Debt Free America:Guide to Financial Freedom

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Credit Counseling Services

Delinquent accounts stay on your credit reports for seven years. After the account accumulates enough money, the company begins negotiating with individual creditors on your behalf in an effort to get them to accept less than the amount you owe. The idea is that after months of nonpayment, the creditor will be motivated to take the lower sum rather than risk getting nothing at all. If a creditor accepts the lower payoff amount, you pay the creditor, either a lump sum or in installments, from your savings account.

You also then pay a fee to Freedom Debt Relief for its service. Cost: By law, Freedom cannot charge upfront fees; rather, it collects a fee after each debt has been settled. Fees may vary depending on the state you live in, according to the company. Lawsuit: Freedom promotes its team of debt professionals who guide customers through the debt settlement process and negotiate with creditors on their behalf.

NerdWallet believes that debt settlement should be a last resort for those who are delinquent or struggling to make minimum payments on unsecured debts. The risks and drawbacks associated with debt settlement include:. Accounts that are delinquent stay on your credit reports for seven years, as do accounts charged off by lenders. Some creditors do not negotiate with debt settlement companies and may sell the debt to a third-party collection agency or debt buyer instead. Freedom says it deals with the third party and may coach its clients to settle directly with creditors.

You may still hear from debt collectors: Because you stop paying your accounts, you may receive aggressive collection attempts or even lawsuits from your creditors. Debt in both the public and private spheres has reached epidemic proportions in America.

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At the same time, with the continuing recession and real estate crisis, home equity has been dropping and nearly 7 million American families have fallen behind on their mortgage payments. Best of all, Bach shows how to calculate your Debt Freedom Day—the actual date you will be completely free of debt. He explains how to save on credits cards, college loans, on mortgages—and how to change the thinking that helped to get us in debt in the first place.

The book also covers:. So many people are out of work, or are worried about their jobs, and feel less in control of their finances. When you have less debt, you will feel more free, have less stress, fewer worries and tension at home.

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This book offers a totally new approach to building financial freedom; it can help Americans get themselves out of debt years faster and save themselves tens of thousands of dollars in the process. Individuals all across America are joining the Debt Free Challenge and making the pledge to take control of their debt. Well, the same applies to personal finance. Do you really need the latest iPhone to make phone calls and send text messages? A great trick I use to stop at enough is something I call the half-normal challenge.

Just research what the normal American spends on something and then spend half or less on that particular something. Finally, if you want to smite your debt and remain debt free, you need to act like your job is going away. A job loss is catastrophic when it comes to personal finance. Suffer prolonged bouts of unemployment and it will be impossible to live a debt-free life.

So be a little scared. Assume your company or industry is going to take it on the chin in the next year or so and you will be downsized. Keep learning. Keep improving your job skills. Living a debt-free lifestyle is very freeing and worth the sacrifice it takes to get there.

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If you want to live a debt-free lifestyle, you need to take a close look at your life and examine your values and priorities first. Most people say you need to look at your income and expenses first, but I find looking at values and priorities first gets you in the right mindset before you look at your finances.

Once you know what your values and priorities are, it makes choosing how to optimize your expenses much easier. You could get a cheaper but reliable vehicle, instead, and spend the difference getting out of debt so you can spend more time with your family. Then, take that money and apply it to extra payments on your debt to accelerate your journey to freedom from debt. You need to control your wants and needs. Other times we try to keep up with others or show off our success and this gets us into debt.

Debt Free America-Guide To Financial Freedom

By controlling your wants and needs and making smart, rational decisions you can easily avoid getting into debt. A way of helping with this is to track your spending. By having a budget and knowing where your money is going, you more easily avoid overspending.

Freedom Debt Relief at a glance

My 1 recommendation for living a debt-free lifestyle is to increase your income. You end up in debt when your lifestyle costs more than what you earn. Yes, you should consider reducing how much money you spend on your three largest expenses typically housing, transportation, and food , but beyond this, the best use of your time is increasing your income. There are three ways you can increase your income:.

By finding ways to make your time more valuable, you can decrease your debt while increasing your contribution to the world around you. The easiest thing you can do to live a debt-free lifestyle is to live below your means and avoid using credit cards. Paying cash for the things that everyone else finances will set you apart from the crowd, and can even eliminate the emotional stress that often comes along with being deep in debt.

There are times when you might need to finance a necessity, like a car. Living below your means and focusing on staying out of debt is a simple strategy you can adopt at any age, and can set you up for a lifetime of financial success. Create a strategic plan of where you want to be.

This plan should include how much an individual wants to pay off in dollar amount each month, and how long it will take to reach the end goal. Then you need to downgrade the car, the house, and your entertainment, or you need to increase your income. Sometimes you may need to do both. Are you chronically disorganized? I focus on helping people who are chronically disorganized, so I can tell you that the key is learning how to automate your home routines and focusing on only the most important things. You want your lifestyle to start supporting your efforts to save money.

To give yourself the best results with the least amount of effort, focus your energy on reducing your spending in the following categories…. Food Spending: This is usually the largest chunk that you can cut back, but also one of the toughest if you struggle with meal planning and home routines. Housing: This is another easy place to cut, but not always possible. For example, if you own a home but are underwater or if you have to wait for a lease to expire.

It was the best decision, ever! Entertainment: This is another easy area to reduce your spending that can have a big impact. It includes things like your hobbies, and how you socialize.

10 Steps to Be Debt-Free in Less Than a Year

We learned how to have a really exciting life in fact, significantly better than when we spent a ton of money on this for a fraction of the price. One of my favorite substitutions was when we stopped meeting friends out for dinner and drinks. Now we host game nights where friends bring their kids in pajamas and the kids have a pajama movie night and even fall asleep here while the grownups drink homemade mules and play games.

Housing: Live in a house or an apartment a little under your budget, so you can spend the extra money to make it feel like home and still live comfortably. Vehicles: Flip cars by finding great deals and then buying them with cash. Sell them after a year or two for the same amount you paid for them or, even a little more. Then upgrade to buy another.

Just use Kelly Blue Book to find great deals, cross reference a deal with Consumer Reports to look at common problems in that year and model, and then have your local mechanic review the car and give you his advice.

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When we first heard about living debt free, I think we had a preconceived notion that we would be sitting around every weekend counting our cash while life passed us by.

Debt Free America:Guide to Financial Freedom Debt Free America:Guide to Financial Freedom
Debt Free America:Guide to Financial Freedom Debt Free America:Guide to Financial Freedom
Debt Free America:Guide to Financial Freedom Debt Free America:Guide to Financial Freedom
Debt Free America:Guide to Financial Freedom Debt Free America:Guide to Financial Freedom
Debt Free America:Guide to Financial Freedom Debt Free America:Guide to Financial Freedom
Debt Free America:Guide to Financial Freedom Debt Free America:Guide to Financial Freedom
Debt Free America:Guide to Financial Freedom Debt Free America:Guide to Financial Freedom
Debt Free America:Guide to Financial Freedom Debt Free America:Guide to Financial Freedom
Debt Free America:Guide to Financial Freedom

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