The Top 50 Get Out of Debt Blogs To Watch In 2009

[Evan]

Money may not equal happiness, but a life without money definitely equals unhappiness. Tough economic times have left many small business owners in debt and more importantly, without direction. As such, we at EvanCarmichael.com have scoured the Internet to compile a list of the most informative blogs to help entrepreneurs with their money making efforts. The Top 50 Get Out Of Debt Blogs To Watch In 2009 listed below will equip small business owners with the tools needed to bail themselves out of debt today. Enjoy!

http://evancarmichael.com/Tools/Top-50- ... n-2009.htm

[mbrand2222]

Thanks for the tip. I will definitely show it to my boss.

[Kevin Lee]

Hi Evan,

So what were some of the specific criteria required for those blogs to make the list?

[Evan]

Hi Kevin,

Our researcher goes out and finds the most relevant and interesting blogs on the topics that we decide on. Then she creates appropriate categories to make it easier to readers to find blogs of interest rather than going and reading through each of the 50 blogs.

[claoudi]

What is the difference between an overdraft and debt? My husband has run almost £2000 overdraft and he says its not debt just an overdraft, nothing to worry about. I am worried sick and I still see it as debt! He had just finished paying a massive debt last year which took him over 10 years to pay off. Now he's started a small one without telling me. I made him promise to tell me if he had any problems with money which he failed to do so.
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[MichelleJ]

What is the difference between an overdraft and debt? My husband has run almost £2000 overdraft and he says its not debt just an overdraft, nothing to worry about. I am worried sick and I still see it as debt! He had just finished paying a massive debt last year which took him over 10 years to pay off. Now he's started a small one without telling me. I made him promise to tell me if he had any problems with money which he failed to do so.

I would agree with you that having an overdraft is a debt. In actual fact that overdraft money that has been used is money that is owed to the bank. If at any time the bank decides for some reason to call in that debt, your husband could finish up in some trouble if he is unable to repay it immediately. The best thing that he can do is pay that overdraft off as quickly as possible and then use money that he actually has and keep the overdraft strictly for emergencies.

MichelleJ

[mbrand2222]

I've never heard of anyone having overdrafts that big. I just thought they were $20-30 here and there an that you got them paid of ASAP. I would be worried too if I were you. Perhaps you should to charge of the money.

[MichelleJ]

Hi Mary

Many people have extremely large overdrafts and a lot of companies run their businesses using the overdraft facilities continuously. The point to remember though is that you pay a high interest rate on an overdraft, as it is basically borrowed money, so the quicker you manage to pay it off the bigger your saving on interest is.

MichelleJ

[mbrand2222]

Michelle,
Thanks for enlightening me. I really had no idea people did this. Hm??

[Kevin Lee]

Hi Mary

Many people have extremely large overdrafts and a lot of companies run their businesses using the overdraft facilities continuously. The point to remember though is that you pay a high interest rate on an overdraft, as it is basically borrowed money, so the quicker you manage to pay it off the bigger your saving on interest is.

MichelleJ

Hi Michelle,

Then would you advise that people or small businesses pay for overdraft protection?

[MichelleJ]

Hi Mary

Many people have extremely large overdrafts and a lot of companies run their businesses using the overdraft facilities continuously. The point to remember though is that you pay a high interest rate on an overdraft, as it is basically borrowed money, so the quicker you manage to pay it off the bigger your saving on interest is.

MichelleJ

Hi Michelle,

Then would you advise that people or small businesses pay for overdraft protection?

Hi Kevin

I don't think that is really necessary, so long as people are careful with what they use the overdrafts for and so long as they know that they can pay them back in a relatively short period of time.
Unfortunately most people forget that an overdraft is a debt which does have to be paid back and they tend to let it drag on and get bigger and bigger and that is usually when the bank will call it in. If used sensibly then it is fine.

MichelleJ

[Alan Mater]

Hi Evan,

That is a very impressive list you have there. Some great resources for anyone looking to get out of debt and learn to manage their money wisely.

Great discussion about overdrafts. Yes, I would be very worried about your husband's overdraft. I didn't realize you could have an overdraft that big.

When my bank account was compromised recently, my account overdrafted twice, which cost me $35 each time. The fees were waived due to the circumstance, but anyone overdrafting on a regular basis would pay a lot in fees alone. I guess it would depend on what kind of account that is set up, but I imagine there is a limit on how much overdraft protection is available.

For me, I have overdraft protection up to $200, which means my bank will cover the first $200 that is overdrafted. I'm not sure what would happen after that, but I don't plan on ever finding out.

I would suggest not ever overdrafting as it's the same as being in debt, and I would pay it off as quickly as possible.

[Kevin Lee]

I think banks are kind of sneaky. By always offering an overdraft protection, it's a false sense of security... because in fact banks are really trying to lure customers into debt so they can profit from the interest. Like the cliche saying: "Give someone enough rope and they'll probably hang himself/herself".

[Alan Mater]

I think banks are kind of sneaky. By always offering an overdraft protection, it's a false sense of security... because in fact banks are really trying to lure customers into debt so they can profit from the interest. Like the cliche saying: "Give someone enough rope and they'll probably hang himself/herself".

It's smart for the banks to do so, though. They're a business also, and they have to make money just like any other business.

I personally could care less about overdraft protection. My account comes with it for free up to $200, but I never plan on ever using it. But, I'm glad I did have it when I did need it, although it wasn't my fault. I would never purposefully overdraft.

[ideasuniversity]

This is lovely, I will go through the blogs one by one.