How do I get out of debt?

Recently on our legal forum a user asked, “How do I get out of debt?” Debt or accumulating debt is simply a function of spending more than you make, and when this problem persists and debts accumulate well above what you are able to pay, you will eventually find yourself in a financial crisis. So at the most basic level, to get out of debt you simply must earn more than you spend.

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What common mistakes can lower my credit score?

Credit scores are used to help lenders assess the risk of lending money. A credit score is supposed to determine a consumer’s likelihood to repay a loan or credit line based on their past credit history and current credit status. Credit scores are used by a variety of businesses including banks, credit card companies, auto dealers, and retail stores, and they are one of the primary indicators of a person’s creditworthiness.

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Student loans next big bailout

The job market is anemic and college graduates cannot find work. To make matters worse, according to Fox News, there are currently $1.11 trillion in student loans outstanding and $121 billion of them are 90-plus days delinquent or in default. Experts now suggest what many of us have known for years, we should expect the government to push for a taxpayer bailout of the government-subsidized student loans program.

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Big savings on everyday purchases

CNN reports we may be in for a bumpy ride. Despite what the administration keeps peddling, according to the Bureau of Economic Analysis, the economy is down for the first quarter of 2014. In fact, “the gross domestic product, the broadest measure of economic growth, fell at a 1% annual pace.” Economists remain optimistic, however, claiming it’s likely to bounce back this spring and summer, but for those of us that feel like the country never really came out of the recession we may need a few more practical steps to increase our savings.

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