Carnival of Debt Reduction #123 – One Two Threes of Debt Reduction!

Welcome to the 123rd Carnival of Debt Reduction! If you are a new visitor to The Baglady feel free to look around! Since this is the 123rd edition of this wonderful carnival started by the Mighty Bargain Hunter, I decided to group the thirteen excellent articles this week into the one, two, threes of debt reduction!

Editor’s Picks:

Both of the following two articles offer no nonsense tips on how to reduce your debt. Go ahead and read them!

Tips To Kickstart Your Debt Reduction posted at The Happy Rock.

How to Pay Off Your Debts posted at Funny about Money – “This is the latest in a series explaining Funny’s Ten Money Principles.”

1. Avoid Debt!

Avoiding new debt and charges is the first step towards reducing your debt. Here are quite a few articles focusing on avoiding credit card charges and other various scams.

Lynnae presents My Bank Sent Me a Letter posted at beingfrugal.net – “I received a letter from my bank, along with some convenience checks. My bank told me it pays to use the checks. Pays whom? is my question.”

Steer Clear of Customer Service Credit Card Offers posted at The Truth About CreditCards.com.

Do You Have Too Much Plastic? posted at Millionaire Money Habits – “How many credit cards do you own, and when is enough enough? Discounts, lower fees, better rates, travel perks. Sounds tempting, doesn’t it? The number of credit cards you have may be hurting your credit score. Here’s how to fix that.”

Killer Credit Card Fees and How to Avoid Them posted at Cash Money Life.

Do Not Fall for Rent to Buy Mortgage Loan Schemes posted at Mortgage Loan Calculator – ” In current times of falling home prices in the US and the $1.8 trillion sub-prime mortgage debt that financial banks have to deal with, “Rent to Buy” signs are popping up everywhere to lure consumers into purchasing homes at “cheap mortgage rates.” Rent to Buy is a marketing gimmick used by landlords to lease out their homes and receive rental income, only because they cannot sell their homes in the existing mortgage market. If you are renting, there is little benefit for you to fall for these schemes. The reason is because most Rent to Buy schemes do not result in a purchase. People with bad credit, no down payments and lots of credit card debt also qualify for rent to buy schemes. That’s why you should avoid them.”

2. Make Budgets and Plans That Work

Once you are committed to reducing your debt you would need a plan and discipline to execute your plan. These articles offer stories and advice on how to budget for your goal.

Low-Tech Budgeting posted at DebtFREE-Revolution.

Debt Free posted at Motherhood101Aplus.

At Least Some Expenses You Can Plan For posted at I’ve Paid For This Twice Already… – “Being in debt and having a large expense looming is difficult to navigate. Planning is key!”

3. Shift Your Mindset from Spending to Saving

Once you are on your way to eliminate debt you should shift your mindset from spending mode to savings mode so that you never ever get into debt again!

Risking the Minimal Emergency Fund posted at Me vs Debt.

Small Savings Add Up and Here’s The Proof posted at Saving Advice Blog.

Day 623: If Only People Felt This Way About Keeping Their Money posted at We’re In Debt.

Thank you all for reading this edition of the Carnival of Debt Reduction and make sure to submit your articles for the next edition here! If you enjoy reading The Baglady feel free to subscribe to the full feed!

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A payday loan if not paid back soon enough, becomes a bad credit loan. This is the worst form of an unsecured loan. Even cheap loans are better than this situation.

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