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Debt Reduction Planning Tips and Tools

It's easy to get caught up into the belief that we have more money to work with when we fall prey to using credit cards and other consumer debt to acquire things we either want, need, or think we need!

Have you thought about what you could possibly do to reduce debt? Why not apply some...

Debt reduction planning tips and tools!


Ninety days same-as-cash, six months, or twelve months same-as-cash are actually a great way to make purchases with borrowed money, and it's a method that I've used personally many times.

There's nothing better than using same-as-cash as an ideal financial leverage. However, if it's not used the right way it won't help!

Only borrow an amount on same-as-cash accounts that you know you can pay off before the end of the promotional time period!

Otherwise, you will end up paying interest on the purchases you made and therefore defeat your purpose of making use of the same-as-cash strategy.

One word of caution in regards to the same-as-cash account strategy is the fact that you also don't want to have too many active and open accounts on your credit record since it will lower your credit score.

My word of advice is to therefore only select several stores you would most likely frequent and make use of their same-as-cash promotional offers.

For example, if you frequent several hardware or home improvement stores, choose your favorite store and only open an account with that one store, not both.

That will help you to keep the number of open accounts on your credit score down to a minimum.

If you want to reduce and eliminate your consumer debt you need to have a solid plan to strategically attack the challenge.

There are many resources available to help you reduce your debt, and you will find many good resources to get you started with this debt reduction planning tools list.

Please note that we will be adding other resources to the list, but here's some links (from off our site) to get you started:

5 Steps Toward Debt Reduction for the Do-It-Yourself Approach
The article at the link above is a great 5 step program to strategically begin your plan and how to approach debt reduction.

Anyone Can Become Debt Free
Some believe that only the rich can eliminate their debt, but Dave Ramsey's article will explain why that is only a myth.

Money Illusions and What They Are

We live in a world full of imagination, greed, and lust for money.

The creation of erroneous perceptions, false beliefs and tricks come with that territory and essentially become money illusions.

There are also fables and tales about money from which we can fantasize and create imaginative stories, which evolve into fun and humorous money illusions solely for entertainment purposes.

The creator of the fun illusions meant no harm, and intended only to stimulate our imaginations.

However,  the serious money illusions can cost us thousands of dollars if we fall for them! Those are the ones which can deceive us to believe erroneous advertisements, beliefs, money con artists scams, and other schemes, which can lead to us losing our hard earned money.

For some victims, at first a money illusion does not appear to be an illusion at all as it overshadows the truth of the erroneous belief.

The truth may not be discovered until the illusion comes to full fruition, which is often too late to recover from the losses incurred.

Although some money illusions result from deliberate scams to obtain our money, other money illusions develop from our own lack of knowledge, ignorance, products or services misrepresented, or plans with inherent flaws.

As a consumer and master of our own finances, we each have a responsibility to determine if we are falling for a money illusion, or if it is a genuine plan based on sound principles to help us achieve our goals.

My hope by creating Money Illusions is to provide people with information to help them determine if their plan is a wise one, or if they need to consider it to be a money illusion.

On the lighter side, Money Illusions also has fun topics that discuss the extreme illusions based on tales and fables like a pot of gold at the end of the rainbow. Another money illusion for fun is the story that money grows on trees!

Thank you for stopping by Money Illusions, and we hope you decide to subscribe to our blog and come back to visit us again!