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Can Bankruptcy eliminate student loan debt?

May 23, 2007 by sp1derman75 | Posted in Personal Finance

Most acceptable not. You should look into the details of the contract that you signed with said student loan office.

Is there a quick way to eliminate student loan debts?

Dec 24, 2007 by Fly girl | Posted in Financial Aid

Any grants or other opportunities if you industry in certain fields? Please advise.

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Blissfully Frugal Entry: Finding My Bliss

Cherie Lowe has crazy red hair and blogs daily as her alter ego (because everyone needs one) on her site the Queen of Free . She invites you to be a Money Saving Lord or Lady and join the Royal Court of the Queen of Free where you can Save Money Daily and Indeed Get Something For Nothing! This post was originally published on her own blog as her entry in our Blissfully Frugal contest . Be sure to read all the entries and vote for your favorite .

Ever have an itch in the middle of your back that you just can’t quite seem to reach?  You know it’s there, but you’re not sure exactly where.  You have no idea what’s causing it and yet you want to make it go away.  I suppose that type of “itch” is what made us seek out a more frugal lifestyle and start our adventure of finding financial peace.  And when we got our frugal swerve on, oh the bliss that it’s brought to our lives.

Don’t get me wrong, I’ve always enjoyed life.  I like to roll down the windows, turn up the radio, and sing at the top of my lungs.  Don’t peer into my windows on any given day.  You’re likely to see an unshowered woman still in her pjs, dancing with complete abandonment, crazy red curly hair flowing.  I love to read good books, eat good food, and enjoy the company of good friends.  And don’t get me started on how much I love the people that live under the same roof as me.  They are each unique and interesting in their own God given ways.  I’m not saying I don’t have bad days (today actually ranks), it’s just that I’ve always been a generally happy person (or at least I think so).

But 2 years ago this April, when we decided to pay off every debt that we have, I was very afraid.  I was very intimidated.  I was very overwhelmed.  But as we began to put one foot in front of the other, small debts disappeared.  And then larger debts disappeared.  And then even larger debts went buh-bye.  Now we stand to be debt free except for the King’s Student Loan and our mortgage by the end of next month.  I continually rub my eyes and pinch myself.  How did that happen?  How did $47K go away so quickly?

As I ask the question, I already know the answer.  It didn’t happen magically.  It didn’t happen instantly.  It wasn’t without sacrifice.  It was a series of decisions, that might seem unconnected at first but certainly all were taking us down a specific path (for more on this, read this book ).  And the result, I can only describe as Bliss.  I worry less.  I argue with my husband less.  I feel less guilt.  I regret less.  I stress less.

You know, the funny thing is, I always thought that more would scratch that itch that I was talking about earlier.  If I just had a bit more, I would feel better about who I was.  If I had a bit more, I would be a better person.  Turns out, I just needed less to be blissfully frugal.  In fact, we keep a button pinned to all of the debts we’ve paid off bound and magneted to our refrigerator.  It says, “To Have More, Desire Less.” Somehow, in the midst of all of the cutting back, eliminating eating out, meal planning, coupon clipping, and debt slaying, I figured out that I was already rich beyond measure and that I had more than enough.  And that Money Saving Lords and Ladies, is true bliss.

Source: Inexpensively

Getting Rid of Christmas Debt

Christmas is just two days away, and despite the economy, the malls are still packed! I put this together to give you some practical ideas on how to eliminate any Christmas shopping debt you may have accumulated, and even get rid of all other debts! My husband and I are fans of the snowball method for eliminating debt. Although it makes sense mathematically to list debts in order depending on how high the interest rates are, we listed our debts from the smallest debt to the highest debt (regardless of interest rate). The reason for this is, that if we were doing things mathematically, we would not have signed up for the debt to begin with! However, we know that psychologically, we can benefit from some quick wins (thanks Dave Ramsey!) Everytime you pay off a debt in full, you get more and more motivated to pay off the next smallest debt. This is because you actually see the results, as opposed to diluting your efforts.

Lets say your payments look a little something like this:

Department store credit card: $300 balance with 16.99% interest rate Master Card: $ 200 balance with 13.85% interest rate

To snowball them would mean to put them in order from smallest balance to highest, pay the minimum balance on all debts except the smallest. For that smallest debt, you would put all disposable income towards it to try and get rid of it. Once it is paid off, you would snowball what you were paying on that one to the next smallest debt. The order of payoff would be first the Master Card, then Department Store CC, then Visa, then Vehicle, then Student Loan. If paid off by highest interest rate first, you may quickly pay off the department store CC, but then spend a long time paying off the vehicle loan, which most likely will make you lose interest and motivation in clearing away debt.

If it is your goal to get rid of debt, and not accumulate any new debt, I would advise the snowball method. My husband and I are still very motivated and are on our way to debt freedom by doing this! Also folks, remember, Christmas comes around the same time every year, so it shouldn’t sneak up on you and cause you to get into debt. You got a whole year to plan for Christmas.

More posts coming soon on ideas on how to save more and make more and bargain shopping. Feel free to share your thoughts and/or ideas!

Source: A Money Savvy Mom