Managing Debt For Dummies

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ISBN: 9780470084861 | 0470084863
Cover: Paperback
Copyright: 1/30/2007

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If you're trying to kick the "Buy Now/Pay Later" habit and get your spiraling debt under control, you need Managing Debt For Dummies now! This practical, commonsense guide provides straightforward strategies for coping with every kind of secured and unsecured debt, including, personal loans, car loans, mortgages, home equity loans, lines of credit, credit cards, finance company loans, and student loans. You'll find out how easy it is to: Distinguish between good and bad debt Go on a "debt diet" to get back into financial shape Start a filing system to track debt and protect life after debt Adopt a smart spending regimen Increase your income Consolidate your debt Decide which bills to pay when you can't pay them all Use credit cards responsibly You can still live well while slashing spending on groceries, clothing, and entertainment. Find out how in Managing Debt for Dummies.

Introduction	p. 1
About This Book	p. 1
Conventions Used in This Book	p. 2
What You're Not to Read	p. 2
Foolish Assumptions	p. 3
How This Book Is Organized	p. 3
Getting a Grip on Your Finances	p. 3
Going on a Debt Diet	p. 4
Tackling Your High-Stake Debts	p. 4
Avoiding Debt Problems down the Road	p. 4
The Part of Tens	p. 4
Icons Used in the Book	p. 5
Where to Go from Here	p. 5
Getting a Grip on Your Finances	p. 7
The Basics of Managing Too Much Debt	p. 9
Taking Stock of Your Finances	p. 10
Using a Budget to Get Out of Debt	p. 11
Taking the Right Steps When You Have Too Much Debt	p. 12
Handling Debt Collectors	p. 14
Realizing your rights	p. 14
Understanding why debt collectors behave like they do	p. 15
Paying Special Attention to High-Stake Debts	p. 16
Getting a Financial Education	p. 17
Good debt, bad debt: What's the difference?	p. 17
Distinguishing between types of credit	p. 18
Seeing yourself through a creditor's eyes	p. 19
Building a better credit history	p. 20
Using other financial management basics	p. 21
Facing Financial Facts	p. 23
Answering Some Questions	p. 24
Evaluating Your Relationship with Money	p. 25
Equating stuff with success	p. 25
Recognizing emotional spending	p. 26
Living for the moment	p. 26
Checking Out Your Credit Reports	p. 26
Getting copies of your credit reports	p. 27
Knowing why your reports matter	p. 28
Finding Out Your FICO score	p. 29
Comparing Your Spending to Your Income	p. 30
Gathering the necessary materials	p. 30
Categorizing your expenses	p. 30
Figuring out the fritter factor	p. 31
Totaling spending and earnings	p. 32
Calculating your financial bottom line	p. 32
Adopting an Attitude for Success	p. 37
Believing in Yourself	p. 38
Handling Setbacks	p. 39
Asking for Help	p. 42
Making Your Family Members Your Financial Allies	p. 43
Pulling together with your spouse or partner	p. 43
Talking money with your children	p. 44
Going on a Debt Diet	p. 47
Building a Budget	p. 49
Comparing Your Monthly Spending and Income	p. 50
Tackling a Budget Deficit	p. 51
Cutting expenses	p. 52
Focusing on reducing debt rather than saving	p. 52
Using other strategies	p. 53
Paying the Important Stuff If You Can't Pay Everything	p. 54
Distinguishing between secured and unsecured debt	p. 55
Knowing when to prioritize an unsecured debt	p. 55
Examining a Budget Surplus	p. 57
Finalizing and Sticking to Your Budget	p. 57
Steeling your resolve	p. 58
Checking your progress each month	p. 60
Slashing Your Spending and Making More Money	p. 65
Finding Ways to Spend Less	p. 65
Looking for good deals	p. 66
Spending less on your housing	p. 66
Lowering your utility bills	p. 67
Eating for less	p. 68
Paying less for transportation	p. 70
Having fun for less	p. 71
Looking good for less	p. 72
Dressing for less	p. 73
Reducing your phone costs	p. 73
Saving on prescription drugs	p. 74
Inching down your insurance costs	p. 75
Bringing in More Bucks	p. 78
Earning more at your current job	p. 78
Looking for a new job	p. 79
Getting (and surviving) a second job	p. 82
Considering freelancing	p. 83
Negotiating with Your Creditors	p. 85
Getting Ready to Negotiate	p. 86
Listing all your debts	p. 86
Zeroing in on certain debts first	p. 87
Reviewing your budget	p. 88
Pulling together your financial information	p. 90
Getting Down to Business: Contacting Creditors	p. 91
Making the Agreement Official: Putting It in Writing	p. 92
Consolidating Your Debts	p. 95
Knowing When Debt Consolidation Makes Sense	p. 95
Considering Your Options	p. 96
Transferring balances	p. 97
Getting a bank loan	p. 99
Borrowing against your life insurance policy	p. 104
Borrowing from your 401(k) retirement plan	p. 104
Avoiding Dangerous Debt Consolidation Possibilities	p. 106
Using Credit Counseling to Get a Grip on Your Finances	p. 109
Finding a Reputable Credit Counseling Agency	p. 110
Telling the good from the bad	p. 111
Locating agencies in your area	p. 111
Knowing what to ask and the answers to expect	p. 112
Working with a Credit Counselor	p. 114
Sharing your financial situation	p. 114
Whittling down your debt with a debt management plan	p. 115
Avoiding Debt Settlement Firms	p. 117
Being wary of false promises	p. 118
Preventing worse financial problems	p. 119
Getting Relief If You Get Ripped Off	p. 119
Dealing with Debt Collectors	p. 121
Understanding How Debt Collectors Operate	p. 122
First impressions	p. 122
What debt collectors can't do	p. 123
What debt collectors can do	p. 125
Knowing Your Options When a Debt Collector Calls	p. 127
Asking for proof	p. 128
Paying the debt	p. 129
Negotiating a settlement	p. 129
Working out a payment plan	p. 133
Disputing the debt	p. 133
Saying that you can't pay	p. 134
Asking not to be contacted again	p. 134
Feeling Haunted by Old Debt	p. 135
Taking Action When a Debt Collector Violates Your Rights	p. 137
Complaining to the Federal Trade Commission	p. 137
Contacting your state attorney general's office	p. 138
Consulting a consumer law attorney	p. 138
Tackling Your High-Stake Debts	p. 141
Managing Your Past-Due Mortgage	p. 143
Getting Familiar with the Foreclosure Timeline	p. 144
Keeping a Foreclosure at Bay	p. 148
Taking immediate steps	p. 148
Negotiating with your lender	p. 150
Refinancing your loan	p. 151
Considering more drastic options	p. 152
How a Lawyer Can Help	p. 152
Handling a Hopeless Situation	p. 154
Keeping Your Wheels on the Road	p. 157
Running through a Repossession	p. 157
Knowing the law	p. 158
Expecting the repo man	p. 158
Having Your Car Auctioned Off	p. 160
Arranging to pay the deficiency	p. 160
Anticipating what happens if you can't pay the deficiency	p. 160
Getting Your Vehicle Back	p. 162
Buying back your car	p. 162
Reinstating your car loan	p. 163
Avoiding a Repossession in the First Place	p. 164
Negotiating a way to keep your car	p. 164
Selling your car	p. 166
Giving your car back voluntarily	p. 168
Filing for bankruptcy	p. 168
Hiring an Attorney	p. 170
Before you lose your car	p. 171
After repossession	p. 172
Finding an attorney	p. 172
Avoiding an Eviction and the Loss of Your Utilities	p. 173
Keeping a Roof over Your Head	p. 174
Paying your past-due rent	p. 175
Negotiating a way to stay	p. 175
Terminating your lease	p. 176
Breaking your lease	p. 177
Renting your apartment to someone else	p. 178
Sharing your space	p. 179
Facing Eviction	p. 182
Receiving a warning	p. 183
Getting a summons from the court	p. 184
Being removed from your home	p. 185
Remaining on the hook for the money you owe	p. 186
Maintaining Your Essential Utility Services	p. 187
Knowing the players	p. 187
Avoiding a termination	p. 188
Reestablishing Utility Service	p. 194
Handling Medical Bills and Child Support Obligations	p. 197
Appreciating the Risks of Not Paying Your Medical Bills	p. 197
Taking Action to Reduce Your Medical Debt	p. 198
Reviewing bills with a fine-tooth comb	p. 199
Making your health plan pay what it should	p. 200
Taking advantage of discounts when you're hospitalized	p. 201
Pursuing other options for reducing your debt	p. 202
Tackling Your Remaining Debt	p. 202
Prioritizing Paying Child Support	p. 204
Knowing the Consequences of Not Paying	p. 205
Getting the government involved	p. 205
Being pursued by a child support collection agency	p. 207
Hearing from an attorney	p. 208
Keeping Up with Your Obligation	p. 209
Making tough choices	p. 209
Asking the court for a modification	p. 210
Catching Up on Your Federal Taxes	p. 213
Respecting the Sanctity of April 15	p. 214
Facing the Music on April 16	p. 215
Tallying penalties and interest	p. 215
Being pressured to pay	p. 216
Figuring out how to pay	p. 216
Liens and Levies: Collecting Past-Due Taxes	p. 223
Knowing how tax liens work	p. 224
Losing your assets because of a levy	p. 227
Taking Responsibility for Your Federal Student Loan	p. 231
Preparing to Pay Back Your Student Loan	p. 232
Clarifying the kind of federal student loan you have	p. 233
Choosing a loan repayment plan	p. 234
Avoiding a Default	p. 236
Realizing the consequences	p. 237
Considering your options	p. 238
Turning Things Around after a Default	p. 240
Consolidating Your Student Loans	p. 241
Canceling Your Student Loan	p. 242
Avoiding Debt Problems down the Road	p. 245
Getting Good Credit Back	p. 247
Separating Good Debt from Bad	p. 248
Distinguishing Between the Different Kinds of Credit	p. 249
Defining secured and unsecured credit	p. 249
Looking at credit another way	p. 250
Seeing Yourself the Way Creditors See You	p. 251
Rebuilding Your Credit History	p. 252
Laying the groundwork for credit rebuilding	p. 253
Using a credit card to begin the rebuilding process	p. 255
Getting a loan: The next step in the rebuilding process	p. 258
Looking toward your credit future	p. 259
Steering Clear of Credit Rebuilding Rip-Offs	p. 259
Recognizing unscrupulous methods	p. 260
Knowing your rights	p. 262
Life after Too Much Debt: Staying on Track	p. 263
Setting Financial Goals	p. 263
Building a Financial Safety Net	p. 265
Living with a Budget	p. 265
Managing Your Credit	p. 266
Increasing Your Money Management IQ	p. 266
Assembling a Team of Financial Advisors	p. 268
Naming the players	p. 268
Finding reliable advisors	p. 270
The Part of Tens	p. 271
Ten Great Resources for Dealing with Debt	p. 273
American Bankruptcy Institute (ABI)	p. 273
Bankrate.com	p. 274
A Consumer Bankruptcy Attorney	p. 274
Credit.com	p. 274
The Debt-Proof Living Newsletter	p. 275
DebtSmart	p. 275
The Federal Trade Commission (FTC)	p. 275
The National Consumer Law Center	p. 275
The National Foundation for Credit Counseling (NFCC)	p. 276
Suze Orman	p. 276
Ten Debt Don'ts	p. 277
Ignoring Your Debts	p. 277
Falling Behind on Car Payments	p. 277
Managing Money Without a Budget	p. 278
Paying Creditors Just Because They're Aggressive	p. 278
Making Promises That You Can't Keep	p. 279
Continuing To Use Credit Cards	p. 279
Borrowing Against Your Home	p. 279
Working with a For-Profit Credit Counseling Agency	p. 280
Getting a High-Risk Loan	p. 280
Asking a Friend or Relative to Cosign a Loan	p. 280
Index	p. 281
Table of Contents provided by Ingram. All Rights Reserved.

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Managing Debt For Dummies

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