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10 Holiday Shopping Debt Traps You Need to Avoid

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Tis the season … to not overspend. As the festivities begin, it’s easy to be merry and want to bring joy by being a giver of gifts. In fact, the average American consumer will spend $935 these upcoming holidays. That’s a lot of presents! However, if you keep your presence of mind, you’ll be able to celebrate without (later) financial headaches. Here are 10 tips for seasonal savings that can keep your budget on track.

  1. Create a Holiday Budget: Develop a plan that includes all holiday expenditures—from presents to decorations and food for holiday meals. This can be a powerful way to avoid overspending, as it will tell you up front how much to spend on gifts per person as well as how much it will cost to host dinner for family and friends.

  2. Shop with a Plan: When writing your gift list, include ideas for each recipient so that it will provide greater direction when you go the mall. Once you have created your shopping list, keep it in your purse or wallet. When you see the right gift at the right price, purchase it and then check it off the list. After that, do not buy anything else for that person. If you spot another perfect item, make a note to keep an eye out for the next birthday or holiday.

    Back at home, designate a closet, empty chest of drawers, or laundry basket as a holiday gift repository. Tape a copy of the list nearby and check off the names of each person as you put their gift in that repository. This will be a visual reminder of the shopping you’ve already accomplished and how much you have left to do.

  3. Buy Treasures, Not Trophies: It’s better to get gifts a recipient will treasure rather than “stuff” to fill the stocking. For larger groups and families, there are a few options for reining in expenses. Collaborate with other family members or friends in the group to pool resources and get a more expensive gift that will be cherished. Or try a Secret Santa game where each person only buys 1 gift for the person they were assigned—this way instead of buying 7 different gifts, there’s more money to focus on a single perfect present.

  4. Shop Early in the Season: When people wait too long, they tend toward impulsive purchases that can be expensive. Shopping under pressure makes it harder to say “no” to items that cost more than originally budgeted. Plus, by shopping early, there’s more time to enjoy the season.

  5. Watch “Reward” Offers: Many retailers offer tiered rewards in relation to the amount you spend—for example $5 off a $50 purchase, $15 off of a $100, or $35 off of a $200 purchase. This is the gamification of spending so that you will feel like your saving more even though you’re also spending significantly more than you intended. Of course, if you were planning to spend over $200 at a particular retailer anyway, then this is a great deal. A smart rule is to only use rewards for purchases you were planning to make without the special offer. That’s the only way you will truly end up saving on your budget.

  6. Take Advantage of the Big Sales: From Black Friday through Cyber Monday, you can get some amazing bargains if you’re prepared. First, ensure an item is on your list, then check which stores will be offering it at the best sale price. Sign up for newsletter emails from your favorite stores to get advance notice about special sales and insider-only deals. Also, many deals will be listed in advance on:

  7. Leave Your Credit Cards at Home: Ideally, shop with cash or a debit card to avoid maxing out your credit cards. Shopping with credit cards makes overspending a huge risk, plus many studies show that people spend more when they pay with credit. If you are not comfortable carrying cash or if you do not have a debit card, then use only one credit card and keep a running tally of your purchases.

  8. Avoid Applying for Store Charge Cards: Store-brand charge cards may offer a significant day-of-purchase discount or a period of no-interest on day-of-purchase items, yet these cards often come with high interest rates as well as other fees. If you do not repay the full balance the next month, the interest charges could equal or outweigh what you save at the register! Plus, applying for a new credit card usually involves a credit inquiry and that inquiry may lower your credit score. It’s always better to pay cash or use a debit card—or use a credit card you already have if you can repay it in full by the due date.

  9. Use Savings Apps: If you’re shopping online, enter the item into Google and click the Shopping tab to see the lowest price (including shipping costs). Other tools that help you find the lowest price easily include apps such as ShopSavvy (iOS, Android) and RedLaser (iOS, Android)—they let you scan a product’s barcode or QR code to find if other stores or sites have better deals on the item.

  10. Get Free Shipping: Many retailers offer free shipping for holiday purchases; although, sometimes there is a requirement for a minimum purchase amount. Overall, during the season, shipping costs should be least costly expenditure on your list.

If you’re still paying down debt from previous credit card debt and worried this holiday will only get you deeper in debt, reconsider giving gifts at all! The people in your life who truly care for you would rather you keep your money than put yourself deeper in debt just to show them you care.

Getting into unmanageable amounts of debt doesn’t just happen because you spend too much over the holidays. Typically, it’s a hardship or unexpected large expense that pushes things over the edge. But the more you can control your spending and keep your credit card debt under control, the more you can protect yourself from sliding down a slippery slope into heavy debt.

But if that does happen, remember that we are here for you. The Freedom Debt Relief program was designed to help people who want to live a debt-free life and just need a little help to get there. To learn more about how our program has helped people get back on track to a brighter future, check out some reviews from our clients.

Save Over $100 When You Unsubscribe From Entertainment Apps

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You already know it’s not good for your budget if you go to a concert or the movies every day, but how often do you indulge at home when it comes to music, music and television?Are you paying more than you think to enable frequent weekends of binge-watching the newest season of your favorite shows?

Today’s subscription services add up quickly. And by cancelling the ones you use least, you could save significant money each year. Keep in mind that $9.99 per month might not break your bank account; however, that’s nearly $120 annually and each rarely used subscription is money that could be in your pocket.

Although you probably don’t want to give up your all access connections to entertainment, ask yourself if you are truly getting your money’s worth. These services charge the same, no matter if you use a subscription for a hundred hours each month or zero hours each month.

Here’s how to start saving without losing your entertainment options: First, evaluate the services you use daily and weekly—if you’re using a service often and the subscription fee is providing hours of entertainment, then the outlay of dollars is worth the cost.

Next, think about the subscription services you might use once a month or less.

Maybe you’re a big fan of a talk-radio show on Sirius XM? Or maybe there’s a show on HBO or Hulu that you love? That’s great; however, do you have time to listen to talk radio? Is there anything else on that particular streaming roster that interests you? If not, then it might be more financially resourceful to investigate free podcasts you can download.

If you’re only subscribing to a service to watch one or two shows, it might make much more money sense to purchase downloads of the entire season. Being tied to a monthly subscription for a service when you rarely, if ever, watch any other of the programming on that same streaming service, it a waste of money.

Streaming services can add up quickly. We’ve put together a list of many popular subscription costs (monthly | yearly)—although the fees vary depending on the type of plan you subscribe to—so that you can see how much you’re spending each month an annually. Review which subscriptions you have:

TV & Movies:

  • HBO Now costs $14.99 per month, which is $179.88 per year annually
  • Hulu costs $7.99–$11.99 per month, which is $95.88– $143.88 annually
  • Netflix costs $8–$12 per month, which is $96–$144 annually
  • Amazon Prime Video costs $8.99–$10.99 per month, which is $107.88–$131.88 annually
  • Cable TV Plans costs $50–$100+ per month, which is $600–$1200+ annually

Music & Radio: Whatever you jam, you can cut costs by narrowing down to a single service.

  • Sirius XM costs $19.99 per month, which is $239.88 annually
  • Apple Music costs $9.99 per month, which is $119.88 per year
  • Amazon Music Unlimited costs $7.99–$9.99 per month, which is $95.88–$119.88 per year
  • Spotify costs$9.99 per month, which is $119.88 per year
  • Pandora costs $3.99 per month, which is $36 per year—if you can’t live without Pandora, then ensure to upgrade to an annual subscription

Someone who subscribes to all of the above might be paying over $2,435 a year! To help cut costs and still ensure there’s enough entertainment at your fingertips, narrow down to one music plan and two television services. If you already know you watch streaming more than cable, you have a chance for even bigger savings. Depending on your cable plan, going cable-free could save you more than $3 a day — that’s over a $1,000 annually!

Even switching from cable to a Live TV service can be financially beneficial. With Live TV, you can stream all available content from one app across multiple electronic devices—in other words you can watch it on a TV or on a mobile phone. Plus there are no additional boxes in your living room and equipment rental fees to pay. And because there are no subscription contracts or hidden fees, you can decide to cancel at any time without worry if you realize you don’t use the service as much as you thought you might. Most Live TV services are about $39.99 a month, or $479.88 annually, which is a significant savings over even the most basic cable packages.

Along with stopping entertainment subscriptions, there are services that can help you find other opportunities to cut costs, such as with Trim—it’s an app that can help you find subscriptions to cancel as well as automatically renegotiate provider bills (such as when the special deal ends) and provide price protection for Amazon purchases.

Even if stopping a few entertainment subscriptions doesn’t change your finances immediately, every bit of savings collectively can help you achieve financial freedom and taking this first step is the most important part. By accurately evaluating your enjoyment of subscription services, you’ll be able to decide what provides the best value for you and what seems like fluff. Plus there’s the potential to have extra money to use toward a car payment, credit card debt, a utility bill, or whatever else will be more valuable for you than a subscription you barely use.

Along with curbing some subscriptions, another great way to find some extra savings without adjusting your lifestyle too much is with home energy bills. From running your fan in a different direction to knowing when the chimney damper should be closed can cut energy usage and help you save money. Learn how you could reduce costs in your own home, while still living comfortably—take our energy IQ quiz.

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5 Not-So-Smart Ways to Pay Off Debt

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Posted in: Debt, Debt Consolidation, Debt Options


Debt payoff is a great goal—whether it’s student loans or credit cards, eliminating what you owe can help you feel free. Any effort to pay off debt is worth the work, yet some types of repayment might make your debt problem worse. As you take control of your debt, learn the repayment tactics to avoid and what to do instead.

  1. Getting a Home Equity Loan: It can be tempting to think about withdrawing cash from your home equity to pay bills. You apply for a home equity line of credit (HELOC) and transfer all of your debts into this single, larger loan. The upside is one monthly bill that could be at a lower interest rate. However, your home is now the collateral securing the debt. In other words, if you get into a situation where you cannot make the full payment on the HELOC, then your residence can be at risk.

    What to do instead: Apply for a personal loan. This can also provide the benefit of a single payment at a lower interest rate. If you’re concerned you won’t qualify for a low rate, explore using a newer independent lender rather than a traditional bank or credit union. Newer lenders use different criteria to evaluate how likely a person is to repay a loan. Alternatively, consider a balance transfer to a credit card with a low-interest promotional offer. Only do this if you can fully pay off the card within the low-interest time period, or else you could be back where you started.

  2. Taking a Payday Loan: It sounds like a good way to tide you over until the next paycheck, yet most borrowers will not repay the loan in full when they get paid or might even make their debt worse by borrowing again. Payday loans can have an annual interest rate of up to 400%. To put this into financial perspective, this means that over 3 months, the interest on a $300 payday loan debt could grow to be as much as $270 compared to just $12 if it grew at 16% credit card interest.

    What to do instead: Set aside part of your income—10% or more, if you can—into an emergency fund. Even $100, $500, or $1,000 can make a big difference in handling an unexpected medical bill or car repair.

  3. Making an Early Withdrawal from Retirement Funds: Retirement savings, such as a 401(k), can be crucial since Social Security is expected to cover only a portion of most people’s retirement expenses. In addition, if you pull out funds prior to withdrawal age, you can incur both taxes and penalties, so you will not get the full value of your savings.

    What to do instead: If necessary, try other options for repaying debt—including debt negotiation, debt consolidation, or credit counseling.

  4. Skipping Tax Payments: Not paying taxes so you can use the funds to repay debt is like jumping from the frying pan into the fire! You can face harsh federal or state consequences, such as interest and penalties on the debt, garnished wages, or possibly time in jail.

    What to do instead: Talk to an accountant, tax attorney, or tax debt resolution firm as these professionals might be able to negotiate a lower payment for your taxes and/or your other debts.

  5. Extending Student Loan Timeframes: Stretching student loan repayment periods farther than you absolutely need to can cause you to be paying for college until you’re close to retirement!

    What to do instead: If you cannot pay your student loan, contact the lender immediately to learn about possibilities, yet be cautious of deferment programs as these can prolong the debt. Also think if there are ways for you to find money for these loan payments: Can you take an extra job? Get a roommate? Cut down on eating out of the house? Your future self will thank you for today’s sacrifices.

Paying off debt the right way can help ensure you don’t make your financial situation worse. Getting out of debt is tough and you might still need help even though you have tried some of the above steps. If so, then consider enrolling in a debt relief program like the one offered by Freedom Debt Relief. Designed to get you on track, our program might help reduce the overall amount you owe to your creditors and could help you pay off your debt in a smarter, faster way.

Regardless of the program you choose, make certain to select a company that is a member of the American Fair Credit Council (AFCC) as this ensures high standards for consumer advocacy and your protection.

5 Tactics You Need to Know to Tackle Medical Debt

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Posted in: Debt


Did you know that one in four Americans currently struggles with medical debt? Although 8.8% of Americans—that’s over 28 million citizens—don’t have health insurance, even those with medical insurance often end up paying out of pocket for significant medical expenses. In fact, 63% of insured Americans report using up all or most of their savings to pay their medical debt. This savings drain has caused 7% of Americans who carry medical debt to file for bankruptcy.

One of the most important aspects of the Affordable Care Act (A.C.A.), sometimes called Obamacare, was that it dropped the number of personal bankruptcies in the United States in relation to medical bills. According to Consumer Reports, personal bankruptcy filings decreased by just over 50% after the implementation of the A.C.A.

Sometimes you can receive a costly medical bill even with insurance. Although most medical practices and hospitals will bill the insurer as a courtesy, it is still your responsibility to ensure the bill is received by your insurance company. This may require calling your insurer to make certain they will have everything needed to process the payment.

In addition, bills can seem shockingly high and you may wonder if it’s accurately reflecting the amount you owe. This may require a bit of legwork as sometimes medical billings can have errors, such as when a procedure number is transposed or there’s a duplicate service. It is good practice to always examine the bill itself as well as the Explanation of Benefits an insurer sends to you. Then, if anything looks unfamiliar, reach out to the medical facility as well as the insurance company to ensure accuracy.

The United States spends an average of over $10,000 per person on health care costs each year—in fact, compared to countries around the globe with similar average life expectancy, the U.S. spends more money per citizen than any of them.

And medical debt is hurting 43 million Americans where it hurts—with their credit. When faced with high medical bills, it may seem good to pay them off with a credit card; however, there are smart alternatives that offer better protections. After reviewing the bills and removing any errors, discuss with the practitioner’s office if there’s an opportunity to settle the bill for a lower amount than you owe. Medical bills aren’t set in stone the way a credit card bill can be. Many medical facilities will allow for you to negotiate the final amount owed with no impact to your credit report. By offering to pay with a reasonable amount in a single payment—if you can afford to do so—can provide the most flexibility for a lower final amount. However, if you need a payment plan, then many medical facilities will work with you to find a monthly amount you can afford. Some healthcare providers offer payment options, such as:

  • Low Interest Payments: If you can’t pay the bill off in full, this interest rate will be advantageous in comparison to the interest rate on a credit card.
  • Agreed-To Amounts: Many providers work with patients to find a monthly amount that works within a patient’s budget without creating financial flags on a credit report.

In addition, if anything goes awry and you can’t pay the credit card bill, then late fees will be dings on your credit report. Whereas, paid medical bills don’t appear on your credit report and hospitals don’t report unpaid bills to the credit agencies. However, if medical bills aren’t paid after a certain period of time, they may be turned over to a collection agency. A medical bill can only impact your credit if the bill is sent to collections, which can result in a 50–100 point drop in your credit score.

Finally, if you do max out your credit and have trouble paying the bills, this will impact you long-term as it can damage your credit score. From buying a new car to getting a new cell phone plan, credit is important for everyday needs. Having good, solid credit can ensure you have options when you need them, plus save you money in fees and interest.

Review your options carefully when deciding how to repay your medical debt. Today’s choices will impact your future for years to come.

In summary, keep in mind these 5 tactics for dealing with medical bills:

  • Review bills for accuracy of services and billing codes
  • Review insurance company’s Explanation of Benefits to determine amount you owe
  • Negotiate with medical facility to lower final amount to something you can afford
  • Ask about payment plan options if you can’t immediately pay the final amount in full
  • Avoid using credit cards for payment of medical bills as there’s a greater risk to your credit score if you miss any payments

Finally, if after you apply these tactics and still feel overwhelmed by medical debt, then consider enrolling in a debt relief program like the one offered by Freedom Debt Relief. Such programs can help with debt negotiation and/or debt consolidation, plus offer credit counseling as part of the program. Enrollment can help to reduce financial stress as you know you’ll be on a path toward the solution. And always ensure to select a program with a company who is a member of the American Fair Credit Council (AFCC), as then you will have the help of a professional adviser who can be a partner for getting you on track.

4 Facts That Could Help You Keep Old Debt in the Past

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Posted in: Credit Cards, Debt, Debt Settlement, Money, Uncategorized


Here’s some good news for people with old, unpaid debt: your debt may have already expired under the statute of limitations! Expired debt, also known as time-barred debt, zombie debt, or out-of-statute debt, could be harder for creditors to collect. That doesn’t mean they won’t try to get you to pay it back, though.

The statute of limitations puts a cap on the amount of time a creditor has to sue you for your unpaid debt. But it could be complicated to find out if you’re responsible for paying your old debt because different statute of limitation rules apply depending on the type of debt, the state you live in, and the contract you signed. These facts could help you defend yourself from zombie debt.

It’s Hard to Tell If Your Debt Has Expired

Determining if your old debt is expired under the statute of limitations can be tricky for the following reasons:

  • Depending on the state, certain debts may have a longer statute of limitations than other types of debt, like a vehicle loan.
  • The time that a creditor has to collect a debt also varies from state to state, generally ranging from 2 to 10 years.
  • The contract you sign with a creditor could include statute of limitations rules from an entirely different state than you or your creditor (This may appear in a “Choice of Laws” clause on your contract).

If a creditor contacts you to collect an old debt, it’s important to look through your contract and know which state’s statute of limitations rules apply to the debt in question. After reviewing your contract and finding out which statute of limitations you agreed to, a quick search on the internet could help you figure out if your old debt has expired.

Expired Debt Isn’t Forgiven Debt

Wouldn’t it be great if old debts just died? Unfortunately, they don’t. Just because the statute of limitations is expired on your debt doesn’t mean that your debt is forgiven or considered to be paid off. Even if you don’t realize you have an expired debt, it could still have an impact on your credit profile. In fact, having an out-of-statute debt could show up on your profile for up to 7 years or more. To be safe and make sure you don’t have an old, unpaid debt, you could always get your yearly free credit report.

Creditors Might Still Try to Collect a Time-Barred Debt

Just because you have an out-of-statute debt doesn’t mean a debt collector won’t try to collect your old debt. Creditors and debt collectors may call you, or even try to take you to court, for a time-barred debt. However, an expired statute of limitations could be a defense against any such lawsuit.

It’s your responsibility to tell the court that your debt is expired if you get a court summons. Otherwise, you may end up having to pay the debt, plus any late fees and interest charges accrued. If you have questions about your legal options on an expired debt, contact a licensed legal professional in your jurisdiction.1

Watch Out: Your Zombie Debt Could Come Back to Life!

Even if a debt collector doesn’t take you to court, they could still contact you to get you to pay your old debt. If you’re ever contacted by a debt collector about your zombie debt, be careful. If you put even 1 cent towards your old debt voluntarily, you could reset the clock on the statute of limitations and you may be on the hook to pay it off again. If you admit to owing the debt in writing, you could reset the statute of limitations, too.

The only way to make sure that a valid debt stays in your past is by paying it off. But that doesn’t mean you have to pay on your creditor’s terms. Freedom Debt Relief offers a debt settlement program that could help you resolve your debt faster and for less than you currently owe. If you qualify, our program could give you peace of mind knowing that your old debt won’t come back to haunt you ever again. Find out how our program works here.

1 We are not lawyers – materials provided in this blog is general information – please consult a licensed legal professional in your jurisdiction for further information or advice.

4 Proven Ways to Get Rid of Money Stress

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Posted in: Debt, Debt Relief, Goals, Money



Worrying about money problems and debt is unfortunately pretty common. Covering your monthly bills could make you anxious enough, but what if you suddenly need to pay for car repairs or some other expenses you hadn’t budgeted for? Stress and money can go hand in hand…which could have serious implications on your mental outlook.

A recent survey found that 25% people who are in debt have symptoms similar to post-traumatic stress disorder (PTSD)—36% if you happen to be a millennial. Symptoms can manifest themselves as:

  • Worry: You have excessive concern about being homeless or other worst-case scenarios around being unable to pay off debt.
  • Nightmares: Sleepless nights can have severe impact on your day-to-day life.
  • Avoidance: If you don’t pay bills on time, you could incur late fees.
  • Denial: You ignore the reality of the situation and don’t take ownership for paying off debt.

If this sounds familiar, then recognize you’re not alone. Nearly 40% of U.S. households have credit card debt. And for those who carry a balance, the average debt is $16,048 on those cards and the interest can cost as much as $1,300 per year.

Understanding your reaction to money problems can help you adjust your approach, take control of your finances, and reduce your stress levels.

  1. Stop Retail-Therapy: Ebates research found that over 60% of women and nearly 40% of men shopped to improve their mood. Before you buy, learn to HALT by questioning if you’re Hungry, Angry, Lonely, or Tired. By taking a moment to assess, you can discover what will satisfy you—eating a snack, addressing an issue with your spouse, calling a friend, or going to bed early. The benefits of HALTing can be long lasting, and leave you with fewer/lower bills to pay at the end of the month. To resist online impulse-buys, delete credit card information stored on your computer and mobile devices.

  2. Curb Anxiety: Money problems can make you anxious and fearful. Be proactive to stay on track for paying down debt:
    • Set Up Automatic Minimum Payments: This can help ensure you don’t receive late fees.
    • Put Credit Cards Out of Reach: Rather than cut them up, simply take them out of your wallet. If it’s still “too easy to spend,” then try freezing the cards in a container of water or take them out of the house and put them in safe deposit box at a bank.
    • Find a Credit Counselor: Consider hiring a professional service that can coach you on how to create better budgeting skills.

  3. Calm Yourself: These proven techniques can help you feel more relaxed so that money stress doesn’t take over your life.
    • Start Exercising: Work with a doctor to create an exercise plan.
    • Learn To Meditate: Attend a class or download a free app.
    • Seek Counseling: Look for a mental health counselor who can help you understand the root causes of your stress.
    • Avoid Splurging: This can be confusing as being happy is good, yet feeling loose (especially if you’ve had alcohol) can quickly lead to financial splurges. Set up situations where you celebrate with friends at home.

  4. Become Empowered: Remember, you’re in control! Listen to how “I choose to live frugally” sounds better than “I should live frugally” because it reinforces your power. By saying “I choose…” to friends, family, and yourself, it states this is your decision. And you can be an inspiration to others by showing how serious and relaxed you are about being careful with your money. Remember that you own this choice knowing it will help you eliminate your debt.

If after you apply these strategies you still feel overwhelmed by debt, then consider enrolling in a debt relief program like the one offered by Freedom Debt Relief. Such programs could help reduce the amount you owe for an affordable, predictable monthly cost. Even the simple act of enrolling in a program could immediately reduce stress, since you know you’re on a path toward the solution!

9 Amazing Ways to Save $300 Every Month

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Posted in: Budgeting, Goals, Money

What could you do with an extra $300 a month? You know the saying “every penny counts,” yet how do you make those pennies add up to dollars? A few small changes can help you save money every day and keep more in your pocket.

Imagine how $300 could be put toward a car payment, pay down a medical bill, or help get your kid their dream toy for a birthday present.

These 9 budget tips can help you save money fast to provide some financial “breathing room” or to use toward a special savings goal.

  1. Host a Game Night

    Instead of meeting friends out for dinner, have them come over for dessert and board games. To cut costs, ask them to contribute a bottle of wine or a six-pack toward the festivities.

  2. Cancel Your Gym Membership

    If you’re a gym regular, keep it up and enjoy yourself! But if you don’t go to the gym at least 3 times a week, you may be wasting some money. Check out a local recreation center where there is a fitness room. These gyms can cost as little as $24 a month and might be half that price if you’re 50 or older. 

  3. Empty Your Storage Unit

    The average monthly fee for a 10’x10’ storage unit is $100. Evaluate what you need versus the “maybe we’ll use that … someday” items—and as you hold each item ask yourself if it’s worth $1,200 per year?

  4. Have Coffee In vs. Coffee Out

    Learn to make lattes at home and you can save almost $10 each week.

  5. Search for Coupons

    As internet shopping becomes commonplace, always take a moment to search for an online coupon before Checkout. Often you can save on shipping or receive 10% off all for a few clicks.

  6. Switch Cell Phone Plans

    Ask about different plans to see which best fit your needs and might cost less. Or consider switching to a less pricey providers or get a prepaid plan.

  7. Buy Generic

    At the supermarket, store-brand groceries can cost 10% less than name-brand products. So if you spend $100 a week on name-brand groceries, buying store brands instead is an easy way to save $10 or more.

  8. Call Your Insurance Company

    See if there are discounts available for having multiple policies with the same provider. And if you have enough savings on-hand to cover expenses for filing a claim, then consider raising the deductibles on your policies as this will lower the annual premiums.

  9. Lower Your Energy Usage

    There are multiple ways to save on energy costs by managing air drafts, adjusting hot water heaters, and monitoring the washing/drying of clothes.

    • Air Drafts

      Check for spots where outside air can enter your home—the most common locations are doors and windows, followed by locks, electric outlets, air conditioners, and recessed light fixtures. Install weather stripping and door sweeps, plus cover outside vents, including air conditioning units.

    • Water Heater

      Adjust the water heater temperature to 120 degrees or, if you have only a knob, turn it down a level. You can save up to 10 percent on energy costs, yet still have all the hot water you need.

    • Washing/Drying of Clothes

      Using the cold cycle in the washer can save up to 90 percent of the energy costs. While a clothes dryer is one of the highest energy vampires, use a clothesline (inside or outside) to hang dry as many items as possible.

6 Ways to Plan for a Debt-Free Holiday

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Posted in: Budgeting, Credit Cards, Debt, Money

The holiday season is fast approaching and with it come the feasting, festivities, and financial obligations many of us have come to dread. According to Gallup, Americans will spend an average of $830 this year on gift giving. This figure will increase if you’re a parent: playing Santa can cost between $400 to $500 per kid. So, unless you happen to have a significant amount socked away for just this purpose, your holiday shopping sprees could garner you holiday debt come January.

But by following these six tips, you may still be able to enjoy the season, while ensuring your credit card debt doesn’t get out of hand.

  1. Make a spending plan

    2. Take a hard look at your finances and figure out realistically how much you’ll be able to set aside for holiday shopping. Then, draw up your list and figure out your budget. The key is to stick with the plan. If you don’t start out with a firm idea of how much you’re able to spend on each person, it’s easy to get sucked into impulse buying.

  2. Set money aside

    3. With the multitude of savings apps now available, there’s never been an easier time to put money away. These apps encourage and track your savings and range from simple piggybank-like features that allow you to put small amounts away regularly to more sophisticated versions that let you trade stocks as well.

  3. Start early

    4. The benefits to getting a jump on your holiday shopping are many. You can spread out the total expense and effort over multiple months, and chances are, if you’re more relaxed about the whole endeavor, you’ll make better choices and stay within your budget more easily. (Remember that budget)?

  4. Shop online

    5. Shopping online offers many advantages, but the top perk is being able to compare prices to make sure you get the best deal. If you fail to complete your holiday shopping early, there’s always Cyber Monday. You’ll be in good company as, according to Netmarketer, online sales will increase by 16.6% this year.

  5. Use caution with cards

    6. If you do go the credit card route, charge only what you know you can pay off the following
    month to avoid interest fees. For example, a holiday bill of $1,000 becomes $1,190 when you
    factor in an interest rate of 19%. This could take you months to pay off. Wouldn’t you
    rather put that money toward a summer vacation than still be paying off holidays come July?

  6. Take cash only

    7. If you prefer shopping in the real world, consider leaving your cards at home to avoid the urge to overspend. To score some serious bargains, wait for Black Friday. The 2016 average price reduction on goods over the four-day day period following Thanksgiving was a whopping 44%.

If you’re already concerned about your credit card debt situation right now and worried the holidays will only make it worse, you may want to consider taking more proactive measures to begin tackling your debt. Learn more about how the Freedom Debt Relief program works and whether it could be the right solution for you. Even if you enroll in our program today, you won’t be able to get rid of all your debt by the time the holidays hit, but at least you can know you are doing something to make your debt situation better.

5 Brilliant Ways for Couples to Get Out of Debt Together

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Posted in: Budgeting, Credit Cards, Debt, Debt Relief, Goals, Relationships

Once you’ve found the person you want to spend your life with, you’ll do anything to keep your relationship strong. And sometimes, money problems and debt stress can make that tricky.

Even though talking about your finances can be scary, bringing it up now could help you avoid future relationship or marriage issues and create a deeper and more supportive connection with your partner. Here are some simple ways you and your partner can overcome debt and build a better life together.

  1. Be Honest

    2. When you’re in a serious relationship, honesty is always the best policy—especially when it comes to money issues. Letting your partner know about your money problems is important if you want a relationship based on honesty and trust. Plus, being truthful about your debt could lead to more open communication in all areas of your relationship.

    If you keep your debt a secret, you could be creating tension in the relationship without even realizing it. Talking openly about student loans, credit cards, personal loans, and other forms of debt with your partner could help bring you two closer. And chances are, they may have some debt of their own to talk about.

    These discussion don’t have to be too serious, either. Why not make a date of it? Each of gets a free copy of their credit report at www.annualcreditreport.com, and then you can go over them together.

  2. Identify wants and needs

    3. After you two have talked about your debt situations, sit down with all of your bank and credit card statements and identify unnecessary expenses together. This is a problem both of you can solve!

    • Look through your statements and highlight “Needs” like your mortgage, car payments, and insurance in one color.
    • Highlight “Nice-to-Haves”, like gym memberships, cable, or high-speed internet, in another color.
    • Finally, highlight “Wants”, like entertainment or expensive restaurants in a third color.

    Once you create these three categories, discuss and debate which expenses you can afford to cut as a couple. Then, plan out how much you’ll each put against the debt each month.

  3. Support each other

    4. Budgeting, cutting back, and paying off debt isn’t always easy. But knowing that you have someone on your side who supports you and wants the best for you could give you the extra motivation you need to get out of debt. By encouraging each other and committing to a common goal, you won’t just improve your financial wellbeing—you could also strengthen your bond as a couple.

  4. Set goals and reward yourselves

    5. Getting out of debt could take a long time, so it’s important to break your ultimate goal into smaller, more manageable ones—like staying on track with your monthly budget, paying off a credit card, or reaching other milestones in your debt repayment plan. After achieving each of your goals, reward yourselves with a night out, a bottle of wine, or a special home-cooked meal. Just remember to stay within your budget.

    You could even make a game out of the weekly goals you set for yourselves. For example, one week you could have a contest to see who can save the most money. Whoever wins could get to choose the next movie you watch, get a neck massage, or have a pass from doing their least favorite chore for a few days. Celebrating your victories together could keep you and your partner motivated throughout the process of solving your money problems.

  5. Know when to seek help

    6. Why do couples fight about their finances? Because money problems put pressure on each person in the relationship, creating feelings of guilt, fear, and anxiety that can make them lash out or act irrationally. If you’re worried that debt is starting to negatively affect your relationship, it may be time to get professional help.

    Some people try financial counseling for couples, where you and your partner talk to financial expert or a representative from a credit counseling agency about how to deal with your debt. Using this method, a credit counselor may be able to reduce the interest rate on your credit card debt if you enroll in a Debt Management Plan.

    However, if you and your significant other are experiencing a financial or life hardship, or struggling to make minimum payments on your high-interest debt, a better plan may be to enroll in a debt settlement program together. And since you can enroll as a couple into our program, Freedom Debt Relief could be the perfect option for you.

    After enrolling in our program, our expert debt negotiators will work on your behalf to reduce the total amount of debt you owe your creditors. That way, you and your partner could save more and get out of debt faster than making minimum payments. Learn more about how our program works here.

How to Improve Your Financial Well-Being

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Posted in: Budgeting, Credit Score, Goals, Money

Whether you’re a financial expert or just starting to learn about personal finance, managing your money can be hard. How is your credit score calculated? How important is it? These tips could help answer those questions and help you improve your financial well-being.*

1. Make a Budget

Evaluating your financial situation is the best way to make sure you are practicing good habits. But you don’t need an expert to review your personal finances and make sure you’re on track. All you have to do is create a budget.

Budgeting is a lot easier than you might think. First, make a list of all of your monthly expenditures, including housing, transportation, food, insurance, childcare, and any other expenses you may have. Then, look at your monthly income after taxes. If you still have money in your budget after all your expenses, you’re on the right track with your personal finances.

On the other hand, if you find that you are overspending, making less than your monthly expenses, or relying on credit cards to fill the gap between your income and your expenses, you may need to balance your finances. Depending on how much you’re spending, you might be able to monitor your budget and correct the issue. But if you are in heavy debt or you’re making a lot less than you’re spending, you may want to seek professional help.

2. Know How Credit Scores Work

Another indicator of financial health is your credit profile. Most people know that a higher credit score means that they will qualify for loans, credit cards, and mortgages more easily and at a lower rate. But most people are never told how credit scores are calculated.

The Fair Isaac Corporation, or FICO, developed credit scores to determine a borrower’s likelihood to pay back a lender. All three credit bureaus—Experian, Equifax, and TransUnion—use this data to determine a score. So, whenever you hear “FICO score,” “credit score,” and “credit rating,” they all refer to the same thing.

Credit scores can range from 300 to 850, based on credit history and habits. Here is the breakdown of how credit scores are calculated:

Once each year, you can request a copy of your credit report from all three bureaus at annualcreditreport.com, or by calling 877-322-8228. After accessing your free credit reports, you can review the information on the reports, make sure it’s correct, and dispute any false information.

If you see inaccuracies on any of your credit reports such as a wrong address, missed payment, or incorrect outstanding balance, use the information on their website to contact the credit bureau and ask them to review the mistake. Under the Fair Credit Reporting Act, credit bureaus must investigate any disputed items and remove them if they are incorrect.

Spending just a few minutes reviewing your credit reports could protect you from identity theft and keep you on the track to good financial health.

3. Stop Paying Just the Minimum

Also known as revolving your debt, making minimum payments might seem like a perfectly normal habit. The truth is, it could seriously harm your financial wellbeing in the long run. If you only pay the minimum on your debt and keep using your available credit, your credit utilization will rise. If your debt gets too high, your minimum payments could be hard to keep up with, leading to missed payments that cause even more financial stress. Paying as much over the minimum as possible could help you avoid all of these problems, get out of debt faster, and start saving more money.

4. Start Your Emergency Fund

Having money in savings for an emergency can make a bad financial situation easier to deal with. Saving even 10% of your paycheck each month could save you from a financial disaster. But you won’t be able to save money if you’re paying off unsecured debt like credit card or loan debt.

Think of unsecured debt as negative money in your account. If you owe $1,000 and you only have $250 saved, you’re $750 in the hole. And since unsecured debt usually has high interest rates, the amount you owe could go up every month.

That’s why it’s so important to get out of debt as quickly as possible. The faster you’re out of debt, the faster you can build up your savings so you won’t end up in the same situation again.

If your debt situation is so bad that you aren’t able to save up, the first and most important step to improving your financial situation is getting your debt under control. You can do this in many ways, including the debt settlement program offered by Freedom Debt Relief. So if you’re ready to stop making minimum payments and deal with debt head-on, learn about how our program works and see if we could help you clear your debt away faster.

*We are not financial planners and cannot give advice as such – materials provided in this blog is general information – please consult a professional for further information or advice.

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*Clients who make all their monthly program deposits pay approximately 70-75% of their original enrolled debts over 24 to 60 months. Not all clients are able to complete their program for various reasons, including their ability to save sufficient funds. Our estimates are based on prior results, which will vary depending on your specific enrolled creditors and your individual program terms. We do not guarantee that your debts will be resolved for a specific amount or percentage or within a specific period of time. We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Our service is not available in all states and our fees may vary from state to state. Please contact a tax professional to discuss potential tax consequences of less than full balance debt resolution. Read and understand all program materials prior to enrollment. The use of debt settlement services will likely adversely affect your creditworthiness, may result in you being subject to collections or being sued by creditors or collectors and may increase the outstanding balances of your enrolled accounts due to the accrual of fees and interest. However, negotiated settlements we obtain on your behalf resolve the entire account, including all accrued fees and interest. C.P.D. Reg. No. T.S.12-03825.