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Debt Recovery Solutions
Debt piled up can lead to a financial crisis. However, there are several solutions available to help you recover from debt. Securing a loan to consolidate your bills can create one low interest monthly payment. Debt management companies...
Finding a Low Interest Debt Consolidation Loan
If you are in the market for a low interest debt consolidation loan, then you might think that you're out of luck. After all, aren't loans that consolidate your debt into a single monthly payment designed for people who have poor or bad credit? ...
Pay Down Your Debt Now. Don't Wait For The Perfect Situation.
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. Sometimes, you want to wait for your life to be just right before you...
Secured debt consolidation loans: bringing down your debt count to zero
It is unlikely that while growing up you would not have heard
that there is strength in unity. Well since this age old saying
has braved the test of time, there must be truth in it. It is
interesting that the validity of this statement is...
The 5 Secrets to Getting Out of Debt Fast
As they stare down at a teetering pile of bills, so many consumers wonder how they racked up such a large debt. The answer boils down to simple mathematics. “On a basic, fundamental level, the problem is created by spending more than you make,”...
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Debt elimination & debt consolidation can work together
Debt elimination has always been my goal. But on this day, when
I received the bill for the sudden replacement of the clutch in
my car, the VISA bill and word that my daughter needed
orthodontics for her teeth, how was I ever going to realize my
debt elimination goals?
Does that sound familiar? It's totally frustrating. It's very
easy to log your spending and identify high interest credit
cards to pay off, but what happens when there is still more
month left when the money runs out?
In the case of our family, debt elimination was only possible
when debt consolidation was achieved by drawing on home equity
and refinancing the mortgage.
If we had not gone this route, trying to stay on top of huge
debt payments is a slippery slope that can very quickly become
serious financial stress.
Consider the fact that Americans are declaring bankruptcy at
record rates. One in every 100 families is affected by a
bankruptcy.
I was on this slope 10 years ago. One of the most insightful
moments of the process was preparing a written log for the
trustee of all of our spending for the 5 years leading up to
bankruptcy.
Skip ahead many years later and I am again juggling too many
payments and not enough money.
The problem is simple. Raising a family, repairing the house,
feeding everyone, takes a lot of surplus money. Even when
budgeted for. Sound familiar?
Our advisor mapped out a debt elimination plan that included
debt consolidation by refinancing our home mortgage.
The numbers were amazing. With record low interest rates, we
rolled in $40,000 of consumer debt into our mortgage. Our
mortgage payment stayed virtually the same, and we reduced
monthly cash flow going out the door to cover debt payments by
$900 per month.
I couldn't believe it. Was that possible? It was and it allowed
us to work on our debt elimination over a longer, more
manageable length of time.
There are pros and cons of course. The big advantage here is
that you are able to avoid bankruptcy. The danger is that with
the pressure
off, you will return to building up debt on your
credit cards etc.
Some points to consider:
1. You reduce the number of physical payments you make per month
from many to one (that's good)
2. You might be able to get a reduced interest rate by using
your house as the collateral (reduced rate: that's good, but
house as collateral: hmmm)
3. Typically your total monthly outlay will be lower (that's
good)
4. You only have to deal with a single creditor (that's good)
5. You might get some tax breaks out of the deal (that's good)
6. Your credit cards are cleaned, meaning that your free to
spend (not so good)
7. It'll take longer to pay off your debt (not so good)
8. You'll likely paying out more over the life of the loan; even
though you're making a lower payment, you're paying off the loan
over a much longer period of time (not good)
9. You can loose everything if you default on this loan, since
it's a secured loan (definitely not good)
To ensure this plan doesn't stray off course, some helpful ideas
may include closing your credit card accounts once they are paid
out.
Building a spending plan and tracking money that is coming in
and out is a great way to stay on top of the new cash picture.
Computer accounting programs that automatically download
transactions is extremely helpful.
In some cases, it is a great idea to get some help. For some
people, the problem of overspending is a psychological one.
Spending can become a habit that's as difficult to kick as
alcohol, drugs or gambling.
For our family, the key is not to return to our spending ways
after debt elimination through debt consolidation takes some of
the pressure off. That will be our focus.
About the author:
Debt-eliminationsite.com is a one-stop-shop website for those
facing debt issues. Multiple pages of resources, referrals and
tools. Expert advice on credit cards, loans and bankruptcy.
Financial planning to get out of debt.
http://www.debt-eliminationsite.com
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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 |
| 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 |
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| 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 |
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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 |
| Debt Elimination at its best! Potential savings of hundreds or thousands of dollars! Build debt reduction, timed elimination or consolidation schedules. |
| www.debtanalyzer.com |
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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 ... |
| www.superiordebtrelief.com |
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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. |
| www.debtrelief.com.au |
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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 ... |
| www.foxsymes.com.au |
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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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