debt

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Movie Lesson

March 25, 2009 in money by admin | No comments

I saw this movie called Confessions of a Shopaholic wherein the lead character had a problem with debt elimination because of too much usage of her credit card. She said that it was related to being happy, being able to buy the clothes to her heart’s content without much apprehension. However, we all know how it goes in the end. Eventually the person sees her bill after having it delivered to her doorstep, hallucinates and then faints due to the sudden rush of the charges that were presented to her.

I think this case is common in most people. We do not care enough and save because we always think that we can always replenish the money that we have used due to the concept that we have a high-paying job. But we need to think otherwise; according to Dave Ramsey’s advice, we should be aware of ourselves and where we are in our lives. We may be flourishing right now, however we need to make sure that we will be secure in the future.

We can’t always have a happy life in the end, that’s why with our debtor’s rights, we should find a way to get this addiction out and start saving.

On Money, Debt and Savings

March 18, 2009 in money by admin | No comments

When you sign up for debt consolidation, you should be aware that because the debt is consolidated you get to save off quite a bit of money which they now call as forgiven debt. So lets say if your debts were not consolidated you would be paying a total of 600 dollars but after consolidating all your loans and credit card debts then you end up paying only 400 dollars, the 200 dollars would be yours and is now termed forgiven debt income. One should also realize that there is tax on forgiven debt and should be paid on time otherwise IRS would be running their audits and checks and you would be in troubled waters.

Also when planning on trip and vacations better be spending your own extra money other than ending up on a holiday debt which you’re gonna regret later on and lastly better start investing on what they now call cd ladder, put away extra cash into a deposit and let the saving accumulate for future use.