Showing posts with label Debt. Show all posts
Showing posts with label Debt. Show all posts

April 10, 2010

How to eliminate credit card debt on your own


You have more than one credit card and already have trapped in the web of debt. You don't want to take help of credit card debt consolidation services but at the same time you have no idea how to  eliminate credit card debt on your own! Is it the similar situation you are facing nowadays?...Well....why are you so upset?.....Take a deep breath and relax........ You are not the only one in the world drowning in the debt.  After this post-recession period, the whole U.S.  is  trying to find out the answer of  "how to eliminate credit card debt on your own".

If you are not at all bothered about how to eliminate credit card debt on your own, you may opt for various credit card debt relief programmes. These services can reduce your debt upto a certain limit, leaving a reason for you to smile again. But why pay these companies while you have the option to erase your debt yourself?  What you will have to know is how to eliminate credit card debt on your own.....nothing else.

First know your credit card debt in details. If you have only one credit card, you don't need to be worry about this. But if you have more than one credit card, collect all of them and evaluate your all debts. This is the first and most important step. If you have a clear idea about your credit limit, balance and the interest rate, you may develop an idea within  how much time you would be completely debt-free. Remember, the issue is "how to eliminate credit card debt on your own". The only person who should know all about it are you.  Right? So, be a little more concern about your personal finance.

Now you have all your credit cards at your hand. What can you do after this? Hmm...Try to contact your companies one by one. You must take a chance to lower your interest rates. While trying to find out how to eliminate credit card debt on your own, youwill have to take a bit risk.  Don't think that all of the companies will offer you 0% effective interest rate. You ought to be patient. Some of them will definitely show a positive move and this is the time  when your main job starts.  Transfer your balance from the card with higher interest to the card with lower interest value. It will automatically  less the burden of your debt and make you feel free.

It's just a way out to the problem how to eliminate credit card debt on your own. If you think it's not your cup of tea, you must consult with different credit card debt consolidation program offering companies. But always be wise to take any decision.

July 25, 2009

Avoid bankruptcy by the help of debt relief management


When we are talking about bankruptcy, I must say that it not the ultimate solution to file for a bankruptcy. There are many ways to avoid bankruptcy. Always remember one thing that while you are in huge debt burdens and unable to pay, but still that time filing for a bankruptcy should not be your first choice. Now you can ask me that how it would be possible to pay back the debts. My answer is, yes you may can and avoid bankruptcy.

If you are already planning to file your bankruptcy, first of all you must know that you will not able to avoid your debts in all the cases. If you are working or have a regular income then you will need to file for Chapter 13 bankruptcy. In this chapter, the repayment plan has been set for you. So the payment plan you set up in bankruptcy is probably close by our own.

In this condition, my advice is your need to start talking with your creditors and find out who will agree to take your request for affordable payments. Unsecured loans should be paid in the last. You probably found that there are many websites where you can get free debt relief management, which will help you to negotiate with our lenders and make payments which you can afford.

The main factors of debt relief management are that you need to try for making payments on your secured loans, to keep your home and cars with you. After that your have to make sure your personal needs such as foods, and other utilities should be taken care.


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July 04, 2009

Debt relief – few options for credit card debt

Today the economic status of the country is not good enough. By the effect of sudden financial crush, many people become jobless and also many of people’s income has gone down. With this effect of massive financial crisis, many people are struggling to get out of debt and most of them are trying to pay of credit card debt.

So, now good news for all the people those who are try to settle their credit cards debts.
Now a day’s most of the debt relief organisations are ready to help you to pay off your debt. They will settle your credit card debt as low as 40% of your total and even without any interest and other bank charges.

You can now choose many options to pay off your credit card debt. These are debt settlement, debt consolidation and debt elimination. Let’s have a short discussion about them.

Debt settlement – In this process, you have to negotiate with your creditor to pay off minimum a percentage of your total debt. You have to convince your creditor and the creditors may cut down the debt by as much as up to 60% of the total credit card debt. Say your total debt is $30000, then after settlement your need to pay only $12000.

Debt consolidation - In this process, you have to pay 100% of the debt. It's just that you're paying off a higher interest loan with a lower interest loan. Savings here are not extravagant.

Debt elimination - In this process, they will say that they completely eliminate your debt and you don't have to pay anything. Just you have to pay them their fees or service charges.


Sites I like:
Debt Management Plan: Get a suitable debt management plan to ease down your debts burden.

May 29, 2009

What is Christian debt consolidation all about?

The Christian debt consolidation programs are becoming popular day by day in United States. Because it is comparatively better debt relief service now. This program is also helping you to become a debt free person from your various debts including credit card debts. Over here the Christian debt relief companies work like Christian religious establishment and also the Christian spiritual belief is implemented in these debt relief programs.



Non profit organizations follow the Christian spiritual belief and they are coming to consolidate yours debts to become you a debt free person. There are also some good private debt consolidation organizations offers Christian debt consolidation programs. But this program is much cheaper than normal debt relief program.

May 16, 2009

How to eliminate your debts?

Today “debt” is the major problem for the people of the United States of America. Most of the people are trying to find out the secrets of debt elimination. Actually how to eliminate a person’s total debts? It’s really a secret. So finding a debt elimination plan in today’s daily life would be the best for all of us.

At this point of time, first we should check out for debt settlement program, credit counseling or make our own plan for debt elimination. Here I personally suggest, we should sort out an option which does not create any obligation. To eliminate our debts we should keep in our mind that we should choose the best debt relief concern. Most of them do not provide the best service to us, because they are professionals and they are selling their services.




In the debt relief organisation, you will get different plans to eliminate you debts link credit counseling, credit repair, debt consolidation, debt settlement etc. Even there are lots of books available in the market for debt elimination program. Some of debt relief organisation also teach you how the deal with your creditors to reduce your interest rates, cut off interest amount, even they will teach you the techniques to reduce total debt amount and pay 50 to 60 percent of the total debts. Debt is always tends to increase day by day if you do not eliminate it with in a short period of time.

This post will help to you be debt free quickly. If your debt is suffering you and you are ready to do something about it. Start the process for getting out of debt by today.

May 01, 2009

How to pay off your credit card debt

In this financial crisis, I think the best financial decision of a person’s life is paying of credit card debt. Because credit cards interest rate is so high that most of people stepped into the credit card debt. So if want get out of debt, first of all you need to pay off credit cards balances completely. Watch this video and read the following steps, I think that will surely help you out.



1. Try to completely stop your credit cards transactions: First of all you should stop your credit cards transactions, because you will never get out of credit cards outstanding balances. The interest amount will add up day by day and it will be impossible to pay full.

2. Try to pay full or more than minimum payable amount: Always try to pay more than minimum payable amount of your credit cards bills. Because paying minimum amount of bill of always makes you to pay high interest. So if you pay full that would be the best, other wise pay as much as possible to reduce the interest. The best option is pay full amount of the bill whose interest rate is higher than others and do not forget to pay minimum of other credit cards of yours. If one’s all outstanding is over then pay the next highest interest rate credit card.

3. Negotiate with credit card creditors: Contact with you Credit Card Company’s customer care Executive or Manager and ask for your lower interest rate. In most of the cases they are able to low the interest rate. The reduced interest will help you to pay off debt quicker than before. One more important thing is that if you want to close your credit cards, at first pay complete outstanding balance and then close it up. Here my advice is that try to stop credit card transactions and starting purchasing by cash or debit cards.

March 14, 2009

Advantages of debt settlement program


Debt settlement program approaches for reduction of debt, where debtor and creditor are agreed on a reduced balance that will be regarded as payment in full. Depending on circumstance, a person can get advantage from this choice. But besides advantages, this should be considered a last resort before bankruptcy.

The main advantage for participating in a debt settlement program is that it actually keeps you from filing bankruptcy. The purpose of debt negotiation is to keep people from the proceedings of bankruptcy. People can now escape from huge debts and can take a proactive stance on their financial situation.

Another advantage of a debt settlement program is that it can reduce up to 40% - 50% of the outstanding balances. Negotiators can manage this, because they have years of experience dealing with creditors. Generally creditors are agreed debt negotiators proposal; otherwise they need to spend more money trying to collect on your debt. This may accumulate in fees to a separate collection agency. A debt settlement program is not for all. Debt negotiation provides a way out for those who are in extreme hardship. This can provide a path to actually becoming debt free.

Why is this program so important? The very interesting answer is - if you owe 10000 USD, you can easily pay almost a double that with interest fees over the course of several years. However, this total can be almost half or more than that while you seek help from the right professional of debt settlement. Therefore 10000 USD becomes 4000 - 6000 USD rather than 18000 USD to 20000 USD. Isn’t this very helpful?


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February 20, 2009

Unsecured loans are not good for borrowers


Now a day, unsecured loans are available for all. There is no such restriction for the borrowers. The borrowers opting for these loans are of all types. The facility of borrowing money is also being made for the poor credit holders. They can borrow money and for these poor credit holders especially the bad credit unsecured loans are being implemented.

The amount offered in these loans ranges from 1500 to 30000 USD and for repaying these you will get a time limit of 1 to 10 years. The repayment term is quite short compare to the offered amount seems to be quite fair. As the offered amount is small hence, the repayment duration do not creates any problem. The reason for which these loans are preferred to be adopted by borrowers is that there is no security system. Without pledging any collateral you will be eligible to get the loan amount. The only thing that creates problems for the borrowers is the higher interest rates. If you are not comfortable in paying it each month then you are free to opt for other suitable loans. In this way you can avoid paying it.


For those poor credit holders for whom especially these loans are being implemented are:
• Arrears
• Skipping of installments

• Late payment

• Bankruptcy


Not only by borrowing money, you can get helps from the bad credit unsecured loans by another way. By the help of these loans you will be able to get rid of the tag of being a poor credit holder. Getting rid of this tag means living a healthy and tension free life.

February 06, 2009

Tips on Debt Reduction Settlement


Are you in debt? Facing collection problems from the rude debt collectors? You need to handle the situation immediately. Debt settlement is always a better solution than bankruptcy. Debt settlement is a process of negotiating with your creditor either making a lump sum payment which is lower than the total balance, or making a new payment schedule at a reduced interest rate. In this situation your creditors will definitely negotiate with you, because they know get something is better than nothing.

So how will you negotiate your debts? If you are interested in debt negotiation, either you can hire a debt negotiation service provider or you can contact your creditors by yourself. When you want to contact creditors for negotiation, please follow this suggestion:

1. Try to be calm and convincing: Always explain your situation in professional terms. They are not going to negotiate with you, so screaming or crying is not a good idea to help you.

2. Be patience, do not give up them easily: If your creditor does not agree on your request, try to explain them that negotiation would be beneficial for them. If your request is still disagreed, do not agree to anything of your creditor.

3.
Debt negotiation letter: You can also send a debt negotiation letter and that should be professional and clearly state your arguments. Send it by certified mail and keep copies of all your correspondence.

Remember some important points when you negotiate:

1. The negotiate amount you can afford to pay. This should be a reasonable amount 40-60% of the total debt. Lower than that will be rejected immediately.

2. Negotiation is a process. When you negotiate, you make an offer and your arguments. Expect them to make a counter-offer and counter-arguments. So try to be patience.

3. Your job is to convince them and creditor's job is to convince you to pay more. If you both play your roles properly, you’ll reach an agreeable settlement.

January 30, 2009

Tips to become a Debt Free Person

Hello friends, do you want to become a debt free person? I have a solution for you. Let’s take have a look into the following:

1.
Make a list all of your debts.

2. Always try to pay at least your minimum payments every month on time.

3. Make the full payments of those accounts (a) The account with the highest interest rate, or (b) The account with the lowest balance.

4. Try to continue to make minimum payments and extra payments until your 1st account’s payment is over.

5. The minimum payment which you were paying to the 1st account, try to combine it with the extra payments and pay the entire amount to the 2nd account on your debt list.

6. Try to continue this process of making payments of your accounts and also combining those minimums with extra payments until you are become a debt free.

Some additional ideas for you, should keep in your mind:

1. If you have many credit cards, you can move debt from a credit card with a high rate to a credit card with a low rate by balance transfer facility. But you should keep in you mind the balance transfer charges.

2. You can also call your credit card company and ask for lower interest rates. Sometimes they are providing lower interest rate to the customer according to the credit amount. The more you save money then the more money you have to reduce debt. Even every dollar matters, if you only have five then pay those five dollars.

January 09, 2009

Want to become Debt-Free? Go for Debt Consolidation


Debt consolidation defines to pay many other loans converting into one loan. People are mainly interested for doing debt consolidation to get lower interest rate or can get fixed interest rates or it’s very much convenience to pay off many loans by only one loan.

It helps to simplify a number of unsecured loans into one unsecured, but most of the time involves a secured loan against a house. Sometimes a person can get a discount against loan from debt consolidation companies. Debt consolidation also helps the debtor to discharge debts in bankruptcy, so the decision must be taken carefully while doing consolidation.

If a person is paying credit card debt, a credit card can carry a huge interest rate than an unsecured loan. So the debt consolidation is always advisable in the case of credit cards bill payment.


Advantages:

• A person can get many advantages from debt consolidation loan when you have bad credit or you are getting so much stress from unmanageable level of personal debt. Debt consolidation will always help you to restore your good health.
• More over debt consolidation will improve your credit score. You can get relief from the one or more collection agencies pressure.
• It will help you to make successful payments all of these stress full obligation, at the same time you will protect from collection agencies harassment
• In the US market there are specialized debt consolidation loans is available for those who have fallen into bad credit situation, late payments for several loans. At the point of time when your credit score is very poor, then debt Consolation Company will help you.


List of Debt consolidation agencies:


1. Experian

National Consumer Assistance Center

P.O. Box 949 Allen,
TX 75013-0949
1-800-682-7654
2. TransUnion

Consumer Disclosure Center

P.O. Box 390
Springfield,
PA 19064-0390
1-800-888-4213
3. Innovis
Consumer Assistance

P.O. Box 1358
Columbus,
OH 43216-1358
1-800-540-2505