Carnival of Debt Reduction: October 5, 2009
by Cecil Dellison

Clear Choice Credit Cards is thrilled to serve as the host for this installment of The Carnival of Debt Reduction!  Submissions covered a great deal of territory–so much, in fact, that it’s virtually impossible to find a strong common theme.  What we did find was a great deal of valuable information and insight.

DEBT HELPERS & COLLECTORS

♥ Editor’s Pick: Damon Day and Associates submitted Debt Help – Who can you trust.  I can just imagine someone looking for a way to get started on debt management and for guidance about those with whom they should and shouldn’t do business finding this post and thanking their lucky stars for some well-organized, to-the-point information!

Bargaineering provided How to Research Debt Collectors & Understand the Law.  While Damon Day and Associates told us about the good guys, Bargaineering provided some information about the bad guys–collectors.  Definitely worth reviewing if you’re wondering who those guys who keep pestering you every day really are.

The Smarter Wallet gave us How Debt Management Programs Affect Your Credit Score.  This is an interesting and honest perspective on the nature of debt management programs and their impact on your magic numbers, told from the perspective of a financial counselor.

CREDIT CARDS

Reduce Debt Faster provided When to Seek Help with Reducing Credit Card Debt.  It’s a nice, systematic way of determining just how bad your debt situation really is.

Free Money Finance offers A Warning on Debit Cards.  This is a reaction to a recent New York Times article discussing the way banks are turning their “overdraft protection” policies on debit cards into profit centers and how bank customers often don’t know about these policies until it’s too late.

Debt reduction tips submitted  Would You Stop Paying Your Credit Card Bills?.  It’s a short discussion about the woman who took to the Internet to tell Bank of America off and who stopped paying her bill in the meantime.

Ask Mr Credit Card shared Will Paying Off All My Credit Card Balances Improve My Credit Score.  It offers a nice explanation of what a utilization ratio really is in an answer to reader’s question about zeroing out multiple card balances.

GETTING DETAILED

Man Vs. Debt submitted a post called Could You List Every Single Item You Own.  The idea?  Take a full inventory of your “stuff” and then sell half of it.  Definitely more applicable to those with some lifestyles than others, but a very interesting notion.

Ultimate Money Blog: Save Green and Live Green! proffered Tracking Every Penny We Spend.  And by every penny, Ultimate Money Blog really does mean every penny.  That’s what I call hardcore spending tracking!

OTHER INTERESTING POSTS

Bible Money Matters shared The Importance of Financial Focus And How It Leads To Results.  All of the planning and information in the world isn’t going to yank you out of debt if you don’t have the right mindset.

PT Money submitted Is Your Emergency Fund Big Enough?. Most debt reduction plans call for the creation of an emergency fund.  PT Money explores the proper size for this set-aside.

♥ Editor’s Pick: The Digerati Life contributed Peer To Peer Lending: Lend Money And Invest.  While you could theoretically use P2P lending as a means of consolidating your debt, the main value of this post (to me) was to provide more information about the practice and how it’s working.

Get Rich Slowly submitted a post called Pros and Cons: 30-Year Mortgage vs. 15-Year Mortgage.  Your biggest debt will probably be your mortgage.  What’s the better choice, 30 or 15 yeaers?  GRS breaks down the two options and compares them.

You can visit The Carnival of Debt Reduction site to learn more about the carnival, its rules, etc.  Pay close attention to the submission rules if you’re thinking about contributing an entry for a future edition.  If you submitted  post for this edition of the carnival and it  didn’t make the list, that’s probably due to a failure to comport with those requirements.

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