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Debt Consolidation and Online Debt Consolidation
Online debt consolidation information is available through many Internet sources that specialize in assisting many American households in managing or eliminating their outstanding debt. The debt load of the typical American household is upwards of...
Debt Relief -- Why Most Programs Have A 75% Failure Rate
Debt consolidation, equity loans, credit counseling, debt management plans, even Chapter 13 bankruptcy – it doesn't matter which of these debt programs you're talking about. They all suffer from one fatal flaw, the number one problem that causes...
Get rid of debt with simple steps
Someone who is not in debt appreciates a telephone ringing, because a person without excess debt does not fear creditors. A person without excess debt goes to the mailbox with general malaise, and doesn’t feel the stomach clenching fear when a...
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 ...
The Effects of Consumer Debt
Consumer Borrowing
Consumer borrowing in the UK has now crashed through the £1 trillion barrier. 80% of this is due to credit card borrowing, loans and mortgages. How are people managing to handle their debt and what effect is debt having on...
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Debt Reduction Program To Become Debt Free
Designing a debt reduction program can be the best way to
solving your financial crisis when you are in a lot of debt.
Debt and the interest rates attached to each debt makes the
balance increase at fast rate.
This is especially true when you either pay only the monthly
minimum. If you ever want to become debt free a debt reduction
program is critical to make debts disappear.
But taking out a debt reduction consolidation loan to cover the
entire amount of your debts may be out of the question.
First, you need to take some time to honestly assess your
financial position.
To create your own debt reduction program, make a list of all
the debts you have together with their minimum monthly payment.
Then make a list of all the monthly expenses you have each month.
Remember to include your utilities, grocery bills,
subscriptions, insurances plus allowances for clothing, gifts,
travel, entertainment, gas etc. Add the monthly minimum payment
for all of your existing debts to this amount and then take it
from the total amount of your income.
Any money remaining is the disposable income you can use to get
yourself out of debt. Now that you know your present financial
position, the way to reduce your debt is to make your disposable
income work best for you.
Take a look at your debts. Which ones are the smallest? Which
ones have the highest rates of interest? Which ones are for
fixed terms and which ones will go on forever if you do nothing
more than pay the minimum monthly payment?
Take out any which are fixed period debts over a pre-determined
period of
time. This usually means the interest was
pre-calculated and added to the cost of the item.
You pay the same amount every month for the 6, 12, 24 or 36
months it takes to clear the debt. Leave these debts until last
because you will gain more by using the extra income to increase
the monthly payments on less fixed debts which have variable
interest rates.
Take the debts which are for the lowest amounts and use your
disposable income to increase these monthly payments first.
Either put all of the extra money onto one debt to pay it off
quicker, or spread it out over a few of them.
Once you have paid off one debt, whether because the term of
the fixed period loan is complete, or because you have cleared
an open-ended debt such as store or credit card debt, use the
money that you save to increase the monthly payments on your
other debts.
This creates a debt reduction snowball and over time you start
to see more debts disappearing and freeing up more money to pay
the larger debts off quicker.
If you want to put yourself back in control of your debts and
overall financial situation create a personal debt reduction
program and stick to it.
Copyright © 2005 Credit-Repair-Facts.com All Rights Reserved.
About the author:
This article is supplied by http://www.credit-repair-facts.com
where you will find credit information, debt elimination
programs and informative articles that give you the knowledge to
correct your own credit and credit report. For more credit
related articles like these go to:
http://www.credit-repair-facts.com/articles_1.html
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| www.imf.org |
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| Special report: debt relief | Special reports | Guardian Unlimited |
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| 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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| www.globalpolicy.org |
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| www.globalpolicy.org |
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| What debt relief means for Africa | csmonitor.com |
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