Getting out of debt
Book - 2024
Get out and stay out of debt the smart and easy way. This is a clear and simple guide to getting out from under credit card debt, student loan debt, and all other forms of owing people money. With simple changes and smart decisions, you can start today and enjoy financial stability moving forward. This book covers everything you need to know to take the sting out of those monthly repayments, offering strategies for coping with personal loans, car loans, mortgages, home equity loans, and beyond. Getting Out of Debt For Dummies will help you prioritize and consolidate debt, so you can pay off the most pressing bills first and reduce the number of debtors coming after you. You'll also get pro tips for using credit cards responsibly, build...ing up your credit score, and avoiding debt-generating traps when you make purchases. Getting out of debt doesn't have to be overwhelming. Let this Dummies guide help you quickly and easily repair your finances. Understand the different types of debt, including good and bad debt Develop a strategy for managing student loans and getting on a repayment plan Know what you're signing up for when you use credit cards and pay-later platforms Negotiate with collection agencies, the IRS, and angry creditors Design a realistic and painless payback schedule--even for serious debt. For the millions who have substantial debt and want to turn their financial situation around, Getting Out of Debt For Dummies offers hope and a straightforward way forward.
Saved in:
- Subjects
- Published
-
Hoboken, NJ :
John Wiley & Sons, Inc
[2024]
- Language
- English
- Main Author
- Item Description
- Includes index.
"Learning made easy"--Cover.
"Pay off debt quickly and get ahead faster; Manage student loan debt the right way; Discover how to improve your credit score"--Cover. - Physical Description
- xii, 318 pages : illustrations ; 23 cm
- ISBN
- 9781394250332
- Introduction
- About This Book
- Foolish Assumptions
- Icons Used in the Book
- Beyond the Book
- Where to Go from Here
- Part 1. Getting Started with Getting Out of Debt
- Chapter 1. Eliminating Debt: The Basics
- Looking at the Different Types of Debt
- Student loans
- Credit cards
- Home and auto loans
- Miscellaneous debt
- Paying Off Your Debt
- Compiling a list of your debt
- Considering different payoff methods
- Applying additional strategies
- Avoiding Accumulating More Debt
- Look into refinancing options
- Save an emergency fund
- Say no to credit card offers
- Invest in the right insurance
- Chapter 2. Facing Financial Facts
- Answering Some Questions
- Evaluating Your Relationship with Money
- Equating stuff with success
- Recognizing emotional spending
- Living for the moment
- Taking Inventory of Your Finances: A Spending Analysis
- Make a list of your financial assets and liabilities
- Review your spending for the past three months
- Chapter 3. Breaking Down the Parts of a Budget
- Seeing Where Your Money Goes: Your Expenses
- Identifying fixed expenses
- Allowing for variable expenses
- Knowing Where Your Money Comes From: Your Income
- Depending on a monthly income
- Identifying additional sources of income
- You Gotta Have Dreams: Financial Goals
- Saving for your future
- Paying down your debt
- Putting your financial goals in place
- Chapter 4. Creating a Mew Budget
- Introducing a Few Budgeting Methods
- Determining Your Budget Categories
- Planning ahead for the month
- Reflecting on fixed and variable spending
- Compiling a list of budget categories
- Using the Right Tools
- Tracking your money with budgeting software
- Looking at budgeting apps
- Picking the right app for you
- Taking the DIY approach
- Taking advantage of your accounts' resources
- Practicing Makes Perfect
- Revisit your budget
- Create a cash buffer
- Look for ways to make your system easier to follow
- Chapter 5. Spending Less and Saving More
- Containing Housing Costs
- Reducing rental costs
- Slicing homeowner expenses
- Cutting Your Taxes
- Managing Food and Restaurant Spending
- Trimming Transportation Expenses
- Finessing Fashion Finances
- Relaxing on a Budget
- Taming Technology Spending
- Keeping Down Insurance Costs
- Getting Affordable and Quality Professional Advice
- Handling Healthcare Expenses
- Part 2. Making Sense of Credit Reporting and Scoring
- Chapter 6. Discovering How Credit Reporting Works
- Grasping the Importance of Your Credit Report
- What Is a Credit Report, Exactly?
- Revealing the facts about your financial transactions
- Knowing what's not in a credit report
- Providing insight into your character
- The Negatives and Positives of Credit Reporting
- The negatives
- The positives
- Your Credit Report's Numerical Offspring: The Credit Score
- Cracking credit score components
- The reasoning behind risk factors
- Chapter 7. Understanding Credit Reports and Scores
- Getting Copies of Your Credit Reports
- Where to get your reports
- What you need to provide
- When to get copies of your credit reports
- Perusing Your Credit Reports
- Identifying information: It's all about who you are
- Accounts summary: An overview of your financial history
- Bankruptcy public records: The most serious element in a credit report
- Credit inquiries: Tracking who has been accessing your file
- Account history: Think of it as a payment CSI
- Your optional dispute statements: Making sure your voice is heard
- Correcting Any Errors You Find
- Contacting the credit bureau
- Contacting the creditor
- Getting and Understanding Your Credit Scores
- Ordering your score
- Telling a good score from a bad one
- Connecting pricing to your credit score
- Knowing the reason for reason statements
- Chapter 8. Monitoring Your Credit Reports and Scores
- Getting a Handle on How Credit Monitoring Really Works
- Understanding the Types of Monitoring Services Available
- Making a Case for and against Third-Party Credit Monitoring
- Monitoring on your own
- Knowing when to use paid monitoring
- Recognizing the protection you have already
- Getting Your Money's Worth from Monitoring Services
- Setting Alarms, Alerts, and Freezes
- Alarms
- Fraud alerts
- Credit freezes
- Part 3. Taking Action on High Debt and Bad Credit
- Chapter 9. Getting the Best Help for Bad Credit for Free
- Knowing Whether You Need Help
- Gauging your need for outside assistance
- Handling situations on your own
- Identifying Help You Can Get for Free
- Getting help with your mortgage
- Considering credit counseling
- Working with an attorney
- Chapter 10. Coping with Debt Collection
- Handling Those Collection Phone Calls
- Knowing what collectors can do
- Knowing what collectors can't do
- Deciding whether to answer the phone
- Preparing to answer collection calls
- Knowing what not to say
- Taking Charge of the Collection Process
- Asking for proof that the debt is yours
- Knowing when debts fade away: Statutes of limitations
- Negotiating a payback arrangement
- Keeping your promise
- Identifying Escalation Options That Help
- Asking to speak to a manager
- Approaching the creditor
- Fighting harassment
- Communicating with Customer Service Before Collection Starts
- Contacting your creditor promptly
- Explaining your situation
- Offering a solution
- Covering all the bases
- Keeping Collectors in Check
- Calling in a credit counselor
- Referring the matter to your lawyer
- Freeing Up Money to Pay a Collector
- Utilizing a spending plan
- Cutting the fat from your monthly spending
- Avoiding Collectors Altogether
- Getting organized
- Stopping the paycheck-to-paycheck cycle
- Chapter 11. Reducing Credit Damage in a Crisis
- Assessing the Damage from a Mortgage Meltdown
- Understanding How Mortgages Differ from Other Loans
- Spotting a foreclosure on the horizon
- Counting to 90
- Knowing Where to Turn for Help with Your Mortgage
- Finding good help for free
- Working with your mortgage servicer
- Avoiding help that hurts
- Considering Alternatives to Going Down with the Ship
- What to do first
- What to do for more serious problems
- What to do to end matters
- Managing a foreclosure
- Strategic default: Stopping payments
- Dealing with Deficiencies
- Preparing for "Credit Winter"
- Curing Medical Debt
- Understanding reporting and scoring rules
- Reviewing your options for paying medical bills
- Discovering how insurers get your medical information
- Monitoring insurance claims for errors
- Dealing with denied medical claims
- Managing Student Loans
- Default timelines
- Loan forgiveness programs
- Where to get help
- Avoiding Car Repossession
- Repossession: What you can do
- Dealing with auto loan default deficiencies
- Coping with So-Called Acts of God and Other Things That Aren't Your Fault
- Part 4. Successfully Managing Your Debt and Credit for Life
- Chapter 12. Starting or Restarting Your Credit in Real Life
- Debunking Misinformation about Banking and Credit
- Why you need credit
- Why credit is safe
- Obtaining Credit: Starting Out on the Right Foot
- Establishing a credit file without a Social Security number
- Setting goals before you set out
- Establishing a relationship with a financial institution
- Using prepaid and reloadable cards
- Fattening up your credit file
- Avoiding high interest fees, and scams
- Overcoming Credit Fears and Mistakes
- Qualifying for First-Time Cards and Lending
- Getting a credit card
- Using savings for credit
- Chapter 13. Putting Yourself in Control of Your Credit
- Determining Your Credit Style
- Transactors
- Revolvers
- Other types
- Balancing Spending, Savings, and Credit Use
- Spending on your terms
- Saving for emergencies
- Using credit to enhance your life
- Remembering the Importance of Planning
- Zeroing in on the plans others have for your money
- Developing your own plans
- Part 5. The Part of Tens
- Chapter 14. Ten Debt Don'ts
- Ignoring Your Debts
- Falling Behind on Car Payments
- Managing Money Without a Budget
- Paying Creditors Just Because They're Aggressive
- Making Promises That You Can't Keep
- Continuing to Use Credit Cards
- Borrowing Against Your Home
- Working with a For-Profit Credit Counseling Agency
- Getting a High-Risk Loan
- Asking a Friend or Relative to Cosign a Loan
- Chapter 15. Ten Ways to Deal with a Mortgage Meltdown
- Knowing When You're in Trouble
- Knowing How Your State's Laws Treat Foreclosures
- Nonrecourse or recourse
- Judicial or nonjudicial
- Deciding Whether to Stay or Go
- Walking away
- Working with the lender to exit
- Staying the course
- Tightening Your Spending to Stay in Your Home
- Prioritizing Your Spending to Build Cash
- Lessening the Damage to Your Credit
- Knowing Who to Call
- Beware of Scams
- Beefing Up Your Credit
- Consulting an Attorney
- Chapter 16. Ten Strategies for Dealing with Student Loans
- Knowing How Student Loans Are Reported
- Dealing with the Collection Process
- Identifying the Best Repayment Option for Your Situation
- Taking Your Loans to Bankruptcy
- Dealing with the Prospect of Default
- Gaining Student Loan Forgiveness
- Lowering Your Bill While You're in School
- Keeping Up with Your Loans After You're Out
- Setting Limits During the Application Process
- Getting Help If You're in the Military
- Index