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Debt Management Talk - Learn Powerful Debt Strategies and Earn Money

Welcome to Debt Management Talk, the online forum for people who are looking to get out of debt.

Join our online community as we work together to get out of debt. We welcome all people, from those who are dealing with overwhelming debt to those who have already shook off their debt and are living debt free.

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Featured Conversations

Help Me To Learn To Trade Stocks!!!

April 25, 2008 Posted in Personal Finance Issues by alexander02

I am a newbie in this and would like to know about trading stocks where you can earn huge profits (as I have read online).I have been looking for an online resource to teach me the tips and tricks of the stock market but there have been not any good as far as I have known. Please help me to find any good online resource which can educate me in this arena.

Thanks in advance!!!

My Debt Settlement Story

April 23, 2008 Posted in Success Stories! by skeezzee

Hello everyone,

I'm here to share my own experience about what I went through and am still currently going through. I was laid off back in the beginning of 2007 and due to various factors, I couldn't reestablish myself for six months. By then, I had accrued about 40,000 dollars worth of debt on about 7 credit accounts, my credit was already affected, and I had no idea how to realistically approach the huge hole I had dug up for myself. The creditors I owed were asking about 1500-2000 dollars in total payments each month for their ridiculous rates and penalty charges. I did my research, posted on forums such as these, and figured out I had about three different ways of getting out of debt. The options were credit consolidation, debt settlement, and bankruptcy.

Due to the long term effects of bankruptcy and was told it should be the last option to consider, I did not even consider bankruptcy. Credit consolidation sounded good at first but due to interest still being charged on a 40,000 debt, I would still be wasting about 500-800 dollars just in interest alone every month and if I was late with a payment, the interest could still jump. A couple of different sources referenced that although the programs could be anywhere between 3-5 years, most of the time, they are stretched out to about 8-10 years. Debt settlement was the only option that actually made sense to me. Cutting my balance down while setting up a reasonable payment plan to pay off my creditors was the only realistic option I could afford. Keep in mind there isn't any perfect debt solution out there. I did my research, contacted a few people who went through the process with success, and contacted a few debt settlement companies to see what they had to offer. This led me to conclude that the success rate of your debt settlement all depends on the interest and professionalism of your debt settlement company. I was worried about the process and if it was going to work for me but I realized that anyone in my situation would feel the same type of vulnerability. After finally deciding on a debt company that looked the most legitimate and had good customer service, I ENROLLED!

So far, it has been about 9 months in the program and 3 of my creditors have been settled and paid off. The harassing phone calls from my creditors are rarely trickling in but for the most part, I don't get anymore collecting calls. Although I will always have that feeling in the back of my head worrying about my debt, I have the assurance that I have someone working on my debt and have only one monthly payment to worry about. I only have 15 months left, and do have faith that my debts will all be paid off.

If anyone is interested in the company I chose, look up www.help1inc.com I'm sure you'll receive the same professionalism I received when joining. Contact 888 828 4321 ext 7587 if you want to talk to my guy. Please share your experiences with your own personal debt settlement as I know it will help those that are looking for a solution to their debt problem

What Do You Cut Out?

April 18, 2008 Posted in Debt Strategies - Conquering Your Debt by skatss

Since I'm doing my best to cut out expenses I took a look at what I have to pay for every month. The best thing I did was to cut back to basic cable. I no longer get any cable stations at all like MTV, TNT, Life, or anything like that. It's just CBS, NBC, ABC, and the other regular stations.

My cable bill used to be over $80 a month and now it's a little over $23 a month. It's a big help. Yeah, there isn't much to watch especially on the weekends. Every station just has sports on but I'd rather save the $60 a month than to watch television.

One day I hope I can afford Family Cable again but until that happens I'll keep what I have.

Is Debt Consolidation Really The Answer

April 15, 2008 Posted in Debt Strategies - Conquering Your Debt by Raven

In my quest to find ways to cut down my own debts, I went searching on the net. I found several really helpful articles about consolidating and why everyone thought it was a good idea. Then every single writer for those articles sent me to a link that tried to sell me expensive consolidation services. Not happy.

But I did find one that didn't sell me anything - it was just advice - and I took it to heart. I chose not to consolidate and instead try to pay down my debts using the 'snowball' method because of this article.

It's here: http://www.mortgageloanhints.com/articl … tion1.html

Two Time Filer In Trouble Again

April 15, 2008 Posted in Bankruptcy by piasabird

Yes, I am speaking of moi. http://deephousepage.com/smilies/pullhair.gif

I am very disgusted with myself over this situation. I can't believe I am in so much debt again! I know I've always had to learn the hard way but this is ridiculous.

So far I am hanging in there, but I'm crossing my fingers. I'm keeping up payments so far, but it's a worry on my mind. I'm hoping things will get better and not worse.

I'm Hired! Woot!

April 15, 2008 Posted in Success Stories! by cathyinfo

I finally found a new job!  I'm hoping that this will help my family to get back on track.  I feel like I am beginning to see a ray of hope in this debt-filled darkness.  Next step is to actually save (after I get caught up with the bills).  So I will still be around here to help and receive support.

How Important Is Paying Off Your Debt?

April 8, 2008 Posted in Personal Finance Issues by christensen.evan

A poll:

On a scale of 0 to 5, rate how important paying off your debt is with 1 being "not important" and five being "What the heck are you throwing that bottle away for?  It's worth five cents!"

I'll go first:  5.  My credit cards are cut up, and even my DEBIT card is in the posession of a trusted friend so I spend only as necessary.

Bankruptcies On The Uptick?

March 31, 2008 Posted in Bankruptcy by MHJ

Based on the current problems in the mortgage realm, has the instances of bankruptcies increased significantly over the past several years or have trends shown them staying about the same?

Worst Interest Rate

March 13, 2008 Posted in Credit Decisions by MHJ

Can anyone give an example of a credit card that has an absolutely abysmal interest rate? Are there cards upwards of 50%?

Continue To Log Spending Activity?

February 29, 2008 Posted in Bankruptcy by Ricardo

I know someone who filed for bankruptcy, and years later still itemizes her expenses as she makes them.

I know this helps her keep track of her budget, but I was wondering if many people who file for bankruptcy continue to do this years later?

How Much Do Cars Cost Us?

February 25, 2008 Posted in Personal Finance Issues by purpnexnex

Today, an employee had visited a car sales rep for information on a 2008 ford mustang with all the features. The rep offered some discounts since we are deployed but the price quoted to him was over 28k.  To most everyone in the room, that seemed like a reasonable price!

My wife's car has over 130,000 miles on it but is still running alright.  When the time comes we were planning on replacing it with a few year old model probably around 15k-18k.  I just can't see spending over 20k for transportation when a good used car will do the job just as well. 

Has purchasing new cars every few years become a lifestyle for us?  And how much have car payments caused folks to go into debt?

Most Needless Expense

February 19, 2008 Posted in Success Stories! by MHJ

So what would everyone here consider their most needless expense. Believe it or not, I found purchasing coffee to be an extremely needless expense that needed to be dropped
http://phdincomicbooks.com

Little Bit Going A Long Way

February 6, 2008 Posted in Debt Strategies - Conquering Your Debt by MHJ

Does anyone here have an inspirational stories of how putting a couple extra dollars away here and there towards debts that turned out to be extremely helpful?

48 People Who Filed For Bankruptcy Who May Surprise You

January 24, 2008 Posted in Bankruptcy by mdaoust

Let's face it folks.  This is a very fragile financial market we are currently facing today. The real estate market has faltered significantly; people are unable to pay their mortgages, facing foreclosure among significant debt.  While some are untouched by the current market, many are unsure how to pull themselves out of their financial woes.  Many don't consider taking advantage of the bankruptcy laws allowing people to start over after getting in over their head.  Many people, decade after decade, have done so and allowed themselves a fresh start. Most are unaware of the amount of high profile celebrities, politicians, even presidents that have previously filed bankruptcy in order to take advantage the relief offered to them.   

You  would be amazed at the high profile people that have found themselves at the mercy of bankruptcy because of situations no longer under their control.  In fact, most would be astounded after learning who in fact has filed in the past.   

POLITICIANS
1.   Abraham Lincoln – filed several times, due to business failures
2.   Thomas Jefferson – filed several times, including after leaving office due to large debt
3.   Ulysses S. Grant – 18th US President - filed in 1884 after leaving office
4.   Daniel Webster – US Secretary of State – 1841
5.   George McGovern – US Senator – filed in 1991 after his inn went out of business
6.   John Connally – former Texas Governor and Treasury Secretary – filed Chapter 11 in 1987
7.   William McKinley – 25th US President
8.   J. Fife Symington – Governor of Arizona – filed in 1995 while still in office

FAMOUS PEOPLE
  1.   Walt Disney – filed after a company owing him money filed bankruptcy
  2.   Henry Ford – Founder of Ford Motor Company
  3.   William Durant – Founder of General Motors
  4.   Larry King – filed in 1971 and 1978
  5.   Donald Trump – filed several bankruptcies
  6.   P. T. Barnum – Founder of Barnum & Bailey Circus
  7.   H.J. Heinz – Founder of the H.J. Heinz Ketchup Company
  8.   Mark Twain (Samuel Clemens) – filed in 1894 due to failed investments
  9.   Oscar Wilde – acclaimed poet and author
10.   William Fox – Founder of 20th Century Fox Film Corporation

CELEBRITIES 
  1.  Burt Reynolds – chapter 11 in 1996 after owing more than 8 million in debts
  2.  Lorraine Bracco – filed after long custody battle
  3.  Mickey Rooney – 1986 filing – first bankruptcy was in 1962
  4.  Elton John – filed in 1990’s due to lavish spending and misappropriated funds from accounting firm
  5.  Kim Basinger – filed due to $8 million judgment after backing out of a movie
  6.  Jerry Lewis – filed in the 70's after losing stage bookings
  7.  Gary Coleman – 1999 bankruptcy
  8.  Redd Foxx –chapter 11 after owing millions to IRS
9.  Mike Tyson – filed after blowing $300 million foolishly
10.  Morton Downey, Jr. – filed 5 bankruptcies
11.  Larry King – filed in 1971 and again in 1978
12.  Gloria Vanderbilt – 1938 bankruptcy
13.  John Wayne
14.  Toni Braxton – filed in 1998
15.  Francis Ford Coppola – filed in 1999
16.  David Crosby – filed in 1985
17.  Mick Fleetwood – filed in 1984
18.  Dorothy Hamill – filed in 1996
19.  Marvin Gaye – filed in the 70's
20.  M. C. Hammer – filed in 1996
21.  Merle Haggard – filed in 1993
22.  Chaka Kahn
23.  Jackie Mason – filed in 1983 after bad investments
24.  Ted Nugent
25.  Tom Petty – filed in 1979
26.  Debbie Rooney – filed in 1962
27.  Anna Nicole Smith
28.  Cindy Lauper – filed in 1981
29.  Latoya Jackson – filed in 1995
30.  Wayne Newton – filed in 1992

As you can see, bankruptcy relief has been around since the 1800's.   While there are many reasons people choose to file, one thing is certain.  Bankruptcy allows an individual or a corporation to attempt a fresh start.   An entire book could be written about all the accomplishments the above noted individuals as well as a lot of others not mentioned have achieved after choosing to file for relief and start over debt free.

Avoiding Credit Scams

December 19, 2007 Posted in Debt Strategies - Conquering Your Debt by Hotwriter

I keep hearing on the radio about this tape you can get sent that tells you how to eliminate you debt with the money you already have. It sounds like a scam.