Debt Management Blog

Money Mistakes That Make You Poorer

When money’s tight, it’s easy to forget basics like budgeting, saving, and paying down debt.  Broke folks tend to stop thinking about the long term and get caught up in day-to-day worries.  The problem is, though, that losing sight of your long-term financial goals can have some serious consequences. ...

Five Common Money Scams – and how to Avoid

In a previous post, I wrote about ATM skimming, an increasingly popular technique that some tech-savvy thieves are using to steal sensitive financial information, such as bank account and PIN numbers. But skimming isn’t the only scam that you should watch out for.    Want to protect your hard-earned...

Frugal Spending: Five Questions to Ask Before You Buy

There’s a misconception out there that “frugal living” is somehow synonymous with “deprivation” – that frugally-minded folks never spend a dime and always purchase the cheapest, bargain-bin option when they do find themselves forced to part with a few hard-earned dollars. It’s a misconception that I think turns a...

Delaying Your Spending Can Take a Big Bite Out of Your Credit Card Debt

When you’re struggling with high-interest credit card debt, you’re always looking for new ways to bring down your balance faster.  There are quite a few debt-repayment strategies to choose from, including a couple of my favorites:  the snowball method and the snowflake method.  Both of these are fairly flexible...

Five Questions to Ask About Your Credit Card Terms and Conditions

I’m not opposed to credit cards – but I do believe that the only way to use credit is to use it responsibly.  And one of the best ways to ensure responsible credit card use (in addition to paying your balance – in full! – every month) is to...

The “Snowflake Method” Turns Spare Change into a Powerful Debt Reduction Tool

Chances are, you’ve heard of the “snowball method” for paying down credit card debt.  In a nutshell, the snowball method encourages you to tackle credit card debt by focusing on one credit card at a time.  By prioritizing which card you pay first and increasing your payments over time,...

Kickstart Your Savings or Debt Repayment Plan with a 30-Day Spending Freeze

Trying to pay down credit card debt?  Want to beef up your vacation savings or your emergency fund?  A month-long spending freeze is a great way to jumpstart any savings or debt repayment plan.    Basically, a one-month “spending freeze” works like this:  For one month, you only spend...

Got Debt? Here are Seven Ways to Reduce Your Debt by $100 This Week

Looking for a way to put a serious dent in your credit card debt?  It would be nice to wipe that high-interest headache away in one payment – but if you’re carrying a large-ish balance, that may not be possible.  That said, there’s no reason to settle for just...

How Peer Pressure Can Wreck Your Finances

When you think “peer pressure,” you probably think of kids: High school students pushing each other to make dumb decisions, or catty junior high cliques making fun of classmates who don’t have the “right” clothing, interests, looks, and so on.  The good news is, most of us have matured...

Five Money-Smart Vacation Tips

Summer is right around the corner – and for many folks, that means that it’s time to start planning a vacation.  But remember:  Just because you’re taking a holiday from your day-to-day life, you shouldn’t abandon your financial responsibilities.      Want to make sure that your finances don’t...