Initially, it was Frank McNamara of New York’s Hamilton Credit Corporation that come up with the idea of giving affluent businessmen a convenient way to charge some of their business related expenses.

In 1950, he issued the original Diners Club card. It was made of pasteboard with the customer’s name on one side and a list of twenty-seven restaurants that accepted it on the other. In 1955 the pasteboard card was replaced by one fabricated from plastic.

American Express began issuing cards in 1958 followed by The BankAmericard, issued by the Bank of America. Soon, smaller banks joined the BankAmericard system. In 1977 the card underwent a name change and became …continue reading the article titled Credit Cards, debt of a Nation

It’s that time of year again; soon you will have many sources popping up suggesting ways to spend your upcoming tax refund. Let’s put this in perspective.

First, tax refunds are not “found” money, but a return of money YOU overpaid into the tax system! The average refund check is somewhere around $2,200 and $2,400.

One of the first things that you should do, if you had no abnormal deductions for the year and anticipate that those deductions will remain the same in the future, is to change your withholdings so you don’t overpay in 2006. I have no idea why you would want to give someone (even the government) money to hold onto for a year with no interest being made off of that money.

An easy way to calculate this adjustment is to take your refund amount, divide it by twelve and adjust your withholdings accordingly. Your company’s payroll department can assist you in this process. By doing this, it could give you several hundred dollars …continue reading the article titled Tax refunds a good way to get out of debt

For too long, DEBT SETTLEMENT as a form of debt relief has been misunderstood and not utilized bythe many people who could benefit. As of Oct. 17, 2005, the changes in the bankruptcy laws now make it more difficult for people to file for Chapter 7 bankruptcy which would absolve them of all their debts. Now, consumers filing for bankruptcy are subject to a means test to determine if they’re eligible to file for Chapter 7 or if they’ll need to go the Chapter 13 route.

…continue reading the article titled Debt Settlement Viable Option in Light of Changes in Bankruptcy Laws

When dealing with debt, stay calm and try to focus on the positives. If you are digging yourself into a hole, month after month, the simple solution is to stop digging. The real estate market in most places throughout the Country has created equity in peoples’ homes. Looser lending practices has also made it easier to borrow as much as 10% more that what your home is worth. But is consolidating all of your debt into one monthly payment the answer? Here are some things to look at when considering a debt consolidation loan:
…continue reading the article titled Debt consolidation loans - Good or bad for you?

Several readers have e-mailed us on how to select a debt settlement company. Here is our input on the criteria you should use and the list of the best of the best. We hope this helps you in finding your solution for the right debt settlement company.

Several readers have e-mailed us on how to select a debt settlement company. Here is our input on the criteria you should use and the list of the best of the best. We hope this helps you in finding your solution for the right debt settlement company.

…continue reading the article titled How to Choose a Debt Settlement Company!

I write a column for The Detroit News and had the opportunity to address an interesting question that came in from one of my readers. I thought it would be valuable to share on this Debt Relief Blog! So read on…

If you have any questions you want to ask me, feel free to contact me at coach@debtfreediva.com

Q. In one of your past columns “Explore feelings, heal money woes” you mentioned Debt Settlement as one of the options of getting help with your credit card debt. Could you explain a little more about what Debt Settlement is exactly and how I would go about looking for a reputable company? What exactly does a Debt Settlement company need to be reputable and what do I need to look for in this company?

…continue reading the article titled Explaining Debt Settlement in Basic Terms