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Consolidate Your Debt With A Home Equity Loan And Improve Your Credit Score
A home equity loan is a loan based on the difference between what your current home value is and what you currently owe on your house. There are also mortgage companies that will loan a little over the equity you have in your home. They can usually...
Dealing with Student Debt
The UK used to have an excellent 'free' education system, on the premise that education its citizens made the whole country wealthier. That has now changed, and student loans are the norm, as in the USA. This, of course, means that the majority of...
Debt consolidation services can make you debt free
Debt Consolidation services are the most reliable option to secure freedom from debt.
They help you in debt management with care and guidance where you are free from debts.
A debt struck man has two options to choose fro; one leads to ...
Life After Debt – Strategies for Dealing with Problem Debt
> Honorably and ethically rid yourself of burdensome debts using the little known Negotiation Strategy, without having to experience the loss of control and privacy associated with filing for bankruptcy, consolidation, or credit ...
Sources for Debt Financing
Debt Financing simply means you get a loan from someone or
somewhere and go into debt! You are obligated to repay the
money. We provide some popular sources for debt financing to
consider.
SOURCES FOR DEBT FINANCING
1. YOURSELF!...
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Credit And Debt Management
Today's consumers benefit drastically from the usefulness of credit. Credit cards are especially useful for large purchases, emergency situations, reservations, identification, and protection from fraud. Unfortunately, millions of consumers abuse credit cards beyond their financial earnings. The use of credit results in costly interest payments and late fees, impulse buying, overextended lifestyles, and the unnecessary stress from harassing telephone calls from collectors.
Do You Think You Might Have a Problem with Debt?
Below is a list that will help determine whether you are a single mother debt problems.
Over the Limit Credit Card Spending
If all of your credit card balances are greater than 80 percent of your credit limits, you should consider this a danger signal to debt.
Too Many Cards/Too Much Debt
If you can't pay off your combined credit card debt within one year, you should consider this a serious issue.
Out of Money
Many people use credit for small purchases such as food and gas. If you previously paid cash for these or other small items, but are now using credit, not debit or cash, it could be a sign that there is a problem.
High Debt-to-Income Ratio
Your debt-to-income ratio measures the amount of debt you have against the amount of income you are making. You can calculate this ratio by dividing your total monthly debt payment (excluding mortgage/rent) by your total monthly gross income (before taxes). If your debt-to-income ratio is close to or over 20 percent, this is a sign that you may have a debt problem.
Emergencies
Crises and emergency situations do occur, and sometimes people are unable to afford such things such as emergency auto repairs or medical expenses because their credit cards are tapped or the majority of their earnings are put towards debt repayments. It's always important to keep an open line of credit available for such situations.
Minimum Payments
What many people don't realize about revolving credit card bills is that making only the minimum payment can take 12 to 15 years to repay. You are not applying any significant amount toward the principal if you are only making minimum payments concluding that you may be overextended and in need of putting together a spending plan.
Using Your Credit to Make Payments on Other Cards
Taking cash advances to pay bills is not a solution for paying off debts. If you are paying one credit card with another you are actually creating more debt. You will also be faced with any cash advance fees and interest from that new line of credit.
Balance Transfers
Many creditors offer new credit cards with balance transfers available at low interest rates for only a limited introductory period. It's important to remember, though, that after the introductory period the interest rate usually skyrockets up to 19 percent or more. As well, a growing number of credit cards are associating fees with transferring balances.
Skipping Payments
If you are late with getting payments in such as your mortgage, rent, car loan, or utility bills more than once per year and are juggling bills and skipping payments, this is a definite sign that you have a debt problem.
Borrowing Money
If you are borrowing money from family and friends and unable to pay them back while struggling to pay your bills, credit counseling can teach you how to budget or advise you to go on a plan for paying off your debts.
Debt Consolidation Loans
Are you borrowing from a new source to pay off an old debt? Many people who do so obtain debt consolidation loans to pay off all their existing bills. However, once the bills are paid off, some people wind up charging on their credit cards again. This means having to pay back the loan plus the new credit card charges, which ends up driving people into further debt. Learn more about debt consolidation at Incharge.
Unsure of the Amount Owed
If you have no idea how much debt you owe on a monthly basis and keep using credit cards, your financial spending might be slipping out of your control. If you noticed that you were nodding your head up and down as you read through the list of debt problems you could be on your way to a serious problem with your finances. What to do about it as a single mother comes
next.
Help for Single Mother if in Debt
If you're ready to tackle your own debt pile, here's what you need to do:
Get to know your debt
Study everything relevant about your debt such as your account balances, the interest rates, if the interest is deductible, how and when those rates can change and find out if you'll face any kind of penalties for paying an account early. If youÕre not sure call your lender and ask.
Prioritize your debt
Divide your debts into two piles; deductible and non-deductible debt. Non-deductible debt is debt where you don't receive a tax break on the interest such as is credit cards, car loans and personal loans. Deductible debt includes mortgages, home-equity loans and possibly student loans depending on your income. Once you divided your debt into piles rank them from highest interest rate to lowest.
Eliminate your debt
You can start with your highest interest rate, non-deductible debt-or the non-deductible debt with the smallest balance. Either way, put as much money as you can toward your first debt-elimination target. Once you pay that account off, take the same amount of money and put it towards your next target. Keep doing this until you have no non-deductible debt left. Next you can start tackling your deductible debt, boost your investing, or both.
How to Avoid Getting in Debt
* Pay off balances by the due date to avoid interest charges and late fees
* Charging only what you can afford to pay off in one month's time
* People who are close but unable to pay balances in full each bill cycle will still be able to put a hefty sum towards paying off the credit card which will refrain them from continued charging
* If you know you can't afford it, don't buy it
Below are some proven effective ways of cutting down expenses and saving money:
* Cut down on long-distance telephone calls or make calls when rates are cheapest
* Cut down on restaurant and take-out meals. Preparing your own food
* Bring your lunch to work and pack your children's lunch. You'll save a lot. Put yourself on a lunch budget where you treat yourself one or two times per month
* Try to reduce your home-utility bills by turning off lights when you're out of the room, being conservative with the thermostat, checking weather stripping to eliminate drafts, or air drying dishes and laundry
* Use your own bank's ATM to avoid fees from other banks
* Seek out garage sales and your newspaper's classified sections for discount purchases such as toys, clothes, new and used items at a good price
* Go to matinee movies instead of the regular showings where prices are higher.
* Clip newspaper, magazine, and other print coupons
* Save on expensive dry-cleaning costs by purchasing a book on fabric care
* Use your local public library. In addition to free reading materials, many libraries offer free or reduced-price videos, audiotapes, CD-ROMs, and children's games for rental
* Practice single mother do-it-yourself repairs and maintenance around the house
* Comparison shop for clothing and household items
* Create your own greeting cards
* Avoid expensive gift-wrap. Shop dollar stores for gift bags
* Take proper care of your teeth to prevent costly dental bills
* Exercise for a healthier body and state of mind
* If you drive an automobile, learn how to change the oil rather than paying someone else to do it
* Join a co-op or food-buying club to save hundreds of dollars per year over regular supermarket prices. Call the National Cooperative Business Association at 1-800-636-6222 for a list of regional warehouses
* Buy store-brand products instead of national name brands
* Shop around for the best gas prices, and plan your errands and driving destinations to eliminate unnecessary miles
* Pump your own gasoline and use the lowest-octane suggested in your vehicle's owner manual
* If you're considering getting a dog or cat, check out local animal shelters. The small purchase cost often includes vaccination and neutering
About the Author
Kelly Kennedy writes for http://www.singlemotherresources.com, a great online source for single mothers and financial advice
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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 |
| The Brewer Law Firm. William E. Brewer, Jr., Attorney at Law Board Certified Consumer Bankruptcy Specialist. 619 N. Person Street Raleigh, NC 27604 ... |
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| Debt Relief - InCharge Debt Solutions |
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| www.incharge.org |
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| Economic Policy and Debt |
| May 2006, IMF And World Bank Support Cameroon’s Completion Point Under The Enhanced HIPC Initiative And The IMF Immediately Grants 100 Percent Debt Relief ... |
| www.worldbank.org |
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| Economic Policy and Debt - The Enhanced HIPC Initiative |
| The Initiative’s debt-burden thresholds were adjusted downward, which enabled a broader group of countries to qualify for larger volumes of debt relief. ... |
| 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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| Superior Debt Relief |
| 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 |
| Aid Inflows, Debt Relief Yet to Translate into Reduced Poverty (March 20, 2006) ... Fearing that the IMF could tie debt relief to economic benchmarks, ... |
| www.globalpolicy.org |
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| Debt Relief - Global Policy Forum - Social and Economic Policy |
| Debt Relief - Global Policy Forum - Social and Economic Policy. The Debt Relief Page Has Been Moved to: ... |
| 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 |
| Specialising in debt agreements, mortgage refinancing and bankruptcy. Company profile, calculators, solutions, media releases, testimonials and existing ... |
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| Oxfam - Debt and Aid - Debt Relief for Nicaragua: breaking out of ... |
| Oxfam policy paper on relationship between international debt servicing and poverty. Linked to table of contents and also zipped for download. |
| 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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