By: Jeff Nelson
Lets face it, we are not in the best of economic times, bills are high and incomes are being stretched. Credit cards and loans are piling up, in which paying the minimum payment every month is going to get you nowhere. Getting out of debt plagues the minds of most Americans who are desperately trying to obtain a level of prosperity that only a small percentage ends up achieving. People borrow money to go to school, start a business, buy a house, and other infinite amount of reasons. However people may not be aware that the interest rates on their loans are increasing and being compounded at an alarming rate making it almost impossible to pay back the loan with its interest. Determination and motivation are two qualities that must be present for a person to get out of debt quicker than planned. The rest go along with the brigade and get caught in the web of late payments and increased fees.
In order to start you journey on becoming debt free, it is imperative to take a realistic approach of your finances, namely your budgets. Establishing budgets for different sectors of your life can be very helpful when trying to efficiently allocate your resources. For example separate budgets must be established differentiating your business from your family. This is an imperative step for if the two get combined it will be extremely difficult to determine which resources should be distributed where.
Budgets are what organize expenses, revenues, and savings. Budgets also set limits on the amount of resources that can be spent on one subject, such as entertainment. In determining your budget, you must fully be aware of any unexpected expenses that might arise therefore it is necessary to set aside an entirely different sector for unexpected expenses. One of the main reasons to set up a budget is to get out of debt more quickly than anticipated. If you are really stringent with your money and set your budgets that favor paying out your debts, you will be in the black faster than you might think. Another importance of budgeting is making sure that you have calculated in all of your bills correctly. For this will severely affect the amount you are able to spend on sectors in your budget. To make sure that you are citing the right bill amount, you can use useful tools online that will figure out your monthly bills and pool them together. Tools like these enable you to correctly justify your earnings and spending that greatly affects the inner workings of your budgets.
In order to get out of debt quicker and more efficiently setting up your budgets is the first step needed to achieve this goal. In correctly setting your budgets, you are setting yourself up to get out of debt quicker than you ever imagined while also leading a life to which you determine. Managing money in the correct manner is something that all Americans should learn so that our economy does not feel a crisis like this ever again.
About The Author:
Jeff Nelson gives advice on money management. His advice helps you to eliminate your debt faster. To make online budgeting easy and set up your budgets for each category you are targeting, visit www.mint.com
Saturday, January 31, 2009
Freedom Debt Relief Offers Answers, Clarity for Those Struggling With Debt
By: mb_fdr
As the nation's economy has declined, Americans are feeling the pinch, with an average of more than $16,000 in debt per person among those who have a credit profile. Freedom Debt Relief co-founder and co-CEO Brad Stroh reminds those who are facing serious debt hardship that they do have options when it comes to getting help.
"If you have trouble paying the bills, are receiving calls from collectors, are struggling to pay off bills from a medical episode or an accident, or are starting to believe you might be better off not opening the mail, you are in too deep," said Stroh, whose company has resolved debts for more than 50,000 clients over the past six years. "It's time to re-assess -- and the good news is, you can get help without resorting to bankruptcy."
Debt Resolution firms, such as Freedom Debt Relief (FDR), negotiate on the consumer's behalf with creditors. They settle on a lower amount that typically can reduce a consumer's principal balance due -- rather than just interest rates -- and lower total payments by 40 percent to 60 percent with a repayment term of two or three years. Credit scores may be negatively impacted, but responsible credit use after completing a debt resolution program can rebuild credit relatively quickly.
Debt Consolidation rolls multiple debts into one loan or into a mortgage. It may or may not bring lower payments. Borrowers using a mortgage to consolidate put their homes at risk and might run up just as much credit card debt within a few years. Those considering debt consolidation must make sure they can afford the resulting payment. Those considering using a mortgage for consolidation must make sure that they are not putting their homes at risk of foreclosure.
Credit Counseling provides lower interest rates, with a repayment term of five to 10 years. Total debt principal is not reduced. Many credit counseling firms operate with creditor funding, so the debt management plans created for consumers may be more in line with interests of the creditors. In addition, credit profiles can prevent access to credit while a consumer is in a program, as many lenders view debt management plans similarly to bankruptcy.
Bankruptcy is a less-viable option for most consumers today, following the reforms of several years ago. Those changes included the institution of a "means test" to determine eligibility for Chapter 7 protection, which eliminates most consumer debt. Those whom the law deems to have enough income (as defined by each state's median household income) to re¬pay at least a portion of their debt cannot obtain Chapter 7 protection. Chapter 13 filings – which re¬quire consumers to repay debt on a repayment plan – are still available, but generally offer less-favorable terms than found in debt resolution, and result in a significant black mark on a credit report.
Questions to ask a debt partner
People who are looking for a trustworthy organization to help win the battle against debt can ask Stroh's seven questions to choose a reputable firm:
1. Compensation: Does the company get any form of consideration or compensation from the creditors themselves? Some firms receive funding in the form of what are called "fair share" payments from creditors. The payments are incentives to get consumers into debt management plans (DMPs), and could lead to a conflict of interest between creditors' and consumers' interests.
2. Professional memberships: Is the company a member of its industry associations, or does it hold itself to a quality standard verifiable by third-party accreditation? A "yes" answer means the company is willing to have its practices scrutinized and to respond to consumer complaints.
3. Individualization: Does the company provide actual consultations and provide advice/education to consumers free of charge? Or is the company simply directing every consumer into a debt management plan?
4. Free education: Does the company provide educational material, including budgeting and financial advice, free of charge? Many firms consider educational material an additional fee source, not a benefit to their clients.
5. Background: What is the background of the company's management team? Look for good, relevant education and experience -- not a team that jumps from opportunity to opportunity to make its fortunes.
6. History: How long has the company been in business?
7. Success: What are the company's dropout and success rates? Request these statistics. Leading credit card companies report that many credit-counseling firms have dropout rates as high as 90 percent.
About Freedom Financial Network (www.freedomdebtrelief.com)
Based in San Mateo, Calif., Freedom Financial Network, LLC (www.freedomfinancialnetwork.com) provides consumer debt resolution services through its Freedom Debt Relief and Freedom Tax Relief divisions. The company works for the consumer, negotiating with creditors to lower principal balances due that can often result in savings of up to half the amount owed.
Freedom Debt Relief (FDR) has served more than 50,000 clients since 2002 and currently has 28,000 clients working with the company to resolve their debt challenges. In the past month alone, the company resolved more than 3,500 cases for its clients, representing accounts worth more than $20 million. On average, FDR settles cases on behalf of its clients for 47 percent of the outstanding balance -- a savings of 53 percent.
Company co-founders and co-CEOs Andrew Housser and Brad Stroh were named to the Silicon Valley/San Jose Business Journal's "40 Under 40" list in 2008, and are recipients of the Northern California Ernst & Young 2008 Entrepreneur of the Year Award. The company, with 475 employees, was voted one of the best places to work in both the San Francisco Bay Area and in Phoenix, home of a satellite office.
About The Author:
Mbhat_fdr has more than 5 years experience as a financial adviser at freedomdebtrelief.com, his key areas are loan consolidation, debt relief, mortgages etc.
As the nation's economy has declined, Americans are feeling the pinch, with an average of more than $16,000 in debt per person among those who have a credit profile. Freedom Debt Relief co-founder and co-CEO Brad Stroh reminds those who are facing serious debt hardship that they do have options when it comes to getting help.
"If you have trouble paying the bills, are receiving calls from collectors, are struggling to pay off bills from a medical episode or an accident, or are starting to believe you might be better off not opening the mail, you are in too deep," said Stroh, whose company has resolved debts for more than 50,000 clients over the past six years. "It's time to re-assess -- and the good news is, you can get help without resorting to bankruptcy."
Debt Resolution firms, such as Freedom Debt Relief (FDR), negotiate on the consumer's behalf with creditors. They settle on a lower amount that typically can reduce a consumer's principal balance due -- rather than just interest rates -- and lower total payments by 40 percent to 60 percent with a repayment term of two or three years. Credit scores may be negatively impacted, but responsible credit use after completing a debt resolution program can rebuild credit relatively quickly.
Debt Consolidation rolls multiple debts into one loan or into a mortgage. It may or may not bring lower payments. Borrowers using a mortgage to consolidate put their homes at risk and might run up just as much credit card debt within a few years. Those considering debt consolidation must make sure they can afford the resulting payment. Those considering using a mortgage for consolidation must make sure that they are not putting their homes at risk of foreclosure.
Credit Counseling provides lower interest rates, with a repayment term of five to 10 years. Total debt principal is not reduced. Many credit counseling firms operate with creditor funding, so the debt management plans created for consumers may be more in line with interests of the creditors. In addition, credit profiles can prevent access to credit while a consumer is in a program, as many lenders view debt management plans similarly to bankruptcy.
Bankruptcy is a less-viable option for most consumers today, following the reforms of several years ago. Those changes included the institution of a "means test" to determine eligibility for Chapter 7 protection, which eliminates most consumer debt. Those whom the law deems to have enough income (as defined by each state's median household income) to re¬pay at least a portion of their debt cannot obtain Chapter 7 protection. Chapter 13 filings – which re¬quire consumers to repay debt on a repayment plan – are still available, but generally offer less-favorable terms than found in debt resolution, and result in a significant black mark on a credit report.
Questions to ask a debt partner
People who are looking for a trustworthy organization to help win the battle against debt can ask Stroh's seven questions to choose a reputable firm:
1. Compensation: Does the company get any form of consideration or compensation from the creditors themselves? Some firms receive funding in the form of what are called "fair share" payments from creditors. The payments are incentives to get consumers into debt management plans (DMPs), and could lead to a conflict of interest between creditors' and consumers' interests.
2. Professional memberships: Is the company a member of its industry associations, or does it hold itself to a quality standard verifiable by third-party accreditation? A "yes" answer means the company is willing to have its practices scrutinized and to respond to consumer complaints.
3. Individualization: Does the company provide actual consultations and provide advice/education to consumers free of charge? Or is the company simply directing every consumer into a debt management plan?
4. Free education: Does the company provide educational material, including budgeting and financial advice, free of charge? Many firms consider educational material an additional fee source, not a benefit to their clients.
5. Background: What is the background of the company's management team? Look for good, relevant education and experience -- not a team that jumps from opportunity to opportunity to make its fortunes.
6. History: How long has the company been in business?
7. Success: What are the company's dropout and success rates? Request these statistics. Leading credit card companies report that many credit-counseling firms have dropout rates as high as 90 percent.
About Freedom Financial Network (www.freedomdebtrelief.com)
Based in San Mateo, Calif., Freedom Financial Network, LLC (www.freedomfinancialnetwork.com) provides consumer debt resolution services through its Freedom Debt Relief and Freedom Tax Relief divisions. The company works for the consumer, negotiating with creditors to lower principal balances due that can often result in savings of up to half the amount owed.
Freedom Debt Relief (FDR) has served more than 50,000 clients since 2002 and currently has 28,000 clients working with the company to resolve their debt challenges. In the past month alone, the company resolved more than 3,500 cases for its clients, representing accounts worth more than $20 million. On average, FDR settles cases on behalf of its clients for 47 percent of the outstanding balance -- a savings of 53 percent.
Company co-founders and co-CEOs Andrew Housser and Brad Stroh were named to the Silicon Valley/San Jose Business Journal's "40 Under 40" list in 2008, and are recipients of the Northern California Ernst & Young 2008 Entrepreneur of the Year Award. The company, with 475 employees, was voted one of the best places to work in both the San Francisco Bay Area and in Phoenix, home of a satellite office.
About The Author:
Mbhat_fdr has more than 5 years experience as a financial adviser at freedomdebtrelief.com, his key areas are loan consolidation, debt relief, mortgages etc.
Friday, January 30, 2009
Tips To Get Rid of Debts Fast
By: Tom Tinney
There is a national debt crisis in many countries today. The average family will spend more than they bring in every month. So every month their debt grows and grows until it is out of control. You may feel like you are passed the point of getting yourself out of debt; like there is no hope for you and your family. Don't give up yet. With hard work, dedication and the right information anyone can turn their life around and get out of debt.
The first step to getting out of debt is to look at the grim reality of your finances. Take a piece of paper and a pen and write down all of your expenses and income. Don't forget to write down all of the little things you spend money on mochas, fast food, impulse buys, etc. Once you know exactly where your money is going you have a better chance of controlling it.
Now that you know where you stand you can focus on wealth creation strategies. To start building wealth you must first reduce your debt. You may be able to do this by cutting you spending but it is more likely that you will have to take the hard step of selling off some of your more extravagant purchases. You may have a car or expensive television that you bought on credit, now is the time to sell it off and pay down your credit cards. This will a put you in the right place to begin creating wealth.
Lowering the amount of debt you owe should make you feel a whole lot better about you situation. That doesn't mean that you are finished with your financial journey though. Now it is time to focus on creating personal wealth. You can get a second job in the evenings until you have a healthy savings account and no debt or you can try to work from home.
Working from home has never been more possible than it is today. You can start creating wealth from home in a matter of weeks. You can start a home business or an affiliate site. Some employers will even hire you to work from home these days. There is bound to be a stream of internet wealth that will be right for you.
Getting out of debt doesn't have to be a dream you can make it a reality. There are lots of wealth creation strategies available. If you just can't decide which is best for you find a wealth building seminar in your area to help you get started.
About The Author:
Tom Tinney has come up with a new website http://www.Nationaldebtcrisis.com. With the help of Nationaldebtcrisis.com you can learn how to get rid of your debt and learn how to make wealth using simple strategies. Visit http://www.Nationaldebtcrisis.com today and get rid of your debt problems.
There is a national debt crisis in many countries today. The average family will spend more than they bring in every month. So every month their debt grows and grows until it is out of control. You may feel like you are passed the point of getting yourself out of debt; like there is no hope for you and your family. Don't give up yet. With hard work, dedication and the right information anyone can turn their life around and get out of debt.
The first step to getting out of debt is to look at the grim reality of your finances. Take a piece of paper and a pen and write down all of your expenses and income. Don't forget to write down all of the little things you spend money on mochas, fast food, impulse buys, etc. Once you know exactly where your money is going you have a better chance of controlling it.
Now that you know where you stand you can focus on wealth creation strategies. To start building wealth you must first reduce your debt. You may be able to do this by cutting you spending but it is more likely that you will have to take the hard step of selling off some of your more extravagant purchases. You may have a car or expensive television that you bought on credit, now is the time to sell it off and pay down your credit cards. This will a put you in the right place to begin creating wealth.
Lowering the amount of debt you owe should make you feel a whole lot better about you situation. That doesn't mean that you are finished with your financial journey though. Now it is time to focus on creating personal wealth. You can get a second job in the evenings until you have a healthy savings account and no debt or you can try to work from home.
Working from home has never been more possible than it is today. You can start creating wealth from home in a matter of weeks. You can start a home business or an affiliate site. Some employers will even hire you to work from home these days. There is bound to be a stream of internet wealth that will be right for you.
Getting out of debt doesn't have to be a dream you can make it a reality. There are lots of wealth creation strategies available. If you just can't decide which is best for you find a wealth building seminar in your area to help you get started.
About The Author:
Tom Tinney has come up with a new website http://www.Nationaldebtcrisis.com. With the help of Nationaldebtcrisis.com you can learn how to get rid of your debt and learn how to make wealth using simple strategies. Visit http://www.Nationaldebtcrisis.com today and get rid of your debt problems.
Debt settlement - Does it work?
By: Alexander Maletin
Many people resign themselves to the idea that their debt situation is out of control and that there is no hope. Most assume that their only option is to talk to a lawyer about filing for bankruptcy protection. Many consumers are just plain scared of the bill collectors that continually bother them. Collection agencies want you to believe that you will face serious problems - from garnishment to seizure of property.
What most people fail to realize is that for these actions to be enforceable they must first take you to court. This fear drives many to seek out the possibility of filing for bankruptcy. The debt settlement process can prove beneficial, but it needs to be understood, and that it is even possible.
Your creditors don't really want to take you to court. It is expensive for one. Besides, even if they win, it can be difficult for them to collect from you. If they were to garnish your monthly income, you could simply move jobs and they would have to start the process all over again. Going to court is not free, they will face legal fees that have to be paid whether they win or not. Creditors don't want to spend more money. That's why they are usually agreeable to settle debts.
In most cases a creditor or collection agency is happy to take a reduced amount. In many cases debts never get collected, and the negative credit remains on the debtor's credit report. From this point a creditor tries to just get something rather than nothing. If you file for a bankruptcy in most cases the creditor will not get anything from you. They would rather collect something than nothing so they do have an incentive to work with you under that tough attitude they give.
You will save time if you are not answering the phone, arguing with creditors. Trying to negotiate with collectors your own can be a big time waster. You will also save time in getting out of debt. If you decide to never pay off the bills, your bills will stick with you for at least five years if not longer. If you settle your debts using the services of a debt negotiation company you can be out of debt in three years if not sooner.
Debt negotiation is mostly for unsecured debts such as personal loans, credit cards, medical bills, bad checks and hospital bills. If you stop paying your mortgage or auto loan payment, the creditor will probably foreclose on your home, or repossess your vehicle whatever the case may be. With unsecured debt, there is no security and nothing to take from you.
About The Author:
Alexander Maletin is a writer and online publisher. Visit his debt settlement site at http://www.debtexpertusa.com
Many people resign themselves to the idea that their debt situation is out of control and that there is no hope. Most assume that their only option is to talk to a lawyer about filing for bankruptcy protection. Many consumers are just plain scared of the bill collectors that continually bother them. Collection agencies want you to believe that you will face serious problems - from garnishment to seizure of property.
What most people fail to realize is that for these actions to be enforceable they must first take you to court. This fear drives many to seek out the possibility of filing for bankruptcy. The debt settlement process can prove beneficial, but it needs to be understood, and that it is even possible.
Your creditors don't really want to take you to court. It is expensive for one. Besides, even if they win, it can be difficult for them to collect from you. If they were to garnish your monthly income, you could simply move jobs and they would have to start the process all over again. Going to court is not free, they will face legal fees that have to be paid whether they win or not. Creditors don't want to spend more money. That's why they are usually agreeable to settle debts.
In most cases a creditor or collection agency is happy to take a reduced amount. In many cases debts never get collected, and the negative credit remains on the debtor's credit report. From this point a creditor tries to just get something rather than nothing. If you file for a bankruptcy in most cases the creditor will not get anything from you. They would rather collect something than nothing so they do have an incentive to work with you under that tough attitude they give.
You will save time if you are not answering the phone, arguing with creditors. Trying to negotiate with collectors your own can be a big time waster. You will also save time in getting out of debt. If you decide to never pay off the bills, your bills will stick with you for at least five years if not longer. If you settle your debts using the services of a debt negotiation company you can be out of debt in three years if not sooner.
Debt negotiation is mostly for unsecured debts such as personal loans, credit cards, medical bills, bad checks and hospital bills. If you stop paying your mortgage or auto loan payment, the creditor will probably foreclose on your home, or repossess your vehicle whatever the case may be. With unsecured debt, there is no security and nothing to take from you.
About The Author:
Alexander Maletin is a writer and online publisher. Visit his debt settlement site at http://www.debtexpertusa.com
Thursday, January 29, 2009
Finding Help With Getting Out of Debt
By: Kjell Anderton
Do you need help with budgeting your money? Do you feel overwhelmed by your credit card debt? If so, you are not alone. Many Brits are feeling a bit lost when it comes to balancing their own personal budgets, mostly because they lack the tools to help them properly plan and prepare a budget.
In order to more effectively create a budget, it is beneficial to use special credit card calculators. With the help of these calculators, you can determine how long it will take you to pay off your debt if you send a certain payment each month. Or, you can find out how much you need to pay each month in order to get your debt paid off by a certain time. With the help of these calculators, you can better budget your monthly expenses while also working toward realistic goals.
How Long Will it Take?
The first type of calculator will help you determine how long it will take for you to pay off your credit card debt. Many Brits are surprised to learn that paying only the minimum payment amount on a small debt can mean carrying the balance for many years. If you have a 750 credit card balance with an 11.99% APR, for example, it will take you five years and ten months to pay it off if you send 15 per month. If you send 30, on the other hand, you will reduce the pay off timeframe to just two years and five months.
In addition to saving yourself time, increasing your payment will also help you save money. If you send 15 to your credit card company for five years and ten months, you don't need a special calculator to tell you that you will be sending a total of 1,050 to the credit card. This means you are spending 300 in finance charges. By sending 30 per month for two years and five months, on the other hand, you spend 870. This means you save 180 by simply sending in 15 more dollars each month.
How Much Should I Pay?
If you have a little more financial leeway and if you want to have your debt paid off by a certain time, you might want to use a different credit card calculator. With this calculator, you can determine how much you have to pay each month in order to get your debt paid off by a certain time.
If you are carrying a 750 balance on a card with an 11.99% interest rate and you want to get it paid off in eight months, for example, you could input this information into the calculator to see how much you have to send each month. In this case, your monthly payment would need to be 98.01. Armed with this information, you can easily turn to your budget and determine if you have enough funds to meet your goal. If not, you can set a new goal and create one that is feasible for you.
About The Author:
This article was written by Kjell Anderton, the creator of the UK Financial Options website where you can compare all the major credit cards currently on offer in teh UK and choose the deal that best suits you. UK Financial Options offer a free credit card calculator.
Do you need help with budgeting your money? Do you feel overwhelmed by your credit card debt? If so, you are not alone. Many Brits are feeling a bit lost when it comes to balancing their own personal budgets, mostly because they lack the tools to help them properly plan and prepare a budget.
In order to more effectively create a budget, it is beneficial to use special credit card calculators. With the help of these calculators, you can determine how long it will take you to pay off your debt if you send a certain payment each month. Or, you can find out how much you need to pay each month in order to get your debt paid off by a certain time. With the help of these calculators, you can better budget your monthly expenses while also working toward realistic goals.
How Long Will it Take?
The first type of calculator will help you determine how long it will take for you to pay off your credit card debt. Many Brits are surprised to learn that paying only the minimum payment amount on a small debt can mean carrying the balance for many years. If you have a 750 credit card balance with an 11.99% APR, for example, it will take you five years and ten months to pay it off if you send 15 per month. If you send 30, on the other hand, you will reduce the pay off timeframe to just two years and five months.
In addition to saving yourself time, increasing your payment will also help you save money. If you send 15 to your credit card company for five years and ten months, you don't need a special calculator to tell you that you will be sending a total of 1,050 to the credit card. This means you are spending 300 in finance charges. By sending 30 per month for two years and five months, on the other hand, you spend 870. This means you save 180 by simply sending in 15 more dollars each month.
How Much Should I Pay?
If you have a little more financial leeway and if you want to have your debt paid off by a certain time, you might want to use a different credit card calculator. With this calculator, you can determine how much you have to pay each month in order to get your debt paid off by a certain time.
If you are carrying a 750 balance on a card with an 11.99% interest rate and you want to get it paid off in eight months, for example, you could input this information into the calculator to see how much you have to send each month. In this case, your monthly payment would need to be 98.01. Armed with this information, you can easily turn to your budget and determine if you have enough funds to meet your goal. If not, you can set a new goal and create one that is feasible for you.
About The Author:
This article was written by Kjell Anderton, the creator of the UK Financial Options website where you can compare all the major credit cards currently on offer in teh UK and choose the deal that best suits you. UK Financial Options offer a free credit card calculator.
Debt Settlement Companies: Learn To Read Between The Lines
By: Camie Ibara
Scams are a serious threat and you will need to keep away from them, especially when you look for a debt settlement company to help you get out of debt faster.
A word of advice would be to do not identify debt settlement (negotiation) with debt consolidation.
First, keep in mind that these companies will ask you for money: once for setting up an account, and then, a fee for every month of service.
Here is how they do: they take your cash, place them in a trust account, and then they start negotiating your debt with your lenders; only when enough money are gathered in your account, they pay one of the lenders in full.
During this time, your monthly payments are suspended. Which leads, of course, to you being sued by your lenders, exactly what you could 'succeed in doing all by yourself!
Negotiating takes time; all this time, your interest is rising, late fees appear and so on. You will get buried in debts all over your head!
Of course, they will not tell you this when you go to them asking for help. You may find it out only after you sign the papers, and even then, only if you try finding answers to the right questions.
Instead of letting them negotiate the fees for you, you better do it yourself. Some of the lenders will agree to receiving a smaller payment each month, or even stop the interest.
There is no such thing as a non profit debt settlement company. So when you see the term non profit, you better think again.
By placing those money you give them in a trust account, they will actually block your cash, and you will end up to be the loser in this equation.
Do not let yourself fooled. Once you discover that you have been cheated, revoke the account you have with them and get your money back. You will not get the set up fee or the already paid monthly fees back, but, at least, you will be able to repay your debts in a more efficient manner. If you think that you have been misled by their false advertisement, file a complaint with the Better Business Bureau.
There are already some companies that were denounced at the Better Business Bureau. It is wise to stay away from names like National Consumer Debt Council LLC, in Irvine, California, Financial Rescue Services, in Burbank, California, Debt Legal Services, in Anaheim, California, or American Debt Relief, in Los Angeles, California.
Do not let yourself pressed to sign up any papers, until you are not sure that the business they run is legit and they do not try to cheat you off your money. In case you see that they are not willing to make things clear for you, just stay away and solve your financial problems all by yourself. You will be better that way!
About The Author:
Camie Ibara is the Editor and Publisher of Article Click. For more FREE articles for your ezine and websites visit - www.articleclick.com
Scams are a serious threat and you will need to keep away from them, especially when you look for a debt settlement company to help you get out of debt faster.
A word of advice would be to do not identify debt settlement (negotiation) with debt consolidation.
First, keep in mind that these companies will ask you for money: once for setting up an account, and then, a fee for every month of service.
Here is how they do: they take your cash, place them in a trust account, and then they start negotiating your debt with your lenders; only when enough money are gathered in your account, they pay one of the lenders in full.
During this time, your monthly payments are suspended. Which leads, of course, to you being sued by your lenders, exactly what you could 'succeed in doing all by yourself!
Negotiating takes time; all this time, your interest is rising, late fees appear and so on. You will get buried in debts all over your head!
Of course, they will not tell you this when you go to them asking for help. You may find it out only after you sign the papers, and even then, only if you try finding answers to the right questions.
Instead of letting them negotiate the fees for you, you better do it yourself. Some of the lenders will agree to receiving a smaller payment each month, or even stop the interest.
There is no such thing as a non profit debt settlement company. So when you see the term non profit, you better think again.
By placing those money you give them in a trust account, they will actually block your cash, and you will end up to be the loser in this equation.
Do not let yourself fooled. Once you discover that you have been cheated, revoke the account you have with them and get your money back. You will not get the set up fee or the already paid monthly fees back, but, at least, you will be able to repay your debts in a more efficient manner. If you think that you have been misled by their false advertisement, file a complaint with the Better Business Bureau.
There are already some companies that were denounced at the Better Business Bureau. It is wise to stay away from names like National Consumer Debt Council LLC, in Irvine, California, Financial Rescue Services, in Burbank, California, Debt Legal Services, in Anaheim, California, or American Debt Relief, in Los Angeles, California.
Do not let yourself pressed to sign up any papers, until you are not sure that the business they run is legit and they do not try to cheat you off your money. In case you see that they are not willing to make things clear for you, just stay away and solve your financial problems all by yourself. You will be better that way!
About The Author:
Camie Ibara is the Editor and Publisher of Article Click. For more FREE articles for your ezine and websites visit - www.articleclick.com
Wednesday, January 28, 2009
Debt Relief Grant
By: Colette Stenson
So many people today are dealing with huge amounts of debt, but one option that many people are not aware of is a debt relief grant. Many times you'll find that dealing with high credit card debt seems impossible to fix, and even going with some types of credit counseling and debt relief don't always do the job. However, there are many debt consolidators today that are offering people these grants for debt relief that can provide them with some discounts and relief from the huge amount of debt that they are dealing with today.
The Big Debt ProblemThere is such a huge debt problem in the United States today, which is why so many people are finding themselves at their wits end trying to figure out what they are going to do with all of their debt. Not only are many people dealing with credit card debt today, but many are dealing with house payments they can't afford and more. Debt is totally out of control, and sometimes it seems that there are not enough good options out there to help. Well, the debt relief grant is definitely something that those who are bound up in debt should take into consideration today.
Finally Get ReliefIf you need to find some relief from your debt, then you need to learn more about a debt relief grant. It is a great way that you can finally get the relief from your debt that you have been needing. Perhaps you have been feeling that you can't go on with all the debt you are dealing with. Well, this grant provides you with a bit of relief that can help you along as you work to find a way to deal with your debt so you can ensure that you have a brighter financial future.
Problems to Beware OfWhile you'll find that a debt relief grant can definitely help you out, in some cases you may find that they do have some problems that you need to beware of as well. Sometimes you'll find that there can be fees to watch out for when you go with one of these grants, not to mention late fees that you will be racking up when you miss paying your bills. Also, you may find that some companies that offer these grants are only making your problems worse instead of helping you; in fact, some of these companies are scams. So, it is important that you are aware of what is going on and that you are very careful when you are considering one of these companies to help you out.
About The Author:
Colette is the Editor and Publisher of Article Click. For more FREE articles for your ezine and websites visit - www.articleclick.com
So many people today are dealing with huge amounts of debt, but one option that many people are not aware of is a debt relief grant. Many times you'll find that dealing with high credit card debt seems impossible to fix, and even going with some types of credit counseling and debt relief don't always do the job. However, there are many debt consolidators today that are offering people these grants for debt relief that can provide them with some discounts and relief from the huge amount of debt that they are dealing with today.
The Big Debt ProblemThere is such a huge debt problem in the United States today, which is why so many people are finding themselves at their wits end trying to figure out what they are going to do with all of their debt. Not only are many people dealing with credit card debt today, but many are dealing with house payments they can't afford and more. Debt is totally out of control, and sometimes it seems that there are not enough good options out there to help. Well, the debt relief grant is definitely something that those who are bound up in debt should take into consideration today.
Finally Get ReliefIf you need to find some relief from your debt, then you need to learn more about a debt relief grant. It is a great way that you can finally get the relief from your debt that you have been needing. Perhaps you have been feeling that you can't go on with all the debt you are dealing with. Well, this grant provides you with a bit of relief that can help you along as you work to find a way to deal with your debt so you can ensure that you have a brighter financial future.
Problems to Beware OfWhile you'll find that a debt relief grant can definitely help you out, in some cases you may find that they do have some problems that you need to beware of as well. Sometimes you'll find that there can be fees to watch out for when you go with one of these grants, not to mention late fees that you will be racking up when you miss paying your bills. Also, you may find that some companies that offer these grants are only making your problems worse instead of helping you; in fact, some of these companies are scams. So, it is important that you are aware of what is going on and that you are very careful when you are considering one of these companies to help you out.
About The Author:
Colette is the Editor and Publisher of Article Click. For more FREE articles for your ezine and websites visit - www.articleclick.com
What You Need To Know When a Debt Collector Comes Calling
By: Michael Peterson
If you have credit cards, chances are you may run into some debt at some point. And if you run up considerable debt, an official debt collector may contact you. Do not be afraid. Debt collectors are not evil, and there are rules that they have to follow. Being aware of those rules can take away some of the uncertainty and tension when it comes to debt collection. In 1977, the Fair Debt Collection Practices Act was passed to ensure that you are treated fairly. But you will want to be prepared in case a debt collector comes knocking at your door.
Just what is a debt collector?
A debt collector is a professional, sometimes an attorney; hired to collect outstanding debts by those owed money. Debts could include personal debts, credit card debts, medical debts, or car or house payments.
What will a debt collector tell me about my debts?
A debt collector will first contact you to inform you that you are being asked to pay off your balance. Then, within the next five days, you will be informed via written notice of the amount you owe, who you owe, and what to do to either pay off the debt or challenge the claim.
What ways might a debt collector contact me?
You may be contacted via phone, fax, email, regular mail, or even in person. However, a debt collector MAY NOT contact you at unreasonably early or late hours (before 8 am or after 9 pm), or while you are at work. Unfortunately, they'll probably call just as you are sitting down to dinner.
Okay, I get it, my creditor wants their money back. How can I stop a debt collector from repeatedly contacting me, to the point of exasperation?
A debt collector is NOT permitted to harass you. If you feel they are harassing you, submit a written letter to the collection agency asking them to cease. After that, they cannot contact you again except to say they won't contact you again. However, they may contact you or your attorney if legal action is going to be taken regarding your unpaid debt.
Can a debt collector inform just anyone about my debts?
If you have an attorney, your debt collector may contact them. If you do not, a debt collector is permitted to try to locate you through a third party, but they may not contact that third party more than once. In general, a debt collector is not allowed to go all over town asking about you.
So the debt collector has contacted me, now what?
You have the right to read your credit report in full. Make sure that it is accurate and complete. See our article about understanding your credit report to learn more, If you feel there is a mistake, submit your challenge to the creditor. If they insist there is no mistake, you can request that a statement from you be attached to your file that includes your testimony, so that anyone viewing your credit report will see both sides of the story.
Next, you have to work with the debt collector to start paying off your debt. That is their whole purpose. Your credit report will look much better once you have cleared that negative balance.
What is a debt collector NOT permitted to do?
A debt collector is NOT allowed to threaten you or abuse you in any way. This includes:
threats of arrest
using abusive language (such as profanity)
making your debts publicly known
annoying you via phone
A debt collector is also NOT allowed to falsify any information in attempts to collect your debt, such as:
faking legal documents
conversely, failing to inform you that an actual document is a legal document
misrepresenting themselves or who they work for
implying that you have broken the law and may be arrested (that's a threat)
A debt collector CANNOT claim any action that is not legally intended by the people to whom you actually owe the money. Remember, the debt collector represents someone else, it's not the debt collector you owe. So they cannot make any threats claiming they are going to seize your assets or garnish your wages. Only the creditors can do those things, and even then only if it is legal in your situation.
There are many practices a debt collector cannot do. If anything seems suspicious, check it out. Other examples of sketchy behavior includes:
making you pay for collect calls
making you pay more than you owe
What do I do if a debt collector is harassing me or violating my rights?
If you feel a debt collector is violating your rights, you may report the violation to your State Attorney General's Office or the Federal Trade Commission. The Attorney General's office will investigate your claim to determine if any laws have been violated. If this is the case, you may sue the debt collector for damages, possibly including legal costs.
I had to be contacted by a debt collector due to some bad outstanding debts, and my credit report looks bad. Will this incident haunt me forever?
You are in luck. Every seven years, negative information is cleared from your credit files, so long as the issue has been taken care of. If you have to file for bankruptcy, that information will be erased after ten years.
Do not fear the debt collectors. They are there to remind you that you owe someone some money, and to encourage you to get that balance squared away and get out of debt. Now that you know what to expect if you are contacted, you will be better able to maintain your rights and handle the situation with your rights maintained.
About The Author:
Mike Peterson is the author of “Reality Millionaire" and a co-founder and Spokesman of American Credit Foundation, an IRS 501 (c)(3) non-profit consumer credit counseling organization that has assisted thousands of individuals and families with their financial situations through seminars, education, counseling services, and, debt management plans. For more information, and free consumer resources visit: www.debtguru.com
If you have credit cards, chances are you may run into some debt at some point. And if you run up considerable debt, an official debt collector may contact you. Do not be afraid. Debt collectors are not evil, and there are rules that they have to follow. Being aware of those rules can take away some of the uncertainty and tension when it comes to debt collection. In 1977, the Fair Debt Collection Practices Act was passed to ensure that you are treated fairly. But you will want to be prepared in case a debt collector comes knocking at your door.
Just what is a debt collector?
A debt collector is a professional, sometimes an attorney; hired to collect outstanding debts by those owed money. Debts could include personal debts, credit card debts, medical debts, or car or house payments.
What will a debt collector tell me about my debts?
A debt collector will first contact you to inform you that you are being asked to pay off your balance. Then, within the next five days, you will be informed via written notice of the amount you owe, who you owe, and what to do to either pay off the debt or challenge the claim.
What ways might a debt collector contact me?
You may be contacted via phone, fax, email, regular mail, or even in person. However, a debt collector MAY NOT contact you at unreasonably early or late hours (before 8 am or after 9 pm), or while you are at work. Unfortunately, they'll probably call just as you are sitting down to dinner.
Okay, I get it, my creditor wants their money back. How can I stop a debt collector from repeatedly contacting me, to the point of exasperation?
A debt collector is NOT permitted to harass you. If you feel they are harassing you, submit a written letter to the collection agency asking them to cease. After that, they cannot contact you again except to say they won't contact you again. However, they may contact you or your attorney if legal action is going to be taken regarding your unpaid debt.
Can a debt collector inform just anyone about my debts?
If you have an attorney, your debt collector may contact them. If you do not, a debt collector is permitted to try to locate you through a third party, but they may not contact that third party more than once. In general, a debt collector is not allowed to go all over town asking about you.
So the debt collector has contacted me, now what?
You have the right to read your credit report in full. Make sure that it is accurate and complete. See our article about understanding your credit report to learn more, If you feel there is a mistake, submit your challenge to the creditor. If they insist there is no mistake, you can request that a statement from you be attached to your file that includes your testimony, so that anyone viewing your credit report will see both sides of the story.
Next, you have to work with the debt collector to start paying off your debt. That is their whole purpose. Your credit report will look much better once you have cleared that negative balance.
What is a debt collector NOT permitted to do?
A debt collector is NOT allowed to threaten you or abuse you in any way. This includes:
threats of arrest
using abusive language (such as profanity)
making your debts publicly known
annoying you via phone
A debt collector is also NOT allowed to falsify any information in attempts to collect your debt, such as:
faking legal documents
conversely, failing to inform you that an actual document is a legal document
misrepresenting themselves or who they work for
implying that you have broken the law and may be arrested (that's a threat)
A debt collector CANNOT claim any action that is not legally intended by the people to whom you actually owe the money. Remember, the debt collector represents someone else, it's not the debt collector you owe. So they cannot make any threats claiming they are going to seize your assets or garnish your wages. Only the creditors can do those things, and even then only if it is legal in your situation.
There are many practices a debt collector cannot do. If anything seems suspicious, check it out. Other examples of sketchy behavior includes:
making you pay for collect calls
making you pay more than you owe
What do I do if a debt collector is harassing me or violating my rights?
If you feel a debt collector is violating your rights, you may report the violation to your State Attorney General's Office or the Federal Trade Commission. The Attorney General's office will investigate your claim to determine if any laws have been violated. If this is the case, you may sue the debt collector for damages, possibly including legal costs.
I had to be contacted by a debt collector due to some bad outstanding debts, and my credit report looks bad. Will this incident haunt me forever?
You are in luck. Every seven years, negative information is cleared from your credit files, so long as the issue has been taken care of. If you have to file for bankruptcy, that information will be erased after ten years.
Do not fear the debt collectors. They are there to remind you that you owe someone some money, and to encourage you to get that balance squared away and get out of debt. Now that you know what to expect if you are contacted, you will be better able to maintain your rights and handle the situation with your rights maintained.
About The Author:
Mike Peterson is the author of “Reality Millionaire" and a co-founder and Spokesman of American Credit Foundation, an IRS 501 (c)(3) non-profit consumer credit counseling organization that has assisted thousands of individuals and families with their financial situations through seminars, education, counseling services, and, debt management plans. For more information, and free consumer resources visit: www.debtguru.com
Tuesday, January 27, 2009
Repay Student Loans in a Fraction of the Time
By: Stephen Gill
When it's time to repay student loans, it can be discouraging. You have had to borrow a lot of money just to get your education and after graduation the bills start coming due. If you are the typical student, you committed to one or more loans with terms that extend for years at a variable interest rate. This feature alone is enough to drive ex-students to seek alternative ways to payoff student loans early.
Getting a Financial Education
Sometimes the first financial education students get is when it's time to repay student loans. Student loans are great while in school because they let you pursue your educational goals. They are also easy to ignore when the first payment is not due for years.
Student loans often have undesirable features. For example, private loans cannot be deferred no matter what your economic state nor can they be adjusted for economic hardship.
The variable rates normally found with private student loans also can make it difficult to repay the loan in a reasonable amount of time during periods of rising interest rates. The best approach to take is to repay the loan as quickly as possible after finishing school and then use your money in more productive ways than paying interest to financial institutions.
Book Learning
When you are in school, you get a lot of book learning" which means being taught straight from the textbooks. After school it's time to take what you have learned about principal and interest calculations and apply it to a sound budget plan that focuses on debt reduction.
The Money Merge Account helps you organize your finances by centralizing your income and debts in one account linked to sophisticated debt reduction software. The Money Merge Account software will determine the best repayment order" of your debts that will eliminate them all in the shortest time possible and least expense.
Decision To Eliminate Debt
The Money Merge Account software provides you with constant updates on your pay-off" date for your debts. You can always keep track of your progress and the program will automatically update the pay-off date whenever there is any change to your financial situation.
The decision to repay student loans and other debts in the shortest time possible is one of the smartest things you can ever do for your financial future. Debt creates interest charges that literally devour your lifestyle. The Money Merge Account debt reduction software is designed to minimize interest charges without requiring additional income or borrowing.
By utilizing the Money Merge Account accelerated debt reduction software, students now have access to a debt relief program that can repay student loans in 1/3-1/2 time!
About The Author:
Stephen Gill is a financial analyst that specializes in debt reduction. Did you know that you can repay student loans using the bank's money? By utilizing a powerful debt reduction software, savvy students can use the bank's money to repay student loans in the shortest time possible without requiring any additional income! Isn't it time you learned how to bank like the banks and finally eliminate all your debts sooner?
When it's time to repay student loans, it can be discouraging. You have had to borrow a lot of money just to get your education and after graduation the bills start coming due. If you are the typical student, you committed to one or more loans with terms that extend for years at a variable interest rate. This feature alone is enough to drive ex-students to seek alternative ways to payoff student loans early.
Getting a Financial Education
Sometimes the first financial education students get is when it's time to repay student loans. Student loans are great while in school because they let you pursue your educational goals. They are also easy to ignore when the first payment is not due for years.
Student loans often have undesirable features. For example, private loans cannot be deferred no matter what your economic state nor can they be adjusted for economic hardship.
The variable rates normally found with private student loans also can make it difficult to repay the loan in a reasonable amount of time during periods of rising interest rates. The best approach to take is to repay the loan as quickly as possible after finishing school and then use your money in more productive ways than paying interest to financial institutions.
Book Learning
When you are in school, you get a lot of book learning" which means being taught straight from the textbooks. After school it's time to take what you have learned about principal and interest calculations and apply it to a sound budget plan that focuses on debt reduction.
The Money Merge Account helps you organize your finances by centralizing your income and debts in one account linked to sophisticated debt reduction software. The Money Merge Account software will determine the best repayment order" of your debts that will eliminate them all in the shortest time possible and least expense.
Decision To Eliminate Debt
The Money Merge Account software provides you with constant updates on your pay-off" date for your debts. You can always keep track of your progress and the program will automatically update the pay-off date whenever there is any change to your financial situation.
The decision to repay student loans and other debts in the shortest time possible is one of the smartest things you can ever do for your financial future. Debt creates interest charges that literally devour your lifestyle. The Money Merge Account debt reduction software is designed to minimize interest charges without requiring additional income or borrowing.
By utilizing the Money Merge Account accelerated debt reduction software, students now have access to a debt relief program that can repay student loans in 1/3-1/2 time!
About The Author:
Stephen Gill is a financial analyst that specializes in debt reduction. Did you know that you can repay student loans using the bank's money? By utilizing a powerful debt reduction software, savvy students can use the bank's money to repay student loans in the shortest time possible without requiring any additional income! Isn't it time you learned how to bank like the banks and finally eliminate all your debts sooner?
Violating the Fair Debt Collection Practices Act
By: Joe Cline
In 1978, the Fair Debt Collection Practices Act was added, as Title VIII, to the Consumer Credit Protection Act. Its purpose is to ensure debt collection is pursued fairly rather than abusively and to give consumers a way to dispute or validate the accuracy of certain debt information. Guidelines inform collectors on how to conduct business, the rights of consumers and the penalties for violating the Act.
How exactly does one violate the Fair Debt Collection Practices Act?
There are several ways to violate the Act, beginning with a failure to follow proper protocol when obtaining information: During this process, a collector must identify himself and state merely that he is collecting information, not that the consumer in question is in debt. The collector may only approach an individual once unless otherwise requested, and communication cannot be in the form of a post card. Any documents exchanged must not reveal that the collector is attempting to collect from the debtor, and finally, once an attorney is obtained by the debtor, the collector must go through the attorney and no other individual.
Similarly, when collecting the debt, certain rules apply: Communication between the debtor and the collector may not take place at any unusual or inconvenient time or place. In most cases this means meeting no earlier than 8 a.m. and no later than 9 p.m. If an attorney has been hired, communication must go through the attorney, and a collector must not contact the debtor at his/her place of work if the collector knows the employer would object to this. Moreover, third parties may not be included without full consent from the consumer, and if the consumer indicates that communication should be stopped as a result of debts being repaid or other steps taken, the collector must cease all communication.
A third type of violation occurs when the collector harasses or abuses the debtor or provides false and/or misleading information. Harassment or abuse involves: threatening violence; using obscene language or language intended to abuse the debtor; calling repeatedly with the intent of annoyance; publishing a list of consumers who do not pay debts; advertising a debt for sale so as to coerce payment; not disclosing one's identity when calling.
False or misleading representation refers to alleging the debt is in some way connected to the United States federal government or a state government and using to a badge or other government ID to back up this claim; providing false information about a debt's status, character or amount; implying that information not siphoned through an attorney has been; making unjustifiable threats; and similar acts of misrepresentation.
If a consumer feels the Act has been violated, he may file a private lawsuit in state or federal law to collect damages and can, in fact, collect up to $1,000 plus attorney fees without proving actual damages, if claiming statutory damages and the debt is proven to have violated the Act. The Federal Trade Commission, if aware of a violation, may also take action against the collector.
For more information, read the Fair Debt Collection Practices Act at http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre27.pdf
About The Author:
Joe Cline is a freelance writer who frequently contributes and comments on legal issues. Learn more by visiting The Cronfel Firm website. Guillermo Ochoa-Cronfel is the principle of The Cronfel Firm and specializes in creditor relations
In 1978, the Fair Debt Collection Practices Act was added, as Title VIII, to the Consumer Credit Protection Act. Its purpose is to ensure debt collection is pursued fairly rather than abusively and to give consumers a way to dispute or validate the accuracy of certain debt information. Guidelines inform collectors on how to conduct business, the rights of consumers and the penalties for violating the Act.
How exactly does one violate the Fair Debt Collection Practices Act?
There are several ways to violate the Act, beginning with a failure to follow proper protocol when obtaining information: During this process, a collector must identify himself and state merely that he is collecting information, not that the consumer in question is in debt. The collector may only approach an individual once unless otherwise requested, and communication cannot be in the form of a post card. Any documents exchanged must not reveal that the collector is attempting to collect from the debtor, and finally, once an attorney is obtained by the debtor, the collector must go through the attorney and no other individual.
Similarly, when collecting the debt, certain rules apply: Communication between the debtor and the collector may not take place at any unusual or inconvenient time or place. In most cases this means meeting no earlier than 8 a.m. and no later than 9 p.m. If an attorney has been hired, communication must go through the attorney, and a collector must not contact the debtor at his/her place of work if the collector knows the employer would object to this. Moreover, third parties may not be included without full consent from the consumer, and if the consumer indicates that communication should be stopped as a result of debts being repaid or other steps taken, the collector must cease all communication.
A third type of violation occurs when the collector harasses or abuses the debtor or provides false and/or misleading information. Harassment or abuse involves: threatening violence; using obscene language or language intended to abuse the debtor; calling repeatedly with the intent of annoyance; publishing a list of consumers who do not pay debts; advertising a debt for sale so as to coerce payment; not disclosing one's identity when calling.
False or misleading representation refers to alleging the debt is in some way connected to the United States federal government or a state government and using to a badge or other government ID to back up this claim; providing false information about a debt's status, character or amount; implying that information not siphoned through an attorney has been; making unjustifiable threats; and similar acts of misrepresentation.
If a consumer feels the Act has been violated, he may file a private lawsuit in state or federal law to collect damages and can, in fact, collect up to $1,000 plus attorney fees without proving actual damages, if claiming statutory damages and the debt is proven to have violated the Act. The Federal Trade Commission, if aware of a violation, may also take action against the collector.
For more information, read the Fair Debt Collection Practices Act at http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre27.pdf
About The Author:
Joe Cline is a freelance writer who frequently contributes and comments on legal issues. Learn more by visiting The Cronfel Firm website. Guillermo Ochoa-Cronfel is the principle of The Cronfel Firm and specializes in creditor relations
Monday, January 26, 2009
Free Money Debt Grants
By: Austin Warty
There is plenty of available federal funding in the form of debt grants that help millions of Americans get back on their feet. This money is available not just for low-income families, but for all walks of life. Debt grants can be claimed by single mothers, minorities, those facing foreclosure on their homes, people who lost their jobs, and many more.
Debt grants help individuals and families get the financial aid they need without filing for personal bankruptcy or destroying their credit or just making matters worse by using more lines of credit. We all know that pay day loans, for example, just dig deeper holes. The typical American who is deep in debt will do one of several things:
1. Allow the debt to go in to collections
2. Use a debt counselor to help consolidate and re-negotiate debts
3. File for personal bankruptcy
The problem with these three scenarios is that they typically lead to bad outcomes regardless. Dealing with a debt collector on your back, for example, is a horrible experience. These people are rude, they will threaten you, and harass you at work. Not only that, but allowing your debts to go in to default will make it very difficult to get a loan in the future. Your credit will be destroyed.
Debt counselors might be able to create good results, but the lenders do not like working with them because they ultimate get you to not have to repay money you owe them. That may sound good for you, but when you re-negotiating and consolidating your debt, those lenders and creditors will be malicious in making sure you never get a loan or credit again.
For those without any remaining options, filing for personal bankruptcy is a last resort - worst case scenario. It can take up to 10 years to repair the damages that personal bankruptcy will cause, but it can wipe the slate clean and help you start over. But it will wipe it completely clean, which is not always a good thing.
None of these options are good for the lenders and creditors either. After all, someone has to take the loss, and when that happens there is a major effect on the economy. That is why the government and other private institutions are willing to help by providing free grant money to help you get out of debt.
If you qualify, debt grants can provide you to help you need to get back on your feet and escape a financial storm. There are agencies willing to help, but you need to ask for the money. As a result, you could receive federal financial assistance to help you become debt-free.
About The Author:
See if you qualify to receive debt grants to help you become debt-free. Claim some of this money today just for asking for free grant money...
There is plenty of available federal funding in the form of debt grants that help millions of Americans get back on their feet. This money is available not just for low-income families, but for all walks of life. Debt grants can be claimed by single mothers, minorities, those facing foreclosure on their homes, people who lost their jobs, and many more.
Debt grants help individuals and families get the financial aid they need without filing for personal bankruptcy or destroying their credit or just making matters worse by using more lines of credit. We all know that pay day loans, for example, just dig deeper holes. The typical American who is deep in debt will do one of several things:
1. Allow the debt to go in to collections
2. Use a debt counselor to help consolidate and re-negotiate debts
3. File for personal bankruptcy
The problem with these three scenarios is that they typically lead to bad outcomes regardless. Dealing with a debt collector on your back, for example, is a horrible experience. These people are rude, they will threaten you, and harass you at work. Not only that, but allowing your debts to go in to default will make it very difficult to get a loan in the future. Your credit will be destroyed.
Debt counselors might be able to create good results, but the lenders do not like working with them because they ultimate get you to not have to repay money you owe them. That may sound good for you, but when you re-negotiating and consolidating your debt, those lenders and creditors will be malicious in making sure you never get a loan or credit again.
For those without any remaining options, filing for personal bankruptcy is a last resort - worst case scenario. It can take up to 10 years to repair the damages that personal bankruptcy will cause, but it can wipe the slate clean and help you start over. But it will wipe it completely clean, which is not always a good thing.
None of these options are good for the lenders and creditors either. After all, someone has to take the loss, and when that happens there is a major effect on the economy. That is why the government and other private institutions are willing to help by providing free grant money to help you get out of debt.
If you qualify, debt grants can provide you to help you need to get back on your feet and escape a financial storm. There are agencies willing to help, but you need to ask for the money. As a result, you could receive federal financial assistance to help you become debt-free.
About The Author:
See if you qualify to receive debt grants to help you become debt-free. Claim some of this money today just for asking for free grant money...
Emergency Debt Relief
By: tab solon
In recent years, debt has become a serious issue facing people and governments around the world, however, emergency debt relief is an option that many people now face where their debts are consolidated into one which should mean that monthly payments are lowered. These companies will actually do more than just lend the money as they will also act on your behalf to ensure the loans are repaid and as options go they make a great deal of sense considering how volatile interest rates can be.
This domino effect of financial worries needs to be addressed quickly lest bills snowball into an ugly bankruptcy situation, forever destroying your credit. This situation is usually the result of spending more then is coming into the home and seeking emergency debt relief is a way to deal with this without damaging a person's credit score. Often the problem is just one of spiraling interest rates which cannot be controlled by the person in debt.
A number of emergency debt relief services can be provided which can help with reducing the payments made to credit card companies and other loans you may have. Courses are also run for people in financial trouble to help them deal with their finances in the future by enabling them to set themselves financial targets that are more realistic. These debt relief systems are designed to get the debtor and the creditor talking so that a resolution to the situation can be found which benefits both parties normally by organizing a single repayment.
Personal information security is always a concern but there should be no cause for concern as each individual's personal data is protected by state laws. Just because someone seeks help from an emergency debt relief service does not mean the process will be easy and serious lessons must be learned by the person in debt, other areas of credit need to be altered as well, which means the credit card is changed for one with a lower interest rate.
By carefully scrutinizing monthly expenditure it is possible to see where savings can be made, and then additional amounts can be paid off the credit cards and by doing this every month an earlier payback is guaranteed, but be sure to pay the bills in a timely manner as it's a good habit to pay them before they are due. Reducing the number of credit cards will also help so if there are five, then cancel four of them because only one is needed, although none of this will happen overnight, in relation to financial terms, three to five years is the norm which is about the same time that the average personal loan takes to repay.
About The Author:
Tab Solon is website building contractor for hire who also owns various news sites on various topics such as http://www.financematters1.info and http://www.layofthelaw.info
In recent years, debt has become a serious issue facing people and governments around the world, however, emergency debt relief is an option that many people now face where their debts are consolidated into one which should mean that monthly payments are lowered. These companies will actually do more than just lend the money as they will also act on your behalf to ensure the loans are repaid and as options go they make a great deal of sense considering how volatile interest rates can be.
This domino effect of financial worries needs to be addressed quickly lest bills snowball into an ugly bankruptcy situation, forever destroying your credit. This situation is usually the result of spending more then is coming into the home and seeking emergency debt relief is a way to deal with this without damaging a person's credit score. Often the problem is just one of spiraling interest rates which cannot be controlled by the person in debt.
A number of emergency debt relief services can be provided which can help with reducing the payments made to credit card companies and other loans you may have. Courses are also run for people in financial trouble to help them deal with their finances in the future by enabling them to set themselves financial targets that are more realistic. These debt relief systems are designed to get the debtor and the creditor talking so that a resolution to the situation can be found which benefits both parties normally by organizing a single repayment.
Personal information security is always a concern but there should be no cause for concern as each individual's personal data is protected by state laws. Just because someone seeks help from an emergency debt relief service does not mean the process will be easy and serious lessons must be learned by the person in debt, other areas of credit need to be altered as well, which means the credit card is changed for one with a lower interest rate.
By carefully scrutinizing monthly expenditure it is possible to see where savings can be made, and then additional amounts can be paid off the credit cards and by doing this every month an earlier payback is guaranteed, but be sure to pay the bills in a timely manner as it's a good habit to pay them before they are due. Reducing the number of credit cards will also help so if there are five, then cancel four of them because only one is needed, although none of this will happen overnight, in relation to financial terms, three to five years is the norm which is about the same time that the average personal loan takes to repay.
About The Author:
Tab Solon is website building contractor for hire who also owns various news sites on various topics such as http://www.financematters1.info and http://www.layofthelaw.info
Sunday, January 25, 2009
Eliminate Credit Card Debt
By: Wayne Cutforth
These days, everyone has a credit card and most people live on credit. Unfortunately, this leads to many people living beyond their means. The end result is that they accumulate huge credit card debts with more and more interest adding on each month. If you are one of these people then the good news is that there are ways to sort out your credit card debt problems. There are some steps you can take to get yourself out of trouble. First of all, go and see a debt advisor. Do not make any decisions without seeing one. The can give you professional, practical advice about the options open to you to get you out of debt.
If, for whatever reason, you cannot see a debt advisor then make direct contact with the credit card companies that you owe money to. See if they are open to negotiations. You will be surprised. They are well aware that if you declare bankruptcy then the debt is just written off and they will not get their money anyway. This means that they may be happy to reach a compromise and there is not harm in reminding them of that fact. You will also see many adverts on television from companies that offer to consolidate your debts into one monthly payment. While this may ease the problem and keep your finances more organized, it does not solve it. Borrowing from Peter to pay Paul is not the solution here. Also, debt solutions like these are not always worth it and make sure you read all of the small print before agreeing to anything.
There are, in many countries, laws and government legislation passed to help people in debt. This will often allow all interest to be frozen. Speak to a debt advisor about this and make sure you take advantage of everything to help find a proper solution. Also, do not be afraid to ask other people for help. Ask family members and see if they can assist you in any way. Also, ask your boss for a pay rise. Never be afraid to ask people about things like this. If you do not ask you do not get; period.
If you are married and have two cards you may want to think about cutting back and just have one car. Many times I see families with two cars but often only use one of them. This is throwing money away and could go towards your debt repayments. Look at your other outgoings too. Do you really need to spend X amount on cigarettes or alcohol? Look at stuff like this and make sure that your outgoings are only for things that are absolutely necessary.
If nothing seems to work for and you really are in a mess then the last option, which is really one you want to avoid, is to declare bankruptcy. This will destroy your credit rating and will stay on your record for a number of years and you will have to build a credit profile again right from scratch. The good news is that your debts will be written off and forgotten about giving you the chance for a clean slate. Good luck!
About the Author:
The author likes to write about ways to eliminate debt problems. He has his own website dedicated to solving debt issues. You can take a look at the credit debt relief website for more information. I hope you find the site helpful.
These days, everyone has a credit card and most people live on credit. Unfortunately, this leads to many people living beyond their means. The end result is that they accumulate huge credit card debts with more and more interest adding on each month. If you are one of these people then the good news is that there are ways to sort out your credit card debt problems. There are some steps you can take to get yourself out of trouble. First of all, go and see a debt advisor. Do not make any decisions without seeing one. The can give you professional, practical advice about the options open to you to get you out of debt.
If, for whatever reason, you cannot see a debt advisor then make direct contact with the credit card companies that you owe money to. See if they are open to negotiations. You will be surprised. They are well aware that if you declare bankruptcy then the debt is just written off and they will not get their money anyway. This means that they may be happy to reach a compromise and there is not harm in reminding them of that fact. You will also see many adverts on television from companies that offer to consolidate your debts into one monthly payment. While this may ease the problem and keep your finances more organized, it does not solve it. Borrowing from Peter to pay Paul is not the solution here. Also, debt solutions like these are not always worth it and make sure you read all of the small print before agreeing to anything.
There are, in many countries, laws and government legislation passed to help people in debt. This will often allow all interest to be frozen. Speak to a debt advisor about this and make sure you take advantage of everything to help find a proper solution. Also, do not be afraid to ask other people for help. Ask family members and see if they can assist you in any way. Also, ask your boss for a pay rise. Never be afraid to ask people about things like this. If you do not ask you do not get; period.
If you are married and have two cards you may want to think about cutting back and just have one car. Many times I see families with two cars but often only use one of them. This is throwing money away and could go towards your debt repayments. Look at your other outgoings too. Do you really need to spend X amount on cigarettes or alcohol? Look at stuff like this and make sure that your outgoings are only for things that are absolutely necessary.
If nothing seems to work for and you really are in a mess then the last option, which is really one you want to avoid, is to declare bankruptcy. This will destroy your credit rating and will stay on your record for a number of years and you will have to build a credit profile again right from scratch. The good news is that your debts will be written off and forgotten about giving you the chance for a clean slate. Good luck!
About the Author:
The author likes to write about ways to eliminate debt problems. He has his own website dedicated to solving debt issues. You can take a look at the credit debt relief website for more information. I hope you find the site helpful.
What is the Difference Between Christian Debt Consolidation & Regular Debt Consolidation
By: Michael Page
As a Christian I am aware that there is a growing niche of businesses out there purporting to offer Christian Debt Consolidation Services. I was intrigued to find out what if anything the Christian Debt Consolidation organizations had to offer that was different or whether it was just a marketing ploy. This is what I discovered.
Christian Debt Consolidation companies and regular consolidation companies basically provide the same services. Unsurprisingly the techniques used to help eliminate or manage debt are the same whether Christian or not.
However, the main difference between the two is clearly evident by examining their values and beliefs. The Bible teaches that debt is slavery and that you cannot serve both God and money. The Bible also says we should follow a spending plan to ensure we don't run out of money. For this reason Christians can feel that it is wrong to get into debt.
A Christian Debt Consolidation organization will (or should) do much more than just offer you a loan to end your problems. They will investigate the root cause of your debt problems and help you to develop a plan to avoid repeating the same mistakes as got you into debt in the first place.
Also many debts are hard to avoid especially as a result of job loss or unexpected medical bills. In these circumstances it is good to get support from a company which has a set of values and principles that align with your own.
It is gratifying to see that good Christian Debt Consolidation firms do not seek to simply lend money (as we have already seen the Bible states that Debt is slavery). They don't want repeat business unlike other firms. Success to them means they have helped set you back on the right path during a challenging time and if you follow the plan they have created for you there should never be a need to make use of their services again.
If you decide to seek help from a Christian Debt Consolidation service it is still necessary to do some background checks on the company. Sadly, some just use the Christian tag to boost their business and work without Christian values and beliefs in mind. One of the better ways to run these checks is to make an inquiry to the Better Business Bureau and to check they have the requisite licenses via the states Attorney Generals office.
I suggest Christians identify a not for profit organization offering a full Credit Counseling Service but even here you need to be careful. Even not for profit companies have to make money to survive and prosper. So make sure you do your background checks.
About the Author:
For more information please visit the Christian Debt Consolidation. This is an information only website providing independent and unbiased views. We do not provide Christian Debt Consolidation Services just a good education.
As a Christian I am aware that there is a growing niche of businesses out there purporting to offer Christian Debt Consolidation Services. I was intrigued to find out what if anything the Christian Debt Consolidation organizations had to offer that was different or whether it was just a marketing ploy. This is what I discovered.
Christian Debt Consolidation companies and regular consolidation companies basically provide the same services. Unsurprisingly the techniques used to help eliminate or manage debt are the same whether Christian or not.
However, the main difference between the two is clearly evident by examining their values and beliefs. The Bible teaches that debt is slavery and that you cannot serve both God and money. The Bible also says we should follow a spending plan to ensure we don't run out of money. For this reason Christians can feel that it is wrong to get into debt.
A Christian Debt Consolidation organization will (or should) do much more than just offer you a loan to end your problems. They will investigate the root cause of your debt problems and help you to develop a plan to avoid repeating the same mistakes as got you into debt in the first place.
Also many debts are hard to avoid especially as a result of job loss or unexpected medical bills. In these circumstances it is good to get support from a company which has a set of values and principles that align with your own.
It is gratifying to see that good Christian Debt Consolidation firms do not seek to simply lend money (as we have already seen the Bible states that Debt is slavery). They don't want repeat business unlike other firms. Success to them means they have helped set you back on the right path during a challenging time and if you follow the plan they have created for you there should never be a need to make use of their services again.
If you decide to seek help from a Christian Debt Consolidation service it is still necessary to do some background checks on the company. Sadly, some just use the Christian tag to boost their business and work without Christian values and beliefs in mind. One of the better ways to run these checks is to make an inquiry to the Better Business Bureau and to check they have the requisite licenses via the states Attorney Generals office.
I suggest Christians identify a not for profit organization offering a full Credit Counseling Service but even here you need to be careful. Even not for profit companies have to make money to survive and prosper. So make sure you do your background checks.
About the Author:
For more information please visit the Christian Debt Consolidation. This is an information only website providing independent and unbiased views. We do not provide Christian Debt Consolidation Services just a good education.
Saturday, January 24, 2009
Are You In Need Of Student Loan Debt Consolidation?
By: Uchenna Ani-Okoye
There's no way around it. If you took out student loans to pay for college, you have to pay them back. That can be hard to do, whether you're still in school, trying to start your life outside it, or even 10 years down the line. You borrowed the money, you used it, and you have to pay it back.
What happens when that means you have to choose between paying all your bills or just those? What happens when those outstanding debts get in the way of putting money together for a house, or a car, or a family? It just doesn't make sense to walk through life incurring the debts of living while you're still dragging around the ones from school.
Fortunately, there's a solution. You still have to pay back what you borrowed, but with a student loan debt consolidation make monthly payments to just one lender.
Think of it as refinancing. The money you borrow from one lender pays off the money you owe to all those other lenders. No more juggling what's due to whom and when. Not only that, the interest rate on the student loan debt consolidation is the weighted average of those other loans, making it lower overall and bringing your monthly payment down accordingly. Some student loan debt consolidations are settled at a fixed rate, so you don't have to worry when July 1 rolls around each year that your payment will go up.
Among the student loan debt consolidation available, there are actually four different student repayment plans to research and one is bound to be just what you're looking for.
If the idea of a fixed rate really appeals to you, consider either the Standard Repayment Plan or the Extended Repayment Plan. The Standard Repayment Plan gives you a maximum of 10 years to repay, but payments are divided within that time limit at a fixed interest rate.
Extended Repayment Plans relieve the burden of monthly payment amounts still further by stretching the time to pay off the loan to between 12 and 30 years (depending on the total amount borrowed).
Again, the interest rate is fixed for that time period, and the payments are lower. Be aware that over time, you will end up paying a larger amount, but the monthly payments will be easier to bear.
The Graduated Repayment Plan also allows you to spread your monthly student load debt consolidation payments over a period of between 12 and 30 years, but in this case, the amount of your monthly payment will increase every two years.
The fourth plan appeals to a number of people because it takes into account what's going on in your life. In the Income Contingent Repayment Plan, a reasonable monthly payment amount is determined based on your annual gross income, family size, and total direct student loan debt.
Another advantage of this student loan debt consolidation repayment plan spreads the payments over 25 years.
If you're close to the end of your student loans, consider carefully whether taking on a new loan is worth the time and effort. However, if you still have a long time to go and many payments ahead of you - and you've already exhausted the deferment and forbearance options on your existing loans - making a fresh start with a student loan debt consolidation may actually be to your benefit.
About the Author:
Uchenna Ani-Okoye is an internet marketing advisor and co founder of Free Affiliate Programs For more information and resource links on student loans visit: Acs Student loan Consolidation
There's no way around it. If you took out student loans to pay for college, you have to pay them back. That can be hard to do, whether you're still in school, trying to start your life outside it, or even 10 years down the line. You borrowed the money, you used it, and you have to pay it back.
What happens when that means you have to choose between paying all your bills or just those? What happens when those outstanding debts get in the way of putting money together for a house, or a car, or a family? It just doesn't make sense to walk through life incurring the debts of living while you're still dragging around the ones from school.
Fortunately, there's a solution. You still have to pay back what you borrowed, but with a student loan debt consolidation make monthly payments to just one lender.
Think of it as refinancing. The money you borrow from one lender pays off the money you owe to all those other lenders. No more juggling what's due to whom and when. Not only that, the interest rate on the student loan debt consolidation is the weighted average of those other loans, making it lower overall and bringing your monthly payment down accordingly. Some student loan debt consolidations are settled at a fixed rate, so you don't have to worry when July 1 rolls around each year that your payment will go up.
Among the student loan debt consolidation available, there are actually four different student repayment plans to research and one is bound to be just what you're looking for.
If the idea of a fixed rate really appeals to you, consider either the Standard Repayment Plan or the Extended Repayment Plan. The Standard Repayment Plan gives you a maximum of 10 years to repay, but payments are divided within that time limit at a fixed interest rate.
Extended Repayment Plans relieve the burden of monthly payment amounts still further by stretching the time to pay off the loan to between 12 and 30 years (depending on the total amount borrowed).
Again, the interest rate is fixed for that time period, and the payments are lower. Be aware that over time, you will end up paying a larger amount, but the monthly payments will be easier to bear.
The Graduated Repayment Plan also allows you to spread your monthly student load debt consolidation payments over a period of between 12 and 30 years, but in this case, the amount of your monthly payment will increase every two years.
The fourth plan appeals to a number of people because it takes into account what's going on in your life. In the Income Contingent Repayment Plan, a reasonable monthly payment amount is determined based on your annual gross income, family size, and total direct student loan debt.
Another advantage of this student loan debt consolidation repayment plan spreads the payments over 25 years.
If you're close to the end of your student loans, consider carefully whether taking on a new loan is worth the time and effort. However, if you still have a long time to go and many payments ahead of you - and you've already exhausted the deferment and forbearance options on your existing loans - making a fresh start with a student loan debt consolidation may actually be to your benefit.
About the Author:
Uchenna Ani-Okoye is an internet marketing advisor and co founder of Free Affiliate Programs For more information and resource links on student loans visit: Acs Student loan Consolidation
Good Debt Versus Bad Debt
By: Clint Maher
Some people see debt as a curse, and other people see it as a friend. It can be used to make you miserable, or it can be used to make you wealthy beyond your wildest dreams. The trouble is, how do we know what is good and what is bad?
Well it basically boils down to this. Good debt puts money in your pocket after you have paid for the debt (interest), and bad debt takes money from your pocket on an ongoing basis. In todays society, the world has gone through an explosion in bad debt. In the United States for example, for every $1 a person earns, they spend $1.20. In Australia things are getting worse too. We spend $1.02 for every dollar earned. Back in the 1980's we would earn $1 and save 20c.
The single most influencing factor in this curse of bad debt is the credit card. It is so easy to get a credit card these days, and even school kids have them. Most people I know have several of them, and you know what, they max them all out. People get caught in this vicious circle of paying one card off with another, and still the interest bill compounds at an alarming rate.
It is not only credit cards that are doing the damage, it is also the ability to get three years interest free furniture and home appliances with no money down. This is a huge trap, and when people live beyond their means and do not have the means to pay back their debt in the given time they are hit with massive interest rates and so the cycle continues.
So that is bad debt, and I didn't even include cars, holidays and clothes, all charged up on your card! You get the picture.
Now onto good debt. Personally, I love good debt, and any wealthy person will tell you the same thing. With good debt you can purchase income producing assets that put cash in your pocket, even after the interest bill is paid. Some examples of this include property, shares and stocks, and your own business. It even includes things such as art, wine and other rare collectibles.
By leveraging other peoples money to buy such things, you are after a time able to put yourself into a fantastic financial position, and you can now begin to pay cash for those bad debt items like expensive clothes and exotic holidays.
When I was at school there was never any lessons on good and bad debt, and I'm pretty sure they still do not teach effective money and debt management. It is unfortunate that in a society such as ours, that the government does not teach this to every man, woman and child as it has a massive impact on our lives. Just look at the sub prime fallout in the States to see how people who overextended themselves are now really in trouble.
There is a way out if you are in bad debt, and there are resources out there to financially educate yourself before you do get into any trouble.
We only have ourselves to rely upon to shape our financial future, and the longer we leave it the harder it gets. Eradicate the bad debt from your lives, and begin to live without that heavy weight around your neck.
About the Author:
Clint Maher is committed to helping others achieve their own personal greatness by giving them the tools and inspiration to do so. For further information please go to www.completewealtheducation.com and get our DVD and E-book.
Some people see debt as a curse, and other people see it as a friend. It can be used to make you miserable, or it can be used to make you wealthy beyond your wildest dreams. The trouble is, how do we know what is good and what is bad?
Well it basically boils down to this. Good debt puts money in your pocket after you have paid for the debt (interest), and bad debt takes money from your pocket on an ongoing basis. In todays society, the world has gone through an explosion in bad debt. In the United States for example, for every $1 a person earns, they spend $1.20. In Australia things are getting worse too. We spend $1.02 for every dollar earned. Back in the 1980's we would earn $1 and save 20c.
The single most influencing factor in this curse of bad debt is the credit card. It is so easy to get a credit card these days, and even school kids have them. Most people I know have several of them, and you know what, they max them all out. People get caught in this vicious circle of paying one card off with another, and still the interest bill compounds at an alarming rate.
It is not only credit cards that are doing the damage, it is also the ability to get three years interest free furniture and home appliances with no money down. This is a huge trap, and when people live beyond their means and do not have the means to pay back their debt in the given time they are hit with massive interest rates and so the cycle continues.
So that is bad debt, and I didn't even include cars, holidays and clothes, all charged up on your card! You get the picture.
Now onto good debt. Personally, I love good debt, and any wealthy person will tell you the same thing. With good debt you can purchase income producing assets that put cash in your pocket, even after the interest bill is paid. Some examples of this include property, shares and stocks, and your own business. It even includes things such as art, wine and other rare collectibles.
By leveraging other peoples money to buy such things, you are after a time able to put yourself into a fantastic financial position, and you can now begin to pay cash for those bad debt items like expensive clothes and exotic holidays.
When I was at school there was never any lessons on good and bad debt, and I'm pretty sure they still do not teach effective money and debt management. It is unfortunate that in a society such as ours, that the government does not teach this to every man, woman and child as it has a massive impact on our lives. Just look at the sub prime fallout in the States to see how people who overextended themselves are now really in trouble.
There is a way out if you are in bad debt, and there are resources out there to financially educate yourself before you do get into any trouble.
We only have ourselves to rely upon to shape our financial future, and the longer we leave it the harder it gets. Eradicate the bad debt from your lives, and begin to live without that heavy weight around your neck.
About the Author:
Clint Maher is committed to helping others achieve their own personal greatness by giving them the tools and inspiration to do so. For further information please go to www.completewealtheducation.com and get our DVD and E-book.
Friday, January 23, 2009
Smart Tips & Tricks for Getting Out of Debt
By: Adir Le
In these hard economic times debt problems abound. It is important to know that even if you feel like the world is falling in on you and you feel alone in your struggle, you're not. Millions of Americans are facing debt concerns and while it may be a long hard road to stability, it is a road that you can navigate. There are maps you can follow and ones you can create that will lead you to the light at the end of the debt tunnel. By coming to this website, you are already headed in the right direction.
Where does the money go?
You know you're in debt but do you know how to break the cycle of overspending? The first step towards stability is making a comprehensive budget of your monthly spending. Start with your major, necessary expenses like your mortgage, insurance, loans, car payments, etc. Once you have the heavy lifting accounted for, it's time to get honest. Where else is your money going? Daily latte trips? Weekly trips to the movies? Dinners out? Write it all down and don't fib. You'll only be hurting yourself further. Do this for a month and keep a financial diary. Keep all your receipts during the month to hold yourself even more accountable. Now that you have a further understanding on where your money is going, you'll have a better idea on where you can curb your spending habits and allocate your monies to the major expenses. You're building a bridge of understanding. The more you understand that the little spending habits add up in a big way, the more willing you will be to making small sacrifices that will add up quickly as well.
High-Interest? High Priority
Now that you've identified where all your money is going, it is time to identify where your highest-rate debt lies. Which loans, credit cards, etc., have the highest interest rates? Tackle these debt suckers first. While your mortgage may look like a bigger expense, its interest rate is usually lower than the other high interest rates of credit cards, for example. So as not to feel overwhelmed, rank your debt from higher interest rate to lowest and make those the priority for whittling down their balance. Be aware of the trap of paying only the minimum on credit cards. Often times your minimum balance will barely cover the interest and instead of paying off your principal, you'll end up paying thousands to the credit card companies.
Ask for Help
These are just the beginning steps to understanding your debt. Being aware of your spending habits and creating a budget to pay off high-interest debts are important to help you realize that being debt-free is an attainable goal. But you don't have to do it alone. Reputable debt counseling services are worth your time. Receiving professional help in sorting out your financial woes can help take the stress down a notch. Don't be afraid to ask for help. Finding out ways to consolidate your debt and solid advice on managing your finances can be invaluable on this road to recovery.
About the Author:
Adir Le. writes personal finance articles for the newsletter of the book Debt Cures They Don't Want You To Know About. He also writes for 3 other online magazines, and just started his own blog about Debt Cures.
In these hard economic times debt problems abound. It is important to know that even if you feel like the world is falling in on you and you feel alone in your struggle, you're not. Millions of Americans are facing debt concerns and while it may be a long hard road to stability, it is a road that you can navigate. There are maps you can follow and ones you can create that will lead you to the light at the end of the debt tunnel. By coming to this website, you are already headed in the right direction.
Where does the money go?
You know you're in debt but do you know how to break the cycle of overspending? The first step towards stability is making a comprehensive budget of your monthly spending. Start with your major, necessary expenses like your mortgage, insurance, loans, car payments, etc. Once you have the heavy lifting accounted for, it's time to get honest. Where else is your money going? Daily latte trips? Weekly trips to the movies? Dinners out? Write it all down and don't fib. You'll only be hurting yourself further. Do this for a month and keep a financial diary. Keep all your receipts during the month to hold yourself even more accountable. Now that you have a further understanding on where your money is going, you'll have a better idea on where you can curb your spending habits and allocate your monies to the major expenses. You're building a bridge of understanding. The more you understand that the little spending habits add up in a big way, the more willing you will be to making small sacrifices that will add up quickly as well.
High-Interest? High Priority
Now that you've identified where all your money is going, it is time to identify where your highest-rate debt lies. Which loans, credit cards, etc., have the highest interest rates? Tackle these debt suckers first. While your mortgage may look like a bigger expense, its interest rate is usually lower than the other high interest rates of credit cards, for example. So as not to feel overwhelmed, rank your debt from higher interest rate to lowest and make those the priority for whittling down their balance. Be aware of the trap of paying only the minimum on credit cards. Often times your minimum balance will barely cover the interest and instead of paying off your principal, you'll end up paying thousands to the credit card companies.
Ask for Help
These are just the beginning steps to understanding your debt. Being aware of your spending habits and creating a budget to pay off high-interest debts are important to help you realize that being debt-free is an attainable goal. But you don't have to do it alone. Reputable debt counseling services are worth your time. Receiving professional help in sorting out your financial woes can help take the stress down a notch. Don't be afraid to ask for help. Finding out ways to consolidate your debt and solid advice on managing your finances can be invaluable on this road to recovery.
About the Author:
Adir Le. writes personal finance articles for the newsletter of the book Debt Cures They Don't Want You To Know About. He also writes for 3 other online magazines, and just started his own blog about Debt Cures.
Unsecured or Secured Debt Consolidation
By: Dee Power
With the state of today's economy and dramatic increase in the cost of almost all goods and services, many individuals are now living from paycheck to paycheck. This is a frightening situation, to say the least.
If you can afford to make payments and aren't completely underwater, one solution to reducing debt, is taking out a debt consolidation loan. These loans can be secured or unsecured and will usually be dependent on your credit score and whether or not you have anything of value, which can be used for collateral.
Unsecured loans are just that. They are not secured by any type of collateral. They are typically given to those with higher credit ratings. Secured loans are "insured" by item or items of value, such as a piece of property, automobile or expensive piece of jewelry.
In the event that the loan defaults the collateral is used to pay off the balance. Secured loans may be the only option for those individuals who are considered a higher risk. These are individuals who may have gotten behind on their payments, at some point in the past.
A home equity mortgage or refinancing can be used ad a debt consolidation loan. You must have equity built up in your home and a solid credit rating as well as a verifiable income from a steady job. These days if you don't meet all three criteria: equity, good credit rating, and a job, the odds are you won't be approved for a refinancing.
A home equity line of credit could also be used for a loan consolidation. However, the interest rates on these types of loans are higher than a refinancing. If you default on the line of credit the loan company can start foreclosure proceedings even if you've made your first mortgage payments on time.
Debt consolidation loans are an excellent choice for those who are faced with multiple debts. The proceeds of the loan are used to pay off each creditor. A single payment is then made each month to the debt consolidation company, who issued the loan.
Many times the single payment is less than the total amount that was being paid to creditors. This is especially true if the debt consolidation loan was obtained to pay off high interest credit cards. Most debt consolidation loans are spread over a longer time period for repayment which decreases the monthly payment as well.
Debt consolidation doesn't affect your credit rating negatively because you're paying off what you owe in its entirety. The fact the accounts have been paid in full will help improve your rating if you make all other payments on time.
The danger is if the credit card accounts aren't closed after they've been paid off. If they're used and the balances start building up again you'll be in a worse position than before.
About the Author:
Dee Power is the author of several nonfiction books. Find out more about debt consolidation and Credit cards Read Dee's finance blog
With the state of today's economy and dramatic increase in the cost of almost all goods and services, many individuals are now living from paycheck to paycheck. This is a frightening situation, to say the least.
If you can afford to make payments and aren't completely underwater, one solution to reducing debt, is taking out a debt consolidation loan. These loans can be secured or unsecured and will usually be dependent on your credit score and whether or not you have anything of value, which can be used for collateral.
Unsecured loans are just that. They are not secured by any type of collateral. They are typically given to those with higher credit ratings. Secured loans are "insured" by item or items of value, such as a piece of property, automobile or expensive piece of jewelry.
In the event that the loan defaults the collateral is used to pay off the balance. Secured loans may be the only option for those individuals who are considered a higher risk. These are individuals who may have gotten behind on their payments, at some point in the past.
A home equity mortgage or refinancing can be used ad a debt consolidation loan. You must have equity built up in your home and a solid credit rating as well as a verifiable income from a steady job. These days if you don't meet all three criteria: equity, good credit rating, and a job, the odds are you won't be approved for a refinancing.
A home equity line of credit could also be used for a loan consolidation. However, the interest rates on these types of loans are higher than a refinancing. If you default on the line of credit the loan company can start foreclosure proceedings even if you've made your first mortgage payments on time.
Debt consolidation loans are an excellent choice for those who are faced with multiple debts. The proceeds of the loan are used to pay off each creditor. A single payment is then made each month to the debt consolidation company, who issued the loan.
Many times the single payment is less than the total amount that was being paid to creditors. This is especially true if the debt consolidation loan was obtained to pay off high interest credit cards. Most debt consolidation loans are spread over a longer time period for repayment which decreases the monthly payment as well.
Debt consolidation doesn't affect your credit rating negatively because you're paying off what you owe in its entirety. The fact the accounts have been paid in full will help improve your rating if you make all other payments on time.
The danger is if the credit card accounts aren't closed after they've been paid off. If they're used and the balances start building up again you'll be in a worse position than before.
About the Author:
Dee Power is the author of several nonfiction books. Find out more about debt consolidation and Credit cards Read Dee's finance blog
Thursday, January 22, 2009
The Debt Consolidation Mortgage Can Help You To Break Free
By: Charles Bret
Everyone knows that it can be a real terrifying moment when they have got a lot of debts unpaid. Things start to get out of order both financially and on your personal life also. What can you really do at such a time? Well do not get despair as there are ways to tackle this financial problem. If you think bankruptcy is the only solution then, think twice. The debt consolidation mortgage can help you to break free from the multiple debts that you have got. In a nutshell debt consolidation mortgage is a loan which allows you to combine all the debts you have accumulated so far and pay it off all at once. Once the debts are cleared you can now start paying the existing debt. This is quite similar to the second mortgage but here you are taking it to consolidate your debts. It is a simple process but it will be a real savior for you. It will shake off the burden off your shoulder. The debt consolidation mortgage as a financial product is effective and easy to implement. Most of the time people will turn to this financial aid just to get a lower rate and get rid of the high interest rate debts that they have got. The new debt which has a much lower rate will help them to pay off the debt and start saving their income. Things to remember This debt consolidation mortgage will help you out to erase the multiple debts you have but it is also true that if you don't wisely choose the mortgage carefully it might end up costing you more. There are many records that people have fallen into more problems when they take a high rate debt consolidation mortgage. Well if you have selected this then, you are on the road to more financial problem. Taking this mortgage will require a lot of research to do and a right time. As said before this mortgage has a low rate but the rates are quite unpredictable so you need to strike the right time and place to get the low rate mortgage for consolidating your debts. The best time to take this mortgage for consolidating is when the rates are falling down at the financial market. This is an important question but not to worry as there are quite a lot of sources where it can lead you to the right mortgage and lender. You can take it from the old lender you have but it is always better that you search out for a better rate. There are many lenders who will offer you this mortgage with competitive rates. You can get to these lenders by searching for them and comparing the rates that they are offering. The best place to search for them is from the net. Otherwise you can hire a broker or start looking for it in the financial market. Other than the rates you also need to see if the company offering you the mortgage is a reliable one.
About the Author:Charles Bretz is a Financial Advisor and Author on Money Matters.Get Your Free Money Guide. Click Here
Everyone knows that it can be a real terrifying moment when they have got a lot of debts unpaid. Things start to get out of order both financially and on your personal life also. What can you really do at such a time? Well do not get despair as there are ways to tackle this financial problem. If you think bankruptcy is the only solution then, think twice. The debt consolidation mortgage can help you to break free from the multiple debts that you have got. In a nutshell debt consolidation mortgage is a loan which allows you to combine all the debts you have accumulated so far and pay it off all at once. Once the debts are cleared you can now start paying the existing debt. This is quite similar to the second mortgage but here you are taking it to consolidate your debts. It is a simple process but it will be a real savior for you. It will shake off the burden off your shoulder. The debt consolidation mortgage as a financial product is effective and easy to implement. Most of the time people will turn to this financial aid just to get a lower rate and get rid of the high interest rate debts that they have got. The new debt which has a much lower rate will help them to pay off the debt and start saving their income. Things to remember This debt consolidation mortgage will help you out to erase the multiple debts you have but it is also true that if you don't wisely choose the mortgage carefully it might end up costing you more. There are many records that people have fallen into more problems when they take a high rate debt consolidation mortgage. Well if you have selected this then, you are on the road to more financial problem. Taking this mortgage will require a lot of research to do and a right time. As said before this mortgage has a low rate but the rates are quite unpredictable so you need to strike the right time and place to get the low rate mortgage for consolidating your debts. The best time to take this mortgage for consolidating is when the rates are falling down at the financial market. This is an important question but not to worry as there are quite a lot of sources where it can lead you to the right mortgage and lender. You can take it from the old lender you have but it is always better that you search out for a better rate. There are many lenders who will offer you this mortgage with competitive rates. You can get to these lenders by searching for them and comparing the rates that they are offering. The best place to search for them is from the net. Otherwise you can hire a broker or start looking for it in the financial market. Other than the rates you also need to see if the company offering you the mortgage is a reliable one.
About the Author:Charles Bretz is a Financial Advisor and Author on Money Matters.Get Your Free Money Guide. Click Here
Good Debt Management Advice is Crucial
By: Jans Teyson
Good debt management advice is not easy to come by. It is needed much more now than ever before. Debt is one of the fastest growing social problems in the developed world and can affect the overall health and well-being of everyone with money worries but there are ways to end this situation.
One way out of the predicament is the use of lenders that specialize in emergency debt relief by consolidating loans into one much more manageable loan. These companies can help almost anyone experiencing this problem because there is only one debt to pay which will usually be less than the combined debts previously.
This domino effect of financial worries needs to be addressed quickly lest bills snowball into an ugly bankruptcy situation, forever destroying your credit. this may be the result of a long term problem which has just got out-of-hand. Although there are occasions where the rise in interest rates cause the problems, which then of course are outside the control of the person in debt.
There are emergency debt relief programs available to help people who find themselves in this predicament of having loans and credit cards they can no longer pay. To obtain good debt management advice you can get involved in educational program services that will teach you how to both manage your expenses wisely and set realistic financial goals. Counselors who work on debt relief programs are usually able to act as an intermediary and arrange for the loans or credit cards to be paid and stop any further interest rate rises.
Personal information security is always a concern but there should be no cause for concern as each individual's personal data is protected by state laws. No-one in this situation should view emergency debt relief as a quick get out of debt measure but with some lessons learned the financial worries should come to an end. if possible, a person should discipline themselves to pay cash for their purchases instead of using plastic. One of the first things to do is arrange a lower interest rate credit card and learn to pay for goods and services with cash as this is a sure way to see just how much money is leaving a bank account.
Paying more than the minimum required can be done by carefully examining where your money is spent each month so it should be possible to find a little extra to help pay off outstanding amounts,not forgetting to pay bills early and not until the last minute. One of the hardest but most sensible things to do is cancel all but one of the credit cards as only one is actually needed and will save a great deal each month on interest payments. This situation can take anything up to five years to clear but can be reduced if you are meticulous in your desire to end the debt problem and rebuild your credit history thereby putting an end to being in debt.
With good debt management advice you will be in a better position to be objective and hence make better and wiser decisions to improve your situation.
About the Author:
Get a free report and check out http://www.management.debtnrefinancing.com/"> good debt management advice, , http://www.debtnrefinancing.com/"> avoid bad debt management and more at Debt Management Guide or visit http://www.debtnrefinancing.co
Good debt management advice is not easy to come by. It is needed much more now than ever before. Debt is one of the fastest growing social problems in the developed world and can affect the overall health and well-being of everyone with money worries but there are ways to end this situation.
One way out of the predicament is the use of lenders that specialize in emergency debt relief by consolidating loans into one much more manageable loan. These companies can help almost anyone experiencing this problem because there is only one debt to pay which will usually be less than the combined debts previously.
This domino effect of financial worries needs to be addressed quickly lest bills snowball into an ugly bankruptcy situation, forever destroying your credit. this may be the result of a long term problem which has just got out-of-hand. Although there are occasions where the rise in interest rates cause the problems, which then of course are outside the control of the person in debt.
There are emergency debt relief programs available to help people who find themselves in this predicament of having loans and credit cards they can no longer pay. To obtain good debt management advice you can get involved in educational program services that will teach you how to both manage your expenses wisely and set realistic financial goals. Counselors who work on debt relief programs are usually able to act as an intermediary and arrange for the loans or credit cards to be paid and stop any further interest rate rises.
Personal information security is always a concern but there should be no cause for concern as each individual's personal data is protected by state laws. No-one in this situation should view emergency debt relief as a quick get out of debt measure but with some lessons learned the financial worries should come to an end. if possible, a person should discipline themselves to pay cash for their purchases instead of using plastic. One of the first things to do is arrange a lower interest rate credit card and learn to pay for goods and services with cash as this is a sure way to see just how much money is leaving a bank account.
Paying more than the minimum required can be done by carefully examining where your money is spent each month so it should be possible to find a little extra to help pay off outstanding amounts,not forgetting to pay bills early and not until the last minute. One of the hardest but most sensible things to do is cancel all but one of the credit cards as only one is actually needed and will save a great deal each month on interest payments. This situation can take anything up to five years to clear but can be reduced if you are meticulous in your desire to end the debt problem and rebuild your credit history thereby putting an end to being in debt.
With good debt management advice you will be in a better position to be objective and hence make better and wiser decisions to improve your situation.
About the Author:
Get a free report and check out http://www.management.debtnrefinancing.com/"> good debt management advice, , http://www.debtnrefinancing.com/"> avoid bad debt management and more at Debt Management Guide or visit http://www.debtnrefinancing.co
Wednesday, January 21, 2009
When Should I Start to seek help for Debt Consolidation
By: Roger Gordon
There are many sources online that offer free debt consolidation quotes. Quotes are overall views of what you can get from a service. The quotes are often free and should not go against your credit points. Therefore, if you are in need of debt relief, you may want to go online and get a quote from several of the providers.
Some people believe that non-profit debt consolidation firms are competitive with other debt consolidation companies. However, after reading information from trustworthy sources, including government and lawyers that specialize in debt management, I found that United Way and Credit Unions, which are non-profit organizations, will help individuals and families find a way out of debt without charging them fees in most instances.
If you are repaying credit on your home, you may want to consider selling your home. You could also search for a lower rate of interest loan and lower monthly installment loan combined. Few mortgage loans will include a debt consolidation solution into the agreement.
There are a number of large debt consolidation firms operating in the United States. Some specifically cater to people in certain locales while others operate on a nationwide basis-and even have subsidiaries that work overseas.
Whatever you do, don't feel you have to rush hastily into making a decision. Hunt around for quotes and hunt around for a good consolidation firm; and only settle when you find the best firm for your needs.
The best solution for debt consolidation is learning some techniques to handle your own debts. You may want to look into time management schemes, debt relief solutions, and stress management plans to get started in debt consolidation before asking for help from a firm.
The CCCS will also help families and individuals learn how to manage their income. The CCCS houses "Financial Counseling Certified" counselors who work closely with families and individuals, helping them to divert a plan to lower their debts and increase their cash flow. In other words, instead of going through the changes that some debt consolidation companies go through, the CCCS works to help families and individuals to get out of debt on their own simply by counseling them. The credit company is associated with "Housing and Urban Development (HUD)," which works to get families homes and to then get them credit support.
A few organizations are also affiliated with religious organizations, and often these debt consolidation companies are affiliated with qualified companies that help families and individuals relieve debt.
Regardless of which firm you seek to obtain credit repair or debt relief from, you should always be aware of the details involved in the process. Some agencies for debt relief will charge monthly fees. Some companies offer lower fees than others. Since debt consolidation involves reducing or eliminating your interest rates, you should expect that the firms you contact will want to know your interest rates; and you should also expect to receive a quoted interest rate from them in return.
Thanks for taking the time to read my article.My name is Roger Gordon owner of ezinearticle.net I hope you found my article informative.Please pay a visit to my blog for information on debt and credit issues
Click here to get your own unique version of this article.
There are many sources online that offer free debt consolidation quotes. Quotes are overall views of what you can get from a service. The quotes are often free and should not go against your credit points. Therefore, if you are in need of debt relief, you may want to go online and get a quote from several of the providers.
Some people believe that non-profit debt consolidation firms are competitive with other debt consolidation companies. However, after reading information from trustworthy sources, including government and lawyers that specialize in debt management, I found that United Way and Credit Unions, which are non-profit organizations, will help individuals and families find a way out of debt without charging them fees in most instances.
If you are repaying credit on your home, you may want to consider selling your home. You could also search for a lower rate of interest loan and lower monthly installment loan combined. Few mortgage loans will include a debt consolidation solution into the agreement.
There are a number of large debt consolidation firms operating in the United States. Some specifically cater to people in certain locales while others operate on a nationwide basis-and even have subsidiaries that work overseas.
Whatever you do, don't feel you have to rush hastily into making a decision. Hunt around for quotes and hunt around for a good consolidation firm; and only settle when you find the best firm for your needs.
The best solution for debt consolidation is learning some techniques to handle your own debts. You may want to look into time management schemes, debt relief solutions, and stress management plans to get started in debt consolidation before asking for help from a firm.
The CCCS will also help families and individuals learn how to manage their income. The CCCS houses "Financial Counseling Certified" counselors who work closely with families and individuals, helping them to divert a plan to lower their debts and increase their cash flow. In other words, instead of going through the changes that some debt consolidation companies go through, the CCCS works to help families and individuals to get out of debt on their own simply by counseling them. The credit company is associated with "Housing and Urban Development (HUD)," which works to get families homes and to then get them credit support.
A few organizations are also affiliated with religious organizations, and often these debt consolidation companies are affiliated with qualified companies that help families and individuals relieve debt.
Regardless of which firm you seek to obtain credit repair or debt relief from, you should always be aware of the details involved in the process. Some agencies for debt relief will charge monthly fees. Some companies offer lower fees than others. Since debt consolidation involves reducing or eliminating your interest rates, you should expect that the firms you contact will want to know your interest rates; and you should also expect to receive a quoted interest rate from them in return.
Thanks for taking the time to read my article.My name is Roger Gordon owner of ezinearticle.net I hope you found my article informative.Please pay a visit to my blog for information on debt and credit issues
Click here to get your own unique version of this article.
The Debt Consolidation Mortgage Can Help You To Break Free
By: Charles Bretz
Everyone knows that it can be a real terrifying moment when they have got a lot of debts unpaid. Things start to get out of order both financially and on your personal life also. What can you really do at such a time? Well do not get despair as there are ways to tackle this financial problem.
If you think bankruptcy is the only solution then, think twice. The debt consolidation mortgage can help you to break free from the multiple debts that you have got.
In a nutshell debt consolidation mortgage is a loan which allows you to combine all the debts you have accumulated so far and pay it off all at once. Once the debts are cleared you can now start paying the existing debt.
This is quite similar to the second mortgage but here you are taking it to consolidate your debts. It is a simple process but it will be a real savior for you. It will shake off the burden off your shoulder. The debt consolidation mortgage as a financial product is effective and easy to implement.
Most of the time people will turn to this financial aid just to get a lower rate and get rid of the high interest rate debts that they have got. The new debt which has a much lower rate will help them to pay off the debt and start saving their income.
Things to remember
This debt consolidation mortgage will help you out to erase the multiple debts you have but it is also true that if you don't wisely choose the mortgage carefully it might end up costing you more.
There are many records that people have fallen into more problems when they take a high rate debt consolidation mortgage. Well if you have selected this then, you are on the road to more financial problem.
Taking this mortgage will require a lot of research to do and a right time. As said before this mortgage has a low rate but the rates are quite unpredictable so you need to strike the right time and place to get the low rate mortgage for consolidating your debts. The best time to take this mortgage for consolidating is when the rates are falling down at the financial market.
This is an important question but not to worry as there are quite a lot of sources where it can lead you to the right mortgage and lender. You can take it from the old lender you have but it is always better that you search out for a better rate.
There are many lenders who will offer you this mortgage with competitive rates. You can get to these lenders by searching for them and comparing the rates that they are offering.
The best place to search for them is from the net. Otherwise you can hire a broker or start looking for it in the financial market. Other than the rates you also need to see if the company offering you the mortgage is a reliable one.
About the Author:
Charles Bretz is a Financial Advisor and Author on Money Matters.Get Your Free Money Guide. Click Here
Everyone knows that it can be a real terrifying moment when they have got a lot of debts unpaid. Things start to get out of order both financially and on your personal life also. What can you really do at such a time? Well do not get despair as there are ways to tackle this financial problem.
If you think bankruptcy is the only solution then, think twice. The debt consolidation mortgage can help you to break free from the multiple debts that you have got.
In a nutshell debt consolidation mortgage is a loan which allows you to combine all the debts you have accumulated so far and pay it off all at once. Once the debts are cleared you can now start paying the existing debt.
This is quite similar to the second mortgage but here you are taking it to consolidate your debts. It is a simple process but it will be a real savior for you. It will shake off the burden off your shoulder. The debt consolidation mortgage as a financial product is effective and easy to implement.
Most of the time people will turn to this financial aid just to get a lower rate and get rid of the high interest rate debts that they have got. The new debt which has a much lower rate will help them to pay off the debt and start saving their income.
Things to remember
This debt consolidation mortgage will help you out to erase the multiple debts you have but it is also true that if you don't wisely choose the mortgage carefully it might end up costing you more.
There are many records that people have fallen into more problems when they take a high rate debt consolidation mortgage. Well if you have selected this then, you are on the road to more financial problem.
Taking this mortgage will require a lot of research to do and a right time. As said before this mortgage has a low rate but the rates are quite unpredictable so you need to strike the right time and place to get the low rate mortgage for consolidating your debts. The best time to take this mortgage for consolidating is when the rates are falling down at the financial market.
This is an important question but not to worry as there are quite a lot of sources where it can lead you to the right mortgage and lender. You can take it from the old lender you have but it is always better that you search out for a better rate.
There are many lenders who will offer you this mortgage with competitive rates. You can get to these lenders by searching for them and comparing the rates that they are offering.
The best place to search for them is from the net. Otherwise you can hire a broker or start looking for it in the financial market. Other than the rates you also need to see if the company offering you the mortgage is a reliable one.
About the Author:
Charles Bretz is a Financial Advisor and Author on Money Matters.Get Your Free Money Guide. Click Here
Tuesday, January 20, 2009
Emerging from the debt quagmire
By: Kev Wilson
Is the spectre of debt getting you down? Do you assume that making right your obligations appears overly impractical? Are you commencing to contemplate on filing for bankruptcy? You may change your mind if some one or somebody will notify you that there is another efficient system to get away from the quagmire of debt.
You can seize back your sense of well being and your credit score by debt consolidation loan. This is because debt consolidation loans can help evade filing for bankruptcy. It could in addition help do away with unavoidable harassment from creditors. There are as well debt consolidation loans that can help lower debt payments or even simply get rid of interest, which might be a good help.
A Debt consolidation loan with a respectable and established lending firm may afford one trouble-free to pay monthly payment. You will get these benefits from debt consolidation loans. But, because of the factors illustrated, only a respected and reputable lending company could be able to help you.
Other lending institutions are unethical and may not be right for you. These unethical lending institutions might offer to consolidate your debt but will expect unrealistically costly interest rates that will present you additional trouble. You will slide deeper in the debt quagmire than to be able to climb out of it. It may help into deciding whether to secure a debt consolidation loan or not, if you are able to initially value your position. After assessing your present position, then you can come to a decision for yourself if a debt consolidation loan is the route that you need.
This principal information might guide you into considering whether to consolidate your debts or not. If your monthly debt pledges presently challenging to take care of, just about to the level that you say it is unfeasible to settle all of them.
If, you begin to think filing for bankruptcy is the only elegant reply. Debt consolidation loan may be the route that you need when you consider that subsequent to paying your credit cards, chain store cards and other debts, your balances do not even cause you any minor reprieve.
Debt consolidation loan might likewise help to provide you some sleep by fitting one painless monthly payment. Is it not right to feel that you are only indebted to one and not to many who could pursue a lawsuit against you if you fail on your responsibilities? I would certainly imagine it is. Once you finally resolve that a debt consolidation loan is the alternative that you require, then you have to be compelled to locate the creditable and established lending organisation that will help you better your credit ranking.
Lastly, lending firms plan debt consolidation loans to help you return to your good credit ranking; thence I propose that if you obtain an approval of your debt consolidation loan, make certain re-payment and change your everyday life to accommodate a creditable credit standing.
Is the spectre of debt getting you down? Do you assume that making right your obligations appears overly impractical? Are you commencing to contemplate on filing for bankruptcy? You may change your mind if some one or somebody will notify you that there is another efficient system to get away from the quagmire of debt.
You can seize back your sense of well being and your credit score by debt consolidation loan. This is because debt consolidation loans can help evade filing for bankruptcy. It could in addition help do away with unavoidable harassment from creditors. There are as well debt consolidation loans that can help lower debt payments or even simply get rid of interest, which might be a good help.
A Debt consolidation loan with a respectable and established lending firm may afford one trouble-free to pay monthly payment. You will get these benefits from debt consolidation loans. But, because of the factors illustrated, only a respected and reputable lending company could be able to help you.
Other lending institutions are unethical and may not be right for you. These unethical lending institutions might offer to consolidate your debt but will expect unrealistically costly interest rates that will present you additional trouble. You will slide deeper in the debt quagmire than to be able to climb out of it. It may help into deciding whether to secure a debt consolidation loan or not, if you are able to initially value your position. After assessing your present position, then you can come to a decision for yourself if a debt consolidation loan is the route that you need.
This principal information might guide you into considering whether to consolidate your debts or not. If your monthly debt pledges presently challenging to take care of, just about to the level that you say it is unfeasible to settle all of them.
If, you begin to think filing for bankruptcy is the only elegant reply. Debt consolidation loan may be the route that you need when you consider that subsequent to paying your credit cards, chain store cards and other debts, your balances do not even cause you any minor reprieve.
Debt consolidation loan might likewise help to provide you some sleep by fitting one painless monthly payment. Is it not right to feel that you are only indebted to one and not to many who could pursue a lawsuit against you if you fail on your responsibilities? I would certainly imagine it is. Once you finally resolve that a debt consolidation loan is the alternative that you require, then you have to be compelled to locate the creditable and established lending organisation that will help you better your credit ranking.
Lastly, lending firms plan debt consolidation loans to help you return to your good credit ranking; thence I propose that if you obtain an approval of your debt consolidation loan, make certain re-payment and change your everyday life to accommodate a creditable credit standing.
Britain Has Binged On Debt
By: Abbi Rouse
In the past few years, Britains economy has become bloated as consumers have been bingeing on debt and failing to work off the excess, Reform has claimed.
According to the independent think tank, this tendency to rely on cheap credit cards and cheap loans to support spending habits has produced an economy that is unfit and working inefficiently. A new report from the group notes that it is not just consumer borrowing that has caused the countrys coffers to become corpulent with debt, as the public structural budget deficit has become the fourth highest of all countries in the Organisation for Economic Cooperation and Development. Meanwhile, Britains trade deficit is continuing to burgeon, while public spending programmes are based on out-of-date and over-optimistic forecasts for gross domestic product (GDP) growth, the group warned.
It warned that in the coming years, the average taxpaying family will pay around 4,000 pounds to rebalance the national debt, equivalent to 100 billion pounds in tax contributions every year. So too, it noted that this tax increase - amounting to 6.6 per cent of GDP - does not take into account the additional burden which will be borne by further fiscal stimulation packages.
Ahead of the pre-Budget report, which will be announced by Alistair Darling on Monday November 24th, Reform has warned that simply injecting more public money into the banking industry will have little lasting effect on the state of the countrys economy. So too, it warned, cutting public expenditure on vital long-term development programmes is equally ill-advised, as it claimed that as recent history has shown, cuts in spending will inevitably lead to increased investment a few years down the line.
Rather, the group insisted that there is only one course of action that will relieve the strain of the national debt: "In order to move beyond the obese economy, Britain has to consume less and work more. Households need a sense of direction towards a higher saving, lower tax economy. The short-term objective is the same as the long-term path to economic growth - to increase productivity. This should be the theme of the Pre-Budget Report and of Budget 2009."
Furthering this, it called on the chancellor to focus on three key objectives when delivering his report: public sector reform, private sector productivity and personal productivity.
On the last note, the group insisted that individuals will be vital to economic recovery and as such, the government must provide support for people to help them to stop relying on personal loans and other forms of credit and start spending their own money.
For those who have seen their finances blown out to sea in the recent economic storm, taking out a debt consolidation loan may prove an effective way to get back on a firm footing monetarily. Meanwhile, the number of people who are in need of a debt consolidation loan may grow in the coming months as the independent financial advice site the Motley Fool warned that millions of Britons are unprepared for a recession.
About the Author:
Abbi Rouse writes for AllAboutLoans.co.uk, an online loans comparison site, visit us today for information on all loan topics including cheap loans applications and online loans sourcing from all leading UK providers. Our Site: http://news.allaboutloans.co.uk/
In the past few years, Britains economy has become bloated as consumers have been bingeing on debt and failing to work off the excess, Reform has claimed.
According to the independent think tank, this tendency to rely on cheap credit cards and cheap loans to support spending habits has produced an economy that is unfit and working inefficiently. A new report from the group notes that it is not just consumer borrowing that has caused the countrys coffers to become corpulent with debt, as the public structural budget deficit has become the fourth highest of all countries in the Organisation for Economic Cooperation and Development. Meanwhile, Britains trade deficit is continuing to burgeon, while public spending programmes are based on out-of-date and over-optimistic forecasts for gross domestic product (GDP) growth, the group warned.
It warned that in the coming years, the average taxpaying family will pay around 4,000 pounds to rebalance the national debt, equivalent to 100 billion pounds in tax contributions every year. So too, it noted that this tax increase - amounting to 6.6 per cent of GDP - does not take into account the additional burden which will be borne by further fiscal stimulation packages.
Ahead of the pre-Budget report, which will be announced by Alistair Darling on Monday November 24th, Reform has warned that simply injecting more public money into the banking industry will have little lasting effect on the state of the countrys economy. So too, it warned, cutting public expenditure on vital long-term development programmes is equally ill-advised, as it claimed that as recent history has shown, cuts in spending will inevitably lead to increased investment a few years down the line.
Rather, the group insisted that there is only one course of action that will relieve the strain of the national debt: "In order to move beyond the obese economy, Britain has to consume less and work more. Households need a sense of direction towards a higher saving, lower tax economy. The short-term objective is the same as the long-term path to economic growth - to increase productivity. This should be the theme of the Pre-Budget Report and of Budget 2009."
Furthering this, it called on the chancellor to focus on three key objectives when delivering his report: public sector reform, private sector productivity and personal productivity.
On the last note, the group insisted that individuals will be vital to economic recovery and as such, the government must provide support for people to help them to stop relying on personal loans and other forms of credit and start spending their own money.
For those who have seen their finances blown out to sea in the recent economic storm, taking out a debt consolidation loan may prove an effective way to get back on a firm footing monetarily. Meanwhile, the number of people who are in need of a debt consolidation loan may grow in the coming months as the independent financial advice site the Motley Fool warned that millions of Britons are unprepared for a recession.
About the Author:
Abbi Rouse writes for AllAboutLoans.co.uk, an online loans comparison site, visit us today for information on all loan topics including cheap loans applications and online loans sourcing from all leading UK providers. Our Site: http://news.allaboutloans.co.uk/
Monday, January 19, 2009
Ways To Manage Your Debt
By: Obinna Heche
In fact, debt management is indeed the ability to handle your current debt and whether you can assume further debt. It is very important in keeping a good credit score or credit rating. Debt management is reserved for those who can pay their debts but need a little help in doing so. Also, it is for those who plan on paying off their debts with a potential break on interest, depending on the good graces of their creditors. It is actually designed to be an alternative to bankruptcy
However, debt reduction often ranks as an important financial goal and it also ranks as one of the most challenging, therefore effective debt management is critical to your financial plan. It can be a way of putting you back in control of your finances and it should be completed before the situation becomes out of control. Their are so many debt management organizations that offer credit counseling and new approach to tackle your finances and make you debt free.
Most plans consist of one monthly payment of an individuals credit card debt and other unsecured debt. Nevertheless, if your debts are not too large and you have a regular income, then this could be an option for you. As spending continues to increase credit card debt, debt management is more and more necessary. However looking into the pros and cons now will help you know if entering into a debt management plan is right for you. Although some creditors have tightened what they will as far as an interest rate reduction for clients.
Indeed, there are some credit card companies that will reduce rates as far as charging no interest while on the plan. The days of a creditor reducing the monthly payment by half or more seem to be over. However several creditors reduce payments required by several percentage points for a customer of theirs that is enrolled into a debt management plan. This is probably the most beneficial portion of the plan for a credit counseling client who is behind with payments to their creditors.
Very often overlooked by persons researching a debt management plan, customer service means that all of your credit card accounts should be accessible by the credit counseling agency and any questions you have regarding those accounts should be answered in a timely manner. This can be initially looked at as a con by the consumer because it takes away their ability to charge their credit cards. But in the long run this portion of the debt plan should be viewed as a pro because it allows the client to rely more upon the income they are bringing in.
This will surely result in less overall debt that is accumulated while on the debt management program. These programs offer an array of help with little to consider as negative. One important factor is that a debt management plan has no negative impact on your credit score. Search online for debt management organizations, they are an excellent place to start when you are looking for way to become totally debt free.
About the Author:
Obinna Heche: Los Angeles - California For home business ideas, opportunities, resources and more visit.. http://www.home-incomeportal.com/
In fact, debt management is indeed the ability to handle your current debt and whether you can assume further debt. It is very important in keeping a good credit score or credit rating. Debt management is reserved for those who can pay their debts but need a little help in doing so. Also, it is for those who plan on paying off their debts with a potential break on interest, depending on the good graces of their creditors. It is actually designed to be an alternative to bankruptcy
However, debt reduction often ranks as an important financial goal and it also ranks as one of the most challenging, therefore effective debt management is critical to your financial plan. It can be a way of putting you back in control of your finances and it should be completed before the situation becomes out of control. Their are so many debt management organizations that offer credit counseling and new approach to tackle your finances and make you debt free.
Most plans consist of one monthly payment of an individuals credit card debt and other unsecured debt. Nevertheless, if your debts are not too large and you have a regular income, then this could be an option for you. As spending continues to increase credit card debt, debt management is more and more necessary. However looking into the pros and cons now will help you know if entering into a debt management plan is right for you. Although some creditors have tightened what they will as far as an interest rate reduction for clients.
Indeed, there are some credit card companies that will reduce rates as far as charging no interest while on the plan. The days of a creditor reducing the monthly payment by half or more seem to be over. However several creditors reduce payments required by several percentage points for a customer of theirs that is enrolled into a debt management plan. This is probably the most beneficial portion of the plan for a credit counseling client who is behind with payments to their creditors.
Very often overlooked by persons researching a debt management plan, customer service means that all of your credit card accounts should be accessible by the credit counseling agency and any questions you have regarding those accounts should be answered in a timely manner. This can be initially looked at as a con by the consumer because it takes away their ability to charge their credit cards. But in the long run this portion of the debt plan should be viewed as a pro because it allows the client to rely more upon the income they are bringing in.
This will surely result in less overall debt that is accumulated while on the debt management program. These programs offer an array of help with little to consider as negative. One important factor is that a debt management plan has no negative impact on your credit score. Search online for debt management organizations, they are an excellent place to start when you are looking for way to become totally debt free.
About the Author:
Obinna Heche: Los Angeles - California For home business ideas, opportunities, resources and more visit.. http://www.home-incomeportal.com/
Choosing Between Debt Settlement and Debt Elimination
By: Jim Vrana
Overwhelming credit card debt. It is a very common problem for many American consumers. So many people pay their monthly minimums, month after month, without any knowledge that their debt burden may never go away.
When a person comes to the realization that they are caught in a never ending payment schedule, they may then realize that help is needed. The unknown for most people is what kind of help is available, and how to find it.
Selecting the best plan of action can also add the stress caused by the debt in the first place as understanding all of the options to relieve themselves of debt can be very confusing.
One of the most popular options is Debt Settlement. Not because this is the best option, but because Debt Settlement is the most heavily advertised. Many Debt Settlement companies are just extensions of the credit card companies themselves.
A reputable Debt Settlement company will attempt to contact your creditors and negotiate a payoff or settlement, for less than is owed. This can get somebody out of debt very quickly, assuming the settled amount can actually be paid quickly.
There are a few things to be aware of with Debt Settlement. A Debt Settlement will claim that you have the right to settle your debts for 30 to 50% of your balance. This is true, you do have the right to do this, but it does not mean that your creditor has the obligation to actually agree to a settlement. If a settlement amount is agreed upon, the total settlement amount might need to be paid immediately to be accepted. If a payment plan can be agreed upon, the settlement amount will probably be higher, and you must stick to the payment schedule.
For this reason, the settlement company might instruct you to stop making your payments to the credit card company, and start to build up a cash reserve account. You might need to accumulate several thousand dollars before they will actually begin to contact your creditors. In the meantime, negative entries will be reported to the credit bureaus, and the harassing collection phone calls will begin.
In addition, the Debt Settlement Company will also want their fee, which can be 5 to 20% of the negotiated debt. So how much is really being saved?
An alternative may be a debt elimination program. This will allow a person to legally walk away from 100% of their non-secured credit card debt, without bankruptcy, consolidation, or refinancing. A person can take advantage of this program just once. It's kind of a financial "do-over".
With a debt elimination program, a person can select which cards to eliminate. Some cards can actually be kept. The eliminated cards can no longer be used. The ultimate goal however, is to learn how to live without credit cards altogether. It will amaze you to learn how much money you can save if you are not paying interest to the credit card companies.
A good program will have you debt-free in 6 - 12 months. An elimination program does not perform its function overnight. The program should also include an education on the credit card system, so that it is understood just how and why an elimination program can work.
Student loans, medical bills, and any secured loans such as mortgages and auto loans do not apply to a debt elimination program. Only major credit cards, signature loans, and unsecured lines-of-credit are applicable. For these types of debts, a true elimination program may be the financial re-start people are looking for.
Article Source:
http://www.bestmanagementarticles.com
http://debt-consolidation.bestmanagementarticles.com
About the Author:
Billed as The True Debt Advisor (TrueDebtAdvisor), Jim Vrana's mission is to educate and empower people to overcome their financial challenges. The time-tested legal procedures used to eliminate credit card debt have been used by thousands of people with tremendous success. Contact: Jim Vrana, (800) 637-1785 TrueDebtAdvisor
Overwhelming credit card debt. It is a very common problem for many American consumers. So many people pay their monthly minimums, month after month, without any knowledge that their debt burden may never go away.
When a person comes to the realization that they are caught in a never ending payment schedule, they may then realize that help is needed. The unknown for most people is what kind of help is available, and how to find it.
Selecting the best plan of action can also add the stress caused by the debt in the first place as understanding all of the options to relieve themselves of debt can be very confusing.
One of the most popular options is Debt Settlement. Not because this is the best option, but because Debt Settlement is the most heavily advertised. Many Debt Settlement companies are just extensions of the credit card companies themselves.
A reputable Debt Settlement company will attempt to contact your creditors and negotiate a payoff or settlement, for less than is owed. This can get somebody out of debt very quickly, assuming the settled amount can actually be paid quickly.
There are a few things to be aware of with Debt Settlement. A Debt Settlement will claim that you have the right to settle your debts for 30 to 50% of your balance. This is true, you do have the right to do this, but it does not mean that your creditor has the obligation to actually agree to a settlement. If a settlement amount is agreed upon, the total settlement amount might need to be paid immediately to be accepted. If a payment plan can be agreed upon, the settlement amount will probably be higher, and you must stick to the payment schedule.
For this reason, the settlement company might instruct you to stop making your payments to the credit card company, and start to build up a cash reserve account. You might need to accumulate several thousand dollars before they will actually begin to contact your creditors. In the meantime, negative entries will be reported to the credit bureaus, and the harassing collection phone calls will begin.
In addition, the Debt Settlement Company will also want their fee, which can be 5 to 20% of the negotiated debt. So how much is really being saved?
An alternative may be a debt elimination program. This will allow a person to legally walk away from 100% of their non-secured credit card debt, without bankruptcy, consolidation, or refinancing. A person can take advantage of this program just once. It's kind of a financial "do-over".
With a debt elimination program, a person can select which cards to eliminate. Some cards can actually be kept. The eliminated cards can no longer be used. The ultimate goal however, is to learn how to live without credit cards altogether. It will amaze you to learn how much money you can save if you are not paying interest to the credit card companies.
A good program will have you debt-free in 6 - 12 months. An elimination program does not perform its function overnight. The program should also include an education on the credit card system, so that it is understood just how and why an elimination program can work.
Student loans, medical bills, and any secured loans such as mortgages and auto loans do not apply to a debt elimination program. Only major credit cards, signature loans, and unsecured lines-of-credit are applicable. For these types of debts, a true elimination program may be the financial re-start people are looking for.
Article Source:
http://www.bestmanagementarticles.com
http://debt-consolidation.bestmanagementarticles.com
About the Author:
Billed as The True Debt Advisor (TrueDebtAdvisor), Jim Vrana's mission is to educate and empower people to overcome their financial challenges. The time-tested legal procedures used to eliminate credit card debt have been used by thousands of people with tremendous success. Contact: Jim Vrana, (800) 637-1785 TrueDebtAdvisor
Sunday, January 18, 2009
Winning Strategies For Tackling Student Loan Debt
By: Mike Philips
If you've recently finished school and are currently in your six-month grace period before you have to make your first student loan payment, you may have questions about the best way to tackle your debt. Yes, you can simply make monthly payments on your various loans, but with a little planning, you can save thousands of dollars, minimize your monthly payments, and improve your credit score in the process.
Currently the average undergraduate finishes school with over $16,000 in student loans. For many students, this hefty amount owed is piled onto existing debt such as car payments and credit card bills. So, if you feel overwhelmed with what you owe, you are not alone. Rest assured, however, you can tackle your debt successfully and effectively by taking a proactive approach.
First, remember that your student loan debt is probably at an interest rate much lower than your credit card debt. The highest interest rate on student loans compares favorably with the exorbitant rates issued by credit card companies. With rates as high as 30 percent, concentrating on paying down credit card debt should be a primary focus.
If you have no other liabilities other than student loans, congratulations! But, you'll still need to be strategic about how you will pay back what you owe. Most standard student loans have a ten-year payback period and a monthly payment schedule, but there are many more cost-effective options that are worth exploring.
Before you make that first payment, call your lenders and verify what the monthly amounts will be. If you simply cannot afford to make the payments, ask about alternative payment options. Most lenders offer graduated payment plans where monthly payments start about 50 percent below the standard amount and gradually increase over time. As well, you can frequently extend your repayment period up to 30 years. However, you will need to be careful about paying so little per month that you are only paying interest and no principal.
Another very effective way to decrease what you are paying each month is to do consolidate your loans by doing a student loan consolidation. This is a great option for borrowers who have several loans at different interest rates. By consolidating these loans, you can lock in a fixed interest rate, lower your payments, and extend your repayment period. Also, consolidation can be quite beneficial for improving your credit because existing loans will be paid off before a new loan is issued. You can ask your current lenders if they offer consolidation plans. If not, there are many lenders who can help you with your loans, and you are able to consolidate during your grace period. Make sure to ask about interest rate discounts that are usually offered for signing up for auto-pay and for having extended on-time payments. Most borrowers who consolidate their loans will save a substantial amount on their monthly payments, up to 60 percent each billing cycle. However, remember that the interest rate on consolidated student loans changes every year on July 1st. Thus, if you are considering consolidation, make sure to submit your application well before this date. Interest rates will be going up more than 2 percent this year, so don't delay.
If you are approaching the end of your grace period, and you are currently unemployed, disabled, or planning to return to school, you can defer payment on your loans for up to three years. The government will pay the interest on your subsidized loans during this time.
Like deferment, forbearance is another option to delay repayment for as long as three years. You can apply for forbearance by proving financial hardship to your lender. However unlike deferment, you will be responsible for accrued interest during the forbearance period.
No matter how you go about repaying student loan debt, by all means, do not default on these loans. There are serious consequences for not paying back what you have borrowed. Defaulted loans will appear negatively on your credit report, and this may prevent you from qualifying for other types of credit such as mortgages and car loans. As well, defaulted loans will be turned over to a collection agency, and you could possibly be sued. You may even have your wages garnished or your income tax refunds intercepted. And, of course, you will not be able to apply for additional student loans until you either repay the loans in full or make payment arrangements with the lender.
Yes, paying your loan payments is the best way to prevent defaulting on your student loans. Also, make sure to notify your lender with any changes that affect your loans such as name changes or new addresses and phone numbers. If you do experience financial difficulty, don't delay in asking for forbearance, deferment, or an alternative payment plan. Once you have defaulted, you won't be able to qualify for these options. And, don't forget to keep careful records of your loans. Save promissory notes, cancelled checks, and letters that you send to your lender.
Tackling your student loans is possible, and with a little financial know-how and advanced planning, you can customize a payment plan that will work with your financial status. So, go ahead and get started! The sooner you take control of your debt, the sooner you will pay it off.
About The Author:
Mike O'Brien offers advice and information about student loan consolidation. This is a quality web site with a choice of student loan consolidation advice and information at your fingertips!
If you've recently finished school and are currently in your six-month grace period before you have to make your first student loan payment, you may have questions about the best way to tackle your debt. Yes, you can simply make monthly payments on your various loans, but with a little planning, you can save thousands of dollars, minimize your monthly payments, and improve your credit score in the process.
Currently the average undergraduate finishes school with over $16,000 in student loans. For many students, this hefty amount owed is piled onto existing debt such as car payments and credit card bills. So, if you feel overwhelmed with what you owe, you are not alone. Rest assured, however, you can tackle your debt successfully and effectively by taking a proactive approach.
First, remember that your student loan debt is probably at an interest rate much lower than your credit card debt. The highest interest rate on student loans compares favorably with the exorbitant rates issued by credit card companies. With rates as high as 30 percent, concentrating on paying down credit card debt should be a primary focus.
If you have no other liabilities other than student loans, congratulations! But, you'll still need to be strategic about how you will pay back what you owe. Most standard student loans have a ten-year payback period and a monthly payment schedule, but there are many more cost-effective options that are worth exploring.
Before you make that first payment, call your lenders and verify what the monthly amounts will be. If you simply cannot afford to make the payments, ask about alternative payment options. Most lenders offer graduated payment plans where monthly payments start about 50 percent below the standard amount and gradually increase over time. As well, you can frequently extend your repayment period up to 30 years. However, you will need to be careful about paying so little per month that you are only paying interest and no principal.
Another very effective way to decrease what you are paying each month is to do consolidate your loans by doing a student loan consolidation. This is a great option for borrowers who have several loans at different interest rates. By consolidating these loans, you can lock in a fixed interest rate, lower your payments, and extend your repayment period. Also, consolidation can be quite beneficial for improving your credit because existing loans will be paid off before a new loan is issued. You can ask your current lenders if they offer consolidation plans. If not, there are many lenders who can help you with your loans, and you are able to consolidate during your grace period. Make sure to ask about interest rate discounts that are usually offered for signing up for auto-pay and for having extended on-time payments. Most borrowers who consolidate their loans will save a substantial amount on their monthly payments, up to 60 percent each billing cycle. However, remember that the interest rate on consolidated student loans changes every year on July 1st. Thus, if you are considering consolidation, make sure to submit your application well before this date. Interest rates will be going up more than 2 percent this year, so don't delay.
If you are approaching the end of your grace period, and you are currently unemployed, disabled, or planning to return to school, you can defer payment on your loans for up to three years. The government will pay the interest on your subsidized loans during this time.
Like deferment, forbearance is another option to delay repayment for as long as three years. You can apply for forbearance by proving financial hardship to your lender. However unlike deferment, you will be responsible for accrued interest during the forbearance period.
No matter how you go about repaying student loan debt, by all means, do not default on these loans. There are serious consequences for not paying back what you have borrowed. Defaulted loans will appear negatively on your credit report, and this may prevent you from qualifying for other types of credit such as mortgages and car loans. As well, defaulted loans will be turned over to a collection agency, and you could possibly be sued. You may even have your wages garnished or your income tax refunds intercepted. And, of course, you will not be able to apply for additional student loans until you either repay the loans in full or make payment arrangements with the lender.
Yes, paying your loan payments is the best way to prevent defaulting on your student loans. Also, make sure to notify your lender with any changes that affect your loans such as name changes or new addresses and phone numbers. If you do experience financial difficulty, don't delay in asking for forbearance, deferment, or an alternative payment plan. Once you have defaulted, you won't be able to qualify for these options. And, don't forget to keep careful records of your loans. Save promissory notes, cancelled checks, and letters that you send to your lender.
Tackling your student loans is possible, and with a little financial know-how and advanced planning, you can customize a payment plan that will work with your financial status. So, go ahead and get started! The sooner you take control of your debt, the sooner you will pay it off.
About The Author:
Mike O'Brien offers advice and information about student loan consolidation. This is a quality web site with a choice of student loan consolidation advice and information at your fingertips!
Credit Card Debt Problems
By: Michael Malega
Many aspects have been covered in this article so that you can benefit from an extended research.
its common and It is not rare for people these days to have money problems, or more to the point, debt problems. Or if you want to get even more specific, in this day and age, it's not rare to find that many people have credit card debt problems. This seems to be the cutting-edge fad of the century - you get a credit card, you buy, buy, buy; then you wage off only the bare minimal on your credit card score at the end of the month, and repeat the process all over again.
Which, if you will but take a step back and look at it logically, is only leaving to lead to catastrophe upon catastrophe occurrence to poor you who is ineffectual to pay off your credit card, and which will ultimately, lead you to have credit card debt problems.
This unfortunately, is the character of life we lead these days, and something that we just can't seem to get out of. Most of us spend more per calendar month than we have available to us, and then try to battle and keep up with payments to compensate off the excesses of last month.
Having too much spendings and getting into credit card debt problems can be very easy to fall into, and many of us do this almost without thought about it. We go out, we see something we want, and hey presto! because of our credit card being with us at all times, we are able to give in to our desires and purchase what we want, when we want, without a thought to the consequences.
The trick to getting out of all your credit card problems and staying out of them, is to first realise where you are sledding wrong. Once you have pinpointed the fact that you are really spending more than you earn, or more than you can give to dish out for a month, you can then go about trying to set things to rights. And the best way to do this, is to start by leaving your credit cards at home; or, if you find that this is a problem for you, then have your credit bound capped.
This is the only way to get out of any existing credit card debt problems which you might have - leave the cards at home or cap your bound until you can pay off that debt you have accumulated. In this way, you will be able to decrease your existing credit card debt problems without adding to them! And once you have realised this, you can then set about making sure that you don't do the same thing again by leaving your credit cards at home... to find more on this topic, please check our web site by following our link below...
There are many more article like this one on my site. Thanks for reading! Keep browsing.
About The Author:
Michael Malega presents several credit card debt problems articles for your information. You can visit Michael's web site at: Credit Card Debt Problems http://www.consolidate-debt-loans.org/Credit-Card-Debt-Problems.php
Many aspects have been covered in this article so that you can benefit from an extended research.
its common and It is not rare for people these days to have money problems, or more to the point, debt problems. Or if you want to get even more specific, in this day and age, it's not rare to find that many people have credit card debt problems. This seems to be the cutting-edge fad of the century - you get a credit card, you buy, buy, buy; then you wage off only the bare minimal on your credit card score at the end of the month, and repeat the process all over again.
Which, if you will but take a step back and look at it logically, is only leaving to lead to catastrophe upon catastrophe occurrence to poor you who is ineffectual to pay off your credit card, and which will ultimately, lead you to have credit card debt problems.
This unfortunately, is the character of life we lead these days, and something that we just can't seem to get out of. Most of us spend more per calendar month than we have available to us, and then try to battle and keep up with payments to compensate off the excesses of last month.
Having too much spendings and getting into credit card debt problems can be very easy to fall into, and many of us do this almost without thought about it. We go out, we see something we want, and hey presto! because of our credit card being with us at all times, we are able to give in to our desires and purchase what we want, when we want, without a thought to the consequences.
The trick to getting out of all your credit card problems and staying out of them, is to first realise where you are sledding wrong. Once you have pinpointed the fact that you are really spending more than you earn, or more than you can give to dish out for a month, you can then go about trying to set things to rights. And the best way to do this, is to start by leaving your credit cards at home; or, if you find that this is a problem for you, then have your credit bound capped.
This is the only way to get out of any existing credit card debt problems which you might have - leave the cards at home or cap your bound until you can pay off that debt you have accumulated. In this way, you will be able to decrease your existing credit card debt problems without adding to them! And once you have realised this, you can then set about making sure that you don't do the same thing again by leaving your credit cards at home... to find more on this topic, please check our web site by following our link below...
There are many more article like this one on my site. Thanks for reading! Keep browsing.
About The Author:
Michael Malega presents several credit card debt problems articles for your information. You can visit Michael's web site at: Credit Card Debt Problems http://www.consolidate-debt-loans.org/Credit-Card-Debt-Problems.php
Saturday, January 17, 2009
Idiots Guide to Debt Fixing
By: keshavlaxmi
Bad choices lead to bad circumstances that you have to ultimately face. When you are young, you feel like pursuing a financial option in the belief that you can easily clear any debts over time. You presumed you can deal with second mortgage payments. You also presumed your credit card bills could be settled eventually. You were young and you thought you were invincible.
And just like any great idea that you had in your younger days, that idea was just plain foolish. Now, you are swimming in debts that you are even contemplating on dipping our sticky hands into your retirement plan by making a loan out of it.
Before you do that drastic and potentially fatal to your retirement move, here are some steps that you may want to consider to help you out on your debt problem.
- Obtain copies of your credit report form all three credit bureaus to compile all the loans that you have (You can check the validity of the details on the reports at the same time to help you boost your credit score). Not all creditors report to all credit companies so one bureau may have you at a comfortable 700 but another has you at a low 500. Compile all the data that you have in a spreadsheet in your computer to consolidate all the loans that you have. Include the amount, the company and the payment terms in your spreadsheet. Also file your loan letters, your credit statements, your loan agreement forms and all debt related files in one neat folder that you can separate per loan type.
- After you have compiled everything, segregate your list and highlight the loans that you HAVE to pay or you NEED to prioritize. These are the debts you would want to keep an eye on first, before the other loans that you have. Your mortgage payment, your gas/electricity/water dues and your late rent pay fall into this category. Also, anything related to income taxes should be included in this list. Then, for the loans that you know you must pay but they are not that urgent, create a separate sheet for them.
- Once you have all your data sorted out, check out your local college, military base or on line to find a non-profit institution that offers credit counseling to help you out on the data you have gathered. These agencies can help you sort through your files, help you understand them better and help you understand your alternatives. They can also guide you to a better spending mentality that can finally steer you to a better financial standing.
- After you collected the necessary inputs, make sure you have the commitment and the discipline to stick to it. you must implement the budget.
- Your counselor may recommend you find a debt management place, those people may put you on to a debt consolidating agency, or a debt settlement company.
About The Author:
Get information about emergency debt relief. Getting an insight into national debt relief initiative may help you
Bad choices lead to bad circumstances that you have to ultimately face. When you are young, you feel like pursuing a financial option in the belief that you can easily clear any debts over time. You presumed you can deal with second mortgage payments. You also presumed your credit card bills could be settled eventually. You were young and you thought you were invincible.
And just like any great idea that you had in your younger days, that idea was just plain foolish. Now, you are swimming in debts that you are even contemplating on dipping our sticky hands into your retirement plan by making a loan out of it.
Before you do that drastic and potentially fatal to your retirement move, here are some steps that you may want to consider to help you out on your debt problem.
- Obtain copies of your credit report form all three credit bureaus to compile all the loans that you have (You can check the validity of the details on the reports at the same time to help you boost your credit score). Not all creditors report to all credit companies so one bureau may have you at a comfortable 700 but another has you at a low 500. Compile all the data that you have in a spreadsheet in your computer to consolidate all the loans that you have. Include the amount, the company and the payment terms in your spreadsheet. Also file your loan letters, your credit statements, your loan agreement forms and all debt related files in one neat folder that you can separate per loan type.
- After you have compiled everything, segregate your list and highlight the loans that you HAVE to pay or you NEED to prioritize. These are the debts you would want to keep an eye on first, before the other loans that you have. Your mortgage payment, your gas/electricity/water dues and your late rent pay fall into this category. Also, anything related to income taxes should be included in this list. Then, for the loans that you know you must pay but they are not that urgent, create a separate sheet for them.
- Once you have all your data sorted out, check out your local college, military base or on line to find a non-profit institution that offers credit counseling to help you out on the data you have gathered. These agencies can help you sort through your files, help you understand them better and help you understand your alternatives. They can also guide you to a better spending mentality that can finally steer you to a better financial standing.
- After you collected the necessary inputs, make sure you have the commitment and the discipline to stick to it. you must implement the budget.
- Your counselor may recommend you find a debt management place, those people may put you on to a debt consolidating agency, or a debt settlement company.
About The Author:
Get information about emergency debt relief. Getting an insight into national debt relief initiative may help you
Business debt relief is no more important than household debt relief.
Business debt relief is no more important than household debt relief.
By: richard todd Gorham
If you treat your home like a well established business, debt relief will follow.
People who successfully manage businesses do everything they can to cut costs and maximize profits. Shouldn't you do the same for your home?
If you are not already, pretend you are a business owner. You have a handful of employees and a good business model, but your margins are thin so you need to closely manage your cash flow. You spend most of your daytime hours figuring out ways to maximize your efficiencies and avoid accumulating debt.
Why? Because the last thing a business wants is to go into the red. The whole point of being in business is to MAKE money, not to owe other people money.
Business owners have to be careful not to get too deeply into debt. They have employees counting on them. They have customers who want fair prices, which the business can't keep offering if the overhead costs continue to rise.
Basically, running a smart business is all about making and saving money.
Yet somehow we tend to make the mistake of running our home finances completely differently. We too eagerly allow ourselves to get into debt. We end up wasting much of our hard earned dollars. We spend way more than we should, for things that we simply cannot afford.
If anything, we must be MORE careful with our personal finances. Our “employees” - aka: our family members - are counting on us to provide them with the safety and security they are entitled to.
If a business goes belly-up, the employees can find other jobs. If your family finances go belly-up, your family structure is at great risk, both financially and emotionally.
So it's time to start running your home finances like you would a well managed business. Debt relief does not come by itself. You have to take control and make smart decisions about your household finances.
Start by keeping a record of all your monthly expenses. Look at the list carefully and determine what can be reduced or eliminated altogether.
Become as ruthless at debt reduction as you can while still being realistic. If you know darned good and well that you're not going to be able to cut out Starbucks entirely, don't put ‘’zero’’ down for your monthly Starbucks allowance. But do reduce the amount, and stick to it!
Then start attacking your debt the way you would attack business debt. Relief from these obligations will come as you systematically payoff your creditors one by one, starting with the smallest balance and working your way up.
Track your progress regularly. Have “board meetings” with the family members once a month to talk about how you're doing, and to make sure everyone is onboard with the new mission statement.
By all means, give your “employees” a bonus now and then - maybe a nice but inexpensive trip out for some dessert, or take a weekend vacation “camping” - just to let everyone know the boss still cares, and that you're doing it all for them.
About The Author:
These debt reduction tips, and many others, can be found at www.Debt-to-Income.com, which is a new website that was created by money savings expert, Richard Gorham. Gorham is also the founder and President of www.Leadership-Tools.com and www.LeadershipAudio.com His websites are devoted to providing free and low-cost quality tools and resources for successful living.
By: richard todd Gorham
If you treat your home like a well established business, debt relief will follow.
People who successfully manage businesses do everything they can to cut costs and maximize profits. Shouldn't you do the same for your home?
If you are not already, pretend you are a business owner. You have a handful of employees and a good business model, but your margins are thin so you need to closely manage your cash flow. You spend most of your daytime hours figuring out ways to maximize your efficiencies and avoid accumulating debt.
Why? Because the last thing a business wants is to go into the red. The whole point of being in business is to MAKE money, not to owe other people money.
Business owners have to be careful not to get too deeply into debt. They have employees counting on them. They have customers who want fair prices, which the business can't keep offering if the overhead costs continue to rise.
Basically, running a smart business is all about making and saving money.
Yet somehow we tend to make the mistake of running our home finances completely differently. We too eagerly allow ourselves to get into debt. We end up wasting much of our hard earned dollars. We spend way more than we should, for things that we simply cannot afford.
If anything, we must be MORE careful with our personal finances. Our “employees” - aka: our family members - are counting on us to provide them with the safety and security they are entitled to.
If a business goes belly-up, the employees can find other jobs. If your family finances go belly-up, your family structure is at great risk, both financially and emotionally.
So it's time to start running your home finances like you would a well managed business. Debt relief does not come by itself. You have to take control and make smart decisions about your household finances.
Start by keeping a record of all your monthly expenses. Look at the list carefully and determine what can be reduced or eliminated altogether.
Become as ruthless at debt reduction as you can while still being realistic. If you know darned good and well that you're not going to be able to cut out Starbucks entirely, don't put ‘’zero’’ down for your monthly Starbucks allowance. But do reduce the amount, and stick to it!
Then start attacking your debt the way you would attack business debt. Relief from these obligations will come as you systematically payoff your creditors one by one, starting with the smallest balance and working your way up.
Track your progress regularly. Have “board meetings” with the family members once a month to talk about how you're doing, and to make sure everyone is onboard with the new mission statement.
By all means, give your “employees” a bonus now and then - maybe a nice but inexpensive trip out for some dessert, or take a weekend vacation “camping” - just to let everyone know the boss still cares, and that you're doing it all for them.
About The Author:
These debt reduction tips, and many others, can be found at www.Debt-to-Income.com, which is a new website that was created by money savings expert, Richard Gorham. Gorham is also the founder and President of www.Leadership-Tools.com and www.LeadershipAudio.com His websites are devoted to providing free and low-cost quality tools and resources for successful living.
Subscribe to:
Posts (Atom)