According to a Harvard study, more than half of US bankruptcies are a result from medical debt. Surprisingly, more than three-quarters of those that suffer bankruptcy carried medical insurance when their illness was first discovered.
Reducing medical expenses whether one carries insurance or not can have a major impact on your accumulation of debt. Living debt-free means finding cheaper sources of medical care.
Here are five ways of obtaining cheaper prescription drugs:
- Walmart sells a wide assortment of prescription drugs for $4.
- Target also maintains a substantial list of $4 prescription drugs.
- Kroger affiliated grocery stores offer a number of $4 drugs, along with a number of $10 ones. In addition, they will price match Walmart and Target’s $4 prescriptions.
- Kmart offers hundreds of low cost prescriptions starting at $5.
- TogetherRXAccess gives substantial discounts on prescriptions to make drugs more affordable for those with qualifying incomes.
30.Jun.09 
Debt Free 
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Summer is a popular time to move and with the economy significantly shifting, it can be an excellent time to re-negotiate your current lease or move into a better deal. According to the Bureau of Labor, the average American family spends 33% of their income on housing.
Reducing the amount spent on rent can have a significant effect on the household budget.
Demand for apartments is falling in many regions throughout the United States, which means rent is increasingly negotiable. Remember, it never hurts to ask.
Here are ten ways to get a good rate in this ‘renter’s market’:
- Sell yourself to the landlord. The primary factor landlords may screen tenants by is their financial ability to pay rent. A well dressed renter that clearly demonstrates their financial means and solid rental history will be perceived as a better deal for the landlord.
- Come prepared with job references. A stable employee is a stable renter. Other signs of financial responsibility, such as owning a home or having managed property can also work in your favor.
- Take advantage of your credit score. Many landlords will accept a printout from CreditKarma as a (free) means of demonstrating a solid score. This may even allow you to negotiate down your security deposit or application fee.
- Do research. Always find comparable properties on Craigslist, or any other rental listing service. If you’re able to demonstrate that the market rate is declining, you may be able to negotiate a lease BELOW market.
- Be willing to budge. The art of negotiation is a balance of give and take. Your landlord may offer to slash rent $50 a month in return for mowing the lawn or performing other maintenance.
- Consider multiple locations. Some landlords may not negotiate, but looking at multiple properties will allow you to locate those with motivation to lease the property. Landlords trying to rent older homes will be more willing to work with a good tenant than a large apartment complex or management company.
- Watch out for foreclosures. If you know the property is facing foreclosure, you may be able to negotiate a month-to-month lease at an amazing rate. This strategy can be risky so be extra wary of giving security deposits or making long term leases on pre-foreclosed properties.
- Offer to manage. Managing an apartment complex can be a headache, but it brings with it a heavy reduction in the amount of rent paid.
- Everything is negotiable. If the landlord refuses to budge on the monthly rent amount, try to negotiate for the first month’s rent free. Often landlords are willing to negotiate on the amount of utilities paid, the appliances or other furnishings, or a free month’s rent after the first year.
- Look during an off-season. Demand for rentals tends to be high during the fall, particularly in areas with universities. Try to look when vacancy is high, such as during the summer when most students head home.
Some landlord’s may try to discourage you from negotiation by insisting that doing so is illegal discrimination. While it is illegal for a landlord to discriminate against a protected class in selecting a tenant, it is not illegal for a landlord to lower rent, offer incentives, or give discounts. Most landlords will be willing to negotiate with a financially responsible tenant.
29.Jun.09 Debt Free Comments (0)
A mortgage is generally considered “good” debt because it fills a need (shelter) and is an investment for the homeowner. However, that doesn’t mean you should take the full 30 years to pay off what you owe.
A growing number of homeowners are now paying off their mortgages early, sometimes in half or even a third of the time. Finance experts like Dave Ramsey are even jumping on board the idea of mortgage payoff plans. Why bother throwing extra cash at your mortgage when that money could be used towards other investments?
Here are a few of the best reasons to payoff your home early:
-Save thousands.
By paying down your mortgage, you’ll owe less in interest. Over the life of the loan, that can add up to thousands (or even tens / hundreds of thousands) in savings.
-Protect your loved ones.
By owning your home straight-out, your family members will be in a better situation should you become incapable of working. A mortgage payment can be a heavy burden when there isn’t a steady paycheck coming in.
-Embrace stability.
Putting your money into the stock market may have a better chance at high returns. However, as we’ve seen in the past year, it also presents the possibility of major losses. A home is a more solid investment. Even if the value of the property declines, you still own a real, tangible asset.
-Prepare for the worst-case-scenario.
Mortgage debt is a lot like student loan debt: difficult to get rid of. If you find it necessary to declare bankruptcy, you will probably be required to keep making mortgage payments. Medical debt and credit card bills can be wiped out. But, if you don’t make your mortgage payments your home will fall into foreclosure.
-Plan for an early retirement.
For many homeowners, a mortgage is the biggest monthly expense. Many people work years past retirement age just to afford their payments. Direct your money into paying off your home early and you may be able to retire sooner than expected.
-Achieve independence.
Without the burden of a monthly mortgage payment, you’ll have more money to spend and more freedom to do what you want. Live overseas without worrying about making two payments, rent out your home for extra cash, or take out a reverse mortgage to support you in old age.
Holding on to a home loan does have some advantages, including tax breaks on your interest payments. However, the benefits of deciding to payoff mortgage debt early clearly outweigh the drawbacks.
26.Jun.09 Payoff Mortgage Comments (0)
Some financial advisers talk about credit cards like they’re a bad thing. But, that’s simply not true. Carrying a lot of credit cards gives some substantial benefits to the holder. When you have a large revolving line of credit, your credit score won’t drop so dramatically when you carry a balance. Part of the formula for determining credit scores is comparing the balance to the amount of available credit. Carrying multiple lines of credit can also give you the freedom to choose between offers and take advantage of lower rates.
The biggest problem with keeping so many open lines of credit is that they are difficult to keep track of. Credit card companies offer incentives such as a low starting APR, betting that you’ll forget when the interest rate adjusts upwards. They may also change interest rates and due dates with only a brief notification by mail.
If you keep a lot of credit cards, one of the best financial moves you can take is to track interest rates carefully. Every month, check to see what the APR is on each credit card you carry. Transferring balances to a lower-interest credit card could save you hundreds or even thousands of dollars. (Beware of balance transfer fees, however. Those are another tricky way credit card companies surprise borrowers).
Credit cards can be a tool to help you improve your financial situation. When used recklessly or carelessly, they can easily spin out of control. But, if you’re able to manage your credit cards well, you can use them to get out of debt and avoid paying thousands in excessive interest.
Most people have so many lines of credit, they can’t name them all from memory. According to MyFico, the average consumer has a whopping 9 credit cards and 4 installment lines (mortgages, car loans, etc).
Some financial advisers talk about credit cards like they’re a bad thing. But, that’s simply not true. Carrying a lot of credit cards gives some substantial benefits to the holder. When you have a large revolving line of credit, your credit score won’t drop so dramatically when you carry a balance. Part of the formula for determining credit scores is comparing the balance to the amount of available credit. Carrying multiple lines of credit can also give you the freedom to choose between offers and take advantage of lower rates.
The biggest problem with keeping so many open lines of credit is that they are difficult to keep track of. Credit card companies offer incentives such as a low starting APR, betting that you’ll forget when the interest rate adjusts upwards. They may also change interest rates and due dates with only a brief notification by mail.
If you keep a lot of credit cards, one of the best financial moves you can take is to track interest rates carefully. Every month, check to see what the APR is on each credit card you carry. Transferring balances to a lower-interest credit card could save you hundreds or even thousands of dollars. (Beware of balance transfer fees, however. Those are another tricky way credit card companies surprise borrowers).
Credit cards can be a tool to help you improve your financial situation. When used recklessly or carelessly, they can easily spin out of control. But, if you’re able to manage your credit cards well, you can use them to get out of debt and avoid paying thousands in excessive interest.
24.Jun.09 Credit Card Debt Comments (0)
This week, we’re proud to announce the launch of our groundbreaking financial-wellness website. There are a lot of financial services out there, but there’s never been anything like MoneyDesktop.com.
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More importantly, we offer groundbreaking tools to help make your money work for you. Use our program to evaluate major purchases, plan for retirement, and pay off debt using advanced financial strategies. You can even run scenarios that simulate the impact of a financial decision.
We also offer users exclusive access to a mortgage payoff program currently sold for $3,500. This proven program is accessible to every account, at no additional cost.
The MoneyDesktop team has a passion for helping people achieve financial wellness. Sign up today to see how we can help you get out of debt, save for the future, and achieve financial stability.
24.Jun.09 Financial Planning Comment (1)
