When the new bankruptcy laws went into effect back in 2005, there were an abundance of DMP (debt management programs) popping up.  Unfortunately, very few of them are still standing today.  If you’re in the hunt of a great debt management firm, there are a few things that you need to look out for.

Always make sure they are legit

Make sure that when you’re looking at programs, you’ll treat it like any other business.  You don’t want to work with someone that can potentially scam you.  Instead, check with your local business bureau or look for reviews online.  If there are a lot of negative reviews online because of this particular company, there’s a good chance they may not be legit.

Meet with more than one advisor

When looking for that program, write down three to five places that seem to work for you.  Once you do all the necessary research, you’ll want to set up an interview with each of them to see if they fit what you want to accomplish.  Usually after an interview, you will get a better understanding on what they are all about.  Make sure you always ask as many questions as possible, it won’t hurt you!

Always get everything in writing

When you finally do find that program that works for you, make sure that you work out a plan with that advisor.  The goal here is to make sure that you get everything in writing.  This way, if something bad happens in the future or they don’t live up to what they’ve told you, you will have it writing.  No matter what you do when it relates to your debt and finances, always make sure you get money.

Make sure you keep in contact

Upon writing a proposal, make sure that you’re keeping in contact with your company.  You’ll want to make sure that your accounts are up to date and that they are being paid on time because if they aren’t, you’re just digging yourself a deeper hole and this isn’t what you want to do when it comes to your getting out of debt plan.

Commit to the program

Always make sure that you’re paying the DMP.  Make sure that you send in payments on time and make sure you follow the necessary steps above.  As long as you can do this, the program is going to work for you.  Remember, it’s your responsibility to send in money to knock your debt numbers down.

Debt management programs work for some people and some people just find them to be a hassle.  I would only recommend these programs to those who are in severe debt.

Reducing your debt isn’t hard and many people think that it is.  If you sit back and think really quick, it only takes money to get rid of it.  Most people just don’t want to work hard though to get that extra cash and that’s okay because who wants to work 24/7?  If you’re confused or you’re just curious on ways to reduce your debt, here are some places you can turn to become 100% debt free.

Debt Settlement – One of the most popular ways to reduce your debt is by debt settlement.  Debt settlement is the process of negotiating with creditors to accept payment that is less than the full amount of debt owed.  For example, if you owe $5,000 to credit card A, you may be able to call up and get your balance knocked down to $2,500.  You have to keep in mind though that many companies want you to pay this payment in full in order to accept it.

Manage your credit card rates – Debt management is a safer way to go.  Here, you’re going to call up the credit card companies and ask them if they will lower your interest rates.   Even if you get 1% knocked off your rate, this can save you hundreds per month.  The process is fairly simple and only requires you to call up and negotiate with the credit card company.

Get advice- There are many clubs or companies that actually are non-profit in your area.  These people want to help you get out of debt and are willing to do it at no charge.  Either look in your newspaper or search online to find a non profit organization near you where you can get advice so that you can be debt free in the months to come.

Just work hard – I already mentioned it up there but it’s the easiest way to go in my opinion and it’s getting as much money as you can.  Make money anywhere you can make it and I would advise that you pay off the highest interest rate credit card first and go down from there.  Don’t forget that you’ll also want to pay the minimum so that you don’t get into more trouble with your credit score.

There are so many things you can do when it comes to debt reduction.  If you feel like your lost or confused, don’t worry, you’re not the only one!  Try some of these simple steps today and hopefully it will get you down the right path.

Being in debt stinks but there are many lessons to learn from being in.  Whether you’re on the brink of being in trouble with your finances or you’re just curious on lessons that people have learned, I’ve put a list of lessons learned from people around the globe that have experienced debt first hand.

Debt isn’t a joking matter and it’s a serious issue here in the United States.  Thousands of people daily are thinking about how they are going to pay off their next credit card bill or home mortgage payment.   If you’re on the verge of being in some serious debt, here are some lessons that people have learned and hopefully it makes you think twice about getting deeper in the hole.

LEARN to buy what you can afford

One of the main reason people are in debt today are because they are purchasing things they can’t afford.  These people are people I like to call fifty thousand-aires.  Why do I call them this?  Well, they make a $50,000 annual salary but spend like they have a million dollars.  If you make $35,000 a year, don’t spend $70,000!  Instead, start spending what you can afford and always remember to set some money aside for a rainy day and retirement.

Credit cards are for responsible people

If you’re spending more than what you can afford with a credit card today, cut it up and use your debit card.  If you can’t pay your bills off in full, you’re already falling into the disaster zone.  Credit cards are for those that can pay their bills off in full on time ALL the time.

Use a debit card

This one ties in with what I mentioned above.  If you can’t control your spending with a credit card, you’re going to have to start using a debit card.  Debit cards are tied with your checking account and every time you use one, it will take the money directly out of your checking account.

You need to save money

If you’re not saving money right now, why aren’t you saving?  Do you want to retire one day or are you relying on the government?  What happens if social security isn’t there?  You always have to plan for the worst and remember, even with social security, you’re not going to live a great life.

You have to be cheap

This one goes with what I mentioned above when you can’t live above your means.  You have to make sure that you always use coupons and you find ways to save.  Try and make it a habit to buy things on sale and not full price.  If you can accomplish this, you’ll be on the right path.

Being in debt isn’t fun but there are so many things you can learn just from being in it.  Getting out of debt isn’t hard if you try.  Take action today and fight your debt so that you can save for a healthy tomorrow.

If you’re on the path to becoming debt free, you may be discouraged sometimes thinking it isn’t even worth it.  Well, there are many reasons why you should become debt free and hopefully by the time you read the list I have produced, it will make you feel a little bit better inside forcing you to kill off all of your debts.

Become stress free – Not only will you have no debts to worry about, you’ll feel a lot better about yourself.  Do you realize that you’re stressing out a lot over money right now?  Well, I’m guessing you are and you should know by know that stress isn’t good for your health at all.

No more calls or bills – How great would it be to walk to your mailbox or have a phone call free day without any bills?  It may sound too good to be true right now but it shouldn’t be.  Start working toward that debt payoff today so that you never have to hear a phone call again from those pesky debt collectors.

Teach your kids a lesson – Your kids are going to look up to you and if they see you buying all of this stuff you can’t afford, they are going to follow the same footsteps.  Make sure that you set a good example when it comes to money.  Show them that you should only buy what you can afford.

Afford things for a change – How great would it be to buy something at the store and you know you can afford it?  It’s a great feeling and you shouldn’t be buying that $100 purse that you can’t afford today.  Instead, work toward that feeling of affording something for a change.

Now is the time to save- Instead of throwing all that money at a credit card company, now you can save that money instead.  Start setting money aside right now so that you can retire at a young age.  Remember, it’s never too early to save for retirement!

Getting out debt is a great feeling and it takes a lot of will and action.  As long as you’re making moneyand you can afford to pay off those debt, then do it!  There’s no greater feeling in the world than paying off your debts and becoming debt free.

side jobs, job ideas, making moneyWhether you’re in debt and you’re looking for more ways to make money or you’re just looking for side job ideas, I’ve scoured the web for some potential ideas when it comes down to making money on the side.  The nice thing about the jobs that I mention are that anyone can do them and the sky is the limit when it comes to making money.

Tutoring – You don’t necessarily have to be licensed to tutor.  Instead, find some willing students or parents that will let you tutor their child on a weekly basis.  This can easily net you around $20+ a child per week.

Yard work- Yard work may seem boring but if you’re working for cash, it isn’t at all!  Try posting flyer’s in your neighborhood.  Offer to clean up yards, rake leaves, mow lawns, leaf blow.  There’s so much you can do and think of all the potential.  Mowing a small yard can net you $30 easily. 

Shovel snow- We all hate snow and so does everyone else that has a driveway that continues to need plowing.  If you own a snow blower or you’ll simply shovel it by hand, ask or hand out fliers telling them that you can help out.  A small driveway can earn you $15.  $15 x by 10 houses is already $150, all for a few hours of work.

Pet sit- Did you know that people pay top dollar for others to watch an animal?  Find people who own dogs, cats or whatever and offer to petsit.  This doesn’t require you to live there but all you will need to do is fill up water, feed them, clean up a little and that’s it.  The average pay here is about $20/day per pet for as little as a 1/2 hour worth of work!

Babysitting – Babysitting is a tough one because you have to form a relationship with the parents but if you can show trust and have good referrals, babysitting can be very lucrative.  Find a family with 2 children or so and get paid around $10+/hour.

Become a handyman – If you’re good at fixing anything around the house, offer up your services.  From fixing a dishwasher to fixing that picture frame that fell off the wall, everyone has something to fix and who knows, if you’re good enough, you can start up your own business!

Clean - Cleaning is boring to me but anytime money is involved, I’ll do it!  There are thousands of people out there that would love professional cleaning.  Ask offices, homes and others that would be interested in getting their place cleaned.  A 1500 square foot house can pay you $100+.

Work retail – With so many jobs out there in retail, it’s always easy to find a job.  Use services like SnagAJob that are free that find you hourly based jobs.  Find a job that will work you for about 10-20 hours a week.  Anything more than that could stress you out with a full time job on top of it.

There are so many jobs out there that can pay a lot.  It’s your duty to take action and find that job that can make you that side cash.  Money pays off debt and if you don’t have it, you’re just going to go into more debt.  Work hard and good things will come to you.  Good luck!