MaryandMoney.com » debt

Caught in a Credit Crunch

Mary — Tue, 31 Jan 2012 20:01:25 +0000

I wish I could tell you the Miller family is an extreme. But their money troubles are similar to millions of Americans. They took on a lot of personal debt when credit was easy. Then things changed. When the economy tanked, so did their business and the value of their home. Now it is worth less than they owe. Like so many others, their money was caught up in a perfect storm. But they are ready to recover!

Thank you Courtney, Luke and the amazing Miller children!

This Week: Fighting Crushing Debt

Mary — Thu, 26 Jan 2012 17:13:23 +0000

If you or someone you care about is being emotionally crushed by mounting debt- they need to see this week’s episode of “We Owe What?” my new show on the LiveWell TV network. The Miller family shared their story that is all too familiar in the USA. Their home is worth less than what they owe, they have personal and business debt from a failed business and the creditors don’t want to hear that there are 4 kids involved.

Catch this very special episode Saturday at 5:30pm and Monday and Thursday nights at 7 and 7:30pm
Check out LiveWell’s site for local listings (left side of the homepage where it says sign up stay informed). Here is a link: http://livewellnetwork.com/index Thank you for watching and supporting my efforts to help all of us get better control over the money part of our lives!

Overspent during the holidays? Now what?

Mary — Fri, 07 Jan 2011 12:00:44 +0000

Okay you did what you said you wouldn’t do. You are already beating yourself up, so a smack from me won’t help. Instead, I want to help you right the ship and keep that spending binge from haunting you for years to come. Here are my 5 tips for getting your act together to pay off the holiday and have a great debt-free new year.

1) Stop all unnecessary spending now! Hide the cards and vow to pay cash or use a debit card for all your spending until the debts are gone. Don’t take a vacation or splurge on any new stuff for yourself (or anyone else) until you do that. This serves two purposes: it reduces and eliminates your credit card debt and it is a great deterrent. That pain will stop you from indulging next time

2) Get a re-payment plan together. This means taking a hard look at how much money you bring in each month and how much you really spend. Figure out how much is leftover and apply it all to paying off that debt. If you don’t earn enough, cut more spending or make more money.

3) Attack the debt. Get your taxes done early if a refund is coming your way. Can you consolidate your debt to one lower interest card? If not, there are two approaches you can take. Either go after the card with the lowest balance first, for a psychological boost, or go after the card with the highest interest first, for a financial boost.

4) Let everyone in the family and maybe even your friends know about your plan. I know we hate to talk about our money mess-ups- but it could help eliminate any peer pressure spending and who knows you may get a great idea on how to raise money from a friend. Make it fun and make it a group challenge.

5) Don’t do it again! Next year, next vacation, next temptation- use cash or a debit card and live within your means. Doing anything else is so- pre-precession. Worrying about debt creates stress that shortens your life and makes your time here less enjoyable. In the words of the great Cher, snap out of it!

Credit Card Management

Mary — Fri, 16 Oct 2009 17:30:04 +0000

Americans are de-levering. Paying down the mountain of debt we’ve acquired over the last decade. A big part of our debt is credit card debt. As angry as we get at credit card companies, the reality is, credit cards are now a necessity. The trick is to not carry a balance. In this report you’ll hear some tips to managing your cards to keep the best credit score and to pay the lowest fees and interest rates.