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Mortgage Insurance? Not on Your Life!
Dear Mary: I just bought a house, and I've been getting a lot of flyers about mortgage protection insurance. Is it something good for a new homeowner or just a waste of money? — Donna, email
Dear Donna: Great questions. "Mortgage …Read more.
Tips That Make You Feel Like a Genius
Secretly, I feel like a genius when I discover a secondary use for this or that — in case I run out of this, but have plenty of that! Like using a paper coffee filter to wash a glass top or mirror when I'm in a pinch for paper towels. Or using …Read more.
Supermarket Tricks That Makes Us Spend More
I've always thought of myself as pretty sharp when it comes to spotting supermarket trickery. I'm not even fazed by an end-cap display announcing, "Special." I know their ways. They hope we'll just assume that "special" means …Read more.
The Struggle to Actually Use up Gift Cards
My love-hate relationship with gift cards has intensified. What a pain, really. I'm one who just forgets to use them, and when I remember, I try to figure out how to use each one to the last cent. I was reminded of my situation recently when I …Read more.
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The Shocking Truth About Getting Out of DebtDear Mary: I have $10,000 in credit card debt. I have been making payments on time, but the balances never seem to go down. I can't see a way out. Every time I feel as if I can see a little light at the end of the tunnel, something goes wrong with my 15-year-old car. I would love an easy answer, and I'm hoping you can give me some new insight because I'm really frustrated. I need a fresh start. — April P., e-mail Dear April: Getting out of debt is hard. If it were easy, no one would be in debt. If you truly are committed to getting out of debt, I can teach you how to do it once and for all. There are two reasons you have not been successful: You don't have money in the bank in an emergency fund, and you don't have a written plan. You need both. Without a cushion of money in the bank to cover unexpected expenses while you are getting out of debt, you will forever be in this loop of paying down debt and then running it back up when you have unexpected expenses. You must see saving an emergency fund as more important than getting out of debt. I'm serious. You have to do two things at the same time, crash save and stay current with your debt payments. It's like juggling two balls in the air. You can do it. You just need someone to show you how: Step One. Stop using the credit cards cold turkey. Don't close the accounts; just cut up the cards so you cannot use them. Step Two.
Step Three. Pay only the minimum required on each of these accounts. Step Four. Line up your debts from small to large. When that smallest debt reaches $0, take its payment and add it to the next debt in line while continuing to pay the minimum payments on the others. This is a condensed version of my Rapid Debt-Repayment Plan, the subject of Chapter 7 in my book "Debt-Proof Living." Watch your mailbox. I am sending you a copy with my compliments. I also recommend that you join http://www.DebtProofLiving.com, where you can enjoy 24/7 access to the RDRP calculator. Getting your plan down on paper is half the battle. There are two more things you need to get out of debt: support and encouragement. You'll find both at http://www.DebtProofLiving.com. Do you have a question for Mary? E-mail her at mary@everydaycheapskate.com, or write to Everyday Cheapskate, P.O. Box 2135, Paramount, CA 90723. Mary Hunt is the founder of www.DebtProofLiving.com and author of 18 books, including "Can I Pay My Credit Card Bill With a Credit Card?" To find out more about Mary and read her past columns, please visit the Creators Syndicate Web page at www.creators.com. COPYRIGHT 2009 CREATORS.COM
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