DEBT MANAGEMENT » Get out of Debt

Making New Year’s resolutions is an annual tradition for most, and as each new year approaches, many people take a look a close look at what parts of themselves they want to improve. Whether it’s saving money, paying off debt or living a little healthier, the goal is to be better off in the following December than you were in January.

That said, how many people actually follow through with their plans? More than half of the people who make New Year’s resolution don’t get past the first six months, but those that really commit to achieving their goals have a higher chance of success. Check out some of the most popular resolutions people make each year. Then tell us what your resolutions are and how you plan to accomplish them in 2011.

The holidays are over and just like every year, you’re probably stuck with a bit of a hangover from all that spending. Packing on an extra layer of holiday debt isn’t that uncommon for most people, especially if you’re the jolly and festive type. In fact, 13.6 million Americans are still struggling to pay off debt from last year’s holidays. With Black Friday, Cyber Monday and the general month of December breathing down the neck of frenzied shoppers, it’s no wonder avoiding debt is so difficult during the holidays.

However, that doesn’t give you an excuse for poor debt management. Staying within a budget is hard enough during normal periods of the year, but you really have to be careful during the holidays. Marketing to shoppers really ramp up during the holiday months, and as most of you have noticed, it starts earlier and earlier every year.

This guest post comes from Michael, a contributing editor of the Dough Roller, a personal finance and investing blog, and Credit Card Offers IQ, a credit card review site.

Who hasn’t watched with glee as Judge Judy or Judge Joe Brown hand down rulings? They may be entertaining, but in reality, these shows aren’t courtrooms, but what is called binding arbitration. Both parties agree beforehand to abide by the ruling of the “judge.” So if someone owes you a debt of some kind and isn’t paying up, you’ll want to know how small claims court works in the real world.

We’ve watched the quick rise and fall of the Kardashian Kard, a prepaid credit card that was promoted by the Kardashian sisters, only to be pulled from the market after a few short weeks. So why was this card considered  to be predatory, and even when dealing with legitimate credit products, is it ever a good idea to allow type of card–or even a standard credit card–to be used by children? If so, how young is too young?

Why the Kardashian Kard Was Considered Predatory

Christmas time is here, and with it comes one of the biggest personal finance challenges of the year. How do you juggle all the holiday costs and not look like a Grinch? It can be hard to maintain your frugal senses when everyone around you is into the spirit of giving, but just because you show your generous side doesn’t mean you have to go broke doing it.

Every year, millions of people make the same Christmas money mistakes that seem great but leave a horrible holiday hangover to kick off the new year. This year, avoid these common missteps lest you want your finances to be haunted by ghosts of Christmas past:

The holiday season is supposed to be a joyous occasion that gives us a chance kick back, relax, eat some food and hang out with family. So why is it that we always end up feeling like we’ve barely survived when it’s all over?

It’s easy to get wrapped up in the spirit of the season and forget that life will resume as normal starting January 2nd. This means you might have a bit too much champagne too many nights in a row, or blow six months’ salary in one gift-shopping trip. So while we can’t keep you on the straight and narrow in every way, we can at least provide you with some tips for avoiding a debt hangover in 2011.

When it comes to personal finance, there’s a lot of misinformation that continues to circulate, especially on the internet. Rumors and even flat out lies are presented as truth and can lead the average person to make unnecessary mistakes that will negatively impact their financial well-being.

We’ve decided to round up the most common myths that people believe as true and give you the facts so you can make more informed decisions regarding your money, beginning with debt:

When it comes to money, it seems like everyone’s an expert. Most financial gurus you see or read about are often experts in one area or another, but they’re seldom experts in everything. That means it’s up to you to determine which advice is sound–and which advice you should ignore.

To help you out, however, here’s a list of commonly heard financial advice that ranges from illogical to downright dangerous:

Photo courtesy of Klem via Wikimedia Commons

This guest post is brought to you by The Digerati Life, a general personal finance blog.

Travis writes under My Journey Out of Debt and is currently enrolled in a CareOne Debt Management Plan. He is a father and husband sharing his family’s story as they journey through paying off their debt.

I am a married man with two children, as well as a software engineer with a large IT company and an excellent salary. As of July 2009, I had also accumulated over $109,000 in credit card debt. You may ask yourself, “How does someone with a career and a good income rack up that much credit card debt?”