Did you know that when you buy a new car, the value of the car immediately depreciates when you get it home? By buying a car that is one year old, you will be paying close to what the car is actually worth. Most cars are worth half their value within a two year period. Buying a car with a high residual value may allow you to sell or trade it in for more. A quick google search can help you find your cars residual value. Be cautious and check how much the vehicle costs to insure, even different models have different insurance rates. Maintaining your vehicle for around $50 can save you about $800 a year in repairs. Check your vehicles manual and follow its recommended maintenance schedule. Learning how to change your own oil, antifreeze and filters will save you even more money. Washing your own car can save you as much as $30 a month. Lastly, if you have things in your trunk or backseat, take them out. Items in your trunk or backseat add to the cost of fuel it takes to run your vehicle.

Help share your stories on how you save money on transportation costs. You never realize how often you might just say “why didn’t I think of that?”

People who know exactly how much they spend each month on groceries are twenty times less likely to be deep in debt than those who don’t know how much they have spent.  When we include dining out, vending machines and fast food into the list of food related purchases, we realize how much we are spending.  Prepackaged and ready to eat meals also end up costing a lot of money.  Eating is a necessity but there are many ways to noticeably reduce your food budget.

First of all, stop going out to eat.  Eating out is much more expensive than a meal that could have been prepared at home.  Do not buy frozen meals.  When you buy frozen food, you are spending way too much for way too little.  Try preparing your meals from scratch when you have some free time for the rest of the week.  Don’t buy meats that are already cut.  You are paying the supermarket to cut up the meat for you.  You can save a dollar per pound of meat by cutting it yourself.  You should of course make sure to compare supermarkets. One supermarkets may price items $1.00 $2.00 more or less than another supermarket.  Buy the generic brand products which are usually processed at the same plants as the name brand products.  When you buy a name brand product, much of the cost goes to the expensive of the product.  This can save you over $500.00 dollars in a year!  Buy fruits and vegetables when they are in season because the price will be significantly less.  Eating vegetarian meals once a week can save a family of four about $15.00 a week.  Use Coupons wisely. A lot of people use coupons just because they have one.

Consumers are simply overwhelmed by the financial straits in which many find themselves in and cannot make an informed decision. Many of you have had this experience. Panic begins to set in and you say, “Help I’m in debt. What can I do?” This is when you realize that you owe too much money to too many people and you might not be able to pay it all back. Assuming that you have found the strength to start solving your debt problems, what can be done? In fact, there are many avenues for resolving an uncomfortable financial situation. How you proceed depends on the details.

The Bar associations in almost every state provide some great information to get you started. For example, good attorneys and debt counselors will tell you that, if you are in a serious debt situation, creditors and collection agencies are only able to contact in the early stages. Eventually, the law will force them to stop calling you on the telephone. From that point they will probably be contacting you by mail to let you know they are escalating the situation to include possible legal action.

This means that they may try to recoup some of the losses through either a collection agency arrangement or through a court-mandated settlement. Why is this important information? Because many times, people in debt will make quick emotional decisions that do not solve the problem at hand and which do not protect their own interests. These consumers often feel harassed and hurried by creditors and collection agencies to the point that they just want to end the phone calls and letters altogether, regardless of the consequences to their financial health. In reality though, this may be a good time to take a few deep breaths, talk with family or financial advisers you trust, and start using the tools of the debt system to work for you.

One of these tools that many people have neglected for years is the credit report. If you are in a situation that may require debt consolidation or debt management and counseling, it is imperative you have a full understanding of your credit history. Just knowing the facts contained on your credit report can be a great comfort when creditors and merchants start asking what you intend to do about your debt obligations. Credit reports are issued by credit-reporting agencies that get their information from your creditors. The reports are made available to other creditors, employers and landlords and to you upon request.

According to the California Bar Association, a “credit report includes such information as whether you pay your bills on time, have had a foreclosure, owe money as the result of a lawsuit or were convicted of a crime. Each piece of information stays in the report for a certain number of years. For example, a bankruptcy usually will be listed for 10 years.”

Debt negotiation may be another option. If you shop carefully and work with a company that makes you feel comfortable, a counselor or professional manager may be able to handle your debt stress with a good plan.

Experience has taught many of us that late-fees and back payments can be stopped when you undertake a serious debt settlement plan with a reputable specialist. Then, and only then, can you move forward with your life and get out of debt completely.

Americans charged $51 billion worth of fast food last year

about 1/3 of the people filing for bankruptcy owe an entire year’s salary on their credit cards.

At least one in 10 consumers has more than 10 credit cards in their wallets. That is equal to 304 tons of plastic or 61 Elephants!

The longer you leave a debt problem the worse it gets and by facing your debts immediately, you’ll be out of your debt problem a whole lot sooner. There is a solution for everyone.  Here are a number of basic tips to get you started

Pay your priority debts first

Priority debts include council tax, TV license, fines, rent, mortgage, utilities bills, hire-purchase agreements, taxes and child maintenance.

Unsecured loans and credit cards are not priorities, so if you must default on any debt repayments then choose these. The fact is that they’re at the bottom of the pile when it comes to repaying debts, which is why they’re often the most aggressive about chasing you.

Be strong

You don’t have to take harassment from creditors. You are well protected in law. If you’re harassed, let them know that it is a criminal offence to demand repayment in a way that causes you or your family fear, distress or humiliation under Section 2 of the Protection from Harassment Act 1997. You can also report them to the Office of Fair Trading under Section 40 of the Administration of Justice Act 1970. Put this in writing.

Tell your friends you’re cutting back

Telling your friends about debts can be very hard, but it needn’t be. Most people have debts, and most have more than they let on. But if admitting debts is a step too far, you can still at least say that you need to cut right back on your entertainment budget. You can use any excuse: redundancy concerns, an unexpected bill, saving for a deposit on a house (or another house) or that you want to be able to save money to take advantage of low share prices.

Contact your creditors immediately

Always call your creditors before things go wrong, and before they contact you. If you promise to call them, call them on time, even if you have to tell them that you can’t afford to pay what you thought

Always attend court hearings

Remember that the law is there to protect you as well as your creditors. If you can’t afford to pay more than $1 per month then no judge will make you do so. You must be able to live, and you must be able to have some money for a little fun, too. Even judges recognize this!

Be totally truthful at all times

Always say what you really can afford. Don’t exaggerate or understate. It is in your interests to tell the truth to your creditors and to the court.

Millions of solutions to debt

There are an unbelievably high number of solutions to dealing with debt, but all most people think of is to consolidate, which is often a poor choice for them. If you’re unable to reduce your debts each month, you should seek help on the millions of ways to tackle your debts, and get a plan that is tailored specifically for you.

Click here to view the U.S. debt clock in real time ->   http://www.usdebtclock.org/#