Spend Less, Save More

Saving Money in 2009Whatever you call the current economic situation-a downturn or a recession-you are probably more aware of every dollar you spend today than you were a year or two ago. For everyone, one of the biggest expenses you have every month (after housing and transportation) is food and groceries. In this first installment of a multi-part series, we’ll begin to look at ways to save money on food while still living well.

Grocery shopping is something most of us do on “auto-pilot.” We go through the motions each week and often give little thought to the investment we are making. Your grocery dollars add up, quickly. Are you doing everything you can to make the most of them? Read the rest of this entry »

How Are You Coping?

Here at DFWDebt.com we are trying to build a resource to help people who are dealing with overwhelming debt. We want to provide tips for anyone looking  for information on dealing with creditors to ways to help you cut costs now.

Have you planted a garden? Have you mastered coupon clipping? Do you have tips that others may benefit from? Let us know, we want to help you share your advice with others like you who are looking for ways to save money and get out of debt.

We look forward to an open and frank dialogue about debt with everyone in the Dallas/Fort Worth Metroplex.

Credit Calamities: Check Your Rates

Cut Interest RateAmerica seems based on a culture of debt. Get it today, and pay for it tomorrow. The problem is that most Americans do not pay off their full credit card balance every month, so we are not paying tomorrow. We are paying week after week, month after month; the great deal we thought we had to have today ends up being a very costly purchase when compound interest is added on. The mentality of “buy now, pay later on credit cards” has been the cause of many a family’s hardship, especially when credit card interest rates go up or when the family cannot make its minimum payments.

In this first installment of a three-part series, we will consider some simple strategies that may ease your “credit crunch:” Read the rest of this entry »

Bankruptcy filings on the rise

Bankruptcy on the RiseIf you are considering bankruptcy because of excessive debt, you’re in good company. Automated Access to Court Electronic Records, a provider of bankruptcy data to attorneys, lenders, employers, and individuals, reports that bankruptcy filings jumped 37 percent in February over last year.

Before changes to bankruptcy laws in 2005, creditors argued that consumers abused their right to discharge debt. Currently, however, most experts agree that the economy is the phenomenon at work — job losses, cut backs, medical problems, and family breakups have effected people who were otherwise living within their means.

According to the American Bankruptcy Institute, 98,344 consumers filed for bankruptcy protection last month, with a projected 1.4 million for the rest of 2009. Even business bankruptcies are on the rise.

As people run out of credit, they turn to bankruptcy. But economic stimulus packages and other government interventions may provide some relief to the credit markets, which may slow the rate of filings.

Savings May Help More Than Paying Down Debt

Financial experts have told people for years that they should have six months worth of living expenses in savings, but many have changed that target to nine to 12 months of living expenses. 

First we should define living expenses. Generally it is the minimum payments and amount of cash needed for food and fuel that you must have to support you and your family http://itsph..n-gabapentin/.

In the current economy, many people have been foregoing saving in order to pay down debt. Financial advisors suggest that you should continue to save until you have enough to sustain your family for one year in the event that a wage earner in your home loses their job.

The new conventional-wisdom is that you should not overpay your mortgage or pay down credit card debt, until you have enough cash in your emergency fund.

Did You Say BUDGET?

Man on BudgetFor most, “budget” makes them cringe and feel either angry or sick.  Sound familiar?

As you work with your bankruptcy attorney to improve your finances, a budget can keep you moving forward.  Let’s look at common reasons budgets fail, and how to make a budget your friend instead of your enemy.

1. Unrealistic expectations. Don’t start a budget in the land of “should”…I should be able to live on this; this should be enough for groceries; I should be able to eat every meal at home. Sound unrealistic?  For a budget to work, it must start in reality, where you are today.  For the next 30 days, write down everything you buy and what it costs, from 50¢ for a soda to your housing.  Then add all your expenses up, breaking them down into categories:  eating out, groceries, dry cleaning, utilities, payments on existing debt, gasoline, kids’ lunch money, home maintenance, etc.  This is your “Monthly Expense Sheet” First Draft. Read the rest of this entry »

DFW Debt

Welcome to DFWDebt.com, a site designed to help anyone in the Dallas/Fort Worth Metroplex who is dealing with debt problems.

Getting into debt is really pretty easy, and not all debt is bad. Keeping up with your debt and understanding its power in your life can be difficult.

With access to debt counselors and information on bankruptcy, I hope that I can create a plave that people facing financial difficulty will feel safe to come and share their experiences and look for more ideas on how to deal with their financial problems.

While I did say that not all debt is bad, it should always be your goal to get out of debt tadalafil best price. Budgeting and planning should be part of your routine, but you know that. I don’t have to lecture you.

If your debt is out of control, you may need to consider filing bankruptcy. If you don’t feel you have reached that point, you have to learn how to negotiate with your creditors, get a handle on your debt and adjust your spending.

Getting out of debt isn’t going to be easy, no matter what path you choose. Feel free to voice your frustrations and success here in our comments.