How You Could Benefit From Debt Management

Originally posted 2010-03-03 02:22:18. Republished by Blog Post Promoter

Falling into debt is a life changing experience that can affect not only the person who owes but also the whole of the family. Many individuals owe money at some point in their lives whether this is through using credit cards, using home shopping catalogues or by taking out a loan. For many repaying never becomes a problem, but for many more debt takes over their life, often through no fault of their own and they spiral deeper and deeper down. Many struggle on in a never ending battle of receiving red letters and threats of being taken to court and juggling bills around in despair that something will come along and allow them to catch up. This very rarely happens unless specific steps are taken towards becoming debt free. One way of breaking free of your debt worries if by looking into the many choices of debt management with the help of a specialist company.

Choices for debt management

There are several options for debt management which you might want to consider. There are pros and cons to weigh up and your situation, for example how much you owe and to whom, will need to be taken into account when choosing the best option for your needs. You might want to consider a debt management plan, a debt consolidation loan or an IVA. When considering any of these options it is essential that you get the correct and help and guidance. A specialist debt management company will be able to offer impartial advice to help you choose the debt management solution that could be more suitable for your personal situation and help you to stick to your chosen plan.

An Individual voluntary arrangement

An IVA can be an alternative to bankruptcy and is far less restrictive. In simple terms the IVA is an arrangement made between those in debt and their creditors. The arrangement involves the debtor repaying a percentage of the debts owed over a specific amount of time, which is usually around 5 years. The IVA is made under an insolvency practitioner and when the IVA has reached its term any debt that remains outstanding is written off.

Debt consolidation loans

A consolidation loan could be a good choice if you are paying a high rate of interest to your creditor/creditors. By choosing a consolidation loan with a much lower rate of interest and spreading the repayments over a longer term you could save money each month, just have one creditor to pay back and be free of debt when the term of the loan has been reached.

A debt management plan

If you cannot get a loan due to bad credit history then you might want to consider the debt management plan. Your debt manager would work out with you how much you have coming into the home and going out. You would then come to an agreement that was affordable for an amount you would be able to pay back each month. The manager would negotiate with your creditors and if accepted you would pay the agreed monthly instalment to the manager and they would pay 100% of this money to your creditors each month.

Oliver Wingrove is a debt management specialist. If you need help with debts and want to know more about entering into a debt management plan or you simply have IVA questions that you would like answers to, contact us. We provide free and impartial debt advice and by taking that step you could become debt free and begin living life without stress and worry of debt.

Article Source: ArticleSpan

Debt Strategies to Improve Your Credit Scores

Originally posted 2010-03-08 12:45:11. Republished by Blog Post Promoter

Paying down your debt is a great way to stay on track financially and boost your credit scores. Which accounts should you pay down first? Where do you put your extra money each month to make the most difference? Here are a few ideas that we think make the most sense financially.

Priority #1: Pay down the highest interest rate accounts first.

Doesn’t matter what the amount is. I’m sure you would rather be paying down a debt than applying money to interest each month. Start with the accounts that have the highest interest rates and tackle them first. Then move on to the next one.

Keep in mind the 50% rule. Keep revolving account balances at no more than 50% of the total credit limit. In this economy that’s easier said that done but doing so will produce a better credit score. Regardless, pay off the highest interest rates first. Then tackle the rest of your debt accordingly.

Priority #2: Don’t add any more debt.

Probably the most important part of the plan to raise your credit scores. Old habits die hard, emergencies pop up that swallow money that otherwise would go towards reducing your debt. Credit cards that should be used sparingly can quickly add up. If you can’t afford it, don’t buy it.

Priority #3 Negotiate better terms with your credit cards

You’ll never know unless you ask. Often times credit card companies will reduce your interest rates if you ask. I recently received some convenience checks in the mail from one of my credit cards companies offering a lifetime rate of 3.99%. I quickly called and asked if I could simply have my current balance lowered and they obliged. Wow. All I did was pick up the phone.

Priority #4 Pay extra on secured debts

Secured debts are things like your home, car, boat or other assets that secure your loan. Credit cards are not secured and therefore not tied to any particular asset. Secured debts are usually for large amounts and as a result take longer to pay for. The interest charges on a $100,000 mortgage over 30 years at 6.75% is 133,493.82. Making extra payments on a secured debt such as your mortgage has the potential to really work in your favor. You’ll pay your loan off sooner and free up extra money for the finer things in life.

All of this is easier said than done. Watch and track all of your cash expenditures. Be mindful of how much you are spending on things like groceries and dining out. You’ll be amazed to see just how much you can save.

http://www.creditscorecowboy.com is your resource for free credit reports, credit scores, credit cards, identity theft protection and free credit report repair advice.

Article Source: ArticleSpan

Stop Collection Calls

Originally posted 2009-10-28 09:17:09. Republished by Blog Post Promoter

In the current down economy, many people are in debt, and searching for a way to stop collection calls that may be occurring on a daily basis. If this is happening to you, don’t feel like you are alone, and don’t buy into the guilt trip that many people put themselves through once they realize they are in over their heads with debt. That guilt trip is one of the many tactics that debt collectors will use against you, in the process of trying to squeeze every last dollar they can from you – if you let them.

If you are like countless other people, and you have credit card or other debts in collection, chances are that happened completely by accident, and not by any intention of your own. Many debt collectors like to make implications that consumers they are trying to collect from are somehow “dishonest”, and that they just borrowed unsecured debt with no intention of paying it back. You and I, and most everyday people, know the truth is very different.

Lost jobs, declining real estate values, rising costs of food and healthcare, are just a few of the reasons that so many people find themselves struggling to stay on top of their budgets. Most of the things I just mentioned are far out of any single individual’s power to control. But if you’ve ever had to deal with debt collector phone calls, you know that they love to try to use shame to push your buttons and wring some kind of payment from you, whether you are in a position to pay or not.

The fact is, between the two parties involved – you, the consumer struggling to make ends meet, and the debt collectors calling you each and every day – the ones likely more deserving of suspicion and shame are the debt collectors. They buy old debt that has been charged off (which means the original creditor has received at the very least a tax write-off for the lost revenue) and they buy it for pennies on the dollar. This gives them the legal right to “collect” on the debt. However, it does not give them the legal right to hassle and insult you. Those behaviors are strictly outlawed by the FDCPA, or Fair Debt Collections Practices Act.

The FDCPA is the federal law that protects consumers from abusive debt collectors; it is by knowing and using it effectively that you can stop collection calls. In it is a provision for how a debt collector can legally communicate with you regarding a debt. The bottom line is, if you request they cease and desist communication by phone, and conduct all communication in writing, the debt collectors must stop calling – and if they do not, you can actually sue them for financial damages.

The fact is, if you have a debt outstanding, you should make an effort to pay it back. However, not everybody is in a position to pay all their debts off at one time, or in some cases, at all, depending on their particular situation. If a debt does get charged off, that means the original creditor has essentially washed their hands of your debt. So, to be fair and honest, yes you still owe a debt – but all the rules change once that debt is charged off. Who, when, and how much you owe are all now a matter of perspective, in many ways, they are negotiable – literally and legally.

When it comes to debt collectors calling and constant harassing, the best thing you can do for yourself is to know your rights under the law, and choose to look at the situation very objectively as a business negotiation. Protect yourself, stop the calls, cut your losses, and move on. There’s plenty of time to improve your credit and financial situation, and life is too short to waste being made to feel guilty by abusive debt collector thugs.

Are you sick and tired of getting collection calls on a daily basis? Are you being harassed, pushed, or even threatened to make payments to debt collectors on old, charged off debts? The fact is, you do not have to put up with being fed guilt and fear, on top of experiencing the financial hardships that put you behind on your payments in the first place.

Debt collector thugs will try and question your integrity and decency, while threatening to take everything you have in an effort to influence you to pay the full balance on an old debt. You are protected by the FDCPA, and you have every right to negotiate lower payoff balances. Most likely, these debt collectors do not even have the legal right to take you to court, even though they often threaten to do so.


Originally posted 2010-03-14 23:24:41. Republished by Blog Post Promoter

A lot of people in the United States are struggling because of the financial climate. Many are finding it extremely difficult to get by right now. There are also a lot of people who are having a very hard time with debt. While most people are focused on worrying, you can actually turn these hard times into an opportunity to help others, while making some extra money for yourself.

It’s easier than it sounds. Here’s how it’s done.

Build a Simple Website

An easy, yet powerful way to help people who are having a hard time with debt is to create a simple informational website. It will provide great information on how to reduce their debt and also link to helpful resources and provide great content.

You can easily do the research and write the content yourself. Another option would be to hire someone, perhaps a ghostwriter to write the information for you. Or even easier, just get permission from other experts to republish articles they’ve already written.

Create an Ongoing Email Newsletter

Once you have your website going, then you can create an email newsletter to provide even more content more effectively. To do this, simply collect the email addresses of your subscribers by getting them to sign up for your newsletter on your website.

Once you have their email address, you can send them helpful content and resources every week, twice a month or even just once a month, the frequency is up to you. The most important thing is that you regularly stay in contact with them so your customers know when to expect your newsletter.

How You Can Make Money from Your Website – Even with No Web Experience?

You don’t need to be a web genius to provide information and resources for people with debt problems. Once you have a website that people enjoy reading, you can start to earn money by putting ads from the Google AdSense program on your website. You can also make money by recommending other people’s products through “affiliate programs.” These are programs that allow you to recommend products that are helpful to your readers. In exchange for the recommendation, you will earn a commission.

A lot of companies have great affiliate programs that will provide you with a tracking link to keep track of your visitors. Every time someone you send makes a purchase, you get a small chunk of the profits. It would be easy to recommend bookkeeping software, calculators for debt and eBooks that help people climb out of debt. These are all products that are directly related to your web site topic, therefore you have a good chance of selling some and earning your affiliate commission.

One great thing about a lot of affiliate programs is that they will give you all kinds of content for your site or newsletters because they want you to succeed. The more you succeed, the more they sell. By working with such an affiliate program, you get access to a lot of content you can publish and start making money right from the beginning.

These are just three ways you can make money, while helping others reduce and manage their debt.

If you’re looking for a way to make money by promoting products, join Cindy Morus’ Pay Debt Quickly Affiliate Program. You can earn up to $51.60 per sale. All you have to do is copy-and-paste the ready-made graphics, ads and stellar content – it’s that simple.

Article Source: ArticleSpan

Investing in Distressed Debt

Originally posted 2010-03-15 23:59:52. Republished by Blog Post Promoter

Many sophisticated investors are now investing in distressed debt, including distressed real estate mortgages.

For example, John Paulson, who runs the $36 billion hedge fund firm Paulson & Co, is looking to buy distressed mortgages and distressed debt, despite being bearish on the overall economy, Bloomberg reported. Paulson wrote in a 2009 outlook to investors that he is interested in investing in debt restructurings, bankruptcies, strategic mergers and financial recoveries. Paulson’s opinion is entitled to great weight as he made billions betting the subprime market would crash and was one of the few to get it right.

Economic Outlook Favors Distressed Debt

Distressed investments are good values during bad business times and bad periods in the credit cycle where there is a bad economy, a bear market in stocks and increasing defaults. As we can easily see, distressed assets are now in favor. Conventional knowledge rightly suggests that in a period of economic contraction, debt, rather than equity, is a good investment strategy.

Risks of Distressed Debt

Distressed debt requires considerable expertise. Such debt is subject to serious legal issues, including possible bankruptcy proceedings, that require experience and expertise to successfully navigate.

Traps for the Unwary in Buying Distressed Mortgages

There are also several traps for the unwary in buying distressed mortgages. First, the buyer of a distressed mortgage may want to bring a foreclosure proceeding to take over the house. This inevitably will cost time and money. Depending on the local courts, and the willingness of the homeowner to contest the foreclosure, such proceedings can take as much as a year. During this time, there may be no income on the mortgage while taxes and insurance costs have to be paid. Legal issues, such as the inability to find the mortgage note in mortgages that have been sold into pools, may stall foreclosures. Some mortgage pools were improperly assembled and documented, making foreclosure difficult.

Further, during the foreclosure proceedings, a disgruntled homeowner may actually damage the home to spite the lender. In our market, we have reports of even homeowners of very expensive homes vandalizing homes by doing such things as painting "Screw First National Bank" on the walls and punching holes in them. At the least, the homeowner’s efforts at maintenance and repair will be minimal or nonexistent. The worst-case scenario is when the home is vacant, leaving it open to decay and vandalism. It is enough to give the distressed debt owner nightmares.

Adding to the nightmare is the fact that in many communities, the zoning and building code game is designed to help the local established contractors keep market share. In some communities, if the property is deemed to have a need of 40% or more of repair, the property needs to be rebuilt up to current building code standards, in effect allowing you no more than a physical shell that would require almost new construction. Thus, the lender or distressed debt owner has to act as though the property consists of only a piece of land.

Further, in certain communities with impact fees, the lender would have to pay an impact fee. Many older properties had not paid a fee and the local communities are looking for revenue. They may demand an impact fee be paid before allowing this "substantial rehab" to occur.

Also, many communities have six-month grandfather clauses that provide that if they can show that a non-conforming use has ceased to operate for six months, the community can deny a certificate of occupancy and demand the property be rebuilt up to current standards.

Bulk REO

We see many people chasing bulk REO properties where a bank is selling a pool of single-family homes they have foreclosed on. We believe that banks will tend to sell the worst properties they own in these pools, especially those that may have EPA problems, zoning problems, repair problems, impact fee problems or other problems. The buyer has a limited time to review these properties and may not be aware of the problems he is buying. While real estate is a business where knowledge of the local market is essential, some bulk REO pools contain properties that are spread out over dozens of states, making local market knowledge impossible and management of the property a daunting task.

Better than Distressed Debt

We believe that there is a better strategy than buying distressed real estate debt. We believe that the more you look at the real estate market, the more you start to realize that buying distressed homes can offer better returns with less risk.

Such a strategy of buying distressed homes consists of advertising for distressed real estate sellers, negotiating deep discounts, and reselling these homes to buyers with less than perfect credit using lease options that allow lease-option buyers to lease the home while they are repairing their credit to qualify for a mortgage.

We can buy single-family homes at deep discounts that are comparable to the discounts offered by buying distressed mortgages. These large discounts are possible for a number of reasons. In this real estate market, home sellers face a huge imbalance in supply and demand. Home sellers listing their homes could wait as much as a year to sell, during which time the outlook for prices is a decline. Further, with the decline in the availability of mortgage credit, few buyers can get mortgages. In our market, banks are overloaded with residential real estate loans and do not want to make any more. Further, the seller has to compete with real estate that is being dumped on the market in foreclosures proceedings and in sales of real estate owned by the mortgage lenders.

When a distressed seller enters this market, the distressed seller needs cash and he needs it fast. He finds that there are few if any buyers. To more his home fast, he needs to sell at a very low price. Thus, it is possible to buy homes at prices that are equivalent to the prices that are paid for distressed debt on similar properties.

The difference between buying the distressed debt and buying the distressed property is that the distressed property buyer has total ownership and control of the property while the distressed debt buyer is at the mercy of the property owner in a bad real estate market. The distressed homebuyer has all the equity and can improve the property easily and immediately re-sell or lease it.

Summary

In sum, in terms of return on investment, obtaining an asset that has to be foreclosed at 30% of its face value and praying that the asset is salvageable and serviceable at the end of the perfection/foreclosure cycle may not be cheap enough if the cost of bringing it back up to habitable status is 70% of the value. We believe that the more you study the matter, the more buying distressed homes offers better returns with less risk.

John Lux is a principal in the Florida Strategic Opportunity Fund, LLC. http://www.Florida-Opportunity.com

Article Source: ArticleSpan

Originally posted 2011-12-15 05:30:27. Republished by Blog Post Promoter

Credit card debt or any other debt can be extremely constructive. Many people live in a form of bondage because of their debts. Credit card debt consolidation is one way to set yourself free from debts.

The disadvantage of taking secured debt consolidation loans is that your collateral will be taken away if you fail to make your monthly payments on the loan. Many debt consolidation secured loans are preferred because of their low interest rates. Some debt consolidation companies demand that you pay a particular amount of cash for them to process any request. Stay away from such companies. You should be looking for a debt consolidation company that is transparent about their business and services. Transparency and honesty are the two qualities that a legit debt consolidation company must and should have.

Debt consolidation can be a miracle worker where your debt is concerned because it can help you reduce the amount of monthly rates that you will have to pay. You can have your payment period ruled back by getting a debt consolidation loan. Debt consolidation loans enable you to pay smaller monthly payments at a convenient pace.

Credit report is a vital part of the debt consolidation process. Your credit report enables a debt consolidation agent decide the best debt plan for you. Do not do business with any debt consolidation company that isn’t too eager to ask you questions related to your finances. Credit card debt is one of the most common forms of debt in America. Many people often run mad with worry over the best way to handle their credit card debts. Thanks to debt consolidation, credit card debt can be a thing of the past.

Debt consolidation plans are often individualistic in nature because they cater to the individual debt needs of people. The magnitude of debts for you may warrant a different debt consolidation plan. It is always important that you should be upfront with your debt manager so that the right debt consolidation plan is put in place for you.

Paul Williams III serves as a financial master and contributer for some of the top credit repair sites. He has authored a lot of articles about personal finance, credit card debt reduction, debt consolidation, and offers vital debt reduction services and credit repair strategies.













Guidelines For Getting Out Of Credit Card Debt

Originally posted 2011-12-05 02:07:19. Republished by Blog Post Promoter

If you are trying to figure out how to get rid of credit card debt, you are going to need some useful advice:

1. Choose the payment obligation you’ll repay first. Always make at the very least your total minimum monthly installments on all your cards. Then, if you have more than one charge card, review your statements to find the assortment of rates of interest you’re being charged. You have two choices for paying more than the total minimum: either pay more to the creditor with the steepest rate of interest, or target the littlest debts first. Once one payment obligation is paid off, take the cash you were paying and put it toward the balance with the next highest rate of interest.

2. Budget applications may help you figure out how to get rid of credit card debt. Even if you have some of your wages left over you may want to cut some corners. The money you put aside can be put away in savings or put toward paying off your payment obligations. Keep your budget realistic and customizable.

3. Your budget needs to be customizable enough to change as your situations change. It should also be realistic enough to accurately capture what you’re spending every single month.

4. Tips for how to get rid of credit card debt tell us this time and time again, yet people still do it. Your charge cards should NOT be utilized as an extension of your wages. Get in the habit of utilizing cash contrary to using charge cards.

5. Many charge cards come with numerous fees – late payment fees, over limit fees, and cash advance loan fees – which can pack hundreds of bucks onto your balance each year. It’s first necessary that you become aware of all of the potential fees associated with your charge cards and do your best to keep away from incurring them.

6. Close out accounts that have unfavorable terms such as high rates of interest or pay them entirely if they are a more aged account and keep them, the more aged the credit account the better it looks on your credit history as long as it is in good standing. In order to create a positive credit history, you only need to have four accounts which are open.

7. Stay away from getting more debts – If you’re already suffering with paying off debt, do not create new financial obligations. Try your best to develop savings practices for the payments that you do not pay every single month, for instance some bills tend to be settled every 3 months. Irregardless of whether, this payment is made quarterly, keep aside the sum of money every single month.

Easy Credit Repair Tips That Anyone Can Use

Originally posted 2012-01-12 04:20:06. Republished by Blog Post Promoter

One thing that many people suffer from is bad credit. Bad credit is reflected by an individuals credit score, with a bad credit score being low. Although bad credit is troublesome and can place limits on an individual, it can be repaired. If you need help with credit repair, then follow these tips. You know credit card debt relief nonprofit is not much hard now as it was in past. Now you can easily get settled your debt by hiring or consulting any expert agent of any organization which deals in debt issues.

To maintain good credit or repair a credit problem, the wise consumer limits him or herself to one credit card. Once superfluous credit cards are paid off the consumer has little reason to hang onto them. They are merely a temptation. Worse yet, they require attention and possibly even maintenance payments. Once the consumer commits to one card there is little reason for them to retain others.



Your credit score determines a lot about what you can and can’t do in life. It’s unfortunate, but even the credit bureaus get it wrong from time to time, and this can wreak havoc on your life. Studious application of the advice that you read here can help you to get back on track. To increase your credit score, keep the balance owed on your credit cards at less than 30% of the card’s total limit. The way you utilize your credit is something that credit bureaus consider when evaluating your credit, and a little restraint will go a long way to show that you use your credit responsibly and it will also work in debt settlement letter.

Below are few helpful tips that you should consider while heading up towards a solution of debt.

  • A great tip for those of us looking to repair our credit, is to enroll in overdraft protection and insurance on our credit cards. This way our credit is always in good standing and we will not have to worry about exceeding the limits on your cards and incurring hefty fees.
  • Make sure to only charge things that you already have budgeted for as you start rebuilding your credit. Charging items like a utility bill, groceries, or gas for the car are a great use of your credit because you won’t end up overcharging past your budget. Transfer the money you would have used to pay the utility bill over to paying the credit card bill so that your credit score gets the benefit of a bill you would have been paying anyway.
  • Unfortunately, the credit bureaus that create credit ratings are themselves not free of deceptive practices. They may offer you a “free trial membership” to receive credit checks, but you should read the fine print. You may find yourself inadvertently obligated to a monthly charge of $12.50 or so for a year to come.
  • If you are trying to repair your credit score after an inaccurate item has been placed on your credit report, never dispute the item online. If you end up needing to take the dispute to court, the online dispute you submit will be invalid. If you try to dispute through the website and it is not resolved, use written letters instead.

How Cash For Homes Services Work

Originally posted 2012-02-28 03:57:26. Republished by Blog Post Promoter

If you are on the search for a new house, but you cannot sell your current home, it’s a general cause for frustration. There are plenty of people who are trying to move and are having difficulty attracting buyers to their home for sale. In consideration of this, you might want to consider using some of the many cash for homes services available.

These services are actually not all that uncommon. You may have seen some of the sell home for cash advertisements on billboards or in local listings. These are ideal for people who just cannot seem to sell their house at all on their own or with the help of an agent.

If you are not familiar with these types of services, you are probably wondering how they work. Generally, you are selling your home to an individual who is very experienced with real estate or is willing to put extra work into making your home more sellable on the market. They will give you the amount that the house is worth in cash.

There is a lot of benefit in the agreement for the individual that is buying the house from you. They buy your property for a lower price and then begin to invest in it. When the house has become more profitable, they can sell it for a higher price than what you were paid. In general, you will be able to finally sell your house while the service is going to gain profits from reselling the house in the future.

Some people claim that this is not fair because the service is going to make more profits off of selling your house than you initially will. Yet, it is important to take some consideration what the general situation is of those who are using these services. Generally those who are using the services have houses that may not be able to be sold to the public. In these situations, the seller will take any amount of money for the house as long as it can be sold.

If your house is in decent condition when you sell it, you will be more likely to get a better price from the service. Many of these services are used for selling houses that are in the worst condition possible. Houses that will need repairs, more work, and additional changes before they will be profitable are usually sold with these methods. Individuals who have homes that are in actual sellable condition will have an improve d chance of making more money off of the sale.

Likewise, it is a good alternative to having to use a real estate agent. Sometimes the work of an agent can only go so far in helping you to sell your home. If you have not had any success while working with them, you may need to consider using other services.

In general, the use of cash for home services is a decent way to sell your home if you have not been able to handle it yourself. If this is the only method that you can use to sell your home, it is more than reasonable. If you are interested, you should contact a local service to help you learn more about how to sell your home and what you can expect to experience during the process.

Originally posted 2010-03-03 02:22:18. Republished by Blog Post Promoter

The search for a reliable ways to eliminate credit card debt is not always easy. Most people are not completely familiar with the process of reducing credit card debt and this leads them to wondering what would be the best way to navigate out of such a problem.

Those that find themselves in such a tough situation can take solace in one thing: there are ways of getting out of credit card debt. All that is needed is the desire to take the proper steps to do so. Thankfully, this can be done with a little extra work and effort. How so? Let’s take a closer look at how the process can work.

Some may prescribe to the notion that the best move to make would be to pay off (or pay down) the highest interest rate credit card first. In some cases, that might be the right move to make. For some credit card holders, however, that might not be the best way to approach the situation.

As such, it may be necessary to look towards your own unique method for dealing with the problem. Or, more accurately, you will need to look towards tailoring your own method of eliminating credit card debt based upon your personal circumstances. There is no such thing as one size fits all when it comes to dealing with credit card debt.

Obviously, you will need to curb or control spending in the first place. It is tough to get credit card debt down to a manageable level when you are not paying the debt down in a reliable or reasonable manner. This does not necessarily mean tracking every penny you spend, but prioritizing your expenses. How?

By cutting down (or off) anything that you cannot live without. However this does not necessarily mean denying yourself all the pleasures of life.

You can pick the one or two things you love most and feel are must haves for you to be happy, and then cut mercilessly on everything else. Just remember to involve your spouse (or significant if you live together) in the process and make certain compromises where needed or it will not work.

An extra $50 a week adds up to about $2600 per year so if you make that extra $50 a week payment, you will be well on your way to paying off quite a bit of your debt. There will be those that say that they do not have an additional $50 of earnings to make such payments. This problem can often be easily circumvented.

All you need to do is find a way to cut out $50 from your weekly budget. This can be done in a surprisingly easy manner if you budget correctly. That $50 a week can end up being found money which can be used towards payments on the credit card debt. Yes, it can be a lot easier than some assume to figure out a way how to eliminate credit card debt.

Seeking the help of a good credit counseling service may also prove to be a wise move. A reputable counseling service may be able to renegotiate your debt so that you can make more manageable monthly payments at reduced interest rates. This can help you get out of debt quite effectively.

There are many strategies that can be employed when seeking a solution on how to eliminate credit card debt. You just need to do what is necessary to achieve such goals.

Need to restore or build credit fast? Discover what banks, credit bureaus and other creditors don’t want you to know! Now check out the top rated credit repair programs at: http://aboutcreditandrepair.com/credit-repair-programs.php David Kamau offers free credit repair tips and strategies at: http://aboutcreditandrepair.com

Article Source: ArticleSpan

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