Woman Goes To Jail for Overdue Bill!!!
What the hell is the world coming to when debt collectors and creditors use their legal authority to have people arrested. Watch this video to see what’s going on in some states.
How To Get Out Of Debt
Archive for June, 2010
80% of NBA Players Flirting with Bankruptcy 2 Years After Leaving
Almost 80 percent of National Football League players are flirting with bankruptcy two years after they retire, according to Sports Illustrated. NBA players aren’t faring much better. 60 percent of former National Basketball Association players end up broke within five years of retirement. Athletes squander millions of dollars due to bad decisions, lavish spending and poor financial planning. Here is a list of athletes that have lost their fortunes through some of the biggest financial blunders of all time.
More Banks Closures – Wisconsin
Federal Reserve has shutdown more troubled banks. They are quietly shutting them down to not get the public in an uproar of fear.
How To Get Out Of Debt – Wisconsin
What to do if you’re in debt…Broke, Upset, Afraid and Overwhelmed!!!
1) Stabilize your situation
2) Set Personal and Financial Goals
3) Establish why you are in debt
4) Set up a Budget
5) Set up a Debt Elimination/Pay Off Plan
6) Take Massive Action, Action, ACTION!!!
So let’s go through them one by one.
1) Stabilizing your situation.
- If you were were to arrive in the emergency room at a hospital the first thing the doctor would do after asking what happen would be to stabilize you. Before fixing anything the doctor would make sure that you were as stable as possible before he/she moved forward.
- Stabilizing your situation starts with making sure you have Food, Shelter, Utilities, Transportation and Income. If you don’t have the bare necessities in place you’ll never be able to start paying off your debt.
2) Set Personal and Financial Goals
- To become debt free you must have something to work for. If you don’t have something to look forward to in the future you’ll keep replaying the past. Sit down and write down exactly how you would like to improve your life on a personal level and then write down your financial goals.
3) Establish why you are in debt
- Be very honest with yourself. You need to honestly answer why you are in debt. Are you spending too much on clothes, are you buying high priced items like Plasma TV’s, IPods, Automobiles, Boats, etc. Are you eating out too much. Are you spending too much on monthly payments, etc. Once you understand why you are in debt you need to fix it by stopping and reversing the habits in the other direction.
4) Set Up a Budget
- You need to figure out how much money you’ll need to pay all of your expenses. First starting with the necessities then moving forward to debts. When you set up the budget you need to stick to it. Don’t spend a dime that’s not figured into the budget. If you’re married you need to have a signed agreement between you and your spouse. The reasoning behind this agreement is to stop you from getting into arguments about spending and money. If you both agree to something in writing you both have no excuses when it comes to additional spending made by one or both of you.
5) Set up a Debt Elimination Plan / Get Out Of Debt Plan
- After you’ve set up a Budget if you have the money to also pay your consumer debts you’ll need to start establish a Debt Elimination / Get Out Of Debt Plan. The easiest way to do it is to put all of your debts on a piece of paper and start to pay off the smallest to largest debt, regardless of the interest rates. You’ll need to pay additional money to the smallest debt until it is paid off. As for the other debt(s) pay the minimum monthly payments. If you can’t you’ll need to continue with the smallest debt to the largest debt.
6) Take Action, Action, Action
- Absolutely nothing will happen if you don’t take ACTION!!!! Your ACTIONS must be done step by step. Don’t try to do too much and don’t get stuck by doing nothing at all. The best way to accomplish that is by doing Step 1 either over a day or two and then move on to the next step.