Debt Diets and other Ways to Improve Your Financial Situation


I watched the Oprah Winfrey Show's Debt Diet series on television last week and it really was great to see that people are finally realizing that living on credit for the most part is hurting them in the long run.

I decided long ago that I can't be trusted with a credit card.
I learned some hard lessons when first out on my own and don't want to go down that road again.
Credit , for me leads to frivolity that I can't afford.

My new philosophy is that cash is power.
I hate though, that I 'need' a credit card in order to book a hotel, flight, vacation and other thing. In daily life I'm continuously asked for my credit card (for identification, for opening a Blockbuster membership, etc.) and almost frowned upon when I answer that I don't believe in using them.
I believed in using them ages ago until I pretty well screwed up my finances because of them.
I know a lot of people who are drowing in debt. Unfortunately, many of them never learn the error of their ways because today's society encourages you to live on credit. You can barely enter a shopping centre without being offered a card.
You get extra miles or loyalty points if you use your card.
Even when you buy groceries, you're asked if you're using your 'credit card'.
Debt. is dangerous. It affects families, causes divorce, feeds addictions and robs us of a sound financial future.
If you're up to your eyeballs in debt., see a credit counsellor asap and take control back of your money and your life.
And if you do consolidate your debts, for heaven's sake cut those cards. I know too many people who consolidate only to rack up charges on their newly paid off cards.

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You may be able to lower your monthly debt payments by consolidating your debts.
There are various ways to do this including a a second mortgage on your home.
If you go this route, be aware that not handling this carefully can cost you your house.
Ensure that your situation doesn't cost you more interest in the long run otherwise you are not going to be any further ahead other than prolonging your debts by shrinking that monthly payment.
If your credit report is in bad shape, concentrated effort will improve it over time.
If you feel like bankruptcy is your only alternative, this is designed to give you a fresh start but be aware that there are rules to follow and that not all debts are erased. Some debts such as fines, taxes and certain loans as well as other debts are not going to be wiped clean but many debts will be negotiated through your trustee and this can stop garnishees and debt collection activities that may be weighing you down and heightening your stress levels.
Financial hardships create stressful times and although bankruptcy will affect your credit for up to 10 years -- if you feel this is your only viable option, it is worth looking into.