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Bad Credit Debt Consolidation and Credit Card Debt Consolidation Tips by www.alifeoutofdebt.com
If you have managed to get yourself into a situation whereby you
have many loans, credit card debt, mortgage, utilities, and
other bills to pay, then think about credit card debt
consolidation. It can be extremely difficult to get yourself
debt...
Debt Consolidation - Choose a Credit Counselor Carefully
Recently passed by Congress, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 will require people who are filing for bankruptcy to first undergo mandatory credit counseling.
This is probably not a bad idea; after all, many...
Debt Help - Debt Consolidation Loans Versus Credit Counseling
Debt consolidation loans are a do-it-yourself process, whereas
credit counseling helps you to make financial decisions. If you
already have a financial plan, then you probably don't need the
services of a credit counselor. However, if you have...
Eliminate Your Credit Card Debt, But How?
Can a debt consolidation loan eliminate your credit card debt? A consolidation loan might (or might not) be the key. There are several things you must consider when making the choice to consolidate debt using a debt consolidation loan. First, is...
Small Business Debt Collection Law Cheat Sheet
In your small business debt collection laws will eventually become important, as your debt grows and some clients do not pay. To collect small business debts legally, you must first send a written notice that collections have begun, within five...
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Debt Management - Is It the Right Choice For You?
Debt Management plans offer credit counseling clients a different and new approach to tackle their finances. Finding out if a debt management plan is right for you can take some time. However looking into the pros and cons now will help you know if entering into a debt management plan is right for you.
Pros
Consolidated Monthly Payment Debt Management Plans consist of one monthly payment of an individuals credit card debt and other unsecured debt. Instead of several payments that are sent out monthly the credit counseling agency will receive your monthly payment and break it down to individual payments to all of your creditors.
Reduced Interest Rates Although some creditors have tightened what they will as far as an interest rate reduction for a client who is working with a debt management plan there are still some credit card companies that will reduce rates as far as charging no interest while on the debt management plan. However that is not the norm so it is reasonable to expect a slight decrease in interest rates and if you receive a larger break in rates that is more of a benefit to you.
Reduced Monthly Payments The days of a creditor reducing the monthly payment by half or more seem to be over, however several creditors reduce payments required by several percentage points for a customer of theirs that is enrolled into a debt management plan. This can help free up money to apply elsewhere such as a savings account or a retirement account.
Stopped Late & Over Limit Fees This is probably the most beneficial portion of the debt management plan for a credit counseling client who is behind with their payments to their creditors. The average late or over limit fee is about $29 so if you combine that with an average of six credit card
accounts the savings on the fees alone could be up to $174 dollars for that example.
Customer Service Often overlooked by a person researching a debt management plan that is appropriate for them, customer service means that all of your credit card accounts should be accessible by the credit counseling agency you are working with and any questions you have regarding those accounts should be answered in a timely fashion. A well rounded customer service staff will go a long way as far as assisting you to get out of debt.
Con
Accounts Closed - All of your credit card accounts are closed to further charging. This can be initially looked at as a con by the consumer because it takes away their ability to charge, however in the long run this portion of the debt management plan should be viewed as a pro because it allows the client to rely more upon the income they are bringing in and will result in less overall debt that is accumulated while on the debt management program.
Debt management programs offer an array of help with little to consider as negative. The service is designed to assist anyone in need from freeing themselves of the burden of debt. One important factor is that a debt management plan has no negative impact on your credit score. This is according to Fair, Isaac the nations credit scoring system, also known as the FICO Score.
These are a few points to consider in determining if a debt management plan is the best option for you. Contact an agency to determine if their plan can meet your needs.
About the author:
Find more great articles at http://militaryfinances.coma great online source for finance information.
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| Debt relief steps, your free guide to debt help. |
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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 ... |
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| Economic Policy and Debt |
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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 |
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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, ... |
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| Debt Relief - Global Policy Forum - Social and Economic Policy |
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| BBC NEWS | Business | Q&A: African debt relief |
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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. |
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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. |
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