Debt Elimination Techniques - Use These Three Powerful Debt Elimination Techniques To Become Debt Free, Fast

Submitted By: Jamie Garner

The objective of this article on Debt Elimination Techniques is to give the reader the basic skills they need to become completely debt free. In order to do this effectively, we must first define what we mean by ‘Debt Elimination Techniques’.
According to the Collins English Dictionary (3rd Edition, 1991), the word ‘technique’ means, “A practical method, skill or art applied to a particular task.” This allows us to work from the definition of Debt Elimination Techniques as, “The practical methods and skills required in order to completely eliminate a persons debt.”
I think that now more than ever people are eager to eliminate their debt liabilities. The credit crunch has at least served the useful purpose of waking people up to the dangers of debt and the financial freedom that can be realised by ridding themselves of their debt burden.
Unfortunately, the majority of people simply cannot even begin to eliminate their debts, simply because it can appear to be an insurmountable task. However, by learning and applying three simple debt elimination techniques, you will see that becoming completely debt free is well within your reach – and much sooner than you might expect.
The first thing you must do in order to become debt free is get control of your cash flow. Most people simply cannot account for where their money is going every month, let alone what it is accomplishing for them. If you do not know what is happening to your money every month, you have no hope of controlling your cash flow, and any other debt elimination technique becomes useless.
To control your cash flow you must know it intimately, and the most thorough method for doing this is to simply keep a diary of everything you spend in a typical month – and I mean everything! With every penny accounted for you can now put this information into a simple chart (use an excel spreadsheet to make it easier). Your chart, which we will call your Monthly Statement, should clearly show your total income (after tax), all your individual expenses and your total expenses. You now have the valuable and essential knowledge of what your money is doing every month, and you can now move on to the next technique, and discover just how quickly you can become totally debt free!
Now that you have the foundational knowledge of knowing what your money is doing every month, you can now apply the second technique to get yourself free from debt. It might be worth at this point to encourage ourselves and build ourselves up to the task of eliminating all of our debt. The techniques I am advocating here can appear to be boring, tiresome and hard work, but in reality this is far from the truth. I can tell you from personal experience that as you apply these techniques to your finances you will quickly see how you are creating wealth in your financial life – wealth for you and your family’s enjoyment and benefit. As well as being exciting and rewarding, you will be filled with an ever-increasing confidence in your abilities to manage your finances and become completely debt free.
The second skill you must learn and apply is concerned with controlling your expenses. It is precisely because you have not controlled your expenses in the first place that you find yourself in the problem of being in debt. In order to correct a problem, or mistake, you must go back to the beginning to get yourself on the right path – continuing on the wrong path will simply exasperate the problem. In addressing the problem of debt, going back is the quickest way to advance forwards, and there are no shortcuts.
With your Monthly Statement, work down your expenses column and ask the following questions, “Is this an essential expense (Sky TV for example)? Can I live without this (e.g. your morning Starbucks coffee)? Can I reduce this expense (e.g. by running a cheaper or more economical car)? As you work through your expenses you will be surprised at how much all your little savings can add up to, and rest assured, you will enjoy watching the spare money you have increase.
With this step completed, you can now take your total income figure and subtract your new total expenses figure. This will (hopefully) leave you with a positive amount of spare cash every month. This figure will be your weapon for ridding yourself of all your debts within seven years for most people, so ensure you complete this step with due diligence and move on to the final technique.
We have identified the amount of spare cash you have every month – it is now time to leverage this money in such a manner that it enables you to become debt free (including your mortgage) within seven years!
Create a new chart similar to your Monthly Statement that details all of your debts. The columns you need are: Name of Debt (e.g. MasterCard), Amount Outstanding (the total amount you have left to pay to clear the debt) and Minimum Monthly Payment (make sure this is the minimum amount you are obliged to pay, not what you are currently paying). Organise your list with the debt that has the least amount of money outstanding at the top of the list.
Now, you are going to take all of the spare cash that you identified and add it to the minimum payment on the debt at the top of the list. You then pay this amount off every month, while continuing to make the minimum payments on the other debts in the meantime, until this first debt is paid off completely.
It is essential at this point to note the need for flexibility when using this final technique. Do not think that you are leaving yourself with no spare cash every month should an emergency arise. Far from it – you are actually leveraging the spare cash you do have to eliminate your debts and increase your wealth. If needs be, you can always simply pay the minimum amount on all debts and use the spare cash you have elsewhere if required. It is always your decision, and you should use your own good judgement on where to put your spare cash.
When you have succeeded in paying off the first debt on your list, take the money you were paying off the debt (the minimum payment plus your excess cash), and buy yourself a treat! Yes, congratulate yourself and reward yourself. Enjoy your first significant victory in your fight against debt, for you have just created a little bit more wealth and financial freedom for you and your family.
Now back to work! After rewarding yourself, take the amount you were paying off your first debt (spare cash plus minimum payment) and add it to the minimum payment on the second debt on your list. Continue in this manner, and nine out of ten people will become completely debt free with seven to ten years – then you can really celebrate!

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Jasmine Web Directory Is The Best For Your Business

In today's business world web directory has become one of the main sources to help find details on the required sites, a web directory or link directory is a directory on the World Wide Web. It specializes in linking to other web sites and categorizing those links. Web directories help us find a link that can help in improving our business. We can choose their own type of web directories that we want, from the start of free, paid business and there are also other types. Business web directory contains a list of websites that have been reviewed by reviewers worldwide. in choosing a web directory we must adjust our purposes, because a lot of web directories that are available and offered, so do not let one choose. we must be smart in selecting a web directory because there are few web directories contain a similar link that does not help us for some part. In selecting a web directory is better to select a directory that promises to get the best links to reach our target market. Some directories offer many things to attract people so that we can choose the best web directories. Yahoo Directory is one of the most important directories that are used throughout the world. Different directories have different features. While business web directory is seo friendly web directory that provides a direct link with all the categories and sub categories that contain detailed descriptions. While the directory is Dmoz open directory project which are human-edited by many volunteers round the world. Similarly there are other directories that have a variety of special features. The main advantages of web directories is that they help to simplify your work and be efficient. They connect you to the home page of the site you need rather than take you deep inside. So to optimize your business profits and to improve the standards of your business, you must choose the right web directory. If you are still confused in choosing a web directory, the jasmine directory is the best choice for you. Do not wait for long, soon joined us!

How To File An Auto Insurance Claim

Submitted By: Daniel Wright

If you are reading this, I guess it is safe to assume that somehow or another you have been involved in an accident. You will need to get in touch with your auto insurance agent whether or not it is your fault. To give you peace of mind, you need to find out if you are covered. Auto insurance policies do not cover every eventuality; therefore, you need to get the necessary information.
As you work through the process of filing a claim, make sure you keep a record of all documents and everyone you talk to as well as their phone numbers. Start a file and it will be no hassle. Typically, in some people are more helpful than others. If you get a good person, you will want to be able to contact them again when you need more advice; conversely, you may want to avoid those who stonewall you, and if things go wrong, you know who said what. As you work through the process, there are several key questions you should ask.
Firstly, ask what documentation is required such as a copy of the police report and the claim form. There are few things more annoying than only getting some of the information, so keep asking until you are satisfied that you know how to proceed.
Then, find out if your insurance policy covers you for the hire of a rental car during the time your car is out of commission. This is an optional extra, and it adds to the cost of the policy. There is a possibility that you decided not to include this when you acquired the insurance. If you have this type of cover, find out how much money the insurance company will allocate for the rental car, and then you can budget.
Next, find out if you are expected to do the donkey work and get more than one estimate for the repair of your vehicle. Not all insurance companies require this but get the details. You need to know so that you do not make a mistake, and then find you are wearing extra costs.
The last big question is about the time you have to do your part. Find out if there are time limits on submitting the necessary paper work, and make sure you stick to them. Some companies have time limits on the submission of additional documents, so make sure you are well informed and move quickly. There may also be a time limit on disputing claims.
That brings us to another key point to do with making a claim, which is disputing a claim. Sometimes you find that you are dissatisfied with what the insurer offers you or the way your case has been handled; make your dissatisfaction known if you are certain you have a strong case. It is not a good idea to waste everyone’s time over trivial matters, but it is also not wise to give up when there is a real case to be made. You should start with your insurance agent, but be prepared to go higher.
Sometimes, it is necessary to put your complaint in writing before it is taken seriously. If it comes to this, you will be glad that you kept a paper trail of all the people you emailed or spoke to. You will need to have all the documents necessary to support your claim. As a last resort, you may need to consult an attorney, but consider the cost of doing so before you take this step. Make sure it is worth the effort and expense.
Luckily, most auto insurance claims are settled swiftly and amicably.
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5 Ways to Improve Credit Score

Submitted By: Tim H Lambert

Your credit score is important for your future endeavours and it could be handy for your future spending. This is why it is important that you maintain a good credit score, because your creditors would base on this score if you are still worthy of giving credit. Featured in this article are 5 simple ways on how you could improve your credit score and keep it good.
First on the list is that you must get your copies of your credit report. Why? Because this is the only way you could see if you have wrong information on your report. Incorrect information on your report could hurt your score. So to check your credit report, you could visit the authorized online source of annual credit reports. Don’t worry, it is free. Under the law, you have the right to have a copy of your credit report from any of the 3 national credit reporting companies.
Next on the list is that you must pay on time. This is quite obvious. There is no simpler way to build and keep a good score than to pay your bills on time. Always beat the due date of your bills. You could opt to set up automatic payments from your bank accounts so you do not have to worry about the dates and lose track of them. But be sure you always have enough money on those accounts that you wish to put an automatic payment system.
Next thing you have to do is to understand how your credit score is determined. You must know what factors affect your credit score. In order for you to know those, you could answer these simple questions: do you pay your bills on time? If you are, then you are in good shape; what is your outstanding debt? Scoring modules usually compute your score based on your outstanding debt and credit limits; how long is your credit history? A short credit history may cause negative effect on your score, but it could still be overweighed by other factors like timely payments and low outstanding balances; have you applied recently for a new card? If you continuously apply for new several accounts, it may do damage to your credit score; how many and what kinds of credit accounts do you have? Scoring modules also base their computation on the number and kind of your credit accounts. Having a mix of different loans and credit cards can improve your score but having too much of them may cause a negative effect, especially if you have several delinquent accounts.
Next thing you should do is to learn the legal steps to take to improve your credit report. The federal trade commission has programs that could help you such as the “Build a Better Credit Report”. You could have several useful information from them.
The last on the list is that you must be wary of credit-repair scams. You could repair your report on you own and you would not need the help of those who would just want money from you.

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What a Secured Credit Card Offers

Submitted By: Lauren Dzuris

When the economy hit, a lot of people were laid off, low on money and having a hard time keeping up with their bills. When these situations happen, the credit card companies aren't doing too well and they are pretty uptight about who they accept for credit card applications and are leery of who they lend money to. They don't want to take the many risks of lending money to people who won't be able to pay them back.
Also, you will find that when the economy is doing bad, there are more and more secured credit cards being applied for. Whether the people have ruined their credit due to not paying on time, skipping payments or not paying at all, they somehow need to raise their score again so they can get accepted for credit cards and loans once again.Secured credit cards are great in many ways and help tons of people each year get on the right foot again. If you're interested in getting a secured credit card, here are a few reasons why you may want to consider one.
Discipline: When you have a secured credit card, you are forcing discipline on yourself. This means, if you don't give the banks your money ahead of time so they can put money on your card for you, you won't have any money to spend. It is good to re-learn discipline and to take these good lessons and to use them in your future when you do get another credit card. It teaches you not to spend money if you don't have it.
Boost score: If you currently have a bad credit score, this is one of the few ways you can help raise it. You don't have to live with a bad score forever, so take the time to improve it once again. When you show the banks that you're disciplined and only spending money you have, your score will go up over time because you don't be bringing on new debt and you won't have the chance to pay late or miss a payment like you could have before.
Regain trust: This is a great way to regain trust with the banks. Over time they will see that you're using your card wisely and that you're doing everything you can to help improve your score. There isn't much you can do when your score is bad, so taking this step alone is going to help you.
No debt: As stated above, you won't be able to bring on anymore debt. If this was a big problem for you, it shouldn't be now. You can only spend the money that you've given the bank to put on your card. If the card has no money, guess what, you can't spend any. This is what you probably need more than anything, a chance to stop racking up debt.
Debt, paying late and not paying at all will kill your credit score. If you've done some of these in the past you will notice that your score probably isn't as good as it could be. Everyone has the opportunity to have a perfect credit score, but unless you have the discipline, you won't have that score you want. So, to get yourself where you want to be, be sure to consider a secured credit card!

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How Can I Get Advice on Debt?

 Submitted By: Geoffrey Hibbert

Although the avarage family is now in 2010 almost twice as much in debt as they would have been around 5 years ago many people still do not know what their options are or indeed how to find help and get advice with their debts. The one place many look to is the Citizens Advice Bureau this can be for many a big mistake. Whilst Citizens Advice Bureau is a well meaning charity with good people giving their time free, those people are in the main lay people who may not know much more than you yourself regarding debt. their last appointment may have been with somebody with say an immigration problem and their next may be somebody with a rent disbute with their landlord. It is totally beyond reason to expect these people to know everything about everything.
It has been said in recent reports that around 100,000 calls are being made each month to UK debt charities from people seeking advice on debt. These debt help lines can not cope with the traffic they are recieving at present, so service levels have fallen to an all time low.
The charities themselves are presently overwhemed by the number of people seeking advice on debt. The Citizens Advice Bureau and CCCS are simply snowed under. People are having to wait sometimes up to two weeks simply to speak to an advisor. The other major downside of using charitable or free debt management companies is that you are using a service which is funded by the very people you are having your problems with ie the banks and credit card companies and ofcourse because they are funded by donation they are usually understaffed, sometimes under trainded and when you need their attention most it is often difficult to get hold of them.
Debt is a serious and stressful matter and waiting times like this are simply not acceptable. So where else can one go for debt advice. An viable alternative to these well meaning but overworked charities are the paid for debt advice companies.
Whilst the charities are largely funded by the creditors the fee charging companies are free to give totally impartial advice. many of the fee charging companires iffer bot IVA and debt management solutions and can be very worthwhile speaking to. Most if not all of these companies offer free advice at consultation stage and only charge fees once you sign up to their service, so valuable advice is certainly availabkle free of charge.
Once onboard with these companies they will charge a modest monthly fee from your subscription and pay the balance to your creditors. The main advantage to you as a paying customer is that you never have to wait for an appointment to speak to somebody about your account. Because the companies charge fees they are properly funded and are therefore able to employ the correct number of staff to provide you with the service you require and deserve.

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How to Reduce Risk Fast When Buying High Return Rental Income Homes (Fifth in a Series)

Submitted By: George Beardsley

So far in this series you have learned how to identify houses that can be purchased below market price and you are about to buy the first house. Putting your money on the line is where the risk begins. So let’s look at what you have to do now to cut the risk way down.
The four elements at this stage are:
1. Who really owns the house now? It better be the person you name in your contract as the seller.
2. What is the house really worth? Location, amenities, market and rental value, condition?
3. How much money leaves my pocket now and later?
4. Who will be responsible for the house after you buy it? Most folks think it should be them.
For the majority of people these may seem like pretty simple requirements. Most people buy a few houses in a life time. The more houses you buy and especially the more you buy at really cheap prices where you will be able to have double digit profits by renting the houses, the more likely you are to run into someone trying to sell you a house they do not own.
Sometimes this is really innocent. The person trying to sell the house to you did BUY it, but something went wrong then or there are liens or other “strings” attached to the house since then.
In a few cases in my experience, the seller did not own the house, but thought they did. For me this has usually been the case where a husband or wife has left and has no interest in what happens to the house and the spouse that is living in it thinks they own the entire house.
In one case, the seller told me that his lawyer (who was now a sitting judge) had told him that he did not need his wife’s approval to sell the house. Hard to believe that any attorney does not know real estate law, but frequently that is the case. A family law attorney or personal injury attorney will not know all the details that a board certified real property attorney will know.
Fortunately for you, you also do not need to be an expert in real estate law if you follow this one key rule: Never close an agreement to buy real estate at the seller’s kitchen table. Get the contract signed and turn it over to a title agent or attorney who specializes in closing real estate transactions.
They will do a “title search” and find out who really owns the house and who needs to sign the deed transferring the home to you. Good news! This should also be free. Check with the attorney or title agent first, but the examination of title should be free. If the “seller” does not own it, they cannot sell it, and I have never paid a title agent or attorney when we were not able to close the sale.
So how do you know what the house is worth?
First ask the Realtor who put the offer in for you to do a CMA. This stands for competitive market analysis. The Realtor will do it by searching the real estate agent computer of similar houses that have sold within the last three months in the area and comparing your specific house to the average sale prices in the neighborhood.
If you are getting a loan the bank will want an appraisal and want you to pay for it. It’s part of the price of getting a loan from a bank. Better suggesting two articles later.
If you are close (not on the moon or in Two Rivers, Wisc) use one of the most powerful real estate tools ever: Talk to the neighbors. Probably the best power tool ever for home buying is a nosey neighbor.
And let’s face it. Most of us are exactly that. We want to know the problems our neighbors have and we noticed that the plumber’s truck was there far more than anyone should need.
Don’t interrogate the neighbors, just chat. Tell them you are thinking about buying the house and you hope they can help. Ask if they know how much it could rent for. They may say “no.” If they do, you say “I know you are not a rental agent, but if you did know how much houses are renting for?” You will be surprised.
And! Google the address and the name of the seller. That has saved me thousands of dollars. Frequently it has let me know how flexible the seller is willing to be and why. If a few attorneys general are looking for the seller, the price just went down.
Look the rental value up in rentometer.com as well.
Be sure to have a clause in the contract to purchase that your offer is conditioned (or subject to) your total personal satisfaction with the findings of a home inspection.
Do not do the home inspection until you have a contract approved by the seller and you have decided you want to buy. The inspection will cost $300 to $500 (it is negotiable) and the money should not leave your pocket until you are as sure as you can be you want the house to rent out.
If you are in the area, go with the inspection. If you have never bought an investment house before, it will be a great education and will give you a good idea of how much repair and maintenance will be for the next few years. Crank this estimated expense into your offer to buy.
You may want to abandon the offer to buy or renegotiate the price based on the finding of the professional. Your Realtor may have a recommendation on who to hire for the inspection or you can use Angie’s List or the web for home inspectors.
At every step of the way, keep your cash close. Earnest money for the contract, if you are buying from an individual should be $10 to $100. You will probably have to put $1,000 down if it is bank owned, which is a good reason to try to buy from an individual.
In addition to willingness to accept less earnest money, real people are easier to deal with and can usually give you an answer to counter offer or questions much sooner.
They also are more likely to be bright enough to understand any creative features to your offer.
And finally, once you have gone thought all this effort to purchase, do you want to be responsible for the house? I suggest that there is a legal way to own the house that takes a lot of financial responsibility off of your shoulders.
In the next article in the series we will look at that legal loophole to cut your liability for the ownership of the house and in sixth article in the series we will explore some of the “creative” elements you can put into your contract to buy the house.

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