Working Towards A Debt Free Lifestyle In 8 Steps

Working towards a debt free lifestyle is possible, that is if you really want it bad enough. I’m sure you all know that the 8 steps are only stepping-stones, meaning one step leads to another. Perhaps you may learn that our steps differ from what your ideal steps are but learn to create your own. You may only need 1 step but the first step may be the most important of all. You can make that happen. There may be some of you who didn’t start saving early like we did but that doesn’t mean you can’t follow the road to debt freedom. Start today. If you take a sincere interest in wanting to learn how to pay off all your debt and start saving for all the things you’ve wished for in your life, it can happen. Sometimes we have to make sacrifices to get ahead especially if you are in a relationship. Getting rid of our mortgage was one of our top goals when we bought our home so instead of investing in renovations like we wanted to with the extra money saved, we backed away from them. We didn’t invest all of our savings into our home down-payment because […]

PF Weekly Reading List #16- I Give Up……………

What? I give up… it’s probably one of the hardest things I would have to decide to do or anyone for that matter. A part of us shatters when we are forced to make the decision to give something up in order to get out of a financial mess that we created or for reasons beyond our control. When times are tough and it’s hard to make ends meet or we simply are drowning in debt we have to give something up. Sure we may NOT have to give something up and could keep juggling money from credit card to credit card or consolidating debt in order to ease the pain but is that enough? If you answered “that’s all we have left to do” the you need to find a way because you can’t live your life like that. It won’t last forever, the walls will crumble down on you eventually. For some credit cards and consolidating debt over and over seems like the right thing to do but for others its way out in left field. For those that would do just about anything to get out of debt they would rather ‘give up’ something than to incur more debt […]

My Debt Story: How I Paid Off $100,000 In Debt (And How You Can Too)

I’m not done paying off all my debts yet, but I recently hit the century mark and wanted to share with you all how I did it. I have paid off $100,000 in debt in 17 months, and am a few months away from being debt free for the first time in 20 years. My Debt Story I am a musician (a trombone player) who found myself making quite a bit of money doing something I love. I read all the time about people who make a lot of money but hate their jobs; that was not me, which made my predicament a bit tricky. When I got into debt and spent more than I earned, I would justify it by saying to myself that I would work forever. It still got old, and I still got tired of being in debt. Even though I love the work I do, my debt left me “trapped” in certain areas of life. Sometimes I would rather stay home with my kids than play a concert…I did not have the latitude to say “no”, since I needed the money. My debt pay-off has really allowed me to follow my passions, and only my passions. Here […]

What My Life Is Like With Terrible Credit

I am a person living with debt that I can’t pay and terrible credit. I am a single mother of a now 17-year-old son soon to be 18. Over the years there was never enough money and debt just seemed to keep piling up and I wasn’t sure what to do about it. I needed the car to get my son to daycare, then me to work. It  seemed every time I turned around there was a repair that needed to be made on it. My one credit card with the highest balance which is now in collections was typically used for repairs to my vehicle at the time. I was working full-time to pay some of the mechanic’s bills as well as to keep paying my everyday bills and putting food on the table which was hardly enough. That meant that the repair bills often ended up on the credit card. I eventually refrained from using that credit card because the balance was just too high but luckily had a low-interest rate of only 10%. What’s worse is the car had to be junked as it was no longer in a state of repair. I haven’t had a vehicle since that time […]

New Year’s Resolution:Canadian Debt and Tackling Personal Finances

This year’s New Year’s resolution: Tackle my personal finances in the face of Canadian debt. This should be what many Canadians are planning for 2013 but are they really? Just about everybody goes to the doctor or walk-in clinic if there’s something wrong with their health, and they take their car to the mechanic if it breaks down. If you ignored these problems your health would deteriorate and your vehicle wouldn’t run, so why would you ignore your personal finances? Statistics Paint  A Picture….. In a recent study initiated by Sun Life, 55% of  1,277 people surveyed ranging in age from 18-55+ stated they weren’t happy with their personal finances for the year 2012. Of those 1,277 people, only 30% wanted to do something about it- and yet 68% stay strangely optimistic. How can you be so optimistic for the forthcoming year and have financial woes at the same time without ignorance? Are people in denial over the amount of their debt or the fact they have debt altogether? Statistics from various sources including top Canadian banks suggest that the average household Canadian debt is somewhere in the region of $114,000, though most of that will be mortgage. I can’t see how the […]

Too Many Bills Not Enough Money Each Month

Some Canadians are faced with the reality that they simply can’t get to the end of  the month before running out of money. We humbly turn to credit cards, lines of credit or even borrowing from family and friends to make ends meet. For some Canadians having a high debt load and spending more than they earn spells disaster and for some debt denial is better than acknowledging it. This ends up leaving no room for  retirement savings, the kids RESP let alone an emergency savings account. With grocery prices slated to increase in 2013 it’s time to buckle down and make a game plan before the going gets tougher. Do you feel like your hands are tied and you don’t know where to turn? You’re not alone but there are ways to tackle this problem so don’t give up. What do you need to do? You need to either improve your income or reduce your expenses meaning that you have to take a hard look at your finances. Do you know your net worth? You should. Do you use a budget? You should. Budget, but why should I budget when I don’t have enough money each month? That’s OK, you still need […]

What Are Bad Credit Mortgages?

What are Bad Credit Mortgages? Before you look at any type of financing you need to make sure it’s right for you, and bad credit mortgages are no exception! Here we’re going to go over the benefits of these kinds of mortgages. Bad credit mortgages are great for people with bad credit, no credit, or just people who need to work on their credit. Just because you have bad credit doesn’t mean you can’t get a mortgage. What is Bad Credit? Bad credit can be a highly subjective term, but for most mortgage lenders it will be a FICO score under 600 points. If you have anything less than that you could have trouble getting a mortgage, even from bad credit mortgage lenders. You’ll want to first think about credit repair like debt consolidation; even if you do qualify for a bad credit mortgage you could wind up paying much more in interest where it doesn’t make sense to take the mortgage. Is a Bad Credit Mortgage Right for You? You’ll need to talk to a mortgage broker to make sure that this is the right kind of financing for you. There are many ways that a bad credit mortgage can go wrong; you’re going […]