|
|
|
Credit Card Debt Problems
What to Do If You Hit the Debt Mire
When debt goes bad, it becomes more than just a financial problem. It can take over your life. If you have a debt problem the earlier it is handled and dealt with, the less likely it’ll turn into a crisis,...
Debt Free Living - 5 Tips To Get Out Of Debt
A few times I wonder what sort of credit system moved the global economy 200 years ago. If the intention of getting into a business is meant to 'help' fulfill the needs and wants of someone, I don't see how credit card salesmen can drove more people...
Debt reduction - The perfect guide
Many people may say that the process of debt reduction is
common sense and obviously, the best way to handle your finances
is to pay with cash.
Just because you have incurred debt, doesn't necessarily imply
that you've mismanaged your...
Resolving your debt.
In the last section we covered your rights against harassment and abuse by collectors. We also covered some options that your creditor may have to help you resolve your delinquent debt. Again I repeat that this is not legal advice but a guideline...
Student Debt and Student Loans
The statistics show that more and more students are graduating
from university with significant debt. The debt levels are
growing year on year and many students will be paying them off
for years after they graduate. It seems that the...
|
|
| |
|
|
|
|
|
|
Debt Elimination 4
Planning For Debt Elimination Without Surplus Cash
Previously we looked at using surplus cash each month to chip away at those outstanding loans, on our long road to debt elimination. But what can you do if there is no surplus cash every month?
So, you have examined your monthly outgoings, and there is nothing to cut out in the way of expenditure. Or you can make some savings, but it just brings your outgoings and income into balance each month, whereas before your outgoings were in excess of the income. Well, at least you have made some progress by bringing income and expenditure into equilibrium. But where does that leave you in your debt elimination challenge?
It is probably time to focus on those debts, and see what can be done to bring down the cost of those loans, and the monthly repayments. It may still be possible to plan for debt elimination in 5 years, especially with your newly developed anti debt mindset.
Taking out another loan will not, of course, bring instant debt elimination. However, it may be that a debt consolidation loan will give you a chance to structure your plan over a 3, 5 or 7 year period. With the right approach, this may be an excellent opportunity to improve your finances no end, resulting in debt elimination at the end of the loan period. The key will be in whether you are able to reduce your total loan repayments, and whether you are then able to set aside those savings each month.
Let us look at a simple example, of a consumer who has two credit cards and two other loans. He owes a total of $11300, and
has a minimum monthly payment of $346. Let's say he is able to obtain a new consolidation loan at 10% annual interest, and would have repayments of $240 per month over 5 years, a saving of $106 per month, or $6360 over the 5 year period.
That is a significant amount to put away each month. Enough for a replacement second hand car? No need for any more loans? In which case, debt elimination, by our definition excluding the mortgage, could be achieved within that 5 year period.
There are, of course, millions of permutations of figures, so you will have to consider your own. But the principles are always the same. Living within your budget, planning ahead, and saving for any future purchases in cash. That's a simple formula.
All it needs to accomplish debt elimination is your new mindset; the mindset that does not want debt, borrowings, loans to be a part of your future life. The mindset that has patience in clearing the debt, and is able resist new purchases of optional items until the cash is available.
It is worth always remembering, if you cannot to afford to pay cash for something, then you cannot really afford it at all. The only exception is the house, where the investment potential and rent saving alter the financial viewpoint.
Once you have the cash-save mindset, you have all you need to clear unwieldy and expensive debt from your life, once and for all.
About the Author
Roy Thomsitt is the owner and part author of http://www.eliminate-credit-card-debt-now.com
|
|
|
|
|
| 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 |
|
| Welcome to Debt Relief International |
| Welcome to the web site of Debt Relief International. |
| www.dri.org.uk |
|
| Debt relief steps, your free guide to debt help. |
| Articles on debt relief, and credit management and repair. |
| www.debtsteps.com |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 ... |
| www.debtrelief.com |
|
| Debt Relief - InCharge Debt Solutions |
| There are many ways to get out of debt, for good, and it may be easier than you think. The first step is knowing your options, the second step is taking ... |
| www.incharge.org |
|
| 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 |
|
| 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 |
|
| 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 |
|
| Debt Analyzer, Debt Reduction Software, Home Page |
| Debt Elimination at its best! Potential savings of hundreds or thousands of dollars! Build debt reduction, timed elimination or consolidation schedules. |
| www.debtanalyzer.com |
|
| 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 ... |
| www.superiordebtrelief.com |
|
| 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 |
|
| 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 |
|
| 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 |
|
| Debt Relief Australia - Start Reducing Debt Today! |
| Debt Relief offers Australians in debt assistance with finding the most appropriate debt relief solution. |
| www.debtrelief.com.au |
|
| Debt Consolidation Australia, Debt Relief & Bankruptcy Information |
| Specialising in debt agreements, mortgage refinancing and bankruptcy. Company profile, calculators, solutions, media releases, testimonials and existing ... |
| www.foxsymes.com.au |
|
| 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 |
|
| 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 |
|
|