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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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| Debt relief - Wikipedia, the free encyclopedia |
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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. |
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