Getting out of debt isn’t easy, but getting started on the process is. The amounts you owe may seem too big for you to ever pay off and so you feel frozen, as though you don’t know where to begin. Luckily, there are some easy, basic steps that will help you kick-off the process so you’ll know exactly where you stand and what you need to do to get your finances back on track.

Tally Your Debt

The first step towards getting out of debt is determining how much you actually owe. To tally your total debt, find your most recent statements from all of your creditors. These can include credit cards, student loans, mortgages, car loans, business loans, and anyone else you owe money to.

Add up the amounts you owe each lender. Subtract any payments that you’ve made since receiving the statement and you’ll have the total amount you owe right now. An accurate snapshot of your financial situation is important.

You’ll also want to add up the amount that each lender wants you to pay each month. Start with the minimum they require, so you can determine the monthly obligation that you absolutely must meet.

Determine How Much You Can Pay

Once you’ve totaled your debt and caught your breath, you’ll need to determine how much money you can afford to put towards your debt each month. Add up all of your sources of income.

Be sure to include income from unconventional sources, like items you sell on eBay or profits from your band’s album. However, be realistic about these and only put down what you know you can count on.

Your total here will be your monthly income. Subtract from it all necessary expenses, like rent, food, child support payments, etc. What you have leftover is the amount you can put toward your debt.

Figure Out Your Payment Schedule

Hopefully, the amount you came up with in the second part of your calculations is equal to or larger than the amount from your first calculations. In order to effectively work toward getting out of debt, you’ll need to be able to make payments on each account every month. If you won’t be able to do that, you’ll need to get some professional credit counseling to continue the process.

As long as you can make your minimum payments on each lender’s account each month, you should be able to work towards getting out of debt. From the total amount you have to put towards your debt, subtract the amount that will be put towards making minimum payments on each account.

Anything you have left over now is extra. Instead of spending it on yourself, choose one lender’s account to put all of your extra money towards. Many people choose to start with the account where they owe the lowest amount. Paying extra on this account will help you pay it off faster. Once it is paid off, you will have even more money to put towards another account. In this fashion, you will be able to achieve your goal of getting out of debt.

When you are looking to repay your debts quickly, you should consider a no balance transfer fee credit card.  This is a special deal offered by some financial institutions when they are trying to break into the market, for example a foreign owned bank entering the US lending arena.

It may also be that the bank has too much cash and needs to earn a return on that money.  How can you make a profit by lending money without charging a fee?  They are going to earn interest on the money you owe to them every month. They just won’t earn anything when you move your account. They are likely to be offering a low interest rate as well as an incentive for people to move their debts. Financial institutions know that the majority of people will not repay their debts within the time frame of the low incentive rate.  It will usually take a lot longer and the majority will actually take out more credit.

But you can profit from the banks alleged generosity. If you are determined to clear your debts, you will have worked out your finances and will know how much extra you can afford to repay these monies quicker.  Now look for a no balance transfer fee credit card with an excellent interest rate for as close as possible to the period you have worked out you need.

So for example, you have estimated it will take you 12 months to repay your debt. You will need a credit card offering a low interest rate for a year.  If it will take you longer than a year, you have to decide whether the deal is sufficiently good enough for you to take a chance that you will not end up paying a much higher rate than the rest of the market at the end of the 12 months.

I would suggest that you go for the deal and worry about interest rates when the time comes.  Why?  I am sure that when you see how fast you can repay your debt, you will become motivated to have that money repaid by the end of the deal as you won’t want to face costly interest charges.

When the end of the deal comes, if you have maintained your account properly your creditor will probably be willing to negotiate with you on the charges. If not, you should have an excellent credit record and be able to get a new deal elsewhere.

When repaying debt, every penny that you can put towards clearing the balance rather than interest counts.  If the special interest rate is only for a short period say three to six months and you have significant debts it might not be worth transferring.  You could end up paying much higher charges then you are currently paying.

Instead play the companies against one another.  Contact your current creditor and explain that you have been offered this very attractive deal elsewhere.  You may find that your existing account manager may match the interest rate on your offer.  That is another way to benefit from a no balance transfer fee credit card.

Your financial institution should provide you with information on credit card laws in your State when you enter into this type of agreement.  Granted most of us ignore the small print as we never imagine that one day we may have problems repaying our commitments.  We tend to think it will happen to someone else and not us.

But the reality is that with the current financial situation more and more of us are struggling to repay our commitments.  We may think that the banks and financial situations will be happy to help. After all a few years ago they were falling over themselves to lend us money. And therein lies the problem.  The banks appear to have thrown the lending guidelines and common sense out the window in their pursuit of bigger profits and corresponding bonuses. They lent money to everyone often regardless of whether these people could afford to pay them back.

Now the economic crisis has hit everyone and the banks, instead of trying to work with these same customers and help them to restructure their debts onto a more manageable program, are using whatever means at their disposal to collect their cash.Don’t get me wrong. I do believe that if you borrowed money you need to repay it but I also think the banks should own up to their part in this mess and help people rather than persecute them.

So what credit card laws affect you?  The Credit Card Reform Act is one of them but it depends on your circumstances and age as to which provisions will apply.

Every State will have laws relevant to their jurisdiction.  This could be case law or state law and you need to know about both. If you are having problems repaying your debts, speak to a local charity debt counselor who should know all the relevant details.

Federal law applies to all of us.  You will need to understand The Federal Fair Debt Collection Practices Act.  As the name implies, this dictates how your creditors can behave when collecting the money due to them.

Whatever you do, don’t think that the law is there to help you not to pay your debts.  This is not the case and ignoring your creditors is not the best way forward. If you do end up in Court,  a Judge is going to look more favorably on someone who has made an effort to repay what they owe.  If you have made steady payments and have tried to negotiate with your creditors, he may even force them to enter into an arrangement with you.  If you have ignored everyone and buried your head in the mistaken belief that the credit card laws will protect you, you are likely to be dealing with a Judge who feels you are wasting Court time.  That is not a good situation and one you should be keen to avoid.

Repaying debt isn’t easy but it is often possible. When you simply do not have the assets or cash to repay your creditors there are legal ways of dealing with this such as bankruptcy.  But do not enter into any such agreement until you have spoken to a debt repayment expert and know exactly what the implications are.

The credit card laws are there to protect both creditors and you the debtor.  Use them wisely.

Everybody wants to be rich, or at least well off.  But one thing most people don’t realize is that while having a lot of money does mean a lot more opportunities and choices, it also means more work.  Taking care of your money is an important aspect of having money.  Many people don’t understand that.  In order to protect, and grow, your assets, no matter how much money you have,  you will need to find someone who is qualified to provide  independant financial advice.

That doesn’t mean that you hand it all over to them and walk away, you need to always be in the loop when it comes to your money.

Most people won’t have the time, or inclination, to learn all they need to know about investing their money.  There are so many different ways you can go: stocks, bonds, mutual funds, etc. that the average person can’t possibly be expected to keep it all straight.  That’s where a professional will come in to play.

One of the first things you can do to find a professional to help you with your money is to ask your friends, family, and coworkers for recommendations.  Ask the people you trust, who they trust with their money.

Next you can always contact your local SCORE office.  SCORE is an organization that brings retired business people together to help entrepreneurs start their own business.  There would probably be many members who could point you in the direction of a qualified professional.

You could also go online to find someone.  This option probably isn’t the best choice for most people.  Even though you hire someone, you are only hiring them to help you, not to do it all for you.  It’s important that you are very involved in every aspect of your finances and for that reason hiring someone online, who doesn’t live or work in your area, may not be the best option.

Before you hire someone you also want to find out whether they are independent or ‘tied’.  A tied agent is someone who works for a specific company.  They can only sell products and services from that one company.  That isn’t necessarily a bad thing but you just have to always remember that no tied agent is going to be unbiased.  They can only sell the products of one company, even if that company doesn’t really have a product that would work well for you they might be inclined to try to sell it to you  anyway since they want to make a commission.

An independent agent can sell products from multiple companies, which on the surface may make it seem like that would be the better option for you.  Not necessarily.  Chances are some of the companies will offer higher commissions than others.  Your advisor may try to push you into a product based on how much they’ll make and not which one is the best one for you and your goals.

At this point you may be totally confused, don’t be.  The most important thing you can do is to be an active participant in not only choosing your advisor but also when working with your advisor.  Don’t ever make the mistake of just handing everything over to them and only communicating with them a few times a year.  It’s your money and you have the right, and the obligation, to keep tabs on how your money is doing.  Make sure whatever  independant financial advice you get that the advisor is not only qualified and trustworthy but that it’s also someone you feel comfortable working closely with.

If you are looking for a high APR savings account, you have to make sure you understand what that means.  APR stands for Annual Percentage Rate.  If you are looking for a savings account that will make you more money in interest, you can use many sites online to narrow down which banks you should be looking at. It’s important for you to remember that a high interest rate, while important, is only part of the story.

There are many aspects involved when you open a savings account online or offline.  To make the best choice for you and your financial needs and goals, it’s important that you consider several factors before you settle on a particular bank.

I’ve listed some of the most important things to consider.  This is only a partial list, but it should be enough to get you in the right mindset and hopefully come up with other questions.

1. Don’t assume that since an online bank is a ‘known’ bank and you’ve seen their commercials that you don’t need to protect yourself by carefully reading any disclosures they give you.  That is a mistake so many people make.  While you probably won’t get ripped off, it’s easy to sign up at a bank and find some unexpected surprises in the form of unexpected fees.  Make sure you fully understand how much and how many fees you will have to pay.  Even if a bank has a great interest rate it may not be the best choice for you if they’re going to ‘nickel and dime’ you to death with a bunch of fees.

You will also need to find out whether or not you need to maintain a minimum balance, and if so, what amount is required.

2. How accessible is your money going to be?  Again, even if the bank has a great rate it won’t be any good if you have a hard time getting to your money when you need it.  You want to be able to easily access your money. Most online banks will use ATM’s as a way for their customers to get their money. Make sure you find out what ATM’s the bank uses and whether or not you have easy access to those ATM’s in your area.

It’s also important to find out what transaction fees you will incur when you use an ATM.

3. Can you link multiple accounts? Having the ability to easily, and quickly, transfer money from one account, say a checking account, into another account, like a savings account, is a great benefit.  It can make managing your money much more efficient, so make sure you ask if this feature is available at any bank you are considering opening an account with.

So when you’re interested in opening a high APR savings account, don’t forget that a high interest rate is nice but you want to make sure that whatever account you open has all the features you need for your financial goals as well as your lifestyle.

Struggling with debt can be frustrating and depressing. It causes a lot of stress and financial problems are thought to be the cause of thousands of ruined relationships. If you are dealing with debt stress, reading some getting out of debt stories from people who have managed to get through it can be very beneficial. There are many books you can find on the subject and you can also find these stories in magazines and online.

Learn Some Tricks

One thing that you can gain from reading getting out of debt stories is some tricks on dealing with your debt that you may not have thought of on your own. Everybody’s financial situation is different and so different methods of taking care of debt have to be devised to suit your personal circumstances.

If you are reading about how someone in a situation similar to yours got out of debt, you may be introduced to some ideas that will help you out as well. Also, many of these books are compiled by individuals who specialize in the financial/debt field. This means that they may toss in valuable debt reduction pointers in between the stories.

Find Motivation and Battle Despair

One day taking care of your debt may seem to be going well, and the next day you feel like your world is crumbling around you. When things like this happen, reading some getting out of debt stories can motivate you again.

Something you will probably find in these stories is people who were in much worse situations than you. They had to find their way out of a very deep financial hole, but they found ways to keep at it and now their lives are back in order.

By seeing the success of someone who was buried deeper in debt than you are, you can find a lot of motivation. If they could get themselves out of that situation, you can get yourself out of this one! This can be a very powerful mental tool.

Keep in mind that no matter how dark things may seem, there is always someone out there who has gotten through worse.

Keep Yourself Out of Debt

Once you have cleared most of the debt out of your life, you will have created a real sense of financial freedom. Your income will stop vanishing into the bank’s coffers to pay expensive interest payments and it becomes all yours to spend however you want.

Now you just need to keep yourself that way. By keeping some getting out of debt stories around where you will see them once in a while, you are providing yourself with a reminder. You may be tempted to open that line of credit because the payments really aren’t that much. But when you think about the book of debt stories sitting on your shelf, you will rethink your situation and probably walk away from this destructive train of thought.

By reading up on some getting out of debt stories, you are providing yourself with a powerful motivational tool. You would be amazed at the positive effects something like this can have on even the most seemingly-hopeless situation.

If you are despairing, these stories can remind you that your situation really isn’t that bad, and that you have the ability to get yourself out of it. Not only that, they will also provide you with a means to do this by giving you some tips and pointers to use to reduce your own debts along the way.

While it may seem like getting out of debt quick is impossible, the process doesn’t have to take forever. There are some simple, straightforward steps you can take to make the process go as fast as possible.

When you’re taking these steps, it may seem like a long, slow slog through the mud. However, upon looking back, you’ll be amazed at how quickly you were able to get out of debt.

Cut Up Your Credit Cards

If any of your debt is from credit cards, consider getting out of debt quick by cutting up your cards. Destroying them won’t destroy your debt in and of itself, but it will keep you from adding to the debt you currently have.

Cutting up your credit cards can seem like an extreme measure, particularly when you’re used to using them often. Doing it, however, shows that you are committed to getting out of debt quick and willing to do whatever it takes to make that happen.

Stop Excess Spending

Once you’ve cut up your credit cards, stop spending money that isn’t absolutely essential. Before you purchase anything, ask yourself if the item or service is necessary.

In addition, ask yourself if there is a way you can get what you need without spending as much money. For instance, a cup of coffee is much cheaper if you make it at home than if you purchase it at a coffee shop. It’s even cheaper than that if you get your coffee at work, using their machines and coffee.

This principle goes for major purposes, too. Even if something you’re used to having, like a television, breaks down, you might not need to purchase a new one right away if having it is not essential.

Put everything you save towards making payments on your debt, if you’re serious about getting out of debt quick. You might be amazed at how much you were spending on things you didn’t really need.

Consolidate Your Debt

If possible, consolidate your debt, particularly if you have high interest rates from several different lenders. See if there is a bank or credit union available that is willing to give you one loan at a lower interest rate that will allow you to pay off your balances with higher interest rates.

While consolidating your debt does not take it away, it does allow you to pay more towards the actual balance you owe and less towards paying off interest that has accumulated. If you’re interested in getting out of debt quick, this is in your best interests.

Earn More Money

Find a way to earn some extra money. This might mean asking for a raise, doing some freelance or consulting work, or selling items online. Take a serious look at what this would mean for you and do whatever it takes to bring in more income.

Of course, once you’ve earned this extra money, you’ll want to put it toward your debt. Some people might spend it on themselves, but a commitment to getting out of debt quick means that you will put it towards paying off what you owe.

Things are very tough financially for many people around the world.  With the upcoming holidays the stress seems to intensify.  Because of the increased need their are more people than ever who are seeking out assistance  If you are looking for free financial advice I have some information that you will find very helpful.

There are a few things to keep in mind first though.  For one thing there is a lot of truth to the expression you get what you pay for.  Not all financial advice, free or otherwise, is good.  Never put your own common sense on the back burner.  Always think long and hard about the advice you receive.

You also want to check the credentials of anyone who is offering advice.  Again, that will apply whether the advice is free or not.  Even a planner with the proper credentials might not give the best advice.  To a large degree financial advice is very subjective and some advisors may give you what they think is the best advice, and it may be the best advice, but not for you.

For this reason it’s a good idea to talk to more than one advisor if at all possible.  By comparing a few different opinions and points of view you may be able to combine elements from each to help you find the right combination for your financial goals.

Here are some places you can go to find the financial help you need.  Just keep the points I mentioned above in mind not only when you are searching for help, but also when you are actually talking to someone about your specific needs and goals.

1. The first place you can start is at your local bank or credit union.  While they might not actually be able to offer free help, they may know of some organizations locally that specialize in helping lower income people with financial difficulties.

Even your local United Way may be able to point you in the right direction.
Also your local library may be able to help you find the help you need.  Also check your local paper, your phone book, and ask around.  There is no shame in asking friends and family if they know of a qualified financial planner.

Often times planners will offer help on a sliding scale and may be able to help you for little, or no cost.  It can’t hurt to ask!

2. Finding someone locally is the best option, but if you’ve exhausted your options locally you can always go online.  This approach has to be done very carefully though.  Online you never know who you are dealing with.  They may say that they offer free help, but than when you start to get involved with them they may request a small fee for this and a small fee for that.

Or, they may try to hard sell you on some of their products or services.  If you decide to look online just be very careful that you don’t give out any personal information and that you ask a lot of questions.  Don’t make the mistake of thinking a thinly veiled sales pitch is really financial advice.

Before you actually get involved with a company, either online or off, you can check with your local Better Business Bureau to see if they’ve had any complaints filed against them.

Just remember that there are scammers around all the time and they really seem to come out from under their rocks when times are tough.  When looking for free financial advice never leave your common sense at home.  If something doesn’t feel right it probably isn’t, walk away.

Can you get free credit card consolidation? Yes of course you can, you just need to know where to look.  Most people think of taking out a personal loan when you mention the word consolidation but this is only one option available to you.  If you have good credit and can qualify for an unsecured loan at a low rate of interest, this may be the answer to your prayers.

But avoid debt consolidation loans secured by your property. In the current economy we need to protect ourselves and not our creditors. A secured loan only gives them stronger protection and makes it easier for them to collect their money. Statistically speaking, it won’t do anything for you, as the majority of credit card debtors who take out secured personal loans end up owing more money than they did in the first place.

So how do you get a free service? First do not use the paid services of a debt management company. That advice alone will save you a lot of cash.

You will need to prepare a full breakdown of your current financial situation including your income, your expenditure and details of all your debt. When listing your creditors, make a note of the balance you owe to them, the interest rate you are paying and the amount of your required monthly payment. In your financial statement you should make a list of your assets as well.  Do you have any savings?  If yes, keep at least 3 months of the house payment, food, and utilities for emergencies in the account and then use the balance to pay down your highest charging credit card. I guarantee you that you do not earn as much interest as you are paying on your debts!

Go through your finances with an eagle eye and find extra money to repay your debts.  Can you do overtime or extra hours at work?  Are you due a tax refund? Do you really need to eat pizza every night?  Can you cut going out to one night rather than three?  Bring your lunch to work, read the newspaper online, cut those Starbucks coffees etc. You will be amazed where you could make savings if you really wanted to and this extra money will go towards paying off the debt costing you the most money.

Now look at your list of creditors and one by one contact them and ask if they would be willing to extend your facility on a very good interest rate in order to get more of your business. What?  I hear you shouting from here.  I am not suggesting you get into more debt. What you should be doing is moving your credit card debt to the lowest interest rate you can get. This will reduce the amount of your monthly payment that is paying interest and therefore increase the rate at which you reduce the monies outstanding.

Your credit companies may not offer you anything but it doesn’t hurt to ask and it is free credit card consolidation.  Just be sure to close any accounts you are able to transfer and cut those cards up!

When it comes to plotting your financial course, most people will be better off if they find a qualified person to give them sound  financial planning advice.  There are so many products available, and so many options it would be  virtually a full time job if you tried to do it yourself.

Getting qualified, professional advice is good advice, but you do have to be careful.  Not everyone knows what they are talking about and many so called professionals are only interested in making a commission and really don’t care all that much about you and your longterm financial goals.

The one thing you absolutely must keep in mind is that no financial planner will be able to tell you with any degree of certainty which stocks you should buy, when you should buy, etc.  The market has a mind of it’s own and no one has ever been able to read it with any degree of accuracy.  Oh sure, sometimes someone will get lucky, but they are never able to maintain that.

Many commercials on t.v. will tout how they’ve outperformed this or that for the last ten years but in reality if you look closely they haven’t really done any better than the market on average.

Most financial planners will only get paid when they make a sale, they work on commission.  That doesn’t make them, or their advice, bad…necessarily.  It does, however, mean that you have to take everything they tell you with a grain of salt.

I once read a book that said you should never trust anyone to give you financial advice unless they were living off of their own investments.  Think about it.  If the financial planner you are thinking about working with can’t make a great living off of the financial advice they are giving you, why would you trust them with your money?  If they were so good at picking winners they wouldn’t be working for commissions and selling things to other people,they would be living off of their own investments on a beach in Tahiti!

Having said that, it will still be beneficial for most people to enlist the aid of a financial professional, not to tell you what to do with your money, but rather to give you options and all the pros and cons of each so that you can make an informed decision as to which course of action is best for you.

You really want to be careful when ‘interviewing’ a financial planner.  Too many ‘professional planners’ or more about selling you a product than giving you sound advice so you can make up your own mind.

Your money and your future is too important to just ignore.  It’s also too important to trust just anyone.  Take some time to interview potential planners. Make sure they understand what your goals are and that they aren’t just interested in making a commission and selling you a product.  Sound  financial planning advice is one of the best investments you can make in your future.

Americans are lucky we have such diverse choices when it comes to our financial services.  Though whenever you have a lot of choices there can be a downside: how to choose.  Finding the best financial investment advice will be the first step you need to take to pick the investment choices that best suit you and your goals.

When looking for someone to provide you with sound financial advice it’s crucially important you don’t entrust your financial security to just anyone.  While most advisors aren’t necessarily dishonest, that still doesn’t mean they are good at what they do or qualified to provide you with the quality advice you need.

When looking for the right advisor take some time to meet with a few.  Don’t be afraid to ask questions, don’t forget, these people will be working for you and you have the right to make sure they are qualified.  If someone gives you an attitude, walk away.  A professional should understand that you have a lot of choices in who you pick to be your advisor as well as a  lot at stake.  If they are qualified they should want to show you just how professional and qualified they are, they shouldn’t get an attitude and get offended.

Here are some things you will need to find out from any prospective planner:

1.  Are they ‘tied’ or independent?  A tied agent means they are tied to a particular company and can only sell the products of that one company.  They are required by law to only sell you the products that you request but they aren’t required to tell you if another company has a product that is better suited to your needs.

Since they can only sell you their products it stands to reason that the advice they give will be pretty biased.  That isn’t all bad, as long as you know that up front.  Make sure to ask them if they are tied or independent, they should tell you but if they don’t, ask them.

Independent means they can sell the products and services of several companies.  That doesn’t necessarily mean they are unbiased though.  Since they most likely work for a commission they will probably push you towards the products that pay the highest commissions even if it’s not the best product for you.

Again, this doesn’t have to be a big problem as long as you know going in.  If you are working with an independent advisor and you get to the point where they are making recommendations, ask them to give you more than one option.  That way you will have a better idea of which is best for you and you won’t have to worry that they are only pushing one product over another so that they can make a bigger commission.

2.  How does  your advisor make their money?  Most will earn commissions and/or fees. For that reason they may only contact you when they are trying to make a sale and not just to make sure your current investments are still the best choice for you.

3.  Can an advisor help you with all of your financial needs? A complete financial plan will include everything from insurance coverage to estate planning and everything in between. A good advisor should be able to help you develop a comprehensive plan that will help you make the most out of your money while limiting tax consequences.

Use these tips to help choose the best person to give you financial investment advice.

Taking some time to figure out what your financial goals are is the first step. The next step is finding someone who is qualified to help you navigate all the traps in order to achieve those goals. Finding good financial advise is the first step to making all your goals and dreams a reality.

Unless you have the time, or inclination, to learn everything you can about investing you will need to rely on the help of a professional. As with any profession, some practitioners are better than others. When dealing with your financial future you have to be extremely careful who you get advice from.

When searching out someone to help you, remember to avoid someone who is just a ’salesperson’. Most financial professionals make a commission, which isn’t necessarily bad, but you want to get unbiased, complete information not just a sales pitch.  You should get enough information so that you can reasonably make your own decisions.

Sometimes the person will put in a lot of ‘work’ and spend a lot of time with you, all with the express purpose of ‘forcing’ you to agree to their recommendation and buy whatever product or service they are recommending. That is a huge mistake.  These people are professionals, helping their clients is their job.  It doesn’t mean that you have to purchase anything. If it doesn’t seem right to you, you don’t have to justify your reasons, just don’t buy.  It’s your money, and your decision.

In 1986 a law was passed called the Financial Services Act, that requires all financial advisers to notify their clients if they are a ‘tied’ agent or an independent agent.

A tied agent is an agent that can only recommend products for the company they work for. Obviously with this type of agent their advice isn’t likely to be very unbiased. Tied agents are closely regulated by the Financial Services Authority. Part of this regulation requires them to give you honest advice about which products and services can best help you meet your needs.

It’s important that you keep a very important distinction in mind: they aren’t obligated to tell you what product or service is best for you in general, just which product or service their company has available that will be best for you.

Depending on your needs and goals they may not have a product or service that is really in your best interest, and they are not obligated to tell you that.  Of course they should, but they may not.

Tied agents almost always work on commission and this may not be a bad way for you to go since they can often get very attractive deals for you.  Just remember that their advice isn’t exactly what you’d consider ‘objective’.

Independent agents can sell you products and services from any company.  Even though independent agents aren’t tied to one particular company doesn’t necessarily make them the best choice.  They are usually associated with several companies and could, potentially, push you towards a product or service where they will get a higher commission.

At the end of the day when it comes to investing you have to remember that it’s your money and your decision.  Take some time, don’t ever be afraid to ask questions and if the person you are considering hiring for financial advise seems preoccupied, or uninterested in what you have to say…keep looking.

Now can be a great time to buy a house, especially if you’ve never owned one before.  The Government is offering significant tax credits to first time home buyers and the interest rates are still very low.  Before you jump into home ownership, though, you will need to find a qualified professional to give you proper financial advice for a mortgage.

Buying a house consists of much more than signing on the dotted line.  There are a myriad of loan types available and choosing the right one for your situation is very important. Whatever type of mortgage you get  will have long term financial consequences for you,  this is too important a decision to rush in to uninformed.

Many homeowners are finding themselves in a tough situation now because they got an adjustable rate mortgage.  What that means is that the interest rate they got for their loan was only fixed for a specific time frame.  After that point the interest rate would be adjusted according to whatever the prevailing rate was.  For many homeowners their mortgage payments were doubled, or even tripled when their rate adjusted.  Few homeowners could afford the higher payment.

That is the reason that anyone who is considering an adjustable rate mortgage should find a professional who can carefully spell out the advantages and the disadvantages.  It is imperative that you ask questions, and continue to ask until you get an answer that you can understand.  One part of the problem is that a lot of people are afraid of looking ‘dumb’.  It’s for this reason that they won’t press their mortgage lender for a clearer answer.  They will ask the question, get an answer they don’t really understand but feel too intimidated to have the lender clarify.

You should never allow your fear of looking dumb stop you from getting all the information you need to make an informed decision.  It’s the mortgage lenders job to understand all the in’s and out’s of mortgages, it’s not your job.  It’s also part of their job to not just understand it all but to be able to explain it in terms anyone can understand.  In this case, what you don’t know really can hurt you…a lot.

Another reason some people make poor decisions when it comes to getting a mortgage loan is unrealistic expectations.  They will sign up for an adjustable rate mortgage where the payment is at the top of what they can afford.  They are gambling that the rates will go down by the time they have to adjust their rate,or they are gambling that they will get a promotion and be making more money.

This is not a good way to conduct your financial affairs.  You should always try to avoid going to the absolute top of your price limit and mortgage payment.  Leave yourself a little wiggle room. You never know what the future holds. If you do get that great promotion just apply more to your principle and pay your mortgage off more quickly.

One thing you need to keep in mind if you find yourself in a position to pay down your mortgage is that many accountants will actually talk you out of paying off your mortgage since you will lose a tax deduction.  For most people this advice is bad advice.  You need to ask your accountant how much of a tax deduction you actually get every year from your mortgage interest.  Than ask them how much you pay in interest every year.  Unless you will save more in the tax deduction than you would spend on interest you will probably be better off paying off your mortgage.  Make sure you ask this question of your accountant.

Finding good financial advice for mortgages is extremely important.  Don’t skimp, and don’t be afraid to ask questions.  It’s your money, and your future you have the right to be informed.

If you are up to your eyeballs in debt, you are probably looking for some straight-forward useful information on how to fix it. We have put together a short list of tips that are basically the complete idiot’s guide to getting out of debt.

Educate Yourself

This may seem obvious, but a lot of people who find themselves in debt don’t actively seek out information on the issue. Or they look on the internet for a minute and decide that is sufficient. If you are having debt problems, go you’re the library or bookstore and find books on the subject. Look up budgets, debt, credit scores, and anything that relates to your situation. Arming yourself with a bunch of information is your best bet for getting out of debt and staying debt free.

Organize Your Bills

You need to know exactly how much debt you have gotten yourself into before you can make a plan on how you are going to fix it. Clearly lay out what your minimum payments are every month and who they are owed to. Figure out what your collective payments are each month along with how much debt you have total.

Make a Budget and Stick to It

Once you have all of this figured out you can make a budget. Getting out of debt requires that you make a budget that covers all areas of your life. This way you don’t overspend anywhere and cut yourself short on paying your bills. Make sure you stick to this budget to keep from getting into further financial trouble.

Get Rid of High Interest

If you discover that you have extra money at the end of the month, which you should, use some of that money to pay extra on your debt. Pay off the credit with the highest interest rates first so that you aren’t wasting money on interest. This can save you a lot of money in the long run.

Cut Back on Spending

This won’t be fun, but any complete idiot’s guide to getting out of debt will tell you that cutting most of your spending is going to be required. You got yourself into a bad situation, and now you need to redirect your money to get yourself out of it.

Diversify Your Income

If you can start bringing some extra income into the house it will be easier to pay extra on your debt each month. Now this may not mean going and getting another “job.” This could be something small and easy such as babysitting on the weekends instead of going out with friends or diving into a hobby in your spare time, then selling what you make. It may not seem like much, but even a couple hundred dollars extra a month can take debt out quickly. If you look online and in the newspaper you can probably find a lot of people who just need odd jobs done for a little cash.

By laying out some plans for getting out of debt and sticking to them you will start seeing progress quickly. It won’t be fun, but every time you pay off a credit line, you will be able to breathe easier.

People often ask can you be sued for credit card debts and the short answer is yes you can. You owe this money and you need to repay it or your creditors will take action against you. But the good news is that there are various laws and regulations in place that these financial institutions must adhere to. You, as a consumer, are very well protected especially when compared to practices outside of the US.

There are two types of law, State Laws and Federal Laws. Every State will have their own rules with regard to debt collection so it is best if you read up on your local ones. Your bank or financial institution will be able to provide you with a copy of the relevant laws. There should be a statute of limitation which will dictate how long your creditors have to file a lawsuit to recover their money.

This does vary but usually lies within 3 to 10 years but you should check. Federal laws apply to everyone regardless of where you live. The law you are probably now most interested in will be the Federal Fair Debt Collection Practices Act.  This law covers how your creditors must behave when attempting to collect monies due.  It also dictates where and when lawsuits can be filed if you live in a different state to your creditor. Another act you should familiarize yourself with is the Credit Card Reform act. Depending on your age and circumstances, you may find that some of these provisions are relevant to your case.

If you are having problems repaying your debts, make an emergency appointment with a local debt counseling service. You should be able to find a free advisor in your area such as one provided by a charity. If possible avoid the paid debt negotiation advisors as any spare funds you have should be directed towards repaying your creditors. Your advisor and the people you owe money to will want to see a full income and expenditure account. You will need to write down exactly how much money you make from all sources and what you spend this money on. Some debts are a priority meaning that you should always pay these first but your advisor will go through this with you.

Whatever you do, do not ignore the situation you are in. It will only get worse.  All credit card debt problems can be resolved one way or another. Bankruptcy is always an option although one you do not want to enter into lightly and definitely not without proper advice.

Suing you isn’t your creditors’ only option. They could sell your debt onto a third party company who won’t care what your personal circumstances are. But if you have had a good record with your bank and your money problems are recent, you may find that they are willing to work with you to reach a solution.

So now you know the answer to can you be sued for credit card debts is yes, you need to do everything you can to avoid this scenario.

A lot of people are taking stock today to make sure that the investments they have are the right choices for their long term goals.  If anything good comes out of this current economic downturn it will be the fact that people are becoming more proactive with their money and investments.  That new attitude will help everyone get closer to achieving their long term financial goals.  One of the first things you will want to do when reevaluating your investments is to make sure you are getting the  best interest rates.

If you have a savings account you can check various banks, online and off, to see who is offering the best rates. Before you decide to change banks, though, make sure you fully understand what other rules the bank has.  Even if you could earn a higher interest rate you may find that you have to maintain a higher minimum balance, or the bank might charge more or higher fees.  Just remember to find out all the details before you make a decision.

Generally speaking, when investing in certificates of deposit,  the longer term your investment and the larger the amount invested, the higher the interest rate you will earn.  That’s because the bank wants to use your money to lend to others.  That’s how the system works.  The longer you agree to let them use your money the more money they can make.  In order to encourage you to leave your money invested longer they will agree to pay you more in interest.

One the downsides, though, is the fact that if you want to withdraw your money early you will lose a significant amount of interest as a penalty.  CD’s can be a good investment for many people since they are government insured so they are less risky, yet they will still provide an attractive interest rate.

Remember that a high rate is only one element.  There are other factors you will need to consider before opening an account.  Here is a list of some things you need to be on the lookout for:

1.  Make sure you always, always, read and understand that fine print. Many people think that since they are dealing with a reputable bank they don’t have to read the fine print since there’s no way this huge bank would rip them off.  And that’s probably true, but, you do need to make sure you understand how much interest you will earn, how to access your money, what fees the bank charges and for what, and if you’re investing in a CD you will need to know if the interest rate is fixed or variable, how it will be paid out, what the maturity date is, etc.

2. How much money will you need to open an account, or buy a CD?  Some banks offer more choices than others.  Not everyone has an extra $100,000 sitting around to invest, and not everyone wants their money tied up in a CD for 10 years.  These are things you need to know ahead of time, and don’t just take someones word for it, get it in writing.

3.  Don’t make the mistake of just going with whatever bank has the highest interest rate.  Remember, the interest rate is important but there are other factors that you will have to take into consideration before you open an account or invest.

When it comes to finding the  best interest rates you can use a service like Bankrate.com.  Make sure to only use rate information as a starting point.  Once you’ve narrowed it down to several banks make sure you ask all the questions I’ve listed above so that your money will not only be working hard for you, it will also be easy for you to get to.

Now is a great time to get your financial house in order.  The market, according to some, is starting to rebound.  Even if it isn’t, the events of the last 18 months should have taught all of us a lesson: save more, and use credit less. Many of us could benefit from sound financial advice.  The first thing you will need to do is find the best financial advice you can.

While getting help trying to unravel complicated financial choices you have to remember that ultimately the decisions you make have to be your own.  Only you can make the best choices for your overall, long term financial health.  Any advice you receive should be taken as just that: advice.  Not gospel or fact, just someone’s opinion for you to consider.

Before settling on an advisor, here are some things you can keep in mind.  These tips will help you pick a good advisor and, hopefully, avoid falling into the trap of trusting someone who isn’t qualified to give you financial advice.

1. What credentials does the advisor have? Many times an advisor will be what is called a ‘tied agent’.  That means that they can only sell the products and services of one company.  That doesn’t mean they can’t help you but if they are tied to only one company they will be limited in the products they suggest to you and they will obviously not offer you unbiased information.

They are duty bound to show you which of their products are best for you, they don’t necessarily have to tell you that none of the products their company provides is a good fit for you and your goals and that XYZ company actually has something that may work better for you.

2. How does the financial planner make their money?  It’s almost always in the form of a commission or fees.  That means if they don’t sell you something, they don’t make any money.  Make sure you know what the total fees and commissions will come to.  Sometimes they will receive multiple fees for various transactions, that can really add up…for you.

3.  Fiduciary.  This funny sounding word is very important to your financial health.  A planner who accepts fiduciary responsibility means they are obligated under the law to act in your best interests.  Anyone who doesn’t accept this responsibility is just saying that they will try to act in a way that doesn’t hurt you.

4. Will the financial planner help you with every aspect of your financial plan?  That would entail everything from having adequate insurance coverage, to investment choices and estate planning.  There are many elements to your financial health and a good advisor should be able to help with all of them and provide you with a comprehensive plan.

When looking for the best financial advice it’s important to keep the above list in mind.  The whole process can seem overwhelming and while it’s important to enlist the help of a professional it’s even more important to never forget it’s your money and your future.  You need to be an attentive co-pilot on this little journey!

Here are some great tips on credit card consolidation to help you manage your debts more effectively.

1) Draw up a financial budget. Yes I know it is boring but you will never be able to get out of debt until you know exactly how much you earn and what you spend your money on. In order to get a true picture you need to keep a spending diary for a month.  Write down every cent that you spend.  This is the only way you will be able to find those holes in your spending that need to be plugged.  It will also highlight areas that you could cut back on in order to release money to pay towards reducing your debts.

2) You need to make a list of all of your creditors stating their name, your account number, the total amount you owe, the minimum monthly payment and the interest rate you currently pay.

3) Now you have your financial budget and the list of your debts, you can see how much extra a month you can afford to start paying to eliminate your debt.  While you are completing this exercise you should keep your minimum monthly payments going.

4) If your accounts are up to date and you have an excellent record with these credit card companies, ring them up and ask them if they can do you a special deal on the interest rate you are paying. You may be pleasantly surprised when they say yes.  The lower the interest rate, the more of your money will go to reducing your debts.  They may ask you to move your other debts to their card in return for a great deal. This may be the best way to achieve credit card consolidation but don’t jump into anything just yet.

Ask them to confirm the deal in writing making sure that they confirm the charges and the percentage minimum monthly payment you will be expected to make.  You can then review these offers and pick the best one for you.  Don’t always go for the lowest interest rate. 0% over 6 months is great but 2% over 24 months is better if your financial budget has indicated this is how long it will take to clear your debts.

5) If your current creditors won’t help, don’t be tempted to take out a loan secured on your property to repay these debts.  This is one of the last solutions you want to do as effectively you are giving your creditors more protection and yourself less.  The best bet before you enter into any form of consolidation is to speak to a qualified advisor first. Don’t pay for this advice as plenty of charities will provide it for free. Remember you are on a mission to cut your spending in order to get out of debt.

I hope that these 5 tips on credit card consolidation will help you to repay your debts faster.

With the economy in the state it is currently in, it’s more important than ever to carefully plot the course for your business.  Many businesses will fail during this economic downturn, but if you find someone who can give you good business financial advice you’ll have a much better shot at making it through and being stronger when things turn around.

One thing you can do to help your business succeed is to find a good accountant.  You shouldn’t pay more than absolutely necessary in taxes.  A good accountant can help you find legal tax breaks and help you minimize your tax exposure.  Just be careful, you don’t want to get involved with someone who is dishonest.  Saving a few thousand dollars today isn’t worth the nightmare that could come down the road if you get audited.

Here is a list of some of the ways you can find a good accountant to help you out with all of your business accounting needs.  Keep these tips in mind when you are interviewing professionals, they will help you choose just the right person for your business.  Remember, you will be working closely with your accountant so make sure to find someone who is not only qualified, but someone you actually like and think you can easily work with too.

1.  Ask other business owners if they can recommend a good accountant.  Remember that any accountant will have the knowledge to help with your business, to a point.  But you want an accountant that specializes in business taxes specifically.  Your business will require a much higher level of specialization than most peoples personal taxes. You want an accountant who is up to date on all the rapidly changing rules and who can help you legally minimize your tax burden.  Legally lowering your tax consequences with the right financial advice is one of the best ways to help your business succeed. The lower your tax consequences, the more money you can keep and put back into your business to help shore it up during these rough economic times.

2. You may want to consider hiring an accounting firm instead of a single accountant. Why? Because you are likely to have many different elements of financial advice you’ll need beyond just business tax advice.  Hiring a firm can make it possible to work with several accountants, each one specializing in a certain area. For example, one accountant might be an expert in business issues, while another might have more expertise in personal finance and estate planning.  By combining the strengths of each of these accountants you are getting the absolute best advice for all of your financial needs.  Making sure you have all of your bases covered is the reason you hired an accountant in the first place.

3. If you want to make sure you take good care of your business, but just don’t have a lot of money right now to hire an expensive accountant, you might want to consider buying some accounting software.  Most software will have regular updates as tax laws change and they are usually just plug and play and pretty user friendly.  Some software programs even offer live help if you have questions that aren’t answered by the software.  If you decide to go this route it would also be a good idea to ask other business owners if they have a recommendation of which software they prefer.  That will give you a starting point, though ultimately it will be your decision based on your needs.

There are many highly trained professionals that can give you great business financial advice. Just take a little time, ask some questions, and find the one who you think will be easy to work with and who you think will be able to offer your business the best advice.