DamonDay.com is in Transition
DamonDay.com is currently undergoing some renovations and design changes. We apologize for all of the noise and dust while we are making some necessary modifications and upgrades to our website. We have learned that we are much better at breaking our site then we are at putting it back together. As a result many of our pages have turned into half English and half html, making them difficult...
Read MoreDebt Snowball – When does it make sense?
The Debt Snowball method to paying down debts has been around for a long time but it has become popularized and almost synonymous with Financial Planner and radio personality Dave Ramsey. Although from a financial standpoint, Dave takes a little different approach in how he recommends the debts be ordered, he praises this approach as a simple and straightforward way for people to dig out of...
Read MoreGet Out of Debt – What Strategy Makes the Most Sense?
Help!!!! I am on information overload. Can you look at my financial circumstances and tell me exactly what debt reduction strategy will make the most sense for me? Sound familiar? You are not alone. Thousands of people ask this question every day and set out on the Internet looking for the answer. Unfortunately instead of honest and unbiased advice they typically encounter salesmen that...
Read MoreDebt Help – Who can You Trust
You are in Debt, you are struggling, you can’t pay your bills. What do you do? Like most people, you turn to the Internet. After all, the Internet has all of the answers. It is true that you probably can find the answers you are looking for online. However, you are definitely going to also find all of the wrong answers, and no shortage of websites, sales people, and hucksters more than...
Read MoreDebt Collection Statute of Limitations
In the game of Debt Collection, Knowledge is King. The more educated you are about your legal rights and what your creditors can and can not do if you are unable to pay them, the better off you will be. If you are dealing with older debt, it is very important to know the Debt Collection Statute of Limitations in your state. The Statute of Limitations (SOL) is the amount of time that a...
Read MoreCitigroup increases clients debt by raising interest rates!
A few days ago Citigroup sharply increased their rates on about 15 million of their card holders. Could the reason be because starting next month there will be laws in place to prevent them from doing this? Nah, couldn’t possibly be the reason. Citigroup claims the rate hikes where merely part of regular account reviews. What do you...
Read MoreChase forcing more consumers to turn to Debt Settlement or Bankruptcy
As the recession drags on and consumers are struggling to keep their heads above water, JPMorgan Chase is throwing out bricks to many of their customers. About 15 million Chase credit card holders are going to get an unpleasant surprise in August when their minimum payment jumps from 3% to 5%. If you have a $10,000 balance on your chase card, instead of the typical $300 payment, you may be...
Read MoreHow The Debt Snowball Method Works to Pay Off Debt Fast
A Quick and Simple Method to Pay Down Debt. The Debt Snowball is one of the most talked about methods for paying off debt, although there’s some disagreement about one of the basic premises of the Debt Snowball – whether to start paying off the smallest debt first or the one with the highest interest rate.I tend to prefer the method of starting with the highest interest rate first...
Read MoreFun with Financial Calculators
Ok, so you can’t really have much fun with them, but a very insightful and valuable tool. Knowing a few functions on the financial calculator will go a long way toward learning the true cost of debt and why it is essential that you get rid of all consumer debt as quickly as possible. In this video I quickly outline the true cost of carrying $50,000 dollars of credit card...
Read MoreFinancial advice from our Grandparents
This recession has many of us wishing that we would have listened to our grandparents financial advice. You know, when they told us to spend less than we make, save more and don’t take on debt. No, no, no, that is old fashioned. This is a whole new world. We have evolved past that. Maximum leverage is the ultimate way to wealth. Or so we thought. The unfortunate reality for...
Read MoreJamey Johnson – The Dollar
This song from Jamey Johnson is one of my favorite songs. As the father of two young boys myself, it really puts in perspective the things that are important. Debt freedom is really time freedom. Time to do the things you want and enjoy. Most of us are taught to trade time for money, and the more debt we accumulate, the more time we have to trade to pay for it. Pretty soon many of us find that...
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