Welcome to the 19th edition of the Carnival of Debt Reduction, dedicated to posts that inspire or help us to get rid of debt. Last week’s edition was hosted by Frugal For Life.

Without further ado, here are the highlights:

Pay Down That Debt With Your Tax Refund: Investing Intelligently shows how to reduce your debt by regularly applying your tax refund to the principal.

Since you didn’t get what you wanted at Christmas… Canadian Financial Stuff says that retailers are trying to pump up their January sales by enticing you to squander more money on things you “wanted” for Christmas. Don’t fall for it.

Canadians Spending Beyond Earnings: Centrerion considers Statistics Canada data on Canadians’ debt load and Stephen Harper’s GST reduction plan. A follow-up to an earlier post on calculating the GST tax break under Harper’s plan.

Contractions: Critical Mastiff recommends that we must begin to pay down our debts before it is too late, as Japan’s contracting population will have a dire effect on everyone.

Beware Credit Cards Bearing Gifts: Free Money Finance warns that there is a new credit card in town and while it may seem like a good deal, it really is not.

Loan Qualification Standards – Loan to Value Ratio: Searchlight Crusade warns not to get into debt trouble by paying attention to the loan-to-value ratio.

The Best Laid Plans: Below The Beltway points out that the comprehensive bankruptcy reform legislation passed by the US Congress has accomplished nothing.

The Danger of Cash Flow Thinking: Early Riser discusses the pit falls in forgetting net worth and blindly focusing on cash flow.

The Month at the end of the Money: The Common Room has a trick to improve your spending and saving habits.

Fiscal Fitness at Library: Frugal For Life says that even little papers have some good information that may help you get off on a good start to reducing debt and saving some money.

A 5 Step Strategy for Getting Out of Debt: AllThingsFinancial looks at Loral Langemeier’s (author of The Millionaire Maker) debt reduction formula in A 5 Step Strategy for Getting Out of Debt.

Lowering Credit Card Interest Rates: Personal Finance Advice says that it pays to call your credit card company and ask for a better interest rate. Often, if you ask, you will get a better rate.

Be Wary Of Tricky Credit Card Offers: MyMoneyBlog says that even if you are just trying to get a new credit card to lower your overall interest rates, be careful of the fine print and provides an example of some tricky wording.

Cash Back Credit Cards: No Credit Needed has nothing but disdain for cash back credit cards. He is also offering a brand new personal finance podcast.

Bad debt leads to good credit? Retire at 30 argues that reducing debt is fine, but as he recently learnt, doing everything right sometimes includes taking on some bad debt to build credit history.

Next week, tune in to Consumerism Commentary for more debt reduction ideas.

This article has 24 comments

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  11. Thank you for hosting!

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  13. Looks like some great reading. Thanks for putting it together.

  14. Thanks for the high listing for Centrerion!
    We just posted up about the Carnivals we’re in, so you should see some new links here, and hopefully some traffic.
    Hope it was helpful
    Cheers
    lecentre

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  16. It’s good idea for the Debt reduction. Debt reduction is part of personal finance no doubt about that. It’s a very important part of personal finance, though important enough to have its own carnival. Successful debt reduction stories and good debt reduction advice needs more exposure, and people need to see that debt is not forever.
    __________________________________
    Anderson Smith
    Debt Consolidation

  17. Debt free living may seem obvious to some, but to many others, they are hard to live by. Hopefully those who are trying could remain out of debt. Thanks for the info!

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  19. Credit card debt is one of the most critical subjects in today’s economy. People from all walks of life, young or old, can surely relate to this matter. The majority of these companies’ target is our younger generation. Some college students have found themselves up to $12,000 in debt before completing their course in college. On a December night in 1997, a young woman was found dead after she hanged herself in her dorm room. On her bed, she had all of her credit card bills spread out. Apparently, she was about $3,000 in debt and had lost her part-time job, clueless of what to do. She died at the age of 18. The tragic story had brought many people to their senses. It’s sad to say that a good number of people who have credit cards at hand are more likely to spend more than what’s needed. Thus, this gradually adds up to a larger debt than what most people could imagine. Budgeting and smart spending is strongly advised to prevent any type of debt. When your budget has a drawback because of life’s unforeseen calamities, a quick online payday loan is a great alternative to manage your short-term financial needs.

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  20. Wow, that is a really sad story. It’s important to remember that there is always a way to slowly cut your debt.

  21. Debt free living may seem obvious to some, but to many others, they are hard to live by.

  22. Considering soliciting the services of a debt consolidator is a good idea if you have massive debts, and are struggling to stay afloat. The economy is such at this present time that even many middle class families are having a difficult time. Housing is a big issue – homes are not selling, big reductions in the price of a home is seen, and new building construction is down. The evening news has many stories about people unable to pay rent, pay an ever-increasing heating bill, and unable to pay the high price of gasoline to even go out and look for work. We are a nation in deep economic trouble.

  23. I have recently been introducted to a debt reduction program- which sounds to good to be… this will ruiin your credit. if you wait to long before settling the account, they can take legal action against you.

  24. Thanks for the posts, very helpful. I look forward to more information from this website.

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