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Debt Relief Information |
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The ONE Law You Should Be Breaking
There is a law all smart people break. Parkinson's law. Parkinson's law states that "work expands so as to fill the time available for its completion." It was first coined by C. Northcote Parkinson in the book Parkinson's Law: The Pursuit of Progress. A common derivation of that is "expenses rise to meet your level of income." Has that happened to you? It happened to me in 1991 and I'm particularly aware that it could happen to me again in 2005. In 1991 I took my BS in finance and started a carpet cleaning business...like most finance majors, of course! I learned the business for a couple months and was earning a whopping $200-$300 per week working for someone else. When I left that company and went out on my own, the ad I used FLOODED me with business. I had 15 calls by 10:30AM the day the small ad first ran. The answering service told me every "little old lady in Saratoga was calling". So almost immediately I went from making $200-$300 a week to making upwards of $1000 per week. WOW...23 years old and making that much money WORKING FOR MYSELF was great fun...had a great boss! I don't remember what I spent all the money on other than one of those nationwide pagers but my spending rose dramatically. But guess what? At $7.95 per room for carpet cleaning it doesn't take a math major to figure out I was working very hard to earn $1000 a week. So, of course I got tired and lazy and slowed down. My income level dropped to some level probably near $500 per week but my lifestyle didn't and you can figure out the rest. If, while earning $1000 per week I was living like I made $400-$500 per week I would have been sitting pretty... or whatever the male equivalent of sitting pretty is! :>) Recently in a workshop I had a woman relate her story. Her husband had been out of work because of injury for about a year. They had been living on only her income for that time. Before his injury they had been living on two incomes and usually had just enough money to meet all their expenses. The injury had her worried. How could they do it on one income? Somehow, THEY MADE IT. All the bills were paid on time. They didn't take any drastic measures like canceling the cable or pulling apart the 2-ply toilet tissue to get 2 rolls out of every one. This gal was amazed and tremendously EXCITED because her husband was going back to work soon and she was going to be able to put a large chunk of one entire income toward eliminating all their debt using my program. (Do you have it yet?) Two thousand dollars a month put under your mattress or towards paying off a debt is $24,000 per year or $120,000 after 5 years. This family was forced to break Parkinson's law and you see how it dramatically improved their lives. The silver lining in the cloud. Don't be forced to break the law...do it voluntarily starting today. If you are a two-income household pretend that one of the incomes is now gone. If you are a one-income household advertise for a wealthy widow or widower and then pretend that your income was slashed in half. Keep track of every penny you spend...write it down...put it in your Quicken, Microsoft Money or any spreadsheet program...just get it on paper so you can see it. Be brutal about it and I'll bet you can live on half of what you now make. Take the "missing" half and pile it on your debt. (you know which debt don't you?) Break Parkinson's law and you'll never be sorry! Leo J. Quinn, Jr. owner of http://www.LeoQuinn.com is a financial educator from the Albany, NY area. For over eight years he has been helping thousands of people get control of their finances and get out of debt in a fraction of the normal time. He has a special offer for readers of this newsletter at http://www.1shoppingcart.com/app/adtrack.asp?AdID=132551
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How to Eliminate Debt 11/20/08
by Ken Lengel
Debt elimination is a necessary step to rebuild your credit and improve your credit scores. Debt elimination becomes a need because if you let your debt burden unmanaged, it would not only tarnish your credit scores but could stress your life. In our debt oriented society, taking a loan or credit card has become easy. This leads to overspending and mounting of debt burden.
If you consider your debt burden too much for your paying capacity, you must seriously consider debt elimination. The process of debt elimination is not just for those who are unable to pay their monthly repayment on time, but also for those who have piled up huge amount of debt. Large amount of debt negatively affects your credit scores and put you in serious financial trouble.
You can eliminate debt in many ways. You can do this on your own or a take professional help. There are many companies, which offer debt consolidation and debt reduction services. These companies help you manage your finances in a better way and help you negotiate with the financial institution for scaling down the interest rates and waiving late payment and other charges. This way you can get rid of your debt without taking a fresh loan for debt consolidation.
Another method for debt elimination is by taking a debt consolidation loan. In this, you convert all your loans from different lenders and credit cards into one loan at a lower rate of interest. It will be easier to repay one payment every month instead of multiple payments. Gradually it will help you to eliminate your debt.
Whatever course you adopt, you must bear this in mind that you cannot eliminate or reduce your debt burden if you do not impose on yourself strict financial discipline. To get rid of debt burden, you will have to cut on your expenses and avoid using your credit cards recklessly.
For a free debt consolidation quote, please click on the link Debt Consolidation
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