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| Credit Answers > Debt-Management-Articles-2009 > Financial Tips |
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In order to be successful in your goal of becoming debt free you should create a budget for yourself. Below are a few debt advice tips to help you achieve your goals and save toward your
debt settlement.
Survey Says More Americans Staying Home To Save Money
According to a press release by Huntington Bank, a survey of more than 1,000 Americans indicated that people have limited cash for non-essential items. According to Huntington Bank, many consumers are
trying their hand at home-cooked meals as an alternative to dining out. Many of those surveyed claimed that if they do go out to eat, they think economically. For example, the consumers questioned said
they would purchase only one entr�e and share it as a way to save money.
When asked, "No matter how bad things get, I will never cut back on..." participants answered that they wouldn't skimp on medical needs. In addition, the participants stated they would continue to pay
for cable, Internet or satellite dish as it was generally cheaper to enjoy entertainment at home rather than purchasing movie or concert tickets and attending events.
Payday Loans Push Consumers Deeper In Debt
Research by the Center for Responsible Lending (CRL) shows important information regarding payday lending and borrowers who find themselves trapped in the payday debt cycle.
According to CRL, it's not just the demand for new payday loans that leads to trouble for borrowers. Rather, the study verified that approximately 75 percent of the payday industry's loan volume was
generated in particular by customers who are opening payday loans to repay their first payday loan.
The report came to light just before the California Senate Judiciary Committee met to review AB 377, a payday lending bill that ignited controversy.
CRL reports payday lenders generally make loans due in full on a payday and charge close to $60 for an average $350 loan. Since low-income customers may experience a shortfall by their next payday,
lenders anticipate their return for a new loan. CRL estimates that those types of customers account for 76 percent of total loan volume.
Low Mileage Can Result In Less Expensive Insurance Rates
The drive less-save more programs encourage drivers to spend less time on the road, leading to fewer accidents which will cost insurers less money. In the past, low mileage drivers were offered no
incentive and were expected to pay the same car insurance as everyone else. Now, with some plans, drivers who log less than 2,500 miles a term may save as much as 5 to 25 percent on their insurance
bill. If you drive less than 15,000 miles annually, a deeper discount may apply.
It is wise to call your insurance company to see if they offer a drive less-save more program. All drivers may not be eligible and plans and requirements vary depending on company. Also, if your insurer
does offer the program, some states may be exempt. One plan requires you to have an OnStar-equipped General Motors vehicle. OnStar, a navigation and safety system, is used to verify mileage driven and
automatically report the vehicle's odometer reading at the beginning and end of the owner's insurance policy term. Not all plans require ownership of a GM vehicle, however.
Call your insurance company to find out if they offer a low mileage discount. It is suggested that prior to signing up drivers are aware and comply with the methods the insurer uses to collect mileage
information.
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