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Money Management Tips - The first step in repaying debt is not to make payments. The first step is to change your mindset and behavior.
Acknowledge your debt: Unless you first realize you are in debt, you can't properly motivate yourself to take action. Sort of like admitting you have a gambling or drinking problem.
Calculate how bad your debt is: This is probably the most unpleasant step, since we'd rather ignore debt completely.
Stop charging more debt: You'll make it more difficult; or impossible, to payoff debt if you keep piling on more. It may be difficult; or even unwise, to stop using credit altogether, especially if doing so will prevent a late payment. If you must continue to use credit, do so only to prevent late payments until you can get your income-payment schedule synchronized.
Create a budget - and stick to it: With a personal budget, you can avoid late payments, as well as having to use credit to cover shortages between paychecks. Also you will be able to plan retirement and save money to improve your financial security over the long term and to stop living payday-to-payday. You can establish percentages of your income for entertainment and vacationing as well as for bill payments. Once you have your budget on paper, you'll need to stick to it. This may be the second hardest part of your debt recover plan.
We provide several personal budget and financial calculators to assist you. You can track expenses to see where money is most wasted. We also have a credit card interest calculator so you can see how much interest you'll end up paying overtime.
President Obama guaranteed that the government will honor new car warranties even if the auto manufacturer fails. The hopes are that consumers will not be afraid of purchasing autos from General Motors or Chrysler. The program to provide new warranties will be funded with tax payer's money and the manufacturer's money. This is for warranties issued by automakers during the time period when the government is part of the restructuring process.
Since the turmoil of auto companies, consumers have not been making auto purchases. The fear was that companies would not be in business and would not honor any warranties. Auto sales have been down more than 40% than a year ago.
Automakers and the government will use resources to create a company to pay warranty claims if auto manufacturers go bankrupt or out of business. The funds will be from the automakers and the Treasury Department. Should any company fail in which the government provided funds, the government would transfer obligations to a new warranty service.
The government's plan may give auto buyers confidence that the warranties will be safe in the event a company files bankruptcy. Hopefully this approach may get people into car dealerships. Companies that asked for government help have received negative responses and the public appears to have a lack of faith.
It is viewed that GM and Chrysler have failed in their efforts for a turnaround. The government may give them more money and still the idea of structured bankruptcy has not been dismissed. Funds will be provided for several weeks while the companies are restructuring.
It was announced that Rick Wagoner, who had been with the company 32 years, gave his resignation as a request from the Obama administration. Rick Wagoner's statement is posted on the GM Web site. Fritz Henderson, GM's chief operating officer will replace Wagoner.
President Obama expressed that we cannot just let the auto industry vanish as it is an emblem of the American Spirit and is also a future symbol of America's success. GM and Chrysler will get some time in which they must prove they can run businesses before they could possibly get more money. Their best chance may be to use the bankruptcy code. It is believed that GM can thrive as a company because of its global reach and its strength appears to be in research and development.
Officials will meet in Detroit and work with GM executives to restructure the company and its debts. GM is viewed as important to revitalize the economy and revive its leadership. It is not known at this time how much more money GM will need. Because GM is larger globally than Chrysler, officials hope they can successfully help to restructure the company and work with GM executives on a plan.
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Credit Advice: Keep in mind that; due to government regulations, there are fewer credit card offers, particularly for bad credit people. If you have credit problems and already have a credit card, you may want to hang-on to it even if the issuer raises rates or lowers limits.
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