|
|
|
A Beginner's Guide to Low Interest Debt Consolidation Loans
Looking for low interest debt consolidation loans can sometimes seem like looking for gold at the end of the rainbow, but loans with minimal interest can be had even by people with poor credit ratings. The most important things in trying to find...
Debt Elimination 1
If you have multiple debts, you may well be wishing you had a debt elimination wand to wave and make all the debts disappear. You would probably wish even harder for that magic wand if you were falling behind with, or at least struggling hard to...
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 Tax Deduction - Write-Off Bad Debts
Practically every small business has receivables that it cannot obtain from clients. If your small business doesn't have any such receivables, consider yourself lucky. For those small businesses that suffer from uncollected receivables, solace can...
|
|
| |
|
|
|
|
|
|
How Credit Card Debt Effects You
The statistics are truly mind numbing and continue to get worse
each and every year. At the current rate about 1% or one in a
hundred families will be forced to declare bankruptcy at some
point and over 90% of Americans' disposable income is spent
paying back debts.
Not a happy picture but as bleak as that sounds running won't
change it but knowledge may and so, let's take a quick snapshot
at a few of the current credit card debt statistics facing so
many Americans today.
The American Consumer spends over 1 trillion (that's a 1 with 12
zeros) per year on credit card purchases. Not a big deal in and
of itself but the problem lies in that they end up carrying over
and paying interest on about half that amount or $500 billion.
This translates into a balance of between $5,000 and $8,000 per
family, with about $1,000 per year going just to pay the
interest.
That's just the average - many people owe much, much more!
Excessive Debt Costs Everyone Money Many American receive at
least one new credit card offer in the mail every day. The money
being spent to service the debt industry is truly immense.
Billions are spent administering, calculating and marketing the
various aspects of the credit card industry.
Few industries or people escape unscathed, at least in the long
run by debt. The burden that bankruptcy puts on the court system
or the cost to government of providing subsidized debt
counseling, are just a few examples of how debt effects the
nation. In addition, consumers with excessive debt have less to
spend and when money isn't flowing, it hurts the economy.
Whatever Happened to Saving? Debt is becoming increasingly more
common. Not long ago, even a little debt was considered to be
absolutely unacceptable. When you wanted something, you saved up
for it and bought it ONLY after you had enough money to actually
pay for it. And, if you had less than perfect credit, you
couldn't even get a credit card. Look at consumer debt figures
as little as 50 years ago and they were absurdly low - the way
most of the
non-Western world is today.
The reasons are many and everyone has an opinion but regardless
of the reasons, the art of saving, at least in the "western
world" seems to have been lost. Outside of a 401K or similar
vehicle offered at your place of employment, virtually nobody is
saving enough for retirement. Banks are starting to have to
offer ever-higher interest rates to get people to put money
anywhere near a savings account. In fact, few people even have a
savings account anymore. Most people have a checking account and
that's it. Our society and progressed into a "now" culture and
the virtues of patience that help grow this country seem to have
been lost. Whatever it takes to live life in the present with
little regard for the future, appears to be the prevailing
sentiment.
Is Over Spending the Culprit? Ok, I've been a bit harsh up until
now but I don't want to give the impression that the only reason
you're in debt is because you continuously and frivolously
overspend. Other factors are involved.
Truth be told, many people get buried in debt because of the
loss of a job or an illness and they use credit cards to pay for
basic expenses. As a result, they fall into the downward
interest trap spiral as their debt grows out of control from
just a few thousand dollars initially borrowed to pay for
essentials.
Most people do have a reasonable sense of what they can afford
and they don't just go out and use credit cards to buy any and
everything. Getting heavily into debt is usually a combination
of many factors but the problem lies in people leaving balances
on their credit cards for too long and not realizing just how
deadly compounding interest really is to their financial
well-being.
About the author:
Amber Knutson is a contributing writer to: Eliminate Credit Card Debt
and Debt
Consolidation and Managing Debt. This
article may be reproduced only in its entirety.
|
|
|
|
|
| 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 |
|
| Welcome to Debt Relief International |
| Welcome to the web site of Debt Relief International. |
| www.dri.org.uk |
|
| Debt relief steps, your free guide to debt help. |
| Articles on debt relief, and credit management and repair. |
| www.debtsteps.com |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
|