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Credit Card Debt: How To Deal With It
Do you have a hard time paying your credit card bills? Starting
to get notices from waiting creditors to pay? Worried that you
might lose your properties like your house because of credit
debt? Chin up: Dealing with credit card debt is not as...
Debt Consolidation Loan - Financial Savior?
It's the day you've been waiting for the last two weeks... payday and the only time when your face lights up and you actually go to the office with a lot of wonderful, dreamy thoughts in your head - such as how fast you'll be able to bolt out of the...
Loosening The Grip Of Student Loan Debt
Funding education can be complicated and difficult to manage. Learn how to control your education debt with these tips and guides.
At this time of year many are seeking ways to cut costs on student loans. You may have a number of programs your...
New Years Resolutions - Dieting - Quit Smoking - Getting Out Of Debt
Okay it is almost that time of year again when we make those
promises to ourselves and our loved ones. I know one of the main
resolutions is to lose weight and get in shape.
We will be bombarded very soon with infomercial ads promising
all...
What Debts Do You Owe Society?
This is a time of year when many people take stock of all that
they are grateful for -- or at least when we should do so. But
this should also be a time when we take stock of all those
people who contributed to those gifts -- especially...
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Tips To Take Control Of Debt Collection
Debt collection tips can help. You may think you have no power when the debt collector comes calling, but think again! Creditors don't like losing out on the ability to collect money owed them. And most creditors will take steps to settle an unsecured debt to collect some money as opposed to no money.
Tip 1 - Keep Communications Open
Once you have your Money Management Plan on paper, you will be able to professionally respond to requests for payment from creditors and debt collection agencies. They may ask you, or you can offer, to send them a copy of your Money Management Plan. This opens the communication between you, and they may even be able to offer suggestions to improve your plan. Keep in mind, however, they will offer suggestions based upon their best interests, you need to negotiate based upon what's best for you!
Tip 2 - Know Your Credit Report
Obtaining a copy of your online credit report, and learning how to use it in debt management, can help you when it comes to negotiating with your creditors.
Tip 3 - Negotiating With Creditors
You can request a monthly payment reduction, either a temporary extension, or permanent reduction. Keep in mind, this method can involve adding years to your payment plan, as well as some type of "deferral fee" charged by the creditor.
Ask if the interest rate, principal balance, or monthly payments can be reduced to permit you to continue to pay the debt on time. Ask for principal reduction first, then interest reduction. If these are not agreeable, then request monthly payment reduction.
If you ask for all 3, the creditor will take the one best for them first, which is monthly payment reduction, and you end up paying too much interest. Lower payments, without the other two will only mean you are adding years and years to the payoff time. No bargain there.
If you have access to some money to make a large payment on a debt, you may want to consider debt settlement on some or all of your debts.
On secured debts, you risk losing the asset if you
don't keep your payments current. This includes your home, car, etc. These are priority debts to you, as well as priority debts if you decide to file bankruptcy.
Tip 4 - Do What's Best For You
Whether you are speaking with creditors directly, or to debt collection agency representatives, remember, be honest, and don't commit to payments you cannot make.
Tip 5 - Know Your Rights
The Fair Debt Collection Practice Act sets out exactly what creditors can, and cannot do, when talking with your about your debt. Don't be afraid, be informed!
http://www.debtsteps.com/fair-debt-collection-practice-act.html
Remember, being courteous and honest with creditors and debt collectors will go a long way in helping you to cope. No lies to remember, no self-induced stress, just honest communication to achieve your goals.
About the author:
Debs is the editor of www.DebtSteps.comwhere you can get the answers you need about debt relief, consolidation, credit counseling and more. Subscribe to the free newsletter and discussion list at http://www.debtsteps.com/debt-help.htmland get free money management worksheets in pdf and spreadsheet format. Get more information:
Compare the pros and cons of debt consolidation loans,
service companies, and credit counseling.
http://www.debtsteps.com/consolidate-debts.html
Understanding how your credit score
can affect your debt relief choice
http://www.debtsteps.com/credit-score.html
Free Money Management Tutorials
http://www.debtsteps.com/money-management.html
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