If you need help with debt, you should really seek out professionals and experts instead of stumbling along alone blindly. Although it is a good lesson to learn to settle your debt problems yourself, sometimes it is also good to seek some professional credit counselors to give you good advice and assistance.
However, before you sign up for help with debt through some debt counseling company, it is advisable that you be very careful and that you had thoroughly checked out the company first. This is because in times like this, many people are going into debt and are seeking for help with debt. This has also resulted in a growing number of unscrupulous debt management companies, debt counseling companies and debt consolidation companies out to make a fast buck out of people with bad debt problems and poor credit rating.
In fact, in recent years, many consumers are lodging complaints against debt consolidation companies, debt management companies and so-called non-profit credit counseling companies. This is because some of these companies are charging extraordinarily high fees and their debt management plans are detrimental than actually helping the debt-ridden consumers.
In a debt management plan, the debt management company or credit counseling company will allow a you to pay to the company and the company will in turn pay to your creditors. Under this type of program, your creditors will charge lower interest rate and may not even charge you late fees. So, in the end, you will get lower monthly payments, lower interest rates and no late fees. And best of all, you don’t even have to pay the debt management company as your creditors will pay a percentage of your payments to the company.
However, there are many companies and agencies which charge upfront fees and some even take your first month of credit payment as their fee. This will surely result in you paying more than you should!
Of course, there are also companies that do not bend to such lows to earn a few bucks out of the misfortune of consumers. You can still find pretty reputable debt management companies and credit counseling agencies to help with debt. You should specifically look for companies that are members of AICCCA and the National Foundation of Credit Counseling, the oldest network of nonprofit counseling agencies.
Saturday
Pay off debt tips
Growing debt problems is one of the challenges faced by many people in trying times during an economic downturn. Even during the good times, there are many people who spent more than they should and thus have ended up deep in debt before they know it. When you are deep in debt with a worsening credit rating, it is time to take a hold of your finances and pay off your debt.
Before you turn to debt management companies or even seek debt consolidation loans to help you solve your debt issues, it is always a good practice to find ways to solve your debt problems and the way you handle your credit ratings so that it does not plunge to beyond repair. You need to get your act together or else you will continue to go deeper into debt with no way out.
Here are five pay off debt tips you should try out first:
1. Practice strict budgeting to cut out all the unnecessary spending by controlling what you spend all the time so that you have extras to pay your creditors.
2. If you have a lot of credit card debts to settle, it is time that you stop using your credit cards and start trying to pay it all up in full. Paying the minimum amount will not cut it at all. If you are unable to pay the full amount, then pay more than the minimum and gradually increase the amount of payment until you clear it all up.
3. Do not become overwhelmed when you realised that you owe much more than you could afford to pay back. Take a step back, take a deep breath and then calmly formulate a plan to slowly pay off each of your creditors over a longer period of time. If you can increase your income by taking a second job or working extra hours, then do so. The extra income will come in handy to help you settle some of your debts.
4. Constantly remind yourself that you are now deep in debt whenever you feel like splurging unnecessarily on things that you don’t need. This way, you will stop spending on frivolous things and start saving up and learning to be frugal. Also, you will have extras to slowly settle your debt.
5. Do not give up because when you give up, you have not solved anything. Instead, try to reason and talk to your creditors to give you more time or lower interest rates as you try to find a way to pay them back.
Keep to these pay off debt tips and you may soon become debt free!
Before you turn to debt management companies or even seek debt consolidation loans to help you solve your debt issues, it is always a good practice to find ways to solve your debt problems and the way you handle your credit ratings so that it does not plunge to beyond repair. You need to get your act together or else you will continue to go deeper into debt with no way out.
Here are five pay off debt tips you should try out first:
1. Practice strict budgeting to cut out all the unnecessary spending by controlling what you spend all the time so that you have extras to pay your creditors.
2. If you have a lot of credit card debts to settle, it is time that you stop using your credit cards and start trying to pay it all up in full. Paying the minimum amount will not cut it at all. If you are unable to pay the full amount, then pay more than the minimum and gradually increase the amount of payment until you clear it all up.
3. Do not become overwhelmed when you realised that you owe much more than you could afford to pay back. Take a step back, take a deep breath and then calmly formulate a plan to slowly pay off each of your creditors over a longer period of time. If you can increase your income by taking a second job or working extra hours, then do so. The extra income will come in handy to help you settle some of your debts.
4. Constantly remind yourself that you are now deep in debt whenever you feel like splurging unnecessarily on things that you don’t need. This way, you will stop spending on frivolous things and start saving up and learning to be frugal. Also, you will have extras to slowly settle your debt.
5. Do not give up because when you give up, you have not solved anything. Instead, try to reason and talk to your creditors to give you more time or lower interest rates as you try to find a way to pay them back.
Keep to these pay off debt tips and you may soon become debt free!
Debt consolidation loans
For those deep in debt with a credit problem, debt consolidation loans may seem to be like a god-send to help them finally get rid of their debt problems once and for all. You may owe thousands, or even tens of thousands, to the credit card company and many other creditors but is taking out a loan the best solution yet?
Before you dive in and take on a debt consolidation loan, it is best that you check up on the interest rates they charge and do a long term calculation of whether it is worth your while. After all, these loans do not come with very low interest and believe it or not, it may even compound your debt problem.
It may seem so much easier and convenient to pay only one creditor instead of 10 different creditors who may be charging you different interest rates each month. By taking up a big loan to settle all these debts and then paying only one company with one interest rate, you may think it is the best solution yet and a way to save some interest.
However, do bear in mind that it may just give you an illusion of saving on interest but the interest charged could be higher than you think. Do remember that due to your current credit rating, it is not easy for you to acquire loans, much less the ones with low interest rates. And if you don’t have anything as collateral for the creditor, the interest rate will be even higher.
So, do some number crunching first before you sign up for any loan to consolidate all of your debts. The best way is to total up the payments you have to make each month now and the interest you had to pay. Then you check out the amount you may need to pay including the interest rate charged if you take up a loan to pay up all of those debts. If the end amount is higher than what you are paying now, it is not worth your while to sign up for the loan.
Still, this is not to say that there aren’t really good debt consolidation loans out there that could really save you some money. You will need to check out more banks and credit companies to be sure. Remember to bring along your calculator.
Before you dive in and take on a debt consolidation loan, it is best that you check up on the interest rates they charge and do a long term calculation of whether it is worth your while. After all, these loans do not come with very low interest and believe it or not, it may even compound your debt problem.
It may seem so much easier and convenient to pay only one creditor instead of 10 different creditors who may be charging you different interest rates each month. By taking up a big loan to settle all these debts and then paying only one company with one interest rate, you may think it is the best solution yet and a way to save some interest.
However, do bear in mind that it may just give you an illusion of saving on interest but the interest charged could be higher than you think. Do remember that due to your current credit rating, it is not easy for you to acquire loans, much less the ones with low interest rates. And if you don’t have anything as collateral for the creditor, the interest rate will be even higher.
So, do some number crunching first before you sign up for any loan to consolidate all of your debts. The best way is to total up the payments you have to make each month now and the interest you had to pay. Then you check out the amount you may need to pay including the interest rate charged if you take up a loan to pay up all of those debts. If the end amount is higher than what you are paying now, it is not worth your while to sign up for the loan.
Still, this is not to say that there aren’t really good debt consolidation loans out there that could really save you some money. You will need to check out more banks and credit companies to be sure. Remember to bring along your calculator.
Wednesday
Cut down your expenses and clear your debts
With the high costs of living nowadays, it is difficult to stay out of debt and very easy to fall into the debt trap without realizing it. Sometimes, without knowing it, you will find that you have fallen into deep debt with no debt solutions in sight. Your expenses kept piling up, your bills kept piling up and soon you will find that you are unable to pay for anything at all without starving to death. Sometimes, it would seem that your only solution out of this whole mess is by declaring bankruptcy.
Well, before you take that drastic route to settle your debt problems, why not take a few steps in cutting down your expenses and curbing your spending first? There is still a way out without needing to take such drastic actions or even going to debt management companies. It all really depends on how you handle your finances and the will power you need to keep a tighter rein on your money and spending habits. All you really need to do is to have a stricter control. You need to relook and give your spending habits a makeover, literally.
So, here are some tips on how to cut down expenses and clear your debts:
1. Be pennywise and compare prices
Although it sounds simple and something everyone tells you to do but you don't really pay it any heed at all. You probably think it does not make any difference if you save a dollar here and a dollar there but let me tell you, just by saving a dollar here and there, you could end up saving hundreds in a month. I am sure you can think of many other uses for the hundreds saved, right?
2. Set up an emergency rainy day fund
I know you will probably say your monthly income is barely enough to cover all the expenses and now you have to put some aside? Well, think of it as a compulsory bill you absolutely must pay. It is only by setting some small sum aside, it doesn't really matter how much, that you can be on your way towards a debt free life. Force yourself to put that money in an account you can't touch at all.
3. Less trips to the bars, more money to settle the debts
Yes, your social life is important but you could have a wonderful social life right at home! Why do you need to pay hundreds each month on drinks at bars just so you could keep in close touch with your buddies? It is far cheaper to get a six-pack and have a great time at home.
4. Cut out the unnecessary stuffs
Do you really need the latest playstation? Does it put food on your table, clothes on your back and a roof over your head? Do you really need to subscribe to the paid channel? Do you even need that nice new fashionable pair of shoes? Do you need that pack of cigarettes? Whatever your vices, this is a good time to go cold turkey and get rid of your bad habits. You don't need to smoke when it is literally burning up your money. You don't need that pair of shoes because you have dozens of perfectly good shoes in the closet. You don't need the paid channel because you don't even watch it all the time! Just keep the essentials, like food, clothes and the occassional movie to de-stress and that's all.
5. Set up a strict budget and keep to it
It is by budgeting that you will be able to keep within your spending limit. To ensure that you really keep to your budget, why not bring the amount your really need each day and keep the rest at home? This way, you will always be aware of how much you have in your wallet and with less tendency to overspend.
6. Cut your plastics and go cash
This may be the most difficult step yet but it is probably the best way to manage your debts and cut down your expenses. With the ease of credit cards gone, you will definitely stick to your budget!
Well, before you take that drastic route to settle your debt problems, why not take a few steps in cutting down your expenses and curbing your spending first? There is still a way out without needing to take such drastic actions or even going to debt management companies. It all really depends on how you handle your finances and the will power you need to keep a tighter rein on your money and spending habits. All you really need to do is to have a stricter control. You need to relook and give your spending habits a makeover, literally.
So, here are some tips on how to cut down expenses and clear your debts:
1. Be pennywise and compare prices
Although it sounds simple and something everyone tells you to do but you don't really pay it any heed at all. You probably think it does not make any difference if you save a dollar here and a dollar there but let me tell you, just by saving a dollar here and there, you could end up saving hundreds in a month. I am sure you can think of many other uses for the hundreds saved, right?
2. Set up an emergency rainy day fund
I know you will probably say your monthly income is barely enough to cover all the expenses and now you have to put some aside? Well, think of it as a compulsory bill you absolutely must pay. It is only by setting some small sum aside, it doesn't really matter how much, that you can be on your way towards a debt free life. Force yourself to put that money in an account you can't touch at all.
3. Less trips to the bars, more money to settle the debts
Yes, your social life is important but you could have a wonderful social life right at home! Why do you need to pay hundreds each month on drinks at bars just so you could keep in close touch with your buddies? It is far cheaper to get a six-pack and have a great time at home.
4. Cut out the unnecessary stuffs
Do you really need the latest playstation? Does it put food on your table, clothes on your back and a roof over your head? Do you really need to subscribe to the paid channel? Do you even need that nice new fashionable pair of shoes? Do you need that pack of cigarettes? Whatever your vices, this is a good time to go cold turkey and get rid of your bad habits. You don't need to smoke when it is literally burning up your money. You don't need that pair of shoes because you have dozens of perfectly good shoes in the closet. You don't need the paid channel because you don't even watch it all the time! Just keep the essentials, like food, clothes and the occassional movie to de-stress and that's all.
5. Set up a strict budget and keep to it
It is by budgeting that you will be able to keep within your spending limit. To ensure that you really keep to your budget, why not bring the amount your really need each day and keep the rest at home? This way, you will always be aware of how much you have in your wallet and with less tendency to overspend.
6. Cut your plastics and go cash
This may be the most difficult step yet but it is probably the best way to manage your debts and cut down your expenses. With the ease of credit cards gone, you will definitely stick to your budget!
Clear debt solutions
You have a mountain of bills facing you each month and you are frantically searching for clear debt solutions. There are, in fact, plenty of debt solutions in the form of debt management and debt settlement companies. However, these are not the only solutions to your growing debt problem.
Before you make the jump and decide to go to a company that may ultimately charge you thousands to help you settle your debt, why not make a go at finding your own clear debt solutions?
Here are some simple steps you could take to reduce your debt:
1. Acknowledge that you have a debt problem that will not go away. The sooner you realize that, the faster it is for you to start getting your finances into order.
2. Calculate and total up all of your debts so that you know exactly how much you owe your creditors.
3. Stop using your credit cards as much as possible so that you won't pile on more bills
4. Get a copy of your credit report so you know where you stand financially (and what your creditors are seeing about you)
5. Next, stop giving all of your money to your creditors. Pay some and stash some into your savings. This way, you will have save up some money to show for when you can finally settle off your debt
6.Communicate with your creditors and tell them you intend to settle the debt but you need time. If they pressure you, be firm and tell them you can't afford it now but you are saving up to do so(thus the saving up part in number 5)
7.Be realistic and do some major calculations on how long you need to save up in order to pay up your debt. You will need to be frugal and save as much as possible each month.
8. Finally, if you owe more than three companies and more than $10,000, then it is best you seek professional advice on clear debt solutions.
Get out of Debt
If you are deep in debt, you will need to find ways to get out of debt in the shortest time possible. Being in debt is extremely stressful and a strain to your finances so you should search for the best possible methods for you to get out of debt.
Debt counseling
So, you know you are in debt but you don't know what to do or how to clear it off. Well, there is always a solution as you could always try debt counseling. With debt counseling, you will be able to look at your debts in a different perspective and find a solution to your debt problems.
Debt consolidation loans
One of the more common ways to handle your debt issues is to check out the many debt consolidation loans available. However, there are many debt consolidation loans that charge very high interests which could lead to you owing more money than when you initially started. So, if you are thinking of taking up debt consolidation loans, do a thorough check first and compare the interest rates of various companies before committing.
Credit card debt settlement
If you've been using your credit cards a lot and running up a huge credit card debt, you will really need to find a way for credit card debt settlement. Settling your credit card debt is very important as credit cards always have very high interest and the more you owe them, they more they charge you and the more you will owe them. Do seek ways on how you could go for credit card debt settlement.
Credit card consolidation
Another way to handle your credit card debts is to try out credit card consolidation. Running up debts in several credit cards could mean you have to run around paying to several credit card companies with different interest rates. If you consolidate your credit cards, you could even get lower interest rates and end up paying less monthly as compared to paying to a lot of companies. Again, as with anything else, you will need to check on the interest rates and do a comparison first before you take up any credit card consolidation programs.
Credit card bankruptcy
Nowadays, many people are falling into credit card bankruptcy simply because they kept running into high credit card debts and could not settle it all. Over time, the problem becomes worse as the interests continue to stack up and the credit card holders could not seem to find a way to settle it all. Finally, they ended up filing for credit card bankruptcy. So, to avoid this, it is advisable that you always find ways to clear off your credit card debt before it gets to such a serious stage.
Consumer credit counseling
When you feel as if you are not able to take full control of your finances and your credit rating, it is advisable to go for consumer credit counseling. Having a good credit rating is good as it would allow you to get loans at lower interests, including debt consolidation loans or credit card consolidation programs. So, if you need to find out ways to maintain a good credit rating, do go for some consumer credit counseling.
Credit Repair Services
Since it is so important to have a good credit rating, one of the ways to salvage the situation, if your credit rating had taken a beating, is to search for good credit repair services. By using the readily available credit repair services, you may be able to get back on track with a good credit rating to show for when you apply for debt consolidation loans or credit card debt settlement loans or even for mortgages. However, do remember to check out the charges for such a service before committing because some companies do charge a lot and it could lead you to end up with more debts.
Before you make the jump and decide to go to a company that may ultimately charge you thousands to help you settle your debt, why not make a go at finding your own clear debt solutions?
Here are some simple steps you could take to reduce your debt:
1. Acknowledge that you have a debt problem that will not go away. The sooner you realize that, the faster it is for you to start getting your finances into order.
2. Calculate and total up all of your debts so that you know exactly how much you owe your creditors.
3. Stop using your credit cards as much as possible so that you won't pile on more bills
4. Get a copy of your credit report so you know where you stand financially (and what your creditors are seeing about you)
5. Next, stop giving all of your money to your creditors. Pay some and stash some into your savings. This way, you will have save up some money to show for when you can finally settle off your debt
6.Communicate with your creditors and tell them you intend to settle the debt but you need time. If they pressure you, be firm and tell them you can't afford it now but you are saving up to do so(thus the saving up part in number 5)
7.Be realistic and do some major calculations on how long you need to save up in order to pay up your debt. You will need to be frugal and save as much as possible each month.
8. Finally, if you owe more than three companies and more than $10,000, then it is best you seek professional advice on clear debt solutions.
Get out of Debt
If you are deep in debt, you will need to find ways to get out of debt in the shortest time possible. Being in debt is extremely stressful and a strain to your finances so you should search for the best possible methods for you to get out of debt.
Debt counseling
So, you know you are in debt but you don't know what to do or how to clear it off. Well, there is always a solution as you could always try debt counseling. With debt counseling, you will be able to look at your debts in a different perspective and find a solution to your debt problems.
Debt consolidation loans
One of the more common ways to handle your debt issues is to check out the many debt consolidation loans available. However, there are many debt consolidation loans that charge very high interests which could lead to you owing more money than when you initially started. So, if you are thinking of taking up debt consolidation loans, do a thorough check first and compare the interest rates of various companies before committing.
Credit card debt settlement
If you've been using your credit cards a lot and running up a huge credit card debt, you will really need to find a way for credit card debt settlement. Settling your credit card debt is very important as credit cards always have very high interest and the more you owe them, they more they charge you and the more you will owe them. Do seek ways on how you could go for credit card debt settlement.
Credit card consolidation
Another way to handle your credit card debts is to try out credit card consolidation. Running up debts in several credit cards could mean you have to run around paying to several credit card companies with different interest rates. If you consolidate your credit cards, you could even get lower interest rates and end up paying less monthly as compared to paying to a lot of companies. Again, as with anything else, you will need to check on the interest rates and do a comparison first before you take up any credit card consolidation programs.
Credit card bankruptcy
Nowadays, many people are falling into credit card bankruptcy simply because they kept running into high credit card debts and could not settle it all. Over time, the problem becomes worse as the interests continue to stack up and the credit card holders could not seem to find a way to settle it all. Finally, they ended up filing for credit card bankruptcy. So, to avoid this, it is advisable that you always find ways to clear off your credit card debt before it gets to such a serious stage.
Consumer credit counseling
When you feel as if you are not able to take full control of your finances and your credit rating, it is advisable to go for consumer credit counseling. Having a good credit rating is good as it would allow you to get loans at lower interests, including debt consolidation loans or credit card consolidation programs. So, if you need to find out ways to maintain a good credit rating, do go for some consumer credit counseling.
Credit Repair Services
Since it is so important to have a good credit rating, one of the ways to salvage the situation, if your credit rating had taken a beating, is to search for good credit repair services. By using the readily available credit repair services, you may be able to get back on track with a good credit rating to show for when you apply for debt consolidation loans or credit card debt settlement loans or even for mortgages. However, do remember to check out the charges for such a service before committing because some companies do charge a lot and it could lead you to end up with more debts.
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