Jen’s Paid off $42,000 of Overall Debt – And She’s Still Going!


by Sonali Patel on January 23, 2020  0 Comment

Jen’s Paid off $42,000 of Overall Debt – And She’s Still Going!
https://www.youtube.com/watch?v=xjvL15vfvu4 At FinCon19 we spoke to Jen from The Budget Bounce about her experience paying off her debt. Here's what she shared - We have paid off $42,000 so far, to the end of August.  We paid off medical bills, we paid off auto loans, we paid off a few credit cards and in there, partial payments to a family loan, back child support. We have not paid anything on student loans yet, that is coming next year.  We really were forced into it. We are the statistic of the family that had a lot of income but was not managing any of it. We did not have a budget for 9 years, and we were slowly moving towards the ...

How Bernadette Crushed $300,000 of Student Loan & Mortgage Debt


by Sonali Patel on January 23, 2020  0 Comment

How Bernadette Crushed $300,000 of Student Loan & Mortgage Debt
https://www.youtube.com/watch?v=QWmSXer7wCg Bernadette Joy of Crush This Debt sat down with Solvable to share her debt-free journey. Here's how she crushed $300,000 of debt - My husband and I have paid $300,000 in debt in 3 years. It was made up of a lot of stupid decisions. But if you’re asking money wise, it was $75,000 of student loans, when I decided to go back and get my MBA, and not one, but two, mortgages because I thought I was going to be the next HGTV star.  Something I needed to get over was creating a new mindset around money. I actually grew up in a household with a father who was an accountant, a mother who was an accountant and ...

Wendy Valencia Paid off $200,000 of Debt – Find Out How!


by Sonali Patel on January 23, 2020  0 Comment

Wendy Valencia Paid off $200,000 of Debt – Find Out How!
https://www.youtube.com/watch?v=cqmtwOE-L44 Wendy Valencia took the time to speak with Solvable at FinCon19 about how she crushed her $200,000 in debt. Find out her strategies - To date we've paid over $200,000 worth of debt. My husband and I were never really behind on our debt, or anything but having that much debt really complicated our lives. We weren’t able to do the things we really wanted to do. We lived in the Washington DC suburbs and we wanted to buy a house and they’re over a million dollars in this area. We couldn’t do it because all of our money was tied in paying this bill or that bill so we decided it was time to just cut it off ...

How ‘Extravagantly Broke’ Paid off $150,000 of Debt


by Sonali Patel on January 22, 2020  0 Comment

How ‘Extravagantly Broke’ Paid off $150,000 of Debt
https://www.youtube.com/watch?v=TT1RnNdrDoE We spoke with Deshena Woodward of Extravagantly Broke at FinCon19 about her debt-free journey. Here's what she shared: I paid off my home, I paid off all my vehicles. I would sat in total, cause it’s been a series of a few years in total probably at least $150,000.00 dollars. I've had tax debt where I owed at least $5,000, which is not as much as some people, but it hurt me at the time because I was only working part - time. My husband worked, but we had a small kid and so I didn’t work a whole lot and then, all of a sudden we get hit with this tax bill out of nowhere on my already ...

What Are Consumer Credit Counseling Services?


by Jill Bridges on March 26, 2019  0 Comment

What Are Consumer Credit Counseling Services?
You can find consumer credit counseling services from independent agencies certified by the National Foundation for Consumer Credit. Credit counselors can help you with budget planning or a debt management plan to help you pay off your debt. Initial consultations with counselors are often free and can be done by phone, online, or in person. Dealing with debt on your own can be very difficult, especially if you owe a large amount of money. Although there are many ways that you can get out of debt, seeking Consumer Credit Counseling Services (CCCS) from an accredited agency is one of your best solutions. CCCS can help you get your finances in order so that you can pay off your current debt ...

Government Debt Relief Programs


by Andrea Miller on February 05, 2019  0 Comment

Government Debt Relief Programs
Although government debt relief programs are rare, you may have some federally-sponsored options if you're struggling with a mortgage or student loan debt. The Home Affordable Refinance Program (HARP) This mortgage relief program was established by the Federal Housing Finance Agency (FHFA) to provide refinancing options for homeowners who have little or no equity in their homes. This program may allow you to access a lower monthly payment or interest rate. You can also shorten the term of your loan to decrease the total interest amount you will pay.  To qualify for HARP, you must: Be current on your monthly mortgage payments Have a mortgage loan that is backed or owned by either Freddie Mac or Fannie Mae Have a ...

Should You Pay Off Credit Card Debt with a 401(k) Loan


by Jill Bridges on February 05, 2019  0 Comment

Should You Pay Off Credit Card Debt with a 401(k) Loan
If you're struggling to pay off credit card debt, then you're likely looking for any solution possible to get rid of this debt for good. Out of all the different options you could choose to help you pay off your debt, taking out a loan against your retirement plan is a solution that you should be cautious about choosing. While taking out such a loan can certainly help you get rid of your debt, it can also put your future in jeopardy if you're not careful. Here are some of the pros and cons of taking out a 401(k) loan to pay off credit card debt that you should consider before you choose this debt relief option. Do You Have ...

Florida’s Statute of Limitations for Credit Card Debt


by Jill Bridges on February 05, 2019  0 Comment

Florida’s Statute of Limitations for Credit Card Debt
If you live in Florida and are dealing with credit card debt, one of the most important things to understand is exactly how long your creditors have to sue you for your debt. In Florida, as in most states, there's a statute of limitations (SOL) that applies to credit card debt. Once this time period has expired, creditors have a limited number of options to collect your debt, which is why this issue is so important. Here is some key information about the statute of limitations credit card debt in Florida that everyone who is living with debt should understand. Why is there a Statute of Limitations? Before we discuss how long Florida creditors have to pursue you for credit ...

Statute of Limitations on Credit Card Debt


by Andrea Miller on February 05, 2019  0 Comment

Statute of Limitations on Credit Card Debt
Although it may seem like credit card debt will follow you forever, the truth is that credit card companies can only attempt to collect this debt for a limited time. If your finances are affected by high-interest credit cards and bills you are unable to pay, here's what you need to know about the statute of limitations on credit card debt. State-by-State Statutes The amount of time for which a debt is collectible is determined by state law and thus varies by state as follows: Three years: Alabama, Alaska, Delaware, Kansas, Louisiana, Maryland, Mississippi, New Hampshire, North Carolina, South Carolina, Virginia, and Washington, DC Four years: California, Nebraska, Nevada, New Mexico, Pennsylvania, and Texas Five years: Arkansas, Florida, Idaho, Illinois, ...

Credit Card Debt Relief Programs


by Andrea Miller on January 29, 2019  0 Comment

Credit Card Debt Relief Programs
Plenty of TV ads and internet pop-ups tout the benefits of debt relief programs that can wipe out your credit card debt for good. While credit card debt relief programs do exist, qualifying can be difficult. If you can move forward with this type of plan, your credit score can be irrevocably damaged, making it difficult to obtain a mortgage or loan in the future. Here's what you need to know about credit card debt relief programs and steps you should take if you're struggling to pay off your debt. How Does Debt Forgiveness Work? If you have a high credit card balance and you're behind on your payments, the credit card company will sell your debt to a collection ...

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