Carnival of Debt Reduction #81

Welcome to the 81st edition of the Carnival of Debt Reduction. I hope everyone had a nice and a productive weekend. I want to start off by giving big thanks to John at MightyBargainHunter for letting me host the carnival, it’s an honor.  I really enjoyed reading all the articles, there were many great submissions. I was very flexible with the selection of articles that were picked, but unfortunately for those that had no relevance to debt reduction I had to exclude them. In this edition, I took a small clip from each of the 25 articles to give the readers a brief idea on the topic. Other than the editors choice, these articles are posted in the order that they were received. Okay, without any further delay I present to you the Carnival of Debt Reduction. Enjoy! 

***Editors Choice***

Ask Mr. Credit Card reveals some Drastic Ideas for Debt Reduction. “If your present income has taken a hit and you money.bmpare very stretched, you may have to take some of the following steps to relief your debt payment burden”

Your Credit Score Secret explains the importance of your Debt to Credit Ratio and How they affect your Credit Report. “People are constantly commenting on what a good idea it is to make sure and pay off all of your cards every month in full to make sure to establish good credit and show that one can pay their bills. This is such a misconception and only leads to confusion. Having a revolving balance kept at the right percentage compared to your debt and you are on your way to a better credit report”

360 Degree Success on Money Consciousness: Do you have any of the 5 symptoms of Debt Overload. “In our society, so many people are overrun by debts. “Debt overload” is any situation where your debt is in control of you, instead of you being in control of your debt.”

Need To Be Debt Free explains how debt is the reason why Most Americans Will Not Have Enough To Retire. “To maintain their standard of living, experts say Americans will need to save ten times their annual pay in their 401(k)s by the time they retire.”

Kirby on Finance asks Is Your Own Ego Your Worst Enemy?Emotional spending and investing are created by our own perceived weaknesses, but just as a perceived weakness can cause us to handle our money poorly, so can an unreasonable perceived strength – an ego.”

Pfadvice brings us Wasting Money When You Think You’re Saving. “There are many instances when people believe they are saving money when in reality they are actually wasting it”

Suite 101 on The College Loan Process. “Find out how to manage the process before you dig into the hole of student debt”

John from QueerCents wrote A Costco Fable: The Day Money Became Real. “But by being forced to pay cash, and by having to wait for a discount, I was given a rare oppurtunity to view a $20 savings as real money.”

***More Great Articles***

Creditcardlowdown presents “Borrowing to pay me” and 19 other moronic things people do with credit cards. “20. Last spb_finance_2000.jpgand most obvious, but not the least: use a credit card when you don’t have the money to pay back the amount spent. Have a payment plan in mind before you make the charge.”

1031 Exchange Lowdown  posts Get divorced while screwing the women out of everything. “Divorce can be a dirty business – with the help of lawyers, your ex can easily play power games to gain an unfair advantage over you.”

My Two Dollars on Credit Cards that Pay you for Carrying a Balance. “Ohh, cash back on the interest I already paid. Gee, thanks for giving me some of my own money back.”

My Wealth Builder explains and illustrates Another Cost Of Having Debt-Weath Destruction. “Having $25,000 of debt can cost one over $2,600,000 of wealth.”

The Skilled Investor says If Personal Finance Is Difficult For You, Then Carefully Hire A Good Financial And Investment Advisor. “A good financial advisor could make things much better. A poor one could make things much worse.”

Debt Free 4 Ever states it’s 70% Attitude and 30% Hard Work. ”If you think you can, or if you think you can’t, you’re right”

FreeMoneyFinance brings up the question: Is It Ever a Good Idea to Pay a Credit Card Annual Fee? “Yes, under the right conditions, it can be worth it to pay a credit card annual fee. But for the vast majority, it’s not a good deal”

SearchLight Crusade explains Why Refinances Tend To Have Lower Payments. “…you should Never Choose A Loan (or a House) Based Upon Payment”

NCN gives Massive NCN Network Update! 11 Charts! Over $40,000 Paid! “well over $40,000 worth of debt has been paid in the last four months!”

CampusGrotto shares the Benefits of getting an MBA. “With tuition alone at the Harvard Business School at just under $40,000, an MBA will give you more college debt. Even with the combined student loans, the investment in education is worth the debt.”

FiveCentNickel on Georgia Upholds Ban on Payday Loans. “Supporters of House Bill 163 have argued that the state went too far in banning payday lending back in May 2004, and they want to bring the industry back, albeit with new regulations”

Information Age Education  posts Suze Orman Supports Financial Literacy for Women. “It’s a five month program to help you create a healthy relationship to money, make more out of the money you have for yourself and your loved ones, and gain more financial freedom.”

Mill1on questions Are You Living Paycheck To Paycheck? Save A Little. “Saving just 1% of your paychecks over a period of a year can save up to thousands over a 2-3 year period depending on how much you make”

Financial Hack lists 10 Ways To Simply Your Finances. “Consolidate all your investments at one company: By placing them all with one company, you can reduce the fees that you pay and it will be much easier to track how all your investments are doing.”

Money Under 30 says You’re In Debt. So what? “Let me make it very clear: debt is not you, and you are not debt. Your debt is a financial consequence of past life choices or circumstances. That is all.”

OhCash points out Things To Consider When Consolidating Debt. “Once things get to a certain point, often times people will start thinking about bankruptcy. For most people this is a scary concept. It will of course show up on ones credit report, and can remain there for up to 10 years after filing the case. It is at this point that many will start exploring debt consolidation”

Well that’s it. I hope you enjoyed the stay. I want to mention that the next edition of the carnival will be hosted at NCNBLOG so start getting in your submissions! Have a great week :)

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  1. Searchlight Crusade - trackback on April 2, 2007 at 11:35 am
  2. Carnival of Debt Reduction -- 80 and 81 « Debt Free For Life - pingback on April 6, 2007 at 9:13 am
  3. Happy Easter Links (Ask Mr Credit Card’s Blog) - pingback on April 8, 2007 at 3:58 pm
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