Self-Help Tools

What is the statute of limitations?

The statute of limitations for debt is the amount of time creditors can file a lawsuit on an unpaid debt. However, creditors and collectors can still try to collect the debt. The SoL (statute of limitations) varies from state to state. Here is a link for more information on different laws in your state.
A SoL on a debt can become void if you admit to the debt being yours. In other words, if the creditor is asking you if this is your debt and you respond yes, the debt is reactivated. The SoL will no longer apply.

Budgeting

Make a budget…blah, blah, blah. First and foremost, this is your most valuable tool. Sounds so boring and insignificant, but I promise you it is not. Do you want to know how to save more money than you thought possible? Take a look at your spending habits. Not only will it show you the cold, hard facts, it will heighten your awareness of saving in general. It can truly be a motivating factor.

There are some amazing websites that help you to manage, budget, save, and even motivate. Some offer syncing with your credit cards and bank accounts. If you are vary of sharing such info, I would suggest BudgetTracker. It allows you to enter your info manually and also has an option to sync your accounts in the future.

It is important to find the right budgeting tool for you. There is no ”best” when it comes to this category. It really must fit you personally and meet your individual needs.

AceMoney Lite Free finance manager. Full version is for businesses.
Buddi Simple to use finance manager and budgeting program
BudgetTracker Allows you to enter your banking info manually, but syncing is also available.
Buxfer Money management linked to checking and credit card account.
Geezeo User friendly financial tracker and budgeting.
GnuCash.org Checkbook register style format. Simple but lots of additional options.
mint.com A money manager that is synced to your accounts
microsoftoffice templates Free downloads of their popular templates.
Wesabe Another money management program that is synced to your checking and credit card accounts
Yodlee Beyond budgeting. Offers integrated bill pay options.

Credit Report Agencies

Check your credit report! Reports have shown over 90% errors on credit info. By law, you can obtain a free annual report* from the three major agencies. All three reports do not always have the same info. Why should you check for errors? Because no one else will and 90% is 90%!

annualcreditreport.com* Free annual credit reports from Experian, Equifax, and TransUnion. $5.95-$7.95 additional to include FICO, PLUS, or TransUnion credit score.
FreeCreditReport.com Free trial includes reports and score. A site run by Experian
Equifax $11 w/o score $15.95 includes FICO score
Experian $15 includes PLUS Score
TransUnion $14.95 includes PLUS Score
creditbureau.com $10.50 w/o score $15.95 includes FICO score. Site run by Experian
myfico.com $15.95 includes FICO score

2 Surprising Ways You May Be Lowering Your Credit Score

Closing Your Credit Card – This effects your total available credit. For example, if you close a credit card that has a $1000 credit limit on it,, you’ve essentially reduced your total available credit by $1000. This is not friendly to your score. All the credit score agencies look at is the total numbers, not how or why.
Not using your credit card – If you haven’t used your credit card for a long period of time, the creditor may close your account without notifying you. This is actually a bigger hit than closing it yourself. Again, the scoring agencies don’t care why, it’s just about the numbers.

Mortgages

Change your mortgage payment plan to biweekly. This can shave up to 21 years on a 30 year loan!
Make sure biweekly payments are TRUE biweekly payments. Standard or pseudo biweekly payments are completely different. Don’t be fooled by this one!
Mortgage rates are at historical lows, hovering around 5%!
You are not locked into your mortgage. Refinancing may be the right option. It may be one more thing you do not want to deal with, but with a little research, you can save a significant amount. One percent difference over the life of a loan is much more than you think.