Expert Debt Advice

Seek Expert Debt Advice When

Considering Debt Consolidation

Most everyone that you talk to today is somehow in debt and they are turning to debt settlement advice to help them in getting out of it. The extent of each person's debt will vary but for the most part the struggling economy is partly to blame. We are all looking for ways to get out of debt but perhaps one of the most efficient ways to cut your debt is to go with debt settlement advice.

What is debt settlement?

There are many way to take care of your financial burden but one of the best permanent solutions is debt settlement. This is where you would negotiate with your creditors to come up with a settlement amount.

The amount agreed upon is then paid and the debt is considered paid in full. It is then reported to the credit reporting agencies as being paid in full and you saved yourself a ton on money.

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How can this help you?

One of the biggest perks of following debt settlement advice is that you can avoid bankruptcy. You get to negotiate the amount you will pay so you will not over extend yourself since you will work with them to come up with a figure that fits within your budget.

You also get the perk of making the payment just once versus a payment each month. You will avoid spending quite a bit on interest rates as you are paying it all in one lump sum. You will also get to steer clear of the harassing calls from your creditors so you can start to enjoy your phone again.

By doing the settlement option you will keep yourself from ending up in a lawsuit, as your creditors have the right to take you to court to collect their money. Granted, this generally only happens in worst case scenarios but it is still a very real possibility.

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What can you settle on?

Keep in mind that you cannot use the settlement option in all cases with debt. The main thing to remember is that you can do this option with unsecured credit cards and even medical bills. This would mean that you can do this with unsecured personal loans as well. There are a few types of debts that are completely off limits from settlement options such as federal student loans.

This also holds true for any tax debts or tax liens that you may have, as well as alimony or child support. You can not settle on such things as car loans or even mortgages.

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How much can you save?

By following debt settlement advice, you can expect to save at least 20% to 50% of the total balance of the debt. In some cases you may save even more but it can be hard to decide how much to try to get them to go for. They key is to being able to negotiate with the creditor and knowing what the good deals are.

Be sure to know what you can afford to pay and tell this to the creditor. You may be surprised as to what they will say yes too.If this type of financial negotiation is not your strong suit, you may do well to use a debt settlement company to do this for you.

These companies utilize financial professionals that will work on your behalf with your creditors. The fee they would charge would be more than worth it since they can most likely negotiate a much better deal with your creditors than you could.

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Debt Counseling

In the current economic cycle many individuals are struggling to cope with debt. The same debt that was easy to managed previously is becoming too much to handle with cost of living increasing and income shrinkage month on month.

Banks and other creditors have been very aggressive in lending to consumers, but the consumer is finding it very difficult to make full monthly payments to creditors.

Many consumers are finding that they are over in debt and cannot manage their monthly debt payments anymore.Thanks to the National Credit Act that came into effect in June 2007, there is an alternative to help people manage their debt.Over in debt consumers can now apply for debt counseling with the help from the National Credit Act.


Debt counseling will protect the over in debt consumer from aggressive creditors who are quick to take legal action and not always willing to listen or understand the consumers problem. Debt counseling will protect the consumer from creditors taking legal action.

In many cases the consumer and creditor benefits from debt counseling. The consumer benefits, because he gets to pay more manageable monthly payments and the creditor benefits from not having to take expensive legal action.

Most of the times not recovering any debt at all. So the banks are also looking for alternatives to repossession and don't want to repossess your assets unless they need to.The debt counseling process can take time to resolve the consumes debt problem. The debt counseling application process takes up to 60 working days.

This is a long process, but the consumer is protected within 5 working days during the application phase. The debt counselor will negotiate with the creditor on the consumer's behalf during the application phase. The creditor is more willing to negotiate with the debt counselor than the consumer.

The reason is that the creditor will know that the consumer is truly over in debt and cannot afford the monthly payments when he has applied for debt counseling. The creditor will realize that the consumer is actively taking steps to repay the creditor. The creditor will also know that the debt counselor is there to help the over in debt consumer.

The debt counselor is there to help the consumer manage his debt. The creditor also knows that the debt counselor is working under the National Credit Authority to look after the consumer's legal rights.The criteria to qualify for debt counseling are simple to understand. The main criteria is that you must have an income.

You can be an employee or self employed. The income must be sufficient that you have money left after paying for your essential expenses before debt payments every month. In other words, you must have money left after paying for food, transport and other expenses to survive from day to day. The money you have left after your essential expenses is the money you have available to pay creditors.

This amount will be offered to creditors as new payment each month.The biggest mistake that over in debt consumers can make is to do nothing. They wait and hope for a miracle or hope their situation changes fast in the future. They hope for an increase at work, or to win the lottery, go gambling, or hope the debt and creditor will disappear. If you leave your problem for too long, not even debt counseling will help you. You need to take action before you get a summons form a creditor.



You must take action as soon as you see that your current income cannot meet all your monthly expenses. As soon as you receive a summons, your creditor does not have to listen to the debt counselor. It is as simple as that.Get help now and apply for debt counseling today. We will help you step by step. Dot loss sleep over your debt. Take charge over your debt and take control over your live again.

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Debt Reduction Advice

Debt is very damaging and it can balloon to a very sizable amount. Therefore it's important that debt be reduced instantly. In fact more than 435 of Americans live with debt. If debt gets too big, then a person can go bankrupt. Otherwise they may have to take debts just to repay back the old debts.There are several options to reduce debts.

These are to reduce expenditure, increase the generation of revenue, use a debt settlement agency and lastly to repay the debts on time.Reduce wasteful expenditure. For example if you can't afford to buy a $1500 chaise lounge, then go for cheaper options or delay the expenditure for the next month when you can afford to buy it. If you buy on the credit card, you may not be able to repay back the amount.

This will add to your credit card debt. Most Americans have a huge credit card debt, which they are unable to repay at the end of the day.Increase the generation of revenue to cut your debt. This can mean that you relocate to a better job paying you more money or take up additional jobs in order to supplement your current income.This can mean that you may be working long hours.

So you may end up working 100 hours in a week. That can be big sacrifice especially if you don't get to see your family.Debt settlement agencies can help you to reduce your debts now. They can reduce your debts upto 75%, lower interest rates and terms for payments. However they will charge you fees. One must also remember that each case is different.

Don't bank on the fact that they will reduce your debt by 75%.It can be lesser than that at 50% only. Therefore the balance will have to be paid.Repay all your debts immediately whether its payday loan or credit card loan. This will help you to reduce the debts now.

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Consolidate Credit Debt Advice

Consolidate credit card debt is a perfect solution for the people who are looking for the ways to get out of their debt. They often get to hear this advice because it helps in relieving their financial stress. Moreover, it can be done by availing a low interest loan from the bank or by balance transfer to a new credit card.

But, before deciding on any particular loan type, it is extremely necessary to know how to consolidate your credit cards. Well, the best way is to understand their nature and check out their annual percentage rate. Remember, APR plays a vital role when going for consolidation process. In fact, without this you won't be able to get the right deal in your hand.

In case, if you go for bank consolidation loan, make sure that the rate of interest is lower than the APR. Also, the rates of APR advertised by many credit card suppliers are actually short term APR rates that are especially designed to lure borrowers to opt for consolidation with them.Thus, it is really important for borrowers to find the genuine deals.

This is because; there are credit card suppliers who are offering a lower APR for the initial six to twelve months just to attract a large number of borrowers.Your decision to consolidate will only be more meaningful if new APR rates are lower than current APR rates on your credit card. It will make things easier for you. So, before you move on, you must understand that consolidating will only be beneficial, if you adopt disciplined approach to use your credit card in a right way.


The Benefits of Consolidating

• The process of consolidating is a learning curve for cardholders to save money and simplify payments.

• It helps you to get improved interest rates.

• It saves your heaps of cash.

• It gives you better chance to improve your credit history with one card rather than several.

• It helps you especially at the time when you are struggling to keep up with payments.

• It helps you reach a point where you are financially relaxed.

Thus, if you have fallen too far into debt, you must opt for debt consolidation loans not only to ease out your financial mess, but also to improve your existing financial status. This makes the best choice to eliminate your debt in very short time through legal and ethical way.But, it is necessary to note that choosing consolidation process is not an easier task.

You need to keep a constant eye on the changing interest rates to find out which deal will be most suitable for you. Do not afraid of the credit suppliers; just let them know that you are only interested in best deals and you are searching the same on the internet to relieve yourself out of your financial stress. So, if you are in any kind of financial trouble, you need to check different available consolidate credit debt options to give a better living to your family.

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Credit Card Debt Advice - How to HELP Yourself

You need credit card debt advice to turn your finances around and start living the good life again. No doubt, you are sick and tired of the harassing telephone calls at home and at work, the threatening letters, and the diminished quality of life. So here is a plan which will help you to do just that. H stands for taking a holistic approach to your finances.

It is not enough to just get out of debt, you need to stay out. This means changing your spending habits and being able to say no, or not now.To take this approach, you need to enroll in some financial planning and management courses which are offered by your local government or not-for-profit agency.These classes will help you to devise a budget but you will need to commit to following that budget religiously.

E means to evaluate your situation with detached cool and logic. Step away from your situation and look at it as others do. Admit to yourself that you messed up and that you did not plan to fail, you failed to plan.You will never solve a problem until to recognize that you have one and if you are in debt, you have a spending problem.L is for learn. Learn about the programs and services which are available to you to get out of debt and to stay out of debt.

You need to learn how to save money for emergencies so that an emergency does not throw you into financial chaos.You need to learn about credit card terms and conditions and interest rates so that you can choose more wisely the credit cards you will use and which ones to avoid.P is for plan. You need a solid and workable plan which will get you out of debt and keep you out. Then you need the patience and perseverance to stick with this plan.

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Debt Management Advice

The best debt management gives you the most financial options. By making regular payments and having a low debt to income ratio, you can access credit when you choose. If you aren’t in that situation, then ask for help from the variety of debt management companies out there. In the end you have to pick the plan that will best fit your unique financial needs.

Pay Off Debt

The best way to maintain and improve your credit score is to pay off debts. Regular monthly payments make good habits and high credit scores. High interest credit cards should be tackled first, followed by other unsecured loans. Mortgages and student loans are considered “good” credit, and can be paid off last.

Debt consolidation loans, through home equity or personal loans, can help make payments easier by reducing interest rates and lowering monthly payments. You can also transfer credit card balances to reduce rates.

Get Help

If you find making on time payments difficult, then it is time to get some help. Credit counseling can help you figure out a budget and saving plan. They can also educate you on financial services that could help, such as a debt management company.

Debt management companies consolidate your unsecured debts into one payment. They will also negotiate lower interest rates with your creditors. This may temporarily lower your credit score, but it can get you out of debt in less than five years.

Debt negotiation is also an option. For a fee, a company will negotiate with your creditors to reduce your loan amounts. Not all creditors will agree to this, but many will. By reducing your debt, you will be able to pay off loans, but it will be on your credit report for seven years. It may be a couple of years before you can qualify for credit.

Choose What’s Best For You

There is no one answer to debt management. Each person’s financial situation is unique and requires an individualized plan. Take a good look at your financial situation before deciding on a debt management plan. Don’t be afraid to ask for help. Lenders and debt consolidation companies can supply you with free information about their services.

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Debt Consolidation Advice

A debt consolidation loan is taken to help someone facing financial difficulty to repay existing loans. If a debtor has too many loans and outstanding credit card dues, he or she may go bankrupt.Because bankruptcy is reflected on the debtor's credit history for ten years, it makes him ineligible for any fresh loans or credit, and may cause myriad financial problems.

Generally, loans such as credit card loans are unsecured loans and attract high interest rates.Through a secured debt consolidation loan, debtors can convert all such debts in to a single payment of low interest.Debtors can seek professional advice from reputed credit counseling organizations before choosing the right consolidation program.

These organizations have a panel of credit counselors who are experts in consumer credit and debt management. Credit counselors evaluate the financial situation of a debtor and accordingly suggest a suitable debt consolidation program. Generally, a genuine organization charges a fixed fee per month for every debt account.

As the rate of interest on a debt consolidation loan is low, the amount of monthly installment is also relatively less. Many financial institutions also offer tax benefits on the interest paid on a debt consolidation loan. However, the loan period of a debt consolidation loan is generally long. As a result, the debtor ends up paying much more than he actually owes.

Generally, debt consolidation loans are secured against the debtor's property. In the event of failure to repay the consolidation loan amount, the property can be confiscated. Hence, a debtor must carefully weigh the pros and cons associated with debt consolidation loan.

As a part of debt consolidation program, the debtor can choose from a variety of consolidation loan options. Homeowners have the choice of obtaining secured loans by using their house as collateral. If the debtor's house has been already mortgaged, he or she can obtain a home equity loan to consolidate the debt.

Home equity can be calculated by subtracting the amount of the mortgage balance from the current market value of the house. Debtors can also obtain a personal debt consolidation loan, which is unsecured. However, this loan also comes with high interest rates.

Some non-profit organizations also offer free debt consolidation advice. Various lending institutions and financial companies generally fund these organizations.

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Debt Advice

Not every debtor's financial situation is the same. You can always apply do-it-yourself methods to get yourself out of debt. If you are disciplined enough, that is.However, if you feel that you need the help of others, it's a good idea to seek debt advice from more capable individuals such as your accountant or a financial adviser. They can help customize your financial strategy so that it fits with your capabilities to pay.

Do it yourself. If you think you can handle your financial affairs, then go for it. Create a practical and realistic budget that will allow you to pay your debt and at the same time, pay for your day-to-day living expenses. Any unnecessary spending should be curtailed. If you have a problem with self-discipline, you can avail of automatic payments offered by your bank so you will not be tempted to deviate from your plan.

Debt Settlement. You can do this alone or with the help of a third party such as a debt settlement agency. Your agency can negotiate with your creditors to reduce your balance to as much as 50%, making your monthly payments easier to handle. Most credit companies would prefer to see you pay your debt than write if off their statements as a bad debt.

If you've had this debt for a long time, it's probable that a big part of it comprise of accumulated interest.Debt Consolidation. The purpose of debt consolidation is to actually reduce the interest of your debt and lower the total debt amount. If you have multiple debts at different interest rates, these can be consolidated into a single amount at a lessened interest.

For example, you may have a bank loan of $2500 (at 14% interest rate), a credit card balance of $800 (at 13% interest rate), and a store card balance of $500 (at 10% interest rate). The total of $3800 can be paid at a negotiated interest rate of 9%.The best part is this method is that you can also negotiate with your creditor to deduct any accrued interest and other charges you may have incurred.

If your creditor is amiable to this arrangement,you may have cut your debt to as much as 40%.You only need to give one single payment to the Consolidation Company every month. It's up to them to pay your creditors. They can also help you set up an emergency fund to lessen your chance of missing on payments.

Home Equity Loan. Loan using your house as collateral and use the money to pay off all your debts. This will help eliminate the high interest cost of your debt and freeze the total amount. However, do your homework first before applying. The total cost of the loan including the interest should be lower than your present debt. Make sure that you can chalk out the monthly payments.

Otherwise, you risk losing one of your most important assets: your home.Borrow from your Credit Union. They usually have lower interest rates. If you are not a member, find out from your employer if you are eligible for one. This kind of loan usually offers low interest rates and thus, easier to manage.

Life Insurance. If you have a life insurance policy, you can borrow against it solve your debt problems. This loan need not be repaid. Any amount you borrow plus the accumulated interest will be deducted from your life insurance benefits. However, it is better to repay it for the sake of your beneficiaries.

Another way is to borrow against your retirement plan. Find out from your employer if you are allowed to do this.Credit Cards. Shop for a lower rate. If you have multiple credit cards, choose one that offers the lowest interest rate. Consolidate. Ask the card-issuing bank if they can offer you a low, fixed interest rate if you can transfer your balances from your other credit cards.

Bankruptcy. Whatever your financial troubles may be, this should be your very last resort. At best, it is just a short-term solution. It may seem an easy way out but in the long run, it will have a negative effect on your credit standing for years to come and makes you a poor credit risk. When you apply for bankruptcy, your assets are assessed, liquidated, and used to pay your outstanding debt.

You may lose valuable properties that you might have been able to keep. If you are a business owner, bankruptcy can ruin your chances of making your company grow since you will be ineligible for business loans. Do not file for bankruptcy unless you've exhausted every means available.

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