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Consolidate And Live Debt Free
Are your credit cards in charge of your life? Are you living
payday to payday with no end in sight? Making large payments but
not making much of a dent on your principal balance? It may be
time to consolidate and live debt free.
Debt free...
How to avoid the pitfalls of creeping debt.
Reducing debt usually isn't a high priority for people until they have already gotten into trouble with overspending. Using a few basic guidelines, and debt calculations, can help you see when your debt load is getting into the danger zone. ...
Paying Off Your Credit Cards: A Get Out of Debt Plan
Getting out of debt requires more than just simple willpower. Most people will need to go a step further: coming up with a plan to make sure that they will be able to permanently retire their debts.
First and foremost, you need to prioritize...
The "Credit Card Debt Termination" Scam
"Legally terminate credit card debt! You can be debt-free in 4-6 months!" Advertisements like this are for a new type of program that has spread via the Internet over the past few years. It's called "Credit Card Debt Termination," and victims are...
The First Step To Getting Out Of Debt: Make The Commitment!
These days, getting into debt is easy. Unfortunately, getting out of debt is not so simple for most people. But you can do, if you go about it the right way. The first - and by far the most important step – to getting out of debt is to MAKE A...
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Poor Credit Debt Consolidation Loans
Poor credit debt consolidation loans are an excellent option to
consider if you are an individual who wouldn't qualify for a
traditional loan, but are in need of money to pay off bills,
consolidate debt into one lower payment, and improve your style
of living.
Understanding the exact meaning of a poor credit debt
consolidation loan is extremely important. Poor credit debt
consolidation loans are meant with individuals that have low
credit report scores, as rated by Experian.com, Transunion.com,
and Equifax.com These three credit bureaus are where lenders
turn to prior to offering a loan to a business or individual.
Lenders obtain an individual's credit scores to determine if the
person is worthy of the loan. Scores listed through the three
credit bureaus are configured and calculated using software by
the Fair Isaac Company, and are called FICO scores. The FICO
scores range between 300, for no credit, and 850, for perfect
credit.
Virtually no one has perfect credit scores at 850, because
scores are based on a number of factors, including debt to
income ratio and late payments, to name a few. However, scores
of less than 619 are considered poor credit, and scores below
550 make it virtually impossible to obtain a loan except in
certain instances where a lender specializes in poor credit debt
consolidation loans and is looking for such borrowers. In
general, though, scores below 619 are considered poor credit,
and the borrower is considered a high risk to the lender.
Having poor credit is difficult, and it's not ideal by any
means, but it also doesn't have to be something that lasts
forever. Credit scores need not rule out the options a loan can
offer. Relief can come with obtaining a poor credit debt
consolidation loan. While it does take time, credit scores can
definitely be repaired after obtaining a poor credit debt
consolidation loan.
When conventional loans are out of the picture due to low credit
scores, a poor credit debt consolidation loan can offer a way
out of having poor credit, and a way of repairing credit scores
and creating a better lifestyle. Poor credit debt consolidation
loans can come at a time when the borrower needs money the most
- when payments are high, or when income levels aren't high
enough to pay all of the bills. They are available to even those
that are self-employed or have been involved in a bankruptcy
more than ten years ago. Additionally, a poor credit debt
consolidation loan offers a "light at the end of the tunnel" for
repaying debt faster, as well as consolidating all bills into
one smaller monthly payment. By making these payments on time,
credit scores can jump as much as 100 points or more in one year.
Pros of Poor Credit Debt Consolidation Loans
1. Poor credit debt consolidation loans put money into the hands
of an individual who wouldn't otherwise qualify for a loan.
2. These types of loans give borrowers a chance to consolidate
their debts and gain control over their financial state, as well
as an opportunity to invest in a home or automobile if
needed.
3. Poor credit debt consolidation loans allow individuals to
borrow money without giving a reason, and therefore, can be used
for any purpose, including a college education or a business.
4. A poor credit debt consolidation can allow the borrower a way
to improve their credit rating, provided that all payments are
made on time.
5. There is an emotional and psychological impact involved with
poor credit debt consolidation loans. It gives individuals an
opportunity to turn their life around and improve it when they
previously felt that it was hopeless. Poor credit debt
consolidation loans can also help individuals stay out of
bankruptcy.
Cons of Poor Credit Debt Consolidation Loans
1. The money goes into the hands of an individual with a history
of poor spending habits. If the money is used in a wasteful
manner, or to "splurge" on a high ticket item, for example, the
loan will only add to the current financial burden if it is not
used efficiently and wisely. An additional loan used for these
purposes can lead to bankruptcy and financial destruction.
2. If payments are consistently late after obtaining a poor
credit debt consolidation loan, credit scores will drop even
more.
3. Interest rates are much higher on poor credit debt
consolidation loans than for conventional loans. However, if the
loan is used wisely, it can be refinanced at a lower interest
rate once credit scores increase.
4. Poor credit debt consolidation loans that involve collateral
may mean that if the money is not used wisely, ownership of the
collateral may be at stake. The lender has the right to take the
collateral if payments are not made on time or not made at all.
After obtaining a poor credit debt consolidation loan, and the
debts have been paid, get your finances in order. Balance your
checkbook to the penny, and don't make any unnecessary
purchases. Don't make extravagant purchases, either. Remember,
the reason for obtaining the poor credit debt consolidation loan
was to get back on track. Don't employ poor spending habits that
can make credit scores end up even lower. Stay away from high
interest credit cards, credit cards that can't be paid off
monthly, and especially, payday loans. If a large purchase is
needed, such as furniture or a vehicle, look into used items.
Furniture can be purchased at thrift shops and through newspaper
classified ads. Join your local Freecycle group (freecycle.com)
to obtain items for free that you might otherwise consider
purchasing. Shop for vehicles through private owners, not at car
dealerships. Privately owned vehicles will offer a lower cost to
you without any added costs. Have a trusted mechanic check the
vehicle over before you pay for it, though.
About the author:
Rebecca Game is the founder of Digital Women ®, an online
community for women in business. A 30 year entrepreneur and
dedicated to helping other women find small business loans.
Visit her site: Loans for Women
http://www.digital-women.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. |
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| Articles on debt relief, and credit management and repair. |
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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 ... |
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| Debt Relief - InCharge Debt Solutions |
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| 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. ... |
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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. ... |
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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 ... |
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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. |
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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. |
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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 ... |
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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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