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Guest Post
It is common for people who are struggling with high monthly payments to think about their financial situation on a short-term basis. The challenges of trying to pay bills on a limited income make it difficult to look beyond the present time.
However, a person’s financial situation today affects so many aspects of their future. Seeking debt relief now to reduce and even eliminate account balances may be one of the best things a consumer can do for their financial future.
How Finances Today Affect Finances Tomorrow
Many consumers are optimistic about the future despite living with the daily financial stress of trying to make ends meet. The fact is, however, that the future may be bleaker than some realize. Debt is not a short-term problem, and carrying account balances today has the ability to affect an individual’s life for years and even decades.
Continue reading Reduce Your Debt and Become Debt Free →
Guest Post
 The UK government has promised to ramp up regulations around the short-term loans industry to stop ruthless and lending practices that demand disproportionate levels of interest.
Fears are growing among debt management companies and debt consolidation companies who offer fair IVA deals that the industry’s customers – Britain’s lower earners – are being sucked rapidly into a downward spiral of unmanageable debt due to borrowing from unscrupulous short-term loan companies.
Financial Times Investigation
The Financial Times (FT) has been investigating Britain’s reliance on the so-called ‘payday loans’ industry, which has grown exponentially as borrowers have come to rely on these high-cost, short term solutions amid recent austerity measures, lower wages and inflation – and at a time when they can no longer easily access fairer, more reasonably-priced bank loans.
Continue reading Government promises to crack down on payday loans industry →
By Kevin M
 You read that first word right—RISKS—as in something to lose! Historically risk is not a word normally associated with a college education, but this isn’t history—it’s the big, bad now and the rules have changed.
Not only is the cost of a college education much higher than it’s ever been (and rising relentlessly), but the ways people are paying for it are farther out there on the danger scale. And the jobs that once reliably awaited students upon graduation don’t seem to be there in either number or compensation. To paraphrase a well worn cliché, this ain’t your father’s college education.
The college game is changing. A number of factors have developed that have turned the one time ticket to the good life into a high risk proposition. I’ve identified five and you could probably cite a few others.
Continue reading 5 RISKS to getting a College Education →
Guest Post by Darin Sewell
 When it comes to fixing a bad credit report and boosting a low FICO score the first question out of most people’s mouths is how long is this going to take. Truthfully that is a hard question to answer mainly because each individual’s credit and personal situation are different and are going to require its own approach and amount of work. But in most cases you can make some good progress inside of 3-6 months, but you have to make sure you follow along with some proven credit repair principles. Let’s take a Look at one of these principals below, debt reduction with a twist!
Before you can increase your credit score you are going to have to look at the amount of total debt that you currently have. If you have bad credit chances are that you have many accounts that are maxed out or near the account maximum so you need to find a way to get this debt paid down.
Why Too Much Debt Hurts Your Credit Score
Continue reading Paying Down Your Debts to Increase Your Credit Score →
Guest Post by Jodie McDonnell
 Many people across the United Kingdom fall victim to financial strife, often due to factors that are out of their control. A loan—when taken out for the right reasons—can help individuals who are in need of money for obtaining a mortgage, car loan, or other loan among other things.
Even more important is getting the right loan, a loan that will solve your problem and not make your financial situation worse. In order to do that, you need to approach borrowing with the proper attitude and a few tools that will help you to get the best deal to work within your circumstances.
Many times the reason people get into credit difficulty happens at the very time a loan is taken. The person could have been borrowing more than he could afford to repay, or doing so with stiff repayment terms he could never meet. You’ll only have one opportunity to prevent that from happening, and that’s when you are applying for the loan. It is therefore critical that you get this right at the very beginning when it counts most, and that means getting the very best loan you can.
Continue reading Get the RIGHT Loan for Your Needs →
Guest Post by Melanie Taylor
If you’re struggling with a significant amount of unsecured debt, and you don’t think you can repay it in a realistic amount of time, it’s important to find a debt solution that could improve your finances as soon as possible.
One option is an IVA, or an Individual Voluntary Arrangement. If you’re having serious difficulty repaying your unsecured debts, entering into an IVA could allow you to make one affordable repayment tailored to your circumstances every month.
What’s more, on successful completion of your agreement, the remainder of the unsecured debt included in the IVA would be written off, leaving you debt-free.
Continue reading Could an IVA provide a successful route out of debt? →
Guest Post by Mike Brains
 OK, we agree that being in debt is not a good position to be in, and that you should do what ever you can to get out and stay out of debt. So far so good. But what if you are in debt, and not in a position to make it go away anytime soon—what options do you have?
How can credit cards help?
Using credit cards may have contributed to getting you into a tight spot in the first place—or perhaps they were just the vehicle you used to get there—but could they also prove to be a way out? Used responsibly, they can actually help.
Admittedly it isn’t very often that you hear the term ‘credit card’ and ‘save you money’ in the same sentence, but there is a way in which you can use credit cards to save you a decent amount of money in a relatively short period of time.
Continue reading How Can a Credit Card Save You Money? →
By Kevin M
 Is debt different for people in different employment situations? I think so, certainly as it relates to the self-employed versus the salaried population. Does this sound preposterous? Maybe on the surface, but look a little deeper.
If you’re on a salary, your income and your personal finances are separate: you’re job provides one (the income) and you manage the other (your personal finances) outside the job. Even if your personal finances fall apart, you can still keep a salary coming in.
With the self-employed however, there’s usually no dividing line—or at best a blurry one—between your finances and your income (which is your business). The same debt that can disrupt your personal finances can also cripple your business.
Does this mean that everyone who’s self-employed should shut down their business and get on the payroll of a large employer? Not at all—but it does mean that if you’re self-employed, you have to see debt in a very different way than a salaried person might.
Continue reading Debt is Different for the Self-Employed →
Guest Post
Trying to get out of debt can be a difficult task. Due to interest, it seems as though debt keeps on growing. It can be hard to pay off your debt — especially if you only make minimum payments. In order to make headway, it is vital that you start to making more than the minimum payment on the debt. Here are some ways that you can find room in your budget to help reduce your debt:
Identify — and Cut — the Financial Waste in Your Monthly Budget
The first thing to do is figure out where you can cut back on your spending. There are some estimates that each household wastes up to 15% of its income each month. Think about that. If you make $4,000 a month, that means that you could be wasting up to $600 each month. Consider how much headway you could make with your debt if you applied even half that on top of a minimum payment.
Continue reading Getting Out of Debt: Paydown Strategies →
By Kevin M
 The economy and the job market are finally showing signs of life. Unfortunately, debt problems are cumulative in nature and often take years to work out. In the process, many are dealing with an unwelcome semi-professional: the debt collector.
Now, when you’ve been through tough times you’re already off balance. The loss of a job or a home is enough to take a big chunk out of anyone’s confidence. But a call—or more likely a series of them—from one or more debt collectors can finish off what’s left of anyone’s self-esteem.
If you’re facing debt collectors right now, rest assured that you aren’t powerless!
I know a thing or two about the collection process from my time in the mortgage business, but for this post I decided to enlist the support of David Kelly, professional speaker, contributing writer here at OutOfYourRut.com, and one of my very best friends. In addition to these attributes however, Dave was also in the debt collection business a few years back, and has useful advice from the inside.
If debt collectors are hounding you, here’s some of that advice that might help you.
Continue reading Surviving Debt Collection Calls →
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OutOfYourRut Disclaimers
General: Any information in regard to money, credit, personal finance, or in regard to any other monetary topic, provided or shared on OutOfYourRut.com is presented for information and entertainment purposes only and does not constitute financial advice. It is intended to provide general information only and does not constitute personal financial advice in regard to your specific circumstances...MORE-->
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