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Debt Consolidation Companies: Common Pitfalls to Avoid
It's difficult not to notice the incredible growth that there
has been in companies offering debt consolidation programs and
solutions over the past few years. At first, debt consolidation
companies were some of the biggest advertisers on the...
Debt Consolidation Refinance, Is It Good?
Many people in our modern society live from paycheck to paycheck. Most of them do not even see where the money they earn from a month long work goes a day after the payday. A lot of them are in deep financial trouble and are already in the brink of...
Debt Management - Is It the Right Choice For You?
Debt Management plans offer credit counseling clients a different and new approach to tackle their finances. Finding out if a debt management plan is right for you can take some time. However looking into the pros and cons now will help you know...
Finding The Right Answer For Your Debt Problems
As credit card bills begin to stuff our mailboxes, many consumers are faced with the hard reality that they went overboard with their holiday shopping. And for those who don’t pay the balance due in full, you’ll also wind up paying interest...
Say "Bah, Humbug!" To Holiday Debt: Avoid the "Holiday Hangover"
Ah, the holiday season! Turkey and dressing, pumpkin pie, office
parties, jingle bells, and lots and lots of eggnog make the
season a delight. But all fun and reindeer games aside, you have
to be careful to make sure you don't wind up as poor as...
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The Battle of the Budget: How To Get Out of Debt
A lot of people I talk to tell me that they have a great idea for a home business, but when I ask them when they are going to start it up, more often than not they say something like, "Well, I would start, but I don't have a lot of spare cash right now," or, "I just need to get out of debt first."
Debt is one of our most universally felt problems. Almost everyone has been in debt at some point. Debt can feel oppressive, frustrating and debilitating, but quite often it isn't as bad as it seems. The key to getting out of debt is action. You can't bury your head in the sand. Take control of your problem. If you let debt rule your life, you'll never get anywhere, and you can be sure that you'll never get that business off the ground. Here are a few tips which might help.
First, Budget. I can't stress how important this is. If you don't know how much money you have and where it's gone too, you'll never see the light at the end of the tunnel. Keep meticulous records, and eliminate every wasteful expenditure you can. This may sound difficult, but it is a must, and it gets easier as you get used to doing it.
Second, Aggressively pay off your credit cards. Credit cards can be a huge drain on your income simply because of interest. Most card payment plans are set up so that your minimum payment is only slightly larger than your monthly finance charge. If you stick to the minimum you will end up paying thousands in interest, a few dollars at a time. You've got to pay as much per month as you possibly can. Send double and triple payments whenever possible, and always give the most to the card with the highest interest rate.
Also, several credit card companies offer very low interest rates for the first six months, or even year, on new accounts. If your credit rating is still decent, you may want to open a new
credit account with one of these companies. You can then transfer your high interest balance onto the new card and then pay it down as quickly as possible.
Third, Go to a credit counselor or debt consolidator. Consumer Credit Counseling or Debt Counselors of America are reputable agencies in this line of work. The main benefit here is that if you sign an agreement with a credit counselor, quite often your creditors will agree to lower your interest rates and even forego your late fees, something they would never do if you asked on your own. Also, 98% of your creditors will stop reporting you as late or delinquent to the credit reporting agencies. This type of agreement will typically freeze your accounts until paid in full, but if you're really trying to get out of debt then you shouldn't be using your credit cards anyway, right?
Finally, Do NOT declare bankruptcy. Sometimes things can get so bad that declaring bankruptcy may seem like the only answer. It isn't, and it will only cause you more trouble. Bankruptcy can eliminate your debt, yes, but it also completely ruins your credit rating for the next ten years. If you are dreaming of starting a business, forget it. No one will finance you for anything, not even a gas card, with a bankruptcy on your record.
So remember. Keep a working budget, this is the basic key to getting out of debt, and the other tips won't work without it. Pay off your credit cards, and stop losing your money to interest. If necessary go to a debt counselor, but never, I repeat never, declare bankruptcy. There's money to be made out there if you just know how to do it.
About the Author
Alvin Apple helps everyday people start businesses they will enjoy. Then he teaches them how to succeed. Read all his helpful strategies at http://AlvinApple.com Reach Alvin at 801-328-9006 or alvin@drnunley.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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