, there is a counterfeit.  So please do your due duglence and research and research some more before making a decision.  Know what all of your options are before taking the leap of faith.  You will find that some people need Credit Counseling, Settlement or even Bankruptcy.  Now you can do all these avenues on your own but it is always good to have a professional on your side to have your back.  You can also do your also do your own plumbing or fix your own transmission.  I know me personally I don't have time to change out a transmission or the skill and the same goes for plumbing. 

Posted on February 15, 2009 at 9:11 am Any amount of planning saves money.  I plan before I go to the grocery store, the more I plan, the more I save.  If it takes me 30 hours (which it never does) because I've been doing this for awhile now, and I'm getting pretty good at it.  Anytime you make an investment, the more you know, the more you save.  Planning is never a waste of time.  It will always save you money.