|
|
|
Correcting Your Debt Problem
Dealing with ones finances is never easy, especially when you
have a debt problem. A debt problem is created when you end up
spending more money than you spend on a consistent basis. It is
certainly possible that one might be forced to operate on...
How to Find the Best Debt Consolidation Secured Loan
If debt is a way of life for you, it's time for you to consider finding a debt consolidation secured loan. This loan is designed so that you can pay off some or all of your debt, leaving you with a single low monthly payment instead of multiple...
Pay Off Your Student Loans and Reduce Your Debts
Financing a college education is one of the more expensive debts you may incur. Student loans can take years or even decades to pay off. Making late payments or missing payments all together can result in a poor credit rating and collections on...
The Pros And Cons Of Credit Card Debt Settlement
Are you a self-confessed shopaholic who buys anything and everything that you get your shopping addicted hands on? Such thoughtless and impulsive buying will most likely result in the accumulation of a bunch of junk that will simply collect dust....
Your Debt To Income Ratio
To stay out of debt, you must spend less money than you earn. Implementing this financial plan is often more difficult than it would seem. Your debt to income ratio is an important part of your overall credit history. If you spend more money than...
|
|
| |
|
|
|
|
|
|
Understanding Credit Card Debt Consolidation Loans
If borrowers are asked to vote for the most striking feature of
credit cards that appeals them, then increased spending power
ought to bag the largest number of votes. In fact this is a
feature that distinguishes credit cards from cash, cheque, and
the newly launched debit cards. Credit cards allow customers to
spend up to a certain credit limit, even when their account may
not sport a similar amount. The feature takes not much time to
be turned into a drawback when the credit card is used
inappropriately. People often keep a multitude of cards and when
each card has been stretched to its credit limit, it becomes
difficult to repay the debts in totality. It is here that credit
card debt consolidation loans come into play.
Credit card debt consolidation loan is a regular debt
consolidation loan, reengineered to counter credit card debts.
The speed with which debts are eliminated is of prime importance
in credit card debt settlement process. Since the debts carry a
very high rate of interest, employing a method that moves slowly
will only increase the interest burden over time. Credit card
debt consolidation loans present the fastest method of coming
out of debts.
Credit card debt consolidation loan borrowers need to keep tab
of three factors before consenting to any deal.
Rate of interest or APR constitutes the very first factor. The
APR being charged on the credit card debt consolidation must be
the cheapest available in the UK. The principal motivation
behind the use of credit card debt consolidation loan is to
escape high rates of interest. It must thus be ensured that the
rate of interest must not be equally higher. This has a direct
effect on the cost of loan. Secured and unsecured credit card
debt consolidation loans, which define the categories of credit
card debt consolidation loan, influence rate of interest
significantly. Secured credit card debt consolidation loan are
backed by a collateral. Borrowers thus cannot be irregular in
making monthly repayment without risking the asset kept as
collateral. The APR on a secured credit card debt consolidation
is generally lower.
Rate of interest or APR is the visible face of a loan. The loan
quote requested from loan providers gives the APR. Many
borrowers, as a part of the homework or loan search, request
loan quotes from a large number of loan providers. Cheapest loan
immediately comes into the fore when loan quotes from several
loan agencies are compared. In order to confirm that the APR
being promised is really cheap as asserted by a loan provider,
many
borrowers also make use of loan calculators. Loan
calculator lists the APR charged by banks and financial
institutions, many of which are well known among the financial
circles in the UK. Shopping around for interest is going to be
very helpful in getting cheap credit card debt consolidation.
The next important factor is the term within which the credit
card debt consolidation loan will be repaid. Just as credit card
debts become costly if not repaid on time, credit card debt
consolidation loans too have a time period within which it will
be wise to repay. This is known as the term of repayment. In the
absence of any fixed rule stating the term, the borrower will
have to depend on his personal discretion. Unless necessary, the
term of the credit card debt consolidation loan must not be
extended beyond a certain level. Payment calculator is an easy
method to find the optimum number of repayments. The potential
borrower has to fill the amount of loan and the number of years
that he would like to spread the repayments in. Payment
calculator calculates monthly repayments on a particular rate of
interest. If the monthly repayment so derived suits the
potential borrower, the optimum term of repayment is found. If
not, borrowers must continue using different permutations and
combinations to achieve the optimum level.
Monthly repayments are the last important factor to be
considered before taking up a credit card debt consolidation
loan. As seen in calculations for term of repayment, monthly
repayment is a by-product of the search. Borrowers, in some
instances, have already determined that they cannot afford
beyond a particular monthly repayment. The search process can
thus be centered upon the monthly repayments so determined.
Monthly repayments need to be determined with a sufficiently
larger period in mind. Whether one would be able to pay the
monthly repayments at that point of time will be an issue for
consideration. Being irregular on monthly repayments can result
into repossession of collateral as well as bad credit.
The list of points to be considered before accepting a credit
card debt consolidation deal may not be limited to these three.
It may be endless. Depending on the priorities of a borrower,
differences in prominence attached to these are often visible.
About the author:
Alex Jonnes is associated with
www.easy-debt-consolidations.co.uk He is Masters in Business
Administration. He writes on various finance related topics. To
view his writings, please log on to
www.easy-debt-consolidations.co.uk
|
|
|
|
|
| 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 |
|
| Welcome to Debt Relief International |
| Welcome to the web site of Debt Relief International. |
| www.dri.org.uk |
|
| Debt relief steps, your free guide to debt help. |
| Articles on debt relief, and credit management and repair. |
| www.debtsteps.com |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
|