Archive for June, 2012

Potential Answer to Financial Crisis

Originally posted 2010-12-31 00:11:40. Republished by Blog Post Promoter

Should you be like quite a few individuals these days, you might have been struck by the results of a tough economy. Lots of people have fallen behind in terms of home loan payments, credit card bills and other financial debt payments that weigh intensely on a person’s mind. If perhaps you were unfortunate enough to also lose your job, it’s almost certainly hard enough to simply keep your lighting and supply meals for the family. Even businesses have been struck by the times with many of them having to file a Chapter 11 bankruptcy. If you have been carrying out all you can to remain afloat and discover yourself slipping more and more behind, a bankruptcy proceeding might actually be the best solution for you personally.

There are a few various kinds of personal bankruptcy that you will need to contemplate.

Chapter 7 personal bankruptcy has become the most frequent type as it will totally wipe out an individual’s debts. This can be usually given once the individual does not own belongings and is struggling to pay off any percentage of your debt. This type of bankruptcy can be applied for by individuals as well as businesses even though it would be much more commonly used by individuals because businesses must stop operation upon filing.

A Chapter 13 is a sort of bankruptcy which allows for only partial forgiveness associated with debts. With this particular variety, an individual will generally restructure debts they have accrued so that sometimes they are able to retain a home or perhaps other assets. This type of individual bankruptcy might end up being typical for an individual who does keep having a normal earnings coming in.

The Chapter 11 mentioned previously is a lot more intricate and generally used by firms despite the fact that individuals could possibly have cause to file this sort of bankruptcy too.

If you are going through crisis, do not lose heart. Personal bankruptcy can be a solution and a good lawyer can support you through this relatively nerve-racking course of action.

Originally posted 2010-03-29 01:14:19. Republished by Blog Post Promoter

Do you really know how bad your financial situation is? Do you know how much money you lose in paying your credit card bills? Do you know how much of your money goes in the interest you pay for the bills? Are you really worried about all these? You can always rely upon the debt calculator for all your financial problems. The calculator is an online source that tells you the budget of the month. It will give a solution to all your financial debt problems. It will analyze your debts and provides you the true perspective of it. When you realize where you stand in your financial situation now, then it will help you a lot to be clear of the credits that you may meet later.

These debt calculators which calculate the debt budget are available online. It is easy and simple and it is also free it use. You will not be charged any amount for seeking the help of a debt calculator. Knowing where you really stand may worry you a lot. But keep in mind only if you know where you stand in your financial situation, then only you can help yourself come out of any difficult situation. This tool gives you a perfect idea of how you can plan your financial budget so that you will be free of all the debts. This calculator provides a visual representation so that you will better understand the facts and conceptual figures. With all these solutions, it will be easier for you to improve your financial status in future to a great extent.

Debt Calculator would be used by the service provider even if you approach them to get solutions of your problems, as they also rely on the same for making a budget plan for you and your monthly expenses. What they will first analyze is that whether they will be able to help you or not. They will not merely accept your problem and find you a solution. Debt Calculator is the first thing they would use after promising you a solution. They will provide you with the possible solutions for your problems. It’s really imperative for you to know that for what are you spending and exactly what you are spending. These solutions will take care of your budget and provides you a list for your monthly expenses also. Your spending habit would greatly be stabilized through this.

Even if you use the calculator personally or go for an organization that provides you with a solution, you have to make proper use of the debt calculator. Use it properly and always take things in a positive sense. When you end up in finding your financial situation, do not loose heart instead of working better to improve it. It is only the truth and you have to accept it even though it would be hard for you to look upon it. Work hard and make use of the budget plan and come out of all your debt problems.

Debts free life helps with consumer debt through Debt Settlement and provides DAAN services to all the clients. Please visit our website for more details

Article Source: ArticleSpan

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.

Originally posted 2010-04-06 08:42:32. Republished by Blog Post Promoter

Our mailboxes are stuffed the advertisements, newspapers, and, perhaps most of all, credit card offers. Companies are constantly making offers that are too hard to pass up–but today, those companies may have crossed a line. My two youngest, Devyn, 16, and Tyler, 17, received there very own offer for the Southwest Rapid Rewards credit card from Chase in the mail today.

Of course the advertisement is hard to resist, with an application attached to the offer letter and a mocked up card to get them excited about the freedom of having their own cards. It made me wonder if Southwest even knows that their name and reputation are being used to target underage children to get them started in the credit trap. What are companies thinking when they target people who can’t even legally have a card?

One reason may lay with the effect the new credit card laws are having on profits. Credit card companies must have taken a hit to their profits after new laws requiring clearer statements and less marketing were put forth in 2009. Since marketing to students has been limited, perhaps they are trying to reach them before they even hit a college campus.

The card offers made to my children prompted me to education my children about the dangers of credit cards and how easy it is to find yourself in need of credit card debt help. If this is the direction that the credit industry is taking, it will now be more important than ever to teach our children how to spend responsibly and avoid creating debt. Soon, Tyler and Devyn will be out on their own and without me scanning their mail for the most common credit tricks. My only power lies in the ability to teach them what I know about avoiding credit card debt.

A lot of us are doomed from the start when it comes to the credit industry; It creates an environment where we feel fine about consistently being in debt and continuing to spend money we don’t have. If credit card companies are targeting our children directly, it is best to set an example for them. Chapter 7 can be your solution to credit card debt, eliminating your debt and giving you a clean slate with debt. With your own financial situation cleaned up, you can be free to set an example of responsible spending for your children.

Still not sure if bankruptcy is the right move for you?" Find an attorney who will educate you for free with articles, blogs, and even books before you hire him or her.

Missouri Bankruptcy attorney James Brown has been working to relieve the debt of hard-working American families for over 15 years. He has dedicated his career to educating consumers about options for debt relief and has released 5 publications, including, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know.” You can request a free copy at

Article Source: ArticleSpan

How To Scupper A Debt Collector

Originally posted 2010-03-13 22:17:27. Republished by Blog Post Promoter

One of the most desperately difficult things to deal with for most people is a Debt Collector and most people do not know where to turn to for help. It just isn’t something that we are taught to handle when we are growing up, mainly because nobody plans to be in that situation.

Debt Collectors will lie to you and use any form of underhand tactics that they can to bully you into paying. Dubbed "Merchants of Misery" in the news papers, Debt Collection is one of the UK’s fastest growing industries, with agencies pursuing over 20 million cases a year. Many have been know to resort to underhand and violet tactics to achieve their ends.

"More than eight million Britons are in serious debt – a quarter of whom are struggling to make their repayments. Major lenders are taking legal action against people’s assets, according to evidence from the Credit Management Research Centre at the University of Leeds, which warns that people’s homes are also at risk." according to the Independent on Sunday.

The Financial Services Authority (FSA) warned of a "growing number of consumers experiencing debt-repayment problems" and the number of repossessions and bankruptcies have risen massively in recent months, thus fuelling the growth in Debt Collection Agencies.

There are many reasons why someone may be unable to pay a debt, especially in the turbulent economic times we are in. It could be that they have been a very good credit risk for many years, but suddenly suffered a catastrophic change in circumstances. Unfortunately the Debt Collectors are not paid to care about why they are chasing and harassing you.

Some of the reasons for falling behind with payments include:

* Being laid off from work * Injury that results in reduction in income * Illness * Failing to provide a forwarding address * Mistaken identity

The biggest problem most people face is that they do not know their rights and the limitations of the debt collector. It is important to know when a debt collector is lying and what they can and cannot do.

Threats a Debt Collector may make:

1. We will visit your home. Under Common Law you have the right to refuse access to your property to anyone that does not possess a warrant or court order. You must write to the Debt Collector and specifically inform them that they are not permitted to visit your property without an appointment and that you have no intension of making an appointment with them. Further state that if they seek to visit your property despite your refusal to make an appointment they will be committing a ‘Tort of Trespass’. Also that you will deem the visit as an act of harassment as defined by the Protection From Harassment Act 1997.

2. We will report you to the Credit Reference Agencies. Debt Collectors cannot report you to the credit reference agencies, only a Bank with whom you have a valid Credit Agreement may lodge a report against you. Threats of any kind that cause you distress are harassment, nobody has any right to make threats against you with the aim of extorting money from you.

3. We will seize your belongings. No one can seize your belongings other than a licensed Bailiff with a Warrant.

Underhand Tactics:

1. Sending a letter your neighbours to put pressure on you to pay. This does happen and is completely against the rules laid down by Trading Standards. If this should happen inform your local Trading Standards Officer and The Office of Fair trading.

2. Telephoning repeatedly 7 days a week up to 5 times a day from early in the morning until late in the evening. This is the most common form of harassment that the debt collector uses to put pressure on you. Write to the debt collector and state that third parties have no authority in this matter and that you are dealing with the Bank/Company/Council (creditor) directly. Inform them that you regard their persistent telephone calls as distressing and harassment as defined by the Protection from Harassment Act 1997. Inform them that you will report them to the local Trading Standards Officer, The Office of Fair Trading and OFCOM if they do not desist. Remind them that this could result in their license being revoked (which would effectively put them out of business).

3. Sending letters that appear to have come from the court. This is a common tactic and one that is usually easy to spot. They would be breaking the law if they were to send forms that are identical to official court documents, so you will usually see that they say "Intent to Commence Proceedings" or "Notice of Intent". Treat these letters much like any other.

The thing to remember is that a Debt Collector has very little in the way of rights to take any physical action against you. However, this is not true of Bailiffs who have increasingly been given wider powers to use force to seize goods or extort money.

There have been a number of cases where Bailiffs have used physical violence to enter a persons home with the intent to extort money and if the innocent member of the public tries to defend them self, or calls the police the victim could be arrested for assault or a breach of the peace.

If you are being harassed by debt collectors, seek professional help. The Citizens Advice Bureau are a really good first point of contact. The best option is to seek help long before the case is passed to a debt collector, so that you have the backup you need to prevent the situation getting out of hand. Act early to get help and the debt collector need never be a problem.

After the loss of his business of 21 years in the Banking Crisis, Chris Ball was left with debts that were beyond his ability to pay. He had to find a unique solution to this difficult situation. In the process he learned a massive amount about how debt works in society and why it is eventually bad for everyone.

Article Source: ArticleSpan

Reduce Your Debt Using These Simple Tips

Originally posted 2010-02-19 02:10:21. Republished by Blog Post Promoter

Getting yourself out of debt doesn’t have to be as difficult as many people think and in many cases is simply a matter of reorganizing your finances to find where money is leaking out.

Credit card debt though should be avoided if possible and cut down as soon as possible. Student loans are also considered a good debt, as you are investing in your future for a possible better paying job in the future.

Refinancing your mortgage is a good way to restructure your debt and can be done even if your home has dropped in value. If you are in this situation, check out the government’s new initiative to help people like yourself. It is known as the Making Home Affordable plan.

Many people are unaware that a simple phone call to their credit card company can land them a better interest rate. A threat to transfer the balance most often does the trick.

If your payments are beyond your current abilities to pay, it may be possible for you to negotiate a partial payment. It is always in your best interest to be open with your financiers rather than hoping that they forget about you. and other similar sites can be used to find cash loans but you need to remember that interest will be accrued.

Always be on the lookout for a low interest credit card that you can transfer your balance to, especially if your balance is exceptionally high. Make sure you read the fine print about fees to ensure the overall result is a savings to you.

Knowing the exact amount of debt you have is an important part of reducing this debt. Create a budget that you use each month to help you get on top of your finances. Do all the simple things like eating at home more and cutting down on frivolous spending.

Jared Wright is the marketing manager of where people meet to learn from one another on topics such as debt relief. You can follow the links to find more related articles: onsolidation-loans.html d-debt-negotiation-and-solutions.html

Article Source: ArticleSpan

The 2 Key Kinds of Debt Consolidation

Originally posted 2012-02-10 03:21:08. Republished by Blog Post Promoter

Many times debt becomes an issue that you cannot control on your own. Do not think that you are bad because your are having financial difficulties. This type of thing can happen to even the smartest people in the world.Sometimes things happen that you have no control over. This is the time that there does not seem to be an answer to your problem. However, it is not important how you got bogged down with so many problems The most important thing is that you take the right steps to handle your financial problems .

At this point , maybe you should think about debt consolidation. You should not view it as a solution that other people use.It might be just the answer that you need.But have an open mind and look at a few of the following info about debt consolidation.

Using a Loan to Consolidate Debt

Even though most people do not recommend it, a debt consolidation loan can help you to get rid of your old debt. These loans are extremely attractive because your creditors will get paid off at the very start. The debt consolidation will then expect you to make monthly payments to them. This will require one monthly payment with one due date only. Also, you will no longer have to worry about numerous collectors calling at all hours of the day expecting payment on a past due bill.

Many people do not consider this to be a wise plan for getting rid of your debt.First, they claim that you are trading in one form of debt for another one. Second, they will argue that the new loan has lower payments because the loan is stretched out over a longer period.

Perhaps the biggest argument for not getting a debt consolidation loan says that you are better off just sticking it out with your current debtors and paying them off instead. They do not recommend your getting a new debt consolidation loan. But, with a new loan, you will have a set loan duration for making payments .This is not the case with the creditors that you have now .If you stay with this present arrangement, you could be paying on this loan for the next few decades. Also, with late fees and other penalties, you will never be able to make the agreed upon minimum payments on time.

However, with a debt consolidation loan, your monthly payments are lower because the interest rate has been reduced. Also, you will only pay your new debt consolidation loan for a specified amount of years. This means that you will finally see your balance get lower. A majority of debt consolidation loans have a maximum term period of five years.This means that you will not owe any more cash once this term period is up. This is unlike the debt that you have with your current creditors that will take years to pay off if things remain unchanged.

Applying a Debt Management Program to Consolidate

You can use a debt management program if you opt not to get a loan. A debt management plan consists of counsellors that will work with your lenders in order to get the interest rates decreased on your current loans. Also, they may find it simple to reduce a few fees as well. Making these requests will make your monthly payments much more manageable .

When a new agreement has been made, the debt consolidation company will get a payment monthly. They will pay your creditors on your behalf.

In return, you will give them a little amount of money that is tacked on to the amount that you give them each month . Now, a lot of people would argue that you should not pay a debt consolidation company to do what you can do for yourself. But, a lot of people do not have a clue on how to get this stuff done. Also, one of the key things that makes debt consolidation so attractive is that it only requires one monthly payment. This within itself is worth the small amount that you are paying to the debt consolidation company. Basically, it does not matter which consolidation route you take, but you should get your debt eliminated .

Answers To Your Questions About Personal Finance

Originally posted 2012-02-25 03:59:03. Republished by Blog Post Promoter

Given the current state of the economy, personal finance should be of the utmost importance for each of us. You don’t need to be rich to invest and regardless of your net worth, taking care of your money should be important to you. The tips in this article will help you to engage in your personal finance and make the best decisions possible.

Set up a deduction from your paycheck to automatically go to your savings account. Saving is much easier when it requires no further conscious action. As you begin to think of your spendable income as the new, smaller amount, you can adjust your budget (credit card debt relief programs) accordingly while your savings keep growing with every deposit.

After you finish a meal with your family, do not throw away the leftovers. Instead, wrap these up and use this food as part of a meal the next day or as a snack during the night. Conserving every piece of food is very important in reducing your grocery costs each month.

Setting monthly goals for yourself is a great way to help work on your financial situation. You have to make plans and stick to them. For instance: You may want to work up a budget, a savings plan, and also make sure that you’re paying down a delinquent bill for the month. These goals can keep you motivated and help you to gain control of your finances.

In today’s world there should be no reason to have a checking account that is costing you money. While they may not yield much interest, there are plenty of free checking accounts available, and many are starting to give you a percentage of your cash back made on debit card purchases.

A great tip for anyone interested in finding extra money each month to put toward existing debts is to make a habit each day of emptying your pockets or purse of change received during cash transactions. It may seem like a small thing, but you will be amazed by how much money actually accumulates over time, and you may find yourself paying down that stubborn credit card balance faster than you ever thought possible.

It is more convenient to use ATMs rather than traveler’s checks (credit card lawsuits). Not only is it easier and faster to get your money this way, it is also cheaper. If you are going to use the ATM, make fewer and larger withdrawals, so that you can avoid paying numerous transaction fees.

By reading these tips, you should feel more prepared to face any financial difficulties that you may be having. Of course, many financial problems will take some time to overcome, but the first step is looking at them with open eyes. You should now feel much more confident to start tackling these issues!

Debt Elimination Tip

Originally posted 2010-12-28 05:18:54. Republished by Blog Post Promoter

Millions of Americans search for the one successful debt elimination tip to get them out of trouble. We’d surely love zero stress, good cash and no monthly payments. Well, you should think about that when you get in debt because you buy a new couch, you change the furniture or you go on an exotic cruise. The concept of ‘buy now, pay later’ has brought many families and small companies on the verge of bankruptcy particularly in the context of the present-day financial crisis.

Preventing unnecessary expenses is probably the best debt elimination tip I can think of. Loans are totally justified and sometimes they make the only choice you’ve got. Maybe you have to make urgent home repairs, pay for some health treatment or for the kids college expenses. These reasons perfectly justify a certain level of debt. But buying expensive cars and paying an exorbitant credit card interest rate because of it is sheerly stupid.

If you seek for a debt elimination tip, then you must have been misled into consuming more than you can afford. The very nature of our modern economy is to make the average person work to exhaustion to accumulate wealth for corporations, not for you. There should be much more in your life than the constant struggle to rise above the expenses. Yet, when paying a real estate mortgage you come to understand that you invest three times more than it actually values over the lifetime of a loan.

Another mistake to avoid here is the minimum payment for credit cards debt. The present indebtedness level should be a lesson not just a debt elimination tip that should make people more cautious of what they spend their money on. Is it worth paying some $3,000 in interest for a furniture that only cost $2,000?. The furniture may even get discarded and thrown away by the time you finished repayment. Start today by saying no to over-consume! Spend only the money you have! Do not spend your budget in advance!

If you manage to find financial independence, you won’t need any further debt elimination tips! Working just to be able to survive is wrong. All the money you gain will go into your lenders’ pockets, and you’ll work to make them rich. Prioritize expenses, get organized and reduce investments to what you can afford! Then, you’ll feel much happier living in this world!

Both Sides of Debt Consolidation Reviewed

Originally posted 2012-01-01 00:46:03. Republished by Blog Post Promoter

Defaults on debts are getting higher rates at present . These may cause serious issues to the debt holder and to the economy. The process is that the defaulters of debt are being reported to credit bureaus and then the credit company will make some steps to cover the leftover debt.

To solve your problems on debt, you can try different solutions. One of those solutions that you generally hear is debt consolidation. There are a lot of fiscal establishments that provide debt consolidation advice to folks.
Debt consolidation is a way of combining your credit accounts into one.

You can do this process by doing a consolidation loan. Many debt holders accept that by consolidating their obligations they can save money and may even get lower rates on their account.

What will happen is that your loan will be cleared out as soon as it’s been consolidated. Debt Consolidation cannot be acquired by anyone that wants it ; it requires special criteria to think about before it’s possible to successfully consolidate your debt. One of these needs is an SOA or statement of affair. This SOA shows how a person is doing in terms of expenses ; it shows the individuals revenue and how much he’s spending.
Debt consolidation may clear your previous debt however it will create a new debt with long term of payment, doubtless more than twenty years or less but the majority of people viewed it as better than insolvency.
There’s a positive side and a negative side of debt consolidation. The bright side of this process is a straightforward and manageable way of handling your account. Rather than different bills from different liabilities you can just concentrate on one bill and one account and payment thus making less inaccuracy when payment is concerned .

However , whether or not your account has been consolidated, the lender can still see your closed accounts. This sometimes may give a bad impressions to the bank. Debt consolidation means getting a new account but with each new account made on your name it might be a minus score to your credit score.

So at the end you have got to ask if debt consolidation would be the correct choice. Debt consolidation means making a new account and merging all of your existing debt accounts into one. The majority view this loan as an solution to their multiple credit issues.

Possibly the best thing to do is to ask steering from the debt control company. The debt handling company will be able to come up with solutions to your problem but from the point of view of execs, debt consolidation is not the answer. A good plan in lowering your expenses is a start of a debt free life.

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