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Debt a Glossary of Terms
Bankruptcy - Having been legally declared financially insolvent. There are two types of bankruptcy - liquidation, in which your debts are cleared (discharged) and reorganization, in which you provide the court with a plan for how you intend to repay...
Debt and financial optimism in the UK continue.
With £1.3 trillion pounds worth of debt in the UK, Scotland’s Citizens Advice Bureau ( http://www.cas.org.uk/ ) has welcomed a new Bill to regulate lenders and protect borrowers from creating un-repayable levels of personal debt. Chief executive...
Pray off your debts - in 10 days or less
It will all be clear in a minute, but first I have to ask you... How would you like to be debt-free in 10 days or less? Do you ever have those days where you just don't feel like getting out of bed? Where you feel discouraged, that your...
Securing Debt Consolidation Secured Loans
If you're like most people, then you've got debt in your life… and if that debt is getting out of hand, you might want to consider debt consolidation secured loans. These loans are designed for people who find themselves in debt beyond their means...
Stop Debt Collectors Cold and get Back on Your Financial Feet
As a consumer law attorney who counsels people with debt problems, I’ve heard my share of horror stories about debt collectors. For example, a college student client was threatened that she’d be arrested if she did not pay a credit card debt, and...
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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. |
| 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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