Debt Consolidation Has Become The Parachute To Save Millions Of People From Declaring Bankruptcy

Category: Finance, Credit.

Debt consolidation has become the parachute to save millions of people from declaring bankruptcy. Their credit is poor, the bills are piling up and the phone rings day and night with bill collectors trying to get a piece of what they have left.

Yet, so many more people don t know how to get started with debt consolidation. A second credit card is used to help pay off the first, a third to pay off the second. Instead of minimizing damages, they snowball into exponential amounts. A house is refinanced to help pay off the credit cards and catch up on the mortgage. Where can a person start to reverse the damage done? Many debt consolidation companies give a no- obligation first visit to see if they can help. Debt consolidation companies are ready, willing and able to help those who are ready to make a commitment to becoming debt- free.

They ask a potential client to bring in the checkbook, bills and bank statements. You will be asked questions so that they can determine where your money goes and how much can be taken out of your account by them to pay your bills and still leave some" fun" money. A credit score is obtained and a credit history to see if there are any outstanding tabs due. The debt consolidation begins with the company compressing all bills into one convenient payment. Afterwards, to further merge your debt baggage the debt consolidation company begins calling various creditors to try and knock down what you owe. Instead of you having to write a check for each credit card, car payment, loan, and utility you would instead have the debt consolidation company taking out one lump sum every two weeks( or weekly, monthly etc- you will decide) .

Interest rates may drop and late fees/ bounced check fees may be reduced or eliminated. Depending on the deficit, it can take a shorter time( 6 months) or they can tailor a much longer time if you have a long debt road to travel. (7+ years) Your first thought on seeing" 7 years" may be that you could file for bankruptcy and in that frame of time the bankruptcy would drop off your credit history. Debt consolidation takes on average 3 to 5 years to get all your bills up to date and your debts paid off. But the government has made it more difficult to file. Recently an acquaintance mentioned that he had used a debt consolidation service with excellent results- his being debt- free. If debt consolidation and a clearing of past dues only takes a few years, it s obviously a better choice to keep your credit score high and keep future credit available to you.

He was twelve thousand dollars in debt upon joining the service. He was responsible for paying his mortgage, electric bill and long distance phone bill, but the debt consolidation company took care of the rest. Every two weeks, one hundred and fifty dollars was taken out of his checking account. They sent reports to him showing that the dozen places or so he owed were paid something each month. If you are a person needing to change your financial direction or you know somebody who does, point them towards debt consolidation. In three and a half years time, everything was up to date. Don t let the financial cycle continue. "My credit is so bad they won t take my cash. " -Chris Rock in Head of State

Consolidate Debt Loans And/ Or Mortgage Refinancing Would Be A Good Option

Category: Finance, Credit.

Before you foreclose on your property, think about on how to consolidate debt loans.

Your favorite dog, horse and other, cat animals may soon end up in your neighborhood shelter. The subprime mortgage foreclosure crisis is hitting hard that even your lovely and favorite pets are not spared. There are reports that big numbers of pets are even found in some foreclosed houses. It is so monstrous in scope that it leaves no one spared. This is part of the collateral damage brought upon by the devastating subprime mortgage crisis. Pure financial devastation. These people end up giving their beloved pets to their local animal shelter.

Some people are finding it very difficult to care for their favorite pets when they move to another place. When they move to these places, it does not allow them to have their pets and care for them. It is totally brutal seeing these people losing not only their houses and properties but even their pets. Because of the economic conditions that these people are in at the moment, they have to give up something very dear to them. People should have look ahead and try to assess the possibility to consolidate debt loans before going into mortgage foreclosure. With the federal government initiative and plans of implementing a freeze on some mortgage loans between 1 to 7 years, you could end up with a better deal. I know it is very difficult and you could end up with a higher interest rate but I guess it is worth the try.

Consolidate debt loans and/ or mortgage refinancing would be a good option. Think about it for moment, after your family the next biggest thing you could have is your house and property and the one that is very close to you, it could be your favorite pet. So do not panic and make a rush decision and foreclose because there are so many other avenues you can use and avoid the rush to foreclosure. Give yourself a fighting chance and avoid these frightening things that may be scaring you now. After all, you should not loss your house or property and neither your favorite dog, your horse or your favorite cat. Do a research about consolidate debt loans and mortgage refinancing as it may save you from the tentacles of these monstrous subprime mortgage fiasco.

These pets can also be a security and a very good companion during rough times. S. economy going into recession and the financial institution ailing health, consolidate debt loans and mortgage refinancing is not a bad idea after all. With all the talk of doom and gloom about the U. If you see an increase in pets being abandoned, do not be surprise. A news from the Chicago Tribune web edition reports that Linda Gelb, president of Community Animal Rescue Effort which works through the Evanston Animal shelter, said her group has taken in four dogs in the past three weeks because their owners were losing their homes. This shows that the economy we are in at that the moment is indeed in great danger and unless something is done it will get worse.

This is indeed very bad news. Pause for a moment and take a deep breath. We have to avoid getting carried away by this devastating news every day. If you listen and pay attention intently on the news, you could get carried away, get anxious and worse get depressed and rush into making a decision you might regret later on. Compose yourself and assess your situation, think about the option of consolidate debt loans and mortgage refinancing.

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First Off, People Tend To Think That Businesses That Don T Accept Credit Cards Are Unprofessional - Finance and Credit Articles:

Most people these days expect to be able to pay with a credit card, whether they are at the local gas station or working with an independent service industry person who runs a business out of his or her home. First off, people tend to think that businesses that don t accept credit cards are unprofessional.

All Of Us Would Like To Have A Good Credit Score - Finance and Credit Articles:

All of us would like to have a good credit score.

Merchants That Do A Credit Check On You Know That You Cannot Pay Your Debts And Cannot In The Near Future

Category: Finance, Credit.

Getting rid of your debts is like getting rid of a huge weight off your shoulders. Unsecured debts on credit cards, store cards and personal loans are easy to mount up but difficult to pay off.

ACT NOW BEFORE THE WEIGHT GETS EVEN HEAVIER. You have to bear in mind that this money you are spending is not your money and it will never be. It has recently been said that it will take an average person 30 years to pay off a debt based on interest only payment. Many unfortunate people in the UK have fallen into this vicious cycle of paying the minimum payments on their loans not realizing that they are only digging the whole deeper for themselves. And guess what! In fact, many people s solution to repay the missed payments on one loan is to apply for another to repay the first.

The banks will never advice you to pay your debt back in an easier way neither they will care to help if you start missing payments. So you can see that this vicious cycle continues until you end up having to declare bankruptcy. In fact, your credit is ruined. In the UK and many other countries, bankruptcy is taken very seriously and its outcome should never be underestimated or taken lightly. Merchants that do a credit check on you know that you cannot pay your debts and cannot in the near future. Filing bankruptcy can follow you for years to come, even once your income improves.

Most are unwilling to extend any credit to you for any reason. You will probably be paying cash or very high interest rates for any purchases that you make for the next 7- 10 years. The only way to overcome debt is to pay it off as soon as possible and try your best to reduce you monthly outgoings by as much as you can. That s why you should examine any alternatives that are available to you before you file for bankruptcy. If you own a property and have equity in it, you need to sell it as fast as you can. Remember there is always a way out of financial problems if you look in the right direction.

Doing this will release the cash held in it and you can ultimately use this cash to pay off your debts one and for all. Property Assistant can help you by providing you with buyers who ready to purchase your property within 28 days. This way you will avoid been bankrupt, pay off all your debts, and most excitingly stay in your home at an affordable value. There are also alternative solutions which you are free to pick from, and the most popular is to sell your property and rent it back from us. Click on this link below to find more details on how to: Sell your house quickly for cash

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Filing Bankruptcy Can Be An Overwhelming Experience - Finance and Credit:

No one wants to file bankruptcy, but sometimes it s only reasonable way to get past your mistakes and start over.

Many Employees Believe That Credit Card Businesses Can Also Help In Auditing Your Own Taxes, But This Idea Is Not Correct - Ericka Haverly about Finance and Credit:

Whenever April comes around in the country of America, thousands and thousands of employees fill out tax forms that will give tax money to the government and then dispersed all throughout the country for different needs.

There Are Offers Galore On These Cards In The Market - Kathryn Dwinell's Finance and Credit blog:

Credit card has conveniently replaced cash these days. There are offers galore on these cards in the market.

Most People Have Difficulties, If You Feel Uncomfortable Using Spreadsheet Software, Which Is Available For Free These Days Either Through Open Office Or By Doing A Google Search For Documents And Spreadsheets, At Least Jot Down Some Figures On A Legal- Sized Pad

Category: Finance, Credit.

It may seem to most people, that developing a debt consolidation solution budget should be an basic task, however most people are simply not inclined to work with spreadsheets, balance check books or lay out a formal budget, whether it is by nature, or as a result of a bad reaction to public school mathematics training, a good number of people just aren t numbers people. The debt consolidation solution budget should include monthly income and outgoings/ items, projections of expected increases and decreases in income/ wages and bills and a good amount of money as a buffer for any unexpected events.

However, most will find it in their self- interest to make the effort to detail their income against expenses, even if it means getting someone else to help undertake the task. Most people have difficulties, if you feel uncomfortable using spreadsheet software, which is available for free these days either through Open Office or by doing a Google search for documents and spreadsheets, at least jot down some figures on a legal- sized pad. Simply divide a spreadsheet or page into two columns, include all income, in one column/ wages/ remuneration, in the other column write down all monthly costs/ bills, in this column include all major regular bills, gasoline, groceries, etc, if you can you should add at least 10% for unexpected bills, now for one of the most important tasks that too few people undertake, try to project different scenarios that could occur, make another budget that shows projected monthly costs, income and note the difference between the two should any of these events occur. Preparing a debt consolidation solution budget. You can also exclude monthly credit card interest amounts, up to 25, auto loan interest% of any impulse buying amounts, and then sum the amount of those three together. No one other than yourself, being as realistic as possible and true to yourself, can decide whether that 10% overhead you pay is worth what you acquire in return by having certain items earlier than you would normally by saving for each item/ service, nonetheless please consider this, by saving that 10% APR paid on$ 2, 000 for one year is, $1100 and some people pay only the minimum monthly payment, which amounts to much more, that is$ 1100 you are paying solely to have certain things costing$ 2, 0000 a year a little earlier. These three items represent the amount of money you could conceivably avoid paying every month, if the total is even as low as 10% of your monthly items and for a good number of people it maybe higher, you are paying a substantial amount of your income to interest that could be avoided.

Only you may decide which is worth more to you, nevertheless preparing a debt consolidation solution budget will help you make those decisions rationally.

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What Are The Downfalls Of This Credit Card - Bessie Kersh about Finance and Credit:

Do you travel frequently, but not always use the same transportation carriers or hospitality providers?

These Steps Should Help You Get The Right Credit Card - Malinda Sprouse about Finance and Credit:

Credit cards are an important means of establishing credit history. Here are few things to keep in mind before you apply for a credit card.

Create A Completely New Credit File In 24hrs - Finance and Credit Articles:

I had the worst credit in the world in my opinion and What if I told you that it was possible to erase everything from your credit report, with out bankruptcy. and in return keeping only the good credit and raising your credit score. yeah i know it sounds crazy but its true.

Airline Credit Cards Were Designed To Help You Earn Air Miles When You Use Your Credit Card

Category: Finance, Credit.

Airline credit cards were designed to help you earn air miles when you use your credit card. Using your airline credit card frequently is a great way to enjoy free air travel to many destinations especially if you combine frequent flying with the selected airline and frequent purchases with the airline s card, the combination of the two would lead to you earning those free tickets faster.

The miles can then be redeemed mainly towards airline tickets but most credit card providers partner with other merchants to give you a wide choice of options. When choosing your airline card, you should evaluate the number of miles offered as an introductory incentive. Providers can offer up to 17, 500 introductory miles which is added to your account when you make your first card purchase. Depending on the offer, you could earn up to as much as 30% of the miles you need for certain destinations. In addition, the number of miles you earn for each dollar spent is important as the more miles you earn on purchases the quicker your total miles add up. To entice you to apply for the credit card the provider would offer very low and sometimes 0% introductory APRs on the airline credit cards and these rates tend to vary across the industry.

Miles per dollar range from 1 mile per dollar spent up to 2 miles per dollar. While the rates may prove attractive you need to look at the length of the introductory period as this can range from as little as one to 24 months. The reversionary APR should also be considered as at the end of the introductory period you could be faced with a substantial increase on your monthly payment. The longer your introductory period the less interest you would pay on your purchases and this would save you money. Freebies often accompany the standard benefits of airline credit cards such as 24 hour concierge service, free one- way class upgrade travel certificates and discount travel certificates. The annual fee of a card would add to the total cost of maintaining that card as you would have to pay interest on the annual fee as well as the balance on purchases, so be sure to budget for it if your card carries one. Airline credit cards can offer no pre- set spending limit and zero liability on unauthorised purchases which gives you added protection against the fraudulent use of your card should it ever occur.

The rate charged on your purchases abroad can add a significant amount on to you card balance but the industry average is about 3% . Once you shop responsibly and earn your miles, you would be on your way to enjoying free air travel to your favourite destinations. Airline credit cards that offer no over limit fees ensure that you have one less fee to worry about but late payment fees do apply to most cards so it is in your best interest to always pay your bill on time.

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Credit Repair Is Defined As The Process Of Eliminating, Unfair Or Unpaid Dues From Your Credit Report - Jaclyn Lastinger about Finance and Credit:

Credit repair is defined as the process of eliminating, unfair or unpaid dues from your credit report.

Bad Debt Is Not Always A Total Loss - Finance and Credit Articles:

A lot of companies and businesses often end up with bad debt.

Tailor The Card To Your Specific Wants And Needs - Finance and Credit Blog:

Choosing the right credit card may not occur to some people as a major issue that they need to look into. What they do not realize is that they may actually be causing their financial future serious harm by not thinking the application through properly.

The Bottom Line To All Of This Is That Is That In The UK For Their 32 Million Card Holders The Credit Card Companies Are Looking To Recoup Upwards Of 1 Billion Pounds In Potential Lost Revenues

Category: Finance, Credit.

No this is not a seasonal warning about thieves and pick- pockets( well certainly not the usual variety) but rather a heads up about the annual onslaught of direct mail from those glorious companies who have our welfare dearest to their hearts, the Worlds Credit Card Companies! Apparently their problems are largely threefold( he says trying hard not to laugh) and they are roughly the following: The number of people who are euphemistically known as Rate Tarts that is to say those who rather smartly are able to take advantage of being able to move their debts from one card to another taking advantage of interest free and low interest deal has grown.

Bless them they have had a hard time this year with the annual revenue per card halving in the past five years, according to PricewaterhouseCoopers in their recent report Precious Plastic 200All because by and large we have managed to get to grips with the ways they have been robbing the living daylights out of us for the past god knows how long! The downside of this type of action is that you have to be very careful and time it to perfection to make this sort of activity work for you. I mean where else would you get away with going from zero to 29% in less than a Month. I know of at least one major Credit Card Company that establishes its major model of Customer acquisition through offering ridiculous deals at the start and working on the principle that some poor unfortunates will get it wrong and end up paying for the rest. In the old days it was called usury! Well that one took a lot to spot! Apparently bad debts are on the rise again?

Wow, never saw that one coming! It would appear the effects of never having had it so good has been to cause more than the usual number of households to overstretch themselves on the old household front and now are struggling to make their payments. If you take your little bits of plastic and offer them to kids who have no idea of ever having had to budget in their lives before OR( and this is more of a heinous crime) prey upon those who are already in financial difficulties then you should hardly complain when you occasionally get it wrong! Lastly, it would appear that( certainly in the UK and I am sure in the US too) that the Authorities have got wise to what is going on and at last decided to get heavy with them over their laughably ridiculous penalties and fines for late payments. The bottom line to all of this is that is that in the UK for their 32 million Card holders the Credit Card Companies are looking to recoup upwards of 1 billion pounds in potential lost revenues! I know of another poor individual who got close to their credit limit, an unexpected payment came in( despite that fact that the electronic control system should not have authorised it) , took them over their limit and then got hit with a double jeopardy of late payment/ over the limit fees leading to more, yes you have guessed, it more over limit fees and then the whole thing compounded nicely downhill from there on in!

Watch out, Bandits about!

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Observe Your Credit Report, And Fix Anything You Can To Make It Better - Finance and Credit Articles:

We all get all credit card offers from junk mail, and everyone knows how they work. These days are gone as the internet has made this a lot easier.

With An Unsecured Debt Consolidation Loan, The Loan Is Not Tied To Any Valuable Assets You Own - Helena Schuld's Finance and Credit blog:

It is vastly commendable for you to consider an unsecured debt consolidation loan when yearning for a loan to consolidate your debts. With an unsecured debt consolidation loan, the loan is not tied to any valuable assets you own.

These Fees Increase The Cost Of Debit Card Ownership - Emma Boxer's Finance and Credit blog:

Finding a credit card with bad credit history is not that easy.

The Budget Can Be A Real Wake Up Call

Category: Finance, Credit.

If you are serious about making changes and becoming debt free, the first thing you need to do is make a budget. Making the choice to actually live free of any debt requires you to be very focused and careful when it comes to your spending habits.

This is very important to help you look at all of your finances and expenses, and it will help you to stay on track. If a budget feels like a restriction, just think of it as a guide to help you. This will make it very easy for you to look at your monthly income, your bills due and any extra expenses. It really is just a simple list of what you plan to do with your money over the next month. Now is the time you could decide if you really need to eat out so often or pay to get your car washed. You are on your way to pulling yourself out of debt and living in a world that has a lot less stress. Making the decision to create( and stick to) a budget, is the first step in taking control over your finances.

This doesn t mean all of the" nice" things and fun times are over. This is a very positive step, because a budget will give you a sense of control over your finances. It is just about adjusting your lifestyle to your income, getting out of debt and finding a balance. By tracking what you are spending each month and really looking at where it is going, it is easy to spot where it is being wasted. Now is the time to figure out how to save money each month and focus on paying more towards your debts. Now is the time to truly analyze what you want vs. what you need.

Eventually you will be on your way toward saving! The$ 3 you might spend on espresso actually adds up. A budget might help you really evaluate where your money is going every month. Eating out multiple times a week, compared to cooking at home can really be costing you more than you realize. The budget can be a real wake up call. Don t forget to add in all of your extra expenses from shopping to nights on the town.

That s a good thing. It will be hard at first to really think about living debt free. If you start to put into perspective where your money is going, you might actually take steps to improve on your spending. This is a process that takes some time. Once you set the budget in place you will be able to figure out where your money is going and why you have a specific amount left at the end of the month. It will require some sacrifices on your end, but they will be worth it.

Now consider this: When you re not following a specific budget, you tend to not know where all your money is going, and why you have so little money left over at the end of the month. You have to start somewhere and this will help you to at least get your mind in order. A budget is only the beginning to getting yourself out of debt. The next step is deciding if you are interested in debt consolidation or debt settlement. Whatever you choose, just think about getting yourself out of debt and focus on a positive financial future!

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Do Not Pay For Getting Your Credit History Ruined - Juliana Leander's Finance and Credit blog:

There are different reasons why people get into debt.

Some Credit Repair Firms Are Outright Scams - Finance and Credit:

Having negative entries in your credit report?

What Reward Perks Does This Credit Card Offer - Tasha Waycaster's Finance and Credit blog:

All too often, it seems like part of being a college student is being almost broke all the time or at best, having very limited financial resources.