|Debt Consolidation Information||
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Credit Card Blues
For the average American family, debt, and especially credit card debt is spiraling out of control at a record pace. The average household credit card debt has risen dramatically from $3000 in 1990 to over $8000 today. Personal bankruptcies are also at an all time high, prompting Congress to consider a radical bankruptcy law overhaul, designed to weed out those who are merely taking advantage of the system loopholes while directing many to more palliative alternatives such as a debt management program.
Of course some debts are considered necessary and indeed wise choices. For instance, few if any could afford a house if we had to wait until we could buy it outright. Generally speaking, a home is an asset that, over time, appreciates in value. Another debt that "makes sense" is a student loan. All data points to a direct correlation between income and educational level. However, what about that big screen TV you really didn't need, or that new car when a used one would have served the same purpose and not have created a financial nightmare. We need to start telling ourselves NO!
According to the experts at The Credit Counseling Foundation, Inc. (www.GoDebtFree.com), statistics show that about 60% of all credit card holders do not pay off their entire balance each month. With average interest rates still hovering around 15%, this increases the cost of everything you buy by at least 15%. And if you are only making the minimum payment, you could be looking at 20-30 years to pay off that balance depending on your interest rate. Minimum payments are designed to cover mostly interest, thereby keeping the holder chained to their credit card debt. One may ask with interest rates at 30 year lows why are credit card interest rates still so high? Simply put, there are no regulations on credit card interest rates requiring that they mirror prevailing interest rate indexes. Along with late fees, user fees and penalties, these interest rates, which can be greatly increased due to just one single late payment, are all implemented to generate tremendous revenues for the issuers, while at the same time creating a situation of unwanted indentured servitude for the debtor.
When faced with this overwhelming problem, what is one to do? Well the first line of attack is to cut up all credit cards. Only buy what you can afford to pay for in full. If you decide to keep a credit card, pay it off every month. This may sound like basic, common sense advice, but what about the average Joe who has already accumulated too much debt and cannot pay it off? If you are extremely disciplined and have the extra cash, you may want to formulate a plan to pay off the higher interest cards first. For most us who neither have the cash flow nor the self-discipline to adhere to such a plan, or don't want to lose the built up equity in our home by taking out a line of credit or re-financing which, by the way, could put the family home at risk should future financial setbacks occur, a good alternative would be to use a non-profit 501 (C) (3) credit counseling service. These companies can afford their clients many benefits that they could not ordinarily accomplish on their own. Interest rates can be reduced, accounts can be brought back to current status through re-aging, and maybe best of all, can stop those annoying and embarrassing creditor calls. It can get you a workable monthly payment while shortening the payoff term to typically 4-6 years. This can save thousands in interest costs! Another overlooked benefit is that all credit cards put into a debt management program are closed, thus eliminating all temptation no matter how hard you find it to say NO! All this without the trauma and stigma caused by bankruptcy or settlement.
Since there are literally thousands of these debt management companies out there, how does one go about choosing the right one? In addition to using a non-profit agency, check factors like the company's Better Business Bureau report, are they accredited by a nationally recognized certifying agency such as ISO or COA, are their counselors certified as well, how long have they been in business and word of mouth recommendations. Another consideration is whether to use one of the local community funded agencies or a private one. Although the local agencies have the advantage of being able to meet you face to face, due to limited budgets they can lack the expertise of private companies as they are often staffed predominately by volunteers and don't offer the array of modern on-line and technological services which today's consumers deserve and most large creditors demand in order to extend the debtor their most favorable terms. Moreover, many locals encumber their clients with restrictive guidelines, going as far as limiting the number of haircuts you can get or movies you can view.
If you have reached the point where you are transferring balances just to keep afloat, making minimum payments and getting nowhere or getting harassed by creditors and view bankruptcy or settlements with your creditors as both far too damaging and morally unacceptable, you may want to consider contacting a reputable credit counseling/debt management organization. A good starting place besides the BBB, would be one of the debt management organizations that belong to the American Association of Debt Management Organizations (AADMO). Most of all, don't despair! Help is out there, just do your homework and choose wisely. With the right agency to guide you combined with a true commitment to getting out of debt once and for all, there is indeed light at the end of the tunnel.
The Credit Counseling Foundation, Inc provides web-based education and personalized consumer credit counseling to clients and the general public in an effort to help consumers use credit wisely. Visit us at www.godebtfree.com
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Debt Consolidation Company and Companies
Debt consolidation companies have dotted the debt solution landscape as a result of the critical financial conditions consumers find themselves in from heavy credit card debt and other unsecured loans. With approximately 80% of Americans in debt up to $10,000, some are exploring a debt consolidation company in order to reduce or eliminate the crushing debt load that they carry.
Before Considering Debt Consolidation
If you believe in the good in people then you probably also believe that few people take out loans, or other forms of credit, with the intention of skipping the bill. With credit counseling, debt consolidation, and even bankruptcy on the rise, it's a little hard to believe in the good in people.
Sometimes life can get on top of you and out of control. When this happens many of us indulge in a little retail therapy but when a little becomes a lot then you can hit problems.
The Pros and Cons of Debt Consolidation Loans
You are swimming in debt. You have 4 credit cards maxed out, a car loan, a consumer loan, and a house payment.
Debt Consolidation: Its all in the Planning
If you're like thousands of other people who find themselves deeply buried in debt, facing a daily barrage of creditors and bills, and wondering how on earth they are ever going to dig themselves out of this hole, a debt consolidation re-mortgage could be your best bet.By consolidating all of your bills into a single, easy to make, monthly payment you are able to get a handle on your debt before it gets any more out of control than it already is.
Debt Consolidation Solution
Debt Consolidation is a solution that solves your debts. Debt is a financial hazard.
Debt Consolidation: Reduce Your Monthly Debt Payments Now
Debt consolidation is frequently becoming a very familiar term used in these consumer frenzy-spending times when everything that is available to purchase is often presented with the availability of a hire purchase agreement.While the goods that we want are made more easily available for us to purchase this way, we should also be aware of the financial situation that this can place us in if taken to an extreme degree.
Online Debt Consolidation Services - Lower Your Monthly Payments Now
Consumers looking for a way out of debt may want to consider the services of a debt consolidation firm. If you are spending more money than you can reasonably afford each month on paying credit card bills, medical bills, or other types of unsecured debt, a debt consolidation firm may be able to help you become debt free much faster than you ever expected.
Debt Consolidation Mortgage: Home Solutions for Integrating Arrears
Credit card debts, auto loans debts, secured loans debts, unsecured loans debts - debts of all sorts and types registered against your name. It is hardly a very promising situation.
Credit Card Purgatory - A 7 Step Comprehensive Plan to Get and Stay out of Credit Card Hell
Does this Sound like You? There are 100 shopping Days left until Christmas and your Credit Card Balance is Higher now then it was in the beginning of the year. You may have thought of using your home and getting a debt consolidation loan, A Debt Consolidation Loan without a solid Long Term financial plan is a Recipe for Disaster.
Get Out of Debt
It is said that a pet tiger cub can become dangerous if it tastes blood. It will stop at killing no one, not even the people who brought it up.
Debt Consolidation Service In Birmingham
Jane was a fun loving girl from Birmingham, you could say she lived for today. She wanted all the latest fashions and gadgets and certianly was not afraid to use her credit card to pay for them.
How to Choose a Debt Consolidation Loan?
If you have decided that a debt consolidation loan is necessary, then you have made a big decision. In order to choose the right debt consolidation loan for you, you need to take the time to research what is available versus your needs.
Debt Elimination 4
Planning For Debt Elimination Without Surplus CashPreviously we looked at using surplus cash each month to chip away at those outstanding loans, on our long road to debt elimination. But what can you do if there is no surplus cash every month?So, you have examined your monthly outgoings, and there is nothing to cut out in the way of expenditure.
Credit Cards Debt Consolidation
Consolidating credit card debt is never easy. Too often people run up their debts without even realizing it until it is too late.
Debt Consolidation Loan
Debt Consolidation of Different LoansDebt consolidation refers to the restructuring of a large number of unsecured debts into one low monthly payment, while eliminating interest and reducing the total amount owed to creditors. Debt consolidation has become popular with people as they cope with increasing amounts of credit card debt, home mortgage loans, car loans, and student loans, along with low credit ratings and threatening phone calls from creditors.
Debt Consolidation - Discipline is Required if Consolidating with Home Equity
Debt consolidation is a popular topic these days. The average American carries nearly $10,000 in credit card debt and credit card debt of $100,000 is not all that unusual.
16.4% APR $5,000 Auto Loan...HELP!
Are you the victim of a high interest rate auto loan? If so, the following email discussion may help you. Read on:DEAR LoanResources.
Considering Debt Settlement? What You Should Know
Your credit card bills are stacking up and for whatever reason you don't have the means to pay the debt. You definitely have choices when you are in this predicament.
Getting Your Best Deal on a Consolidation Loan
If you find yourself having to make too many payments a month, you might consider getting a consolidation loan.Used for a variety of purposes, a consolidation loan can take multiple loans (such as personal loans and auto loans) and combine them into a single payment, or it can provide money to pay off a variety of bills and debts and consolidate them into a lower monthly payment.
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