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Burdened with Debt?
Too many debts? Having trouble paying your bills? Are you worried about losing your home or your car? You're not alone. Many people face a financial crisis some time in their lives. Your financial situation doesn't have to go from bad to worse. If...
Debt consolidation – More Options for Reducing Credit Card Costs
Borrowing money against your credit cards has always been among the most expensive ways to borrow money, and when you fail to pay your bill in full each month, borrowing is exactly what you’re doing. You’re not alone; the average American household...
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...
How To Get Out Of Credit Card Debt Much Faster & Save Lots Of Money - Without Filing For Bankruptcy!
The most important lesson I learned about getting out of debt is that you'll NEVER get out of debt playing by the rules of your creditors. No matter what they say, they really don't want you to get out of debt.
After all, the longer it takes you...
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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Eliminate Debt Fast!
How would you like to be debt free in only a few years, including zero mortgage debts?! Sounds too good to be true? Well check out this easy debt elimination plan from www.nodebtever.com - the plan the Banks DON'T want you to know about! First off, you need to do a little groundwork. Those debts took some time to build, so getting rid of them involves a little concentration.
Get your last half year's bank records together.Ignoring taxes, bills already paid etc, mark every entry that could in theory be reduced. It will help if you group like for like stuff together (a spreadsheet is good for this) for example, clothes, entertainment, groceries etc. What you are looking for is a way to shave 10% or more off each of these items. Make a list of ideas for each category. This is easier than it might sound - for example, in the 'Groceries' section, make a note to buy unbranded Supermarket generic products, rather than the big brand high cost versions. The amount you think you can save by doing this is your 'war chest' against debt.
Once you have done this, prioritise the bills as follows:- divide the outstanding debt on each bill by the minimum amount you can pay off each month. The smallest resulting number is your target bill. What you are going to do is continue your normal monthly payments on everything EXCEPT the target. The debt target gets the usual payment PLUS the war chest. You want to POVERPAY the debt each month to break it as
fast as possible. Do this each month until the number one bill is paid. Then you move on to debt number 2 - the next smallest result of dividing the bill amount by the minimum payment. This time, of course, you can 'accelerate' the process by applying not only the 'war chest' but also the standard payments you used to pay on target number 1.
You are probably beginning to get the idea! Research from www.nodebtever.com indicates that the average US citizen can pay down ALL their debts in as little as 6 years using this method!
The important things about this method are as follows:-
You want to pay off the debt which will clear first. This allows you to 'accelerate' the process, using each item's payments on the next in the chain as the method matures. You must resist any temptation to focus on the higher interest debts - that is not essential here. If you run into problems (emergency expenditure required, that sort of thing) you can suspend the plan for the minimum amount of time it takes you to deal with the emergency, but then you must resume immediately. Oh, and by the way, DO NOT try to use your retuirement 401(k) funds for this - fund it from income and windfalls only.
About The Author
(c) E Lucas 2005. You may reproduce this article on your website or newsletter as long as you include this byline and link to the free debt elimination site, www.noDebtever.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. |
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| www.imf.org |
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| Special report: debt relief | Special reports | Guardian Unlimited |
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| bankruptcy.findlaw.com |
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| en.wikipedia.org |
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| What debt relief means for Africa | csmonitor.com |
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