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Consumers Benefit from Money Management Tools

As many people find their debt reaching record levels, they are also learning that their paycheck may become smaller, as a result of a layoff or cutback at work. To make matters even worse, their home value may have plummeted, leaving them to pay on a mortgage they can no longer seem to afford. This is a common theme among American consumers, most of whom are scrambling for ways to regain financial control.

By: Petya Edwards
Category: Finance
: Marketing
Posted: Jul 23, 2010
Updated: Jul 23, 2010
Views: 249


So, just what are they to do? The solution may lie in making a serious effort to learn where their money is being spent in the first place. In fact, the Federal Trade Commission (FTC) advises that developing a budget is the first step that people should take, to gain control over their financial situation. This process, which involves keeping a detailed account of the money you bring in versus what you spend, can be a key factor in successfully regaining control over your finances.

“Most people know that keeping a budget is the ideal solution to having control over your finances, but they are not sure where to start,” explains Petya Edwards of Moneylogic Marketing (http://www.moneylogic.com), a consumer association that provides online tools for consumers seeking financial and debt solutions. “But once people are exposed to the tools that can help them effectively budget, track expenses and more, they become much better stewards of their money.”

Having the right tools can make all the difference. For example, those who use the Moneylogic 7-Step System (the ML-7 System) have access to a host of tools strategically designed to help them achieve financial control. Many people have been able to successfully regain control of their finances by using their membership. The program includes resources, an interactive debt-management plan, professional guidance, resources, online tools, and more. Members can easily track all of their income and expenses in their budgeting tool, helping to accomplish that important first step in financial control.

“For less than it costs for a cup of coffee per day, people can have all the necessary tools at their fingertips that will help them get back on their feet financially,” adds Edwards. “Now that is a solid investment.”

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Source:
Federal Trade Commission. Knee Deep in Debt. <http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre19.sh ...;

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