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How to Invest - Get Out of Debt

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If you've made it this far into my story and you've taken my advice, you should already reduced your spending, created a budget, eliminated most credit card spending from your life and possibly found unique ways to consolidate bills and pay them off sooner. This is simple math. So I will restate my point - unless you have paid off your high rate debts, you have no business investing money in the stock market or elsewhere. Personally, I consider buying stocks outside of mutual funds in tax-deferred accoun...

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Control Spending - Get Out of Debt

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One of the hardest things for me to do while I was working my way out of debt was to control how much money I spent each month. That's unfortunate, because getting a handle on your expenses is key to not making your debt problem worse while you're trying to pay off your bills. Within a year of graduating college I also moved out of my parents' house and got my own apartment (there's another $500 a month out the window! The first step is to refer back to your monthly budget. Where is your money going?

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Manage Your Credit Cards - Get Out of Debt

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Manage Your Credit Cards. My journey into debt and back out of it has always revolved around credit cards. I got my first credit card after I turned 18 and my parents co-signed for it through our credit union. I still have that card. The problem with credit cards is not really the cards themselves. Rather, it's us. Because of their convenience and simplicity (swipe, sign and go! By the time I graduated college, I had at least five credit cards. Two of these cards had $10,000 spending limits and two o...

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Grow Income - Get Out of Debt

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I'm greedy. Well, I'm not greedy in the sense that I want to take anything anyone else has or take more than I can earn through my own effort and work. But I've always had a drive to make money, make more money and find new ways to earn income. I'm always surprised at folks who pass up opportunities to earn a few extra dollars here and there when they really could use a little extra income to pay off bills or add to their savings. Here are some ideas that have worked for me:. Start a web site. It's a lit...

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Personal Loans - Get Out of Debt

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Yuck This is a bad idea. But it's part of my story and I want to share my experiences with you openly and honestly. One temporary solution to meeting your debt obligations could be taking out a personal loan. If you don't own a home, have any savings or have family members willing to lend you money, this may be your only way to get the money you need to pay your bills. This zero-interest, zero-payments practice has recently been banned by the U.S. federal government. But that didn't change my...I must re...

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Site Map - Get Out of Debt Strategy

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Home - Get Out of Debt Strategy. Manage Your Credit Cards. Use the Equity in Your Home. Your privacy is important. By submitting your request, you agree to be bound by our Privacy Policy.

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401(K) Loans - Get Out of Debt

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Most financial advisory professionals disagree with my views on the value of your 401(k) plan and the powerful resource it can be for someone looking to get out of debt. Also, if you borrow money from your 401(k), it must be repaid almost immediately if you lose or quit your job or else it is treated as a withdrawal and is subject to taxes and a 10 percent early withdrawal penalty. This can be a major problem if you've lost your job and have a large 401(k) loan to repay. Financial advisers argue that bec...

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Debt Counseling - Get Out of Debt

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When my credit card debts and interest rates really got out of control back in 2004, I wasn't sure what to do. I tried to get a debt consolidation loan but no bank would take the risk - even though I had a strong repayment history on my credit report. I tried to earn more money but it wasn't enough. I was getting really worried because I was paying huge sums of money to credit card companies and just making the minimum payment on my cards. In my case, ACCC reviewed my debts and contacted my credit card l...

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Use the Equity in Your Home - Get Out of Debt

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Use the Equity in Your Home. Now that you've stabilized your budget, reduced your spending and increased your income, it's time to look at more complex ways of managing your debt. Home equity loans have become much harder to obtain in the last two years. But if you've been in your home and made on-time payments for several years (at least five, preferably 10 or more), you may have equity that you can access at relatively low rates to pay off higher rate debts. As I cautioned you earlier, please use good ...