Financial mess does not arise overnight. It is your accumulated recklessness which you have to pay for. During an emergency, it becomes all the more important to ensure that nothing goes wrong. When does it become necessary to weigh your options to get out of debt? As the regular credit card bills go unserviced, growing by way of interest, know that it's time for you to seek help.Financial obligations are limitless and one has to...more
It is easy to accumulate a huge amount of debt in no time but extremely difficult eliminate your debts and get back the controls of your financial life. Too much debt can be overwhelming and can make you desperate enough to take extreme steps. Many debtors are tempted to file for bankruptcy even though they know the long term effects they will have to deal with. This is not a time to panic but to methodically work your way out of...more
With the new age debt laws, having huge unconsolidated unsecured debts does not worry people as much as it used to. People no longer just look towards bankruptcy as the only option to support their ailing finances. They are much more aware of options like consolidation, settlement and credit counseling However a certain portion of ridden people still remain skeptical about the uses of debt settlement deals. They have certain misconceptions about its repercussions.However it is very much true that settlement deals offer you a much better way to pay off your debts than bankruptcy or even other options. These deals can get you debt free in very small period of 3-5 years. A settlement deal is worked about in a step by step method.The settlement company first makes an assessment of your total debt and then they try to reorder your monthly budget to decrease useless expenditure and increase small savings which can be later used in times of emergency. When you are financially more stable then they try to engage your creditors in negotiations. They try to explain your financial instability and your inability to back all their debt.In this way they seek reduction in the...more
Huge unsecured debt makes it impossible for the debtor to lead a normal life with the creditors after their money and finances going to dumps. In this case bankruptcy is not the only possible option with the new age options like debt settlement. Debt consolidation, credit counseling and lower down payments. Each option carries with...more
With the current economic scenario everyone is desperately finding ways to eliminate their debts. Credit card debt negotiation has become one of the most popular systems for attaining debt freedom. Many people have lost jobs or have had their salaries reduced during the recent economic slowdown. For them it is difficult to meet...more
Credit card debts when get out of hand can make you miserable. This is a debt which gets heavier with time. It is easy to plan ways of getting rid of your debts but difficult to execute them. There are a few steps that you can follow in order to pay off your debts as quickly as possible.1. List out all your debts: You will have to make a list of all your debts with their current balance and interest rates. With this data in hand you will be able to come up with a payment plan which will suit you the best. Some like to pay off the lowest balance first while others might just want to get rid of the one charging them the highest interest rate. You have to choose the one which you are most comfortable with.2. Save Money: You have to cut down on all you extra expenses. You could save by taking your lunch to work. Cancel out any gym membership if you are not using it. There will be a lot of items under entertainment section or miscellaneous section of your expenditure list that you can do away with in order to save some money.3. Try generating extra income: You can generate more money to pay off your debts faster. You could either take up a part time job or sell a few...more
One of the most popular options for coming out of debt is debt settlement. The unsecured debts charge higher interest rates than the other loans. The biggest problem is the credit card debts which can easily get out of hand as it is...more
The market is slow in recovering from its recent economic crash. Most of us are still deeply into debt. For those having huge amount of debt in unsecured debts can take help of debt settlement to clear them off. Creditors offer debt...more
When any financial institution settles a portion of your debt, then they issue a 1099-C. This 1099-C reflects the amount that has been settled. The IRS will consider the amount mentioned in 1099-C as taxable. This tax can only be...more
For a long time the best way of getting out of debt had been bankruptcy. However, people have learnt that bankruptcy is not the best option for those in financial trouble. This is not only because of the effect it has on one's credit...more
A debt settlement attorney is an expert in negotiating with creditors and financial institutions on various types of loans. They also give tax related advice to their clients who are trying to get out of debt. A lot of people have come...more
People who have faced unemployment due to the recent economic recession find it hard to pay off their debts just like those who are facing financial difficulty due to other reasons. Debt settlement is the most common sought of relief...more