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Are You Financially Over-Committed? – Part II

Are You Financially Over-Committed? – Part II

Continued from Part I

Signs Indicating You Are Financially Over-Committed – Part II

Edited by Honey B Wackx

Part II

I just indicated some signs indicating you are over-committed financially in part I of this article.

If any or most of these apply to you, then you need help right away. Either figure out yourself how to get yourself out of the financial rut or seek outside help. However, beware of any company that promises to contact your debtors to settle or reduce your payments. Far too many of these so-called debt reduction plans are nothing more than scams set up to prey on your desperation.

You should seek recommendations of reputable companies if you can, and also check out non-profit corporations that handle such services. Also you can check with the BBB (Better Business Bureau) for any company you might plan to do business with to see their level of complaints. Note, however, that not all companies belong to the BBB and since the BBB is a for-profit company itself don’t put all your faith in its ratings.

Here are several things you can do to help your situation, starting now.

* Free up money to begin paying down your bills. Do away with all non-essentials such as movie rentals, cable television, and internet access (unless you work online).

* Destroy your credit cards so that you won’t be tempted to use them again.

* Pack your own healthy lunches and cook meals at home instead of eating out.

* Do away with expensive cell phone plans. People have survived for millennium without them and you can too. If you are married to your cell phone then check out some prepaid plans to see if any would save you money. Sometimes just knowing you will run out of minutes if you don’t use your cell phone wisely could spur you to use it sparingly.

* Carpool or take a train or bus if applicable to save money on gas and car expenses.

One final recommendation is to read Dave Ramsey’s “Financial Peace” or “Financial Peace Revisited”. You can find a copy in most bookstores or Amazon. Many people have brought themselves back from the brink of bankruptcy by following his proven, common sense advice.

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Honey B is learning about luck so on Wish Good Luckshe can improve her luck and income.

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