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Can Debt Consolidation Help You Avoid a Financial Emergency?
Studies have shown that most filed bankruptcies are caused by a few specific reasons. Unexpected medical bills, divorce, and unemployment are the three biggest causes behind bankruptcy. However, these things alone do not usually lead to...
Debt Consolidation 101
Debt consolidation occurs where one takes out a loan in order to pay off two or more existing debts. Consolidating existing unstructured debt into one personal loan may save on your monthly outgoings while, at the same time, offering a repayment...
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...
Getting (and Staying) Out Of Debt
Get Out of Debt
If you are in debt, then you know the feeling, the stress, the
anxiety, the calls from creditors and letters from banks. If you
are in debt then the first thing you would like to do is run.
However, you don't have to run away...
The Ups And Downs Of Online Debt Consolidation
Online debt consolidation has been a hot topic on everybody’s lips nowadays. People are divided in their opinions about online debt consolidation because there are those who swear that they’ve been saved from bankruptcy, thanks to online debt...
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The Midas touch to Debt Problems (A-Z for Debt Solutions)
In the present era where financial breakdowns and debt problems rein supreme here are some programs which can turn your nightmares into sunny beginnings. The consumer debts in America have reached staggering levels after more than doubling over the past 10 years. According to the figures from the Federal Reserve Board, consumer debt hit $1.98 trillion in October 2003, up from $1.5 trillion three years ago. There are presently 5 to 7million Americans, who are financially overstressed. The fourth quarter of 2004 found consumers exhibiting little confidence in the economy, with unemployment at 5.4 per cent, individual bankruptcy filings at an annual rate of about1.6 million. Americans pay more than $65 billion dollars in interest to banks annually, and unsecured credit delinquencies are at an all-time high.
According to American Consumer Credit Counseling, the total U.S. credit card debt in the first quarter of 2002 was approximately $60 billion. Credit card debt carried by the average American: $8,562 (Approx.). From 82 million in 1990 to 144 million in 2003— the amount they charged during that period grew by a much larger percentage: approximately 350 percent, from $338 billion to $1.5 trillion.
With the major options a debtor has today clearing your debts is become a lot easier.
Debt Consolidation: According to the survey in 2004, thousands of debt struck people has been benefited by the debt consolidation program. Debt consolidation programs consolidate your entire loan in a single amount and your late fees are also deducted. This is the most popular way of solving your debts in the new millennium. View more info in: (http://www.debtconsolidationcare.com)
Bankruptcy : Data compiled by the Administrative Office of the U.S. Courts show that the number of bankruptcy filings (dominated by personal filings) dropped by about 1 percent during the 12 months that ended June 30, 2004, from 1.65 million to 1.63 million. Personal bankruptcy filings have nearly doubled in the past decade, rising 7.4 percent to more than 1.6 million in the 12 months ending September 30, 2003. “Total bankruptcy filings remain at historic highs. Chapter7 and Chapter13 Bankruptcy: Statistics released by the administrative office of U.S. Courts show that a total of 388,864 new non-business bankruptcy filing in the United States during the quarter ended September 30, 2004, including 274,196 chapter 7 filings and 114,454 chapter 13 filings.(http://www.debtconsolidationcare.com/avoid-bankruptcy.html)
Debt Settlement: With debt settlement, a third party or you yourself negotiate with your creditors to reduce the debt amount. Debt Settlement agencies work with your creditors to reduce your debt balance, sometimes by as much as 50-75%. Let's say you have racked up $20,000 in unsecured credit card debts. You owe $10,000 to one credit card Company, $6,000 to another one, and $4,000 to a third one. You agree to contract for a five year debt settlement plan where you pay $250 a month to the Debt settlement company. $250 a month for five years
is only $15,000, so you're saving $5,000 and you'll be debt-free in just five years by opting Debt Settlement Plan.(http://www.debtconsoldationcare.com/debt-settlement.html)
Debt Management Programs: More than 3 million people contacted a credit counseling company last year for help in managing debts. Credit counselors collected about $7 billion in payments as part of debt-management plans, which typically allow consumers to pay back their credit cards and other unsecured loans in three to four years at reduced interest rates. Clients who successfully completed a DMP felt that it provided a wealth of different benefits, both immediately and long run. Almost 85% of clients felt that the ability to payoff their debt was beneficial and almost 55 % felt that the plan helped stop collection calls. A Total of almost 38% felt that they improved their credit worthiness and almost 51% felt that they improved their overall financial status.(http://www.debtconsolidationcare.com/debt-management.html)
Credit Counseling: Credit counseling agencies help you to be debt free, but basically they don’t consolidate your debt. They will work out payment plans with lower interest rate and fees for your outstanding debts. You’ll make one monthly payment to the counseling agency, which will pay all your creditors. Nearly 9 million people in financial trouble have some contact with a consumer credit counseling agency each year.(http://www.debtconsolidationcare.com/credit-counseling.html)
Budgeting: Budgeting is also a very important aspect in the debt solution plan. Make a budget plan and curtail any unnecessary expense. In a recent survey of average U.S Budget per household shows that a household allocates 33% of his total Income in housing, 13% in food, 5% in apparel and services, 19% in transportation ,5% in Health care ,5% in entertainment , 9% in personal insurance and pensions ,1% in life insurance and 10% for other items.(http://www.debtconsolidationcare.com/budget.html
Home Equity Loan: There has been an increasing growth in the home equity rate in U.S. By the first quarter of 2003, home equity loan growth outpaced credit card growth by an average of 5.6 percentage points. By the same quarter in 2004, that figure jumped to 8.4 percent. What's more, U.S. home equity debt was at a record high of $415 billion for the second quarter in 2004, which is a 10 percent jump over the previous quarter, the FDIC reports. If home equity debt keeps increasing at current levels, it's on pace to break $500 billion by the end of the year.
These above mentioned methods can lend a Midas touch to all your debt and financial problems. For deeper insight into debt related matters view:
http://www.debtconsolidationcare.com/debt-solution.html
http://www.debtconsolidationcare.com/debt-free.html
About the Author
Janet Williams is a contributing
writer to http://www.debtconsolidationcare.com
and is currently working on a special section in the site called do it yourself where you can eliminate your debts and become debt free..
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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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