Debt Elimination Success Seminar
Section 1
A Look at Debt
History of Debt
Credit Card History
Current State of Debt
How You Got Into Debt
Good Debt Bad Debt
Business vs. Personal Debt
Section 2 Dealing With Your Money
The Two Step Plan
Doing The Two-Step
Step One
Step Two
The Paths Out of Debt
1- Create a Debt Payment Plan
2- Neogtiate Better Rates & Terms
a.Consolidation Loans
b.Consumer Credit Counseling Services
3- Negotiate Lump-Sum Settlements
4- Bankruptcy
5- The Easy Way
6- Win $1,000,000
Living Debt-Free
Manage Your Money
Make More Money
Save Money
SameMoney-MoreFun
Stay Debt-Free
You as a Business
Section 3 Dealing With Your Creditors
Alerts/Scams
The Credit Industry
Credit Industry
The Fine Print
The Secondary Debt Market
The Debt Collection Process
Original Creditor
The Charge-Off
Collection Agency
Legal Problems
Dirty Creditor Tricks
Dealing with Debt Collectors
Dealing with Debt Collectors
Statute of Limitations
Cease and Desist Letter
Section 4
The Credit Report
The Credit Report
Credit Score
Credit Repair
Section 5
Dealing With Yourself
The Critical Factor
The Art of Prosperity
The End of Failure
Prosperity Coaching
Section 6
Kids and Money
Kids and Money
How to Pay for College
Section 7
Debt Information
Bookstore
Debt Facts
Radio Show
Resources
About Us
Privacy Policy
Site Map
If you find this information helpful I ask you to contribute to help me help more people. You can contribute through PayPal by clicking on this button Or you can mail in your contribution.
Get a fresh start with money by listening to Carol Tuttle's energy clearing "Creating Money" CD.
The Millionaire Mind Intensive seminar will help you uncover your personal money roadblocks.
A Word of Caution!
There are a number of websites and emails that tout a program where you don't have to pay your bills at all.
No, it doesn't work. Here's a detailed article about
Credit Card Debt Termination Scams.
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| When it comes to paying off debt the good news is that most everyone can go down Path One and successfully "do-it-yourself." If, once you’ve finished setting up Path One, you need additional help you’ll find it in the other paths. But for now let’s get started and put together a plan that will change your life. |
Path One consists of, well simply put, Path One is managing your money and paying off your bills. There is some very good news. There’s a system that is easy to learn, easy to use, and it makes your debts seem to just disappear. But first...
The Good Parts:
You’re in control. If a real emergency or an outstanding opportunity
comes your way you can modify your plan without special notice or prior arrangements.
Hidden Benefits:
You get the credit for your success. You get it from yourself as well as from others. It’s a goal that many people, unfortunately, will never accomplish. So, in advance, congratulations.
The Bad Parts:
You’re in control and there's no one else to blame if you mess up. If you can’t control yourself when you see the "too good to be true" sale you’re going to continue to have debt problems.
Hidden Traps: Impulse Spending - Loss of Focus - No "Customer Service
Department"
Unless you are serious about getting out of debt, meaning not creating any new debt and following through on the plan you create, you’re going to have problems no matter what happens. If you can’t control yourself then you may as well take a set of handcuffs into work, cuff yourself to your desk, and resign yourself to the fact that you are a servant to your debt. Oh, your boss will love you and may even give you a raise but it won't matter because you'll just spend it all and more because now you can afford higher monthly payments. Okay, sorry, I got carried away, but this is important.
During the course of becoming debt-free it is natural, and should even be expected, that at some point a little impulse spending, loss of focus and/or a real emergency might occur. First of all, a good spending plan should include some money for fun and impulse spending. Yes, planned spontaneity. And it will include contingency accounts for unforeseen events. But it can’t include a solution for when you “fall off the debt-free wagon” and engage in a little self-sabotage and back-sliding.
The key to overcoming these setbacks is within you. And really learning to overcome your own mistakes is the true test and ultimate solution. When something bad happens you need to learn from it, quickly put it in the past, forgive yourself, and move boldly towards the finish line.
It is also extremely important, more than you might imagine, that you learn how to celebrate your successes. You can celebrate without using money but you must learn to celebrate with money. In fact you must set aside money to celebrate with. Then when you reach a goal take your can take your celebration money and enjoy yourself without negatively impacting the other parts of your plan.
When you reward yourself for your successes you set yourself up for more success.
The important thing is that you consistently make progress through the ups and downs of life. If you can develop your own non-judgmental support group to whom you can confess your mistakes and share your victories with, please do, it will help your journey down Path One become a quicker and more successful one.
So if you’re ready let’s go down Path #1!
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Grab your credit card statements, your car loan and mortgage booklets and any other debts you might have and put them on the table. Right now we’re not dealing with ongoing expenses like food, insurance, gas, or clothing, they will come later. Right now just focus on debts that can be paid off and eliminated.
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- 1. Make a list of your debts, the minimum monthly payments, and what you are currently paying on them.
- Congratulate yourself because most people never get this far.
- Prioritize them by either:
- Smallest amount due
- Highest interest rate
- The ones you hate the most
- Or any other method you choose as it will not matter very much how you list them
- Pay the minimum amount due on all your debts but the first one and on that one pay as much as you possibly can.
- When the first debt is paid off add the amount you were paying on it to the next debt.
- Continue until you're debt-free.
In order to have a complete plan in place you will need to do some additional calculations. The first thing you should do is to determine what additional amount, if any, you’ll be able to commit to your debt elimination plan. You’ll have a better idea once you’ve set up your money management system but for right now make your best guess. Now add that amount to what you’re paying on your first bill. Then divide the amount you’re paying every month into the balance due and your answer will be the number of months needed to pay it off. And congratulations if you just yelled, “Hey that didn’t include all the interest they’re going to add on while I’m paying this thing off.” No it didn’t, your figure is only close, but not perfect.
For the second debt to be paid-off add what you are paying on the first bill to the minimum payment for it. Then divide and determine how many months it will take to pay off this on. And congratulations, kind of, to those of you who realized that since you’ll be making payments on the second bill while you’re paying off the first one that by the time you attack it, it will already be lower. If it’s a car payment, yes, but if it’s a credit card bill the amount it will go down will be almost unperceivable so don’t worry about it. Continue this series of calculations until you know how long it will take you to pay off each bill then add up the months and determine when you’ll be debt-free. Then celebrate again because even fewer people get to this point.
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Their program will help get you through the entire process of Path One. This includes not only putting together your debt elimination plan but managing your money in a way that will allow you to find additional money that can be applied to your plan. And, of course, that gets you out of debt faster.
Everything they do is available online and over the telephone. You’ll be able to download all the materials and even go through the online seminar in a short period of time. But probably the most important aspect of what they do is to provide you with personalized coaching. This will keep you on track and help assure your success. Remember your success isn’t complete when your debts go away but when you develop and continue to live a debt-free and prosperous life.
Yes, like all of the paths Path One can be done on your own. Or you can get complete support at Invest In Your Debt.
Now on to the second part of Path One, managing your money.
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| There once was a word, budget, that nobody liked. The word, budget, was considered so bad that most people never even said it let alone tried to put one together. Fortunately a friendly phrase, spending plan, came into being and no one ever had to go on a budget again. |
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There is a cure for this predicament. It's called keeping track of what you actually spend. When you start to keep track of your spending you'll need to keep track of everything, down to the penny. As you get more experienced, and more disciplined, you'll be able to live with some miscellaneous expenses. But when you're starting out make every penny count, by counting every penny.
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| When I was working my way out of debt I used one of the most respected and time-tested methods of money management, well, my own version of it. There was a time when people used cash for everything. They knew how much money was coming in and they knew how much they were going to spend in each category of expenses. They knew their housing costs, their transportation costs, their food costs, and so on and so on. So as soon as they got paid they took their cash, separated it into categories and put it into envelopes. Since I had recently lived in Las Vegas I had a number of souvenir coin buckets that I used instead of envelopes but the method worked the same way. When it was time to buy food I took the money from the food bucket. When it was time buy clothes I took the money from the clothes bucket. Now this may seem like a time-consuming exercise that accomplishes very little. But after I used this system for a couple of months some interesting things started to happen. |
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| Because it worked so well for me I would surely recommend this method for everyone, except, well except that now there's an easier way. It's a computer program that makes keeping track of your envelopes so very easy. It's called Mvelopes Personal and I suggest you give it a try. |
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The easiest way to do this, and to save the cost of two postage stamps, not to mention checks and envelopes, is to make your payment electronically. You can set your account up for automatic payments and be done with it. The interest you’ll save is not trivial. It is your money. And it can be used to further reduce your debt. Yes, the money you save on interest can be used to save more money on interest. Are you starting to have fun with this?
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You can make even faster progress in paying off and forever eliminating your credit cards by reducing your interest rates. You can accomplish this by:
1) Calling your credit card company and asking them to lower your rate. Although this doesn't work as well as it once did it still works for many people and there's no penalty in trying.
2) If you are getting 0% or low introductory offers by other cards, accept them and transfer your higher percentage debt to the new card. Of course, you can't then go back and use the old card. Refer to Step One.
3)If you've been late on a payment or two and have been hit with fees and increased interest rates you may be able to get a second chance. Most credit card companies will allow you, under certain circumstances, to "re-age" your accounts. This will allow your fees to be waived and your interest rate to be lowered. They will allow this only if you've been a good customer and have recovered from the problem that caused you to be late. You can only do this one time but the benefits are substantial so if you think you might be eligible go ahead and ask.
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The ultimate solution to debt lies in creating and living a debt-free and prosperous life. I invite you to start you inner journey to wealth by reading The Art of Prosperity.
