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Debt Consolidation - Is Your Future Bright?
Most people have taken out plenty of loans and other forms of
credit, from various sources over the years. These could include
student loans, credit cards, store cards, a bank overdraft, car
loan, goods bought on a buy now pay later basis. All of...
Get Rid Of Debt, What are You Waiting For?
The number one reason people don't get out of debt is they don't
try. This may apply to you. You want to, but never seem to do
it. You put it off for whatever reason.
You want to wait for your life to be just right before you make
the...
How To Do A Credit Card Debt Consolidation.
Credit card debt consolidation allows you to pay your current
debts in 3-6 years. Under a debt consolidation plan, terms and
conditions change. The purpose of debt consolidation is to speed
up your paying time and at the same time makes lower...
Individual Voluntary Arrangements (IVA): The New Debt Solution?
The UK is facing a debt crisis fuelled by over spending and over borrowing. In June of this year personal debt in the UK broke through the £1.1 trillion barrier and Britain's personal debt is reported to be rising by £1 million every 4 minutes....
Know Your Debt Consolidation Options
Nobody likes being in debt or the additional stress it adds to their life. Additionally, most individuals have some form of debt that is weighing heavily on them and they simply want to get rid of it. If you are in this situation then you might...
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Create Your Own Ultimate Debt Elimination Plan
The method is simple. 1) Set a monthly amount. 2) Pay all
minimum amounts. 3) Pay extra money toward the debt with
the highest interest rate.
This method will ensure that you pay the least amount of
interest and repay your debts as soon as possible.
The trick to paying the least amount of interest possible is
to pay extra money toward the debt with the highest interest
rate. Obviously you want that debt paid off as soon as you
can. Each month it costs you the most.
The trick to paying off your debts in the least amount of
time is to set a fixed total amount to pay each month. The
trap many people fall into is that they only pay the minimum
payments. These minimum payments are designed to keep you
paying that high interest rate for as long as possible.
By paying a fixed total amount each month, as one debt is
paid off, you will have more money to pay towards another
debt. This is often called the "snow-ball" effect.
But first things first.
First, determine you ability to pay. If your total payments
are much more than you can afford, you are in trouble. You
may need to contact a non-profit credit counseling agency.
You can find them in your local phone book or online.
But be careful of companies that want an up front fee.
Check with your local Better Business Bureau for
recommendations.
Next you need to make a commitment to stop getting further
into debt. Cut up your extra credit cards or put them where
you cannot easily get them. If you are living a lifestyle
that depends on credit, you will soon dig a hole you cannot
easily climb out of.
Stop spending more than you make each month and don't count
on future bonuses, inheritances, refunds or other
non-dependable income to bail you out. If you make $2000 a
month you can only spend $2000 a month. Look for ways to
cut back and purchases you can postpone or do without.
Now, let's look at each step of your ultimate debt reduction
plan more closely.
First, determine how much you can afford to pay each month
toward your debts. At the minimum it should be the total of
all your minimum payments for the current month.
You may need to examine your spending for the last several
months. Find things you can eliminate or do without for a
while. Postpone purchases, cancel subscriptions. Anything
to
free up more money to pay off your debts.
You may even want to postpone investing for awhile. Are
your investments beating that 18% you are paying on your
credit card? If not, a better investment would be to repay
your debts.
Once you have your monthly debt repayment amount set, you
need to write down each monthly debt you are paying. Record
the creditor's name, the current balance, and the interest
rate. Then take a separate sheet of paper and reorder the
debts so that the debt with the highest interest rate is at
the top.
Now as each monthly bill comes in pay the minimum payment.
Subtract the minimum payment amount from your set monthly
total. After all the bills are paid for the month, take any
extra money left over and make another payment on the debt
at the top of your list.
You can make an additional payment this month or save the
money to add to next month's bill. But don't spend it!
As each debt is repaid, cross it off your list, but keep
paying the total monthly amount you set at the beginning.
This will accelerate your debt repayment and save you
hundreds or even thousands in interest charges.
The two keys to your ultimate debt elimination plan are to
1) stop getting further into debt and 2) set your monthly
debt repayment amount. The rest is easy. You will be debt
free before you know it!
************************************************************
© Simple Joe, Inc.
David Berky is president of Simple Joe,
Inc. which sells the Simple Joe's Debt Eraser PC software.
Debt Eraser can help anyone get out of debt quickly and
inexpensively by creating a href="http://www.simplejoe.com/debteraser/index2.htm">Rapid
Debt Reduction Plan. This article may be freely
distributed as long as the copyright, author's information
and an active link (where possible) are included.
About the Author
© Simple Joe, Inc.
David Berky is president of Simple Joe,
Inc. which sells the Simple Joe's Debt Eraser PC software.
Debt Eraser can help anyone get out of debt quickly and
inexpensively by creating a href="http://www.simplejoe.com/debteraser/index2.htm">Rapid
Debt Reduction Plan. This article may be freely
distributed as long as the copyright, author's information
and an active link (where possible) are included.
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| Advertisements Promising Debt Relief May Be Offering Bankruptcy |
| Cautions consumers about ads in newspaper, magazine and telephone directories that offer quick fixes for debt problems. |
| www.ftc.gov |
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| Welcome to Debt Relief International |
| Welcome to the web site of Debt Relief International. |
| www.dri.org.uk |
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| Debt relief steps, your free guide to debt help. |
| Articles on debt relief, and credit management and repair. |
| www.debtsteps.com |
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| Factsheet - Debt Relief Under the Heavily Indebted Poor Countries ... |
| The HIPC Initiative is a comprehensive approach to debt reduction for heavily indebted poor countries pursuing IMF- and World Bank-supported adjustment and ... |
| www.imf.org |
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| Special report: debt relief | Special reports | Guardian Unlimited |
| February 6: A year ago the Guardian set out to track the west's promises of action for Africa on aid, trade, health and debt relief. As G8 finance ministers ... |
| www.guardian.co.uk |
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| Debt Relief Options - Findlaw for the Public - |
| Welcome to Debt Relief Options. This section contains information about the ... To begin, select one of the Debt Relief Options topics from the list below ... |
| bankruptcy.findlaw.com |
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| William Brewer |
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| www.incharge.org |
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| Economic Policy and Debt |
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| www.worldbank.org |
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| Economic Policy and Debt - The Enhanced HIPC Initiative |
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| www.worldbank.org |
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| Debt relief - Wikipedia, the free encyclopedia |
| Debt relief is the partial or total forgiveness of debt, or the slowing or stopping of debt growth, owed by individuals, corporations, or nations. ... |
| en.wikipedia.org |
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| Debt Analyzer, Debt Reduction Software, Home Page |
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| We help you get rid of credit card debt much faster than you may believe possible with credit card debt settlement and negotiation tactics, providing debt ... |
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| Debt Relief - Social and Economic Policy - Global Policy Forum |
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| www.globalpolicy.org |
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| Debt Relief - Global Policy Forum - Social and Economic Policy |
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| www.globalpolicy.org |
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| BBC NEWS | Business | Q&A: African debt relief |
| BBC News looks at the progress of international debt reduction efforts, and the sticking points which continue to hamper the process. |
| news.bbc.co.uk |
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| Debt Relief Australia - Start Reducing Debt Today! |
| Debt Relief offers Australians in debt assistance with finding the most appropriate debt relief solution. |
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| Debt Consolidation Australia, Debt Relief & Bankruptcy Information |
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| Oxfam - Debt and Aid - Debt Relief for Nicaragua: breaking out of ... |
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| www.oxfam.org.uk |
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| What debt relief means for Africa | csmonitor.com |
| This weekend's $40 billion debt cancellation deal could spark major improvements in the lives of the world's poorest people. |
| www.csmonitor.com |
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