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Debt Reducer Expert's Blog

Debt Reducer Expert's Blog
This blog provides free information on credit and personal finance issues

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Upcoming Events
2008-06-05 00:59:00
October 2008October 4, 2008, Capital Bookfest, 10-6pmAugust 2008August 9, 2008, Booksigning with the Author's Den, 1-4pmAugust 14-16, 2008, Southern States Book TourJuly 2008July 11, 2008, B. Dalton Booksigning, 50 Massachusetts Avenue, NW, Washington, DC, 4:30-6:30pmJuly 13, 2008, Student Loan Teleseminar, Washington, DC, 7-8pmJuly 16, 2008, The Women Network Seminar/Booksigning, 6-9pm, Jin Lounge, Washington, DC 6-9pmJuly 24-26, National Black Arts Festival, Atlanta, GAJune 2008June 6, 2008, Enterpreneurship Seminar, HOBY, George Washington University, Florence Hollis Hand Chapel, 2-3:30pmJune 7, 2008, Booksiging at Barnes & Noble, 21 Grand Corner Ave, Gaithersburg, MD, 1-3pm June 11, 2008, Credit Repair Teleseminar with the Women Network, 7-8pmJune 21, 2008, Booksiging at Urban Knowledge Bookstore, Mondawmin Mall, 2301 Liberty Heights Avenue, Baltimore, MD 2-4pm
More About: Events , Upcoming

5 Ways to Save Money on Summer Vacations
2008-05-29 02:19:00
Summer vacations are not what they used to be. This summer's vacation may prove to be difficult for many Americans due to the country's current economic situation or "recession". In years past Americans couldn't wait for summer vacation. They planned months in advance for their vacations and talked on and on about how much fun they would have. With the high cost of gas and food summer vacation may not exist this summer for some Americans. People are really cutting back and trying to find ways to save money to offset their increasing expenses and to just live day to day. If you can afford to go on vacation without charging it and having to pay for it later ? do it! Here are 5 tips to help save money when you are planning for your summer vacation.1. Snacks. Buy snacks and a few drinks and pack them in your suitcase before you leave. This will tide you over when you get hungry while on vacation until you are able to eat a full meal. This will also help you save you money th...
More About: Money , Summer , Save Money , Vacations , Save

Beware of Identity Theft Protection Companies
2008-05-24 17:55:00
Taken from the Associated Press, May 22, 2008.May 24, 2008. SAN JOSE, Calif. (AP) Todd Davis has dared criminals for two years to try stealing his identity: Ads for his fraud-prevention company, LifeLock, even offer his Social Security number next to his smiling mug.Now, Lifelock customers in Maryland, New Jersey and West Virginia are suing Davis, claiming his service didn't work as promised and he knew it wouldn't, because the service had failed even him. Attorney David Paris said he found records of other people applying for or receiving driver's licenses at least 20 times using Davis' Social Security number, though some of the applications may have been rejected because data in them didn't match what the Social Security Administration had on file.Davis acknowledged in an interview with The Associated Press that his stunt has led to at least 87 instances in which people have tried to steal his identity, and one succeeded: a guy in Texas who duped an online payday loan operat...
More About: Companies , Identity Theft , Theft , Beware , Identity

6 Ways to Save on Airline Fares
2008-05-22 01:06:00
With the current economic crisis (recession) that we are experiencing in America, this summer will be an expensive one. The cost of gas, food, dairy, clothing and air fares will increase. American Airline s plans to start charging $15 for the first bag checked in, all others bag can be checked in at no charge. United Airlines and US Airways charge a $25 fee each way for a second bag checked in. Plan ahead so you don't get caught in the price increase that will occur this summer. Here are 6 tips to help you save money on buying an airline ticket.1. Start with the airlines first. Many airlines have specials that are not advertised on their website. You can call the airline directly and ask about current specials or sign up for the airlines free newsletter or airfare alert service to find out about discounted air fares.2. Find deals. Shop around to find the best deal. Visit websites like www.travelocity.com, www.kayak.com, www.hotwire.com, www.priceline.com, www.orbitz.com, www....
More About: Save

Don't Let the Cost of Gas Crimple You
2008-05-18 04:01:00
For the past year now I have not really realized the effects of the price of gas until this week. Prior to the price hike I could fill up my gas tank with a mere $12. I bragged to all my friends and family about how I could fill up my car with less than $20 a week. I loved my car and was glad I had didn't have a gas guzzler. Unfortunately that slowly began to increase. One month it took $15, then $20, then $22, then $27, then $30, now I am at $33 for a fill-up. Now I know many of you are saving, that doesn't even fill up half my gas tank and I should be happy, but I am not. I didn't get to where I am in life by spending money frivolous. I did so by comparison shopping to find the best bargains, unfortunately this expense is not something can negotiate. What myself and everyone can do is complain about it to Congress by writing letters and depending a dramatic decrease in the price of gas. Inform your current State Legislators that if they do not lower the price of gas they w...
More About: Cost

Upcoming Events
2008-05-14 02:15:00
May 2008May 12, 2008, WUFO 1080AM, Interview with Pat Freeman, Buffalo, NY, noon-1pmMay 16, 2008, Interview w/iM4radio, Lanham, MD, 10amMay 17, 2008, Featured Speaker at Univ. of MD Eastern Shore, Princess Anne, MDJune 2008June 6, 2008, Enterpreneurship Seminar with HOBY, George Washington University, Florence Hollis Hand Chapel, Washington, DCJune 7, 2008, Barnes & Noble Booksigning, 21 Grand Corner Avenue, Gaithersubrg, MD 1- 3pmJune 11, 2008, Credit Repair Teleseminar with the Women Network, 8-9pmJune 21, 2008, Booksigning at Urban Knowledge Bookstore, Mondawmin Mall, 2301 Liberty Heights Avenue, Baltimore, MD 2-4pm
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5 Ways to Survive In This Economy
2008-05-08 01:36:00
We have had recessions in America in the past which has affected various industries such as agricultural and manufacturing. The last recession we had was in 2001. There have been 8 recessions in the past 40 years and since 1945 there have been 11 recessions.The shortest recession lasted 6 months while the longest lasted 16 months. A recession is defined by Webster's as: an extended decline in general business activity, typically two consecutive quarters of falling real gross national product (GDP) or the state of the economy declines; a widespread decline in the GDP and employment and trade lasting from six months to a year.The economy is classified as being in recession only if there is a widespread decline in the economy that includes an overall decline in production, employment, personal income, industrial sales, and total manufacturing and trade sales. The decline must be long enough to be classified as "substantial and significant." This recession included industries such...
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Financial Tips for College Grads
2008-05-04 23:10:00
Managing Credit Card Debt1. Stop spending. Don't spend money you don't have. This will result in your owing more money. Use your credit card for emergencies only.2. Educate yourself. Educate yourself about credit and your credit rights. Read as much information as you can about credit cards. Start by reading the credit card agreement or disclosure that was sent to you when you first received your credit card in the mail.3. Setup a debt payoff plan. Setup a debt payoff plan to prioritize your bills. By using the debt snowball method you will be able to quickly pay off some of your debts. Start by paying off the smallest bills first, then use the money paid towards a previous bill and apply it to the next bill and continue this process until all your debts are paid.4. Pay more than minimum monthly payment. If pay the minimum monthly payment you will end up paying 2 to 3 times what you actually charged due to the interest and finance charges that accrue on your balance. Try t...
More About: College , Tips , Financial

Find out if you will receive an Economic Stimulus Package Refund
2008-04-26 03:44:00
Economic Stimulus Payments Information CenterUpdated April 25, 2008Starting in late April, the Treasury will begin sending economic stimulus payments to more than 130 million households. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS will take care of the rest. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. Millions of retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment.Even though April 15 has passed, there is still time for retirees, disabled veterans and others who normally do not file a tax return to submit a 2007 form to receive an economic stimulus payment.But there are more details to know about and even a calculator to use. Find out more here and visit this page regularly for the lat...
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I Can't Pay My Taxes - What Should I Do?
2008-04-24 02:17:00
The deadline for filing your taxes has passed but there is still hope for those who didn't file their taxes on April 15, 2008. Here are some options:1. Request an extension and request the maximum extension time of 6 months2. Setup an installment agreementIf you owe taxes this year and don't have the money to pay the taxes owed to either federal or state here are some options:1. Pay by credit card2. Apply for a bank loan to cover the entire amount of taxes owed3. Using savings accounts, savings bonds, stocks, etc.4. Take out a loan from your life insurance policy5. Take out a home equity loan6. Borrow money from family or friends7. Consider getting a part-time job or work overtime at your existing job to earn money to pay back your income taxes8. Request an Offer in Compromise based on economic hardship
More About: Taxes

Upcoming Events for April 2008
2008-04-19 17:14:00
If you live in the DC/MD/VA area check me out at these upcoming events.1. April 19, 2008 , Credit and Debt Elimination Seminar, Borders, 8518 Fenton Street, Silver Spring, MD, 2pm2. April 20, 2008, Bethesda Literary Festival, 4801 Bethesda Avenue, Bethesda, MD, 11-1pm3. April 21, 2008, Interview w/Todd B - The Breakdown, Heaven 1580 AM, Lanham, MD, 8:30am4. April 25, 2008, B. Dalton Booksigning, 50 Massachusetts Ave NE #112, Washington, DC, 4:30-6:30pm
More About: Events , Upcoming

7 Ways to Eliminate Debt
2008-04-17 01:07:00
Reducing or eliminating your debt can see like an insurmountable task. You may feel like you can never get out of debt but you can. Other financial experts have been $100,000 to $1,000,000 in debt. I was $19,000 in debt making $21,000 a year and got myself out of debt. If we can do it you can too. First, you have to admit you have a problem. Then you have to be committed to getting out of debt, just like you are committed to going to the gym, going to the hair salon or barbershop, or going shopping. Here are 7 ways to help you manage your credit card debt or any type of debt.1. Stop spending. Don't spend money you don't have. This will result in your owing more money. Use your credit card for emergencies only.2. Educate yourself. Educate yourself about credit and your credit rights. Read as much information as you can about credit cards. Start by reading the credit card agreement or disclosure that was sent to you when you first received your credit card in the mail.3. S...
More About: Debt

Credit Repair Secret Gem - Account Reaging
2008-04-11 01:42:00
Account re-aging can help you get back in good standing with your creditors and increase your credit score. Account re-aging means the creditor will no longer consider an account late and will no longer be reported on your credit report. Credit ors will re-age your account once you have established a history of making payments on time. A creditor may re-age a past-due account if you agree to enter a debt management plan. The revised payment plan can be negotiated between you and your creditor or with the help of a credit counseling service or a debt management company. If you use a debt management or debt consolidation program make sure they are a reputable company and get the agreement in writing. An account is legally considered delinquent if a payment has not been received 30 days after the due date. Banks have 2 methods for reestablishing delinquent accounts: re-aging and a financial hardship program. In the financial hardship program, you are given a fixed payment amount, an...
More About: Credit Repair , Secret , Account , Repair

Protect Your Children From Identity Thieves
2008-04-05 05:31:00
We all are aware of identity thieves preying on unsuspecting adults and opening new accounts in someone else's name. The statistics for identity theft are alarming. There are several measures in place to help reduce your chances of being a victim of identity theft such as: shopping online at secure websites, don't carry your SSN or birth certificate in your wallet, use a paper shredder to shred personal papers and store financial information in a secure location. You can also use services such as credit monitoring, credit freeze and fraud alerts.However, a new segment of the population that is a victim of identity theft is children. According to the Federal Trade Commission in 2007, 2% or 1,246 consumers age 19 or under were victims of internet identity theft. In 2007 5% or 11,769 of all identity theft claims were for children ages 18 or under. Those may seem small numbers but complaints for children are increasing every year. If a child is 15 and is a victim of identity theft tri...
More About: Children , Identity

How to Consolidate Debt
2008-03-27 02:41:00
Many Americans are in debt and more are going into debt every day due to high cost of gas, food, clothing, utilities and housing. Many Americans don't have enough money to pay even basic necessities and have to resort to using a credit card to buy food and gas. This has caused many Americans to owe thousands of dollars in credit card debt. Luckily there are many options available to eliminate or reduce debt. One option that can be used to eliminate or reduce debt is debt consolidation. Debt Consolidation can be done on your own or by using a debt consolidation, debt management company or bank. Debt Consolidation works by making one monthly payment to a debt consolidation company which is disbursed or divided among your creditors. This monthly payment is usually lower than the total of your individual creditor accounts. Debt consolidation reduces the monthly bill, lowers your monthly interest rate and halts charging late fees. This can be done by: taking out a home equity loan,...

How to Repair Your Credit
2008-03-24 03:02:00
Your credit is your financial identity - your financial DNA - your financial resume. Your credit is one of the most important aspects of your life and can help you or hurt you during the course of your life. Credit affects many aspects of your life such as applying for a job, applying for a home or apartment, or applying for a personal loan or credit. Don't be discouraged if you have bad credit. You can restore your credit and still achieve your financial goals.The first step to repairing credit damage is by ordering a copy of your credit report from the three major credit bureaus, Experian, Equifax, and TransUnion. Review your credit reports with a fine tooth comb checking the following information for accuracy: name, address, phone number, SSN, date of birth, current and previous addresses, accounts, account numbers, open and closed dates, status of the account, owed amount, and payment history.Once you have reviewed your credit report determine if you have any past due accounts....
More About: Repair

Credit Card Blocking
2008-03-20 00:40:00
Credit card blocking occurs when a business places a hold on your credit card sometimes for more than the total amount that is owed for a reservation such as a hotel or rental car. Some companies that use credit card blocking are Diners Club cards and Visa. When you use your credit card at registration for a hotel or to rent a car, the cashier will contact your credit card company and provide an estimated total of your bill. If the transaction is approved, then that amount is held in reserve. In addition to the actual cost of staying in the hotel or renting a car the clerk may add on reasonable "incidental" costs for items such as food or gasoline. Some experts believe that credit card blocking is helpful because it makes sure you don't exceed your credit limit before checking out or returning a car. Using credit card blocking means that the company you receive these services from can be assured that your bill will be paid. If your balance is far enough below your limit you us...
More About: Card , Credit , Credit Card

Why You Need to Save
2008-03-15 15:07:00
Many Americans today don't have a savings account or emergency fund. I heard on the news on recently that the Commerce Department reported that Americans spend all the money they have and personal savings rates reached the lowest level since the Great Depression. Start you creating an emergency fund. Your emergency fund is your safety net, in case you get sick or lose your job you can use your emergency savings to hold you for a few months until you can find a new job.Your emergency account should be separate from your checking or savings accounts and should only be used for emergencies such as an unexpected expense, unemployment, medical bills, etc. An emergency fund should be enough savings to pay your bills for at least 3 to 6 months. Money for an emergency fund should be readily accessible and stored in a checking or savings account, preferably a high interest savings account such as Emigrant Direct or ING or a money market account where you can make money while saving mone...
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9 Reasons to Treat Your Household Finances Like a Business
2008-03-14 01:30:00
There are many similarities between running a business and maintaining household finances. Both require constant updates and monitoring and both can leave you out in the cold and broke. Here are 9 Reasons to Treat Your Household Finances Like a Business :1. Comparison Shop. (Get the Right Price) Shop around for the best price for the product or services you require to maintain your household. This increases your monthly household income and reduces expenses.2. Reduce Expenses. Find ways to reduce expenses. Reducing expenses frees up money to pay for other items. Use coupons or shop at wholesales stores, have a yard sale or donate unused items to charity and write the amount off on your taxes. 3. Go above Break Even. Strive to go above the break even point. At the break even point your total monthly income equals your total monthly expenses including debt. Strive to rise above your break even point to eliminate debt and achieve your financial goals.4. Create a Budget. (Personal ...

7 Ways for Journalists To Save Money
2008-03-09 02:42:00
Being a journalist can involve a lot of travel to do interviews for newspapers, television or radio and can rack up many expenses that can occur at the last minute that may not be covered by your job. These expenses can make it difficult to make ends meet. To save money create a budget and look for ways to reduce expenses. Here are 7 ways for journalists to save money: 1. Travel Discounts. Comparison shop for discounts on parking or air, hotel and rental cars or buy as packages. Some companies that provide discount fares LongTermParking, HotDeals, SideStep, and Kayak. Sign up for online alerts with airlines to learn about their weekly specials. Search for fares early in the morning or on weekends. Check to see if they accept discounts for membership to Diner's Clubs, AAA, AARP, etc. This can save you $30 to $175 per transaction.2. Supplies and Expenses. Shop for office supplies at Costco or online sites such as Amazon. Consider setting up a home office. You can write off a por...
More About: Money , Save Money , Save , Journalists

9 Reasons to Treat Your Household Finances Like a Business
2008-03-06 03:13:00
There are many similarities between running a business and maintaining household finances. Both require constant updates and monitoring and both can leave you out in the cold and broke. Here are 1. Comparison Shop. (Get the Right Price) Shop around for the best price for the product or services you require to maintain your household. This increases your monthly household income and reduces expenses.2. Reduce Expenses. Find ways to reduce expenses. Reducing expenses frees up money to pay for other items. Use coupons or shop at wholesales stores, have a yard sale or donate unused items to charity and write the amount off on your taxes. 3. Go above Break Even. Strive to go above the break even point. At the break even point your total monthly income equals your total monthly expenses including debt. Strive to rise above your break even point to eliminate debt and achieve your financial goals.4. Create a Budget. (Personal Profit and Loss). Write a list of all of your monthly expen...
More About: Business , Finances , Household , Reasons , Treat

10 Reasons to Treat Your Household Finances Like a Business
2008-03-06 03:13:00
There are many similarities between running a business and maintaining household finances. Both require constant updates and monitoring and both can leave you out in the cold and broke. Here are 1. Comparison Shop. (Get the Right Price) Shop around for the best price for the product or services you require to maintain your household. This increases your monthly household income and reduces expenses.2. Reduce Expenses. Find ways to reduce expenses. Reducing expenses frees up money to pay for other items. Use coupons or shop at wholesales stores, have a yard sale or donate unused items to charity and write the amount off on your taxes. 3. Go above Break Even. Strive to go above the break even point. At the break even point your total monthly income equals your total monthly expenses including debt. Strive to rise above your break even point to eliminate debt and achieve your financial goals.4. Create a Budget. (Personal Profit and Loss). Write a list of all of your monthly expen...
More About: Business , Finances , Household , Reasons , Treat

6 Ways to Change Your Perspective to Get Out of Debt
2008-03-03 00:01:00
I have visited several countries and states during my life. Visiting different states and countries has given me a greater perspective on my life and reminded me how grateful I am for what I have. If you are living above your means you need to change your perspective about your life. Changing your perspective will not get you out of debt overnight but will help you put things into perspective so you can see the value in eliminating your debt, managing your finances to plan for your future and restructuring your priorities in life. Many times we so get busy with life we sometimes lose our focus. One way to get out of debt is to change our focus. Here are 6 tips to change your personal finance perspective:1. Visit another state (at least 2 or 3 states from where you currently live) and compare with your current state or city the cost of living, job salaries, health care, poverty levels, literacy levels, educational system, etc.2. Volunteer at a foster home, senior citizen home, c...
More About: Change , Debt , Perspective

5 Ways to Stop Living Paycheck to Paycheck
2008-02-26 12:15:00
Americans are living above their means, drowning in debt and the problem is getting worse. Many Americans are foreclosing on their homes will be forced to live on the street because they are in so much debt. Many Americans spend their entire paycheck the same day of within a week of being paid. If you are living paycheck to paycheck here are 5 ways to improve your financial situation.1. Direct deposit. Cashing checks at a check-cashing store costs on average anywhere from 1% to 5% of the amount of the check. If you do this each payday this is money that you are losing. Use direct deposit for free and save yourself some money.2. Education. Go back to school to further your education or take training classes to expand your skills at your current job. This will put you in a better position to get a promotion at work or salary increase. That money can be used to create a savings account, plan for retirement, pay down debts and pay for necessary expenses.3. Budget. Stop using your cr...
More About: Living

Upcoming Events
2008-02-24 04:28:00
February Events February 2008Feb. 7, 2008, Credit Education Seminar, Reservoir High School, Fulton, MD, 7-11amFeb. 9, 2008, Credit Repair and Debt Management System, Floyd's Gym, Clinton, MD, 1-3pmFeb. 12, 2008, Interview on UDC Books, Washington, DC, 2pmFeb. 18, 2008, Interview with Norm Goldman, Editor, BookPleasures.comFeb. 18, 2008, Interview with Leah Betanhcourt, Internet BroadcastingFeb. 20, 2008, Interview with Al Butler, 900AM WURD, Philadelphia, PA, 5pmFeb. 23, 2008, Financial Literacy Seminar, Fellowship Baptist Church, Silver Spring, MD, 10-12pmFeb. 26, 2008, Credit Repair Teleseminar with DCSG, Washington DC, 7pmFeb. 29, 2008, Crystal Springs High School, Copiah County, MississippiFeb. 29, 2008, Crystal Springs Elementary School, Copiah County, MississippiFeb. 29, 2008, Meet and Greet at Pearl Public Library, Rankin County, MississippiFeb. 29, 2008, Booksigning at Richard Wright Library, Hinds County, MississippiFeb. 29, 2008, Book Discussion at Barnes & Noble, Madison ...
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Finance and Money Tips for Couples
2008-02-24 01:01:00
Unmarried Couples 1. You can help out your partner but don?t take on their financial burdens2. Don?t cosign a loan for your partner even if you are engaged3. Determine how expenses and bills will be handled4. Don?t get joint accountsEngaged Couples1. Examine each other?s spending habits and work towards a compromise2. Don?t assume your future spouse wants to pay your debt3. Be honest about your financial situation4. Don?t keep secrets regarding your finances or purchases made ? develop a plan to resolve the issueBuying a Home1. Get preapproved for a home2. Shop around for the best rates3. Determine the type of loan, ARM, 15 year, 20 year, 30 yearMarried Couples or Newlyweds1. Pay Off Debt2. Participate in your company?s retirement plan or open an IRA3. Create a budget4. Get health, life and disability insurance5. Get overdraft protection Laws That Benefit Married Couples1. Social Security2. Veteran?s Benefits3. Tax Laws (IRS) ? married couples filing jointly can exclude up to $500,00...
More About: Finance , Money , Tips

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