If you are looking very seriously into debt reduction options, you are most likely to be drowning in debts that you don’t think you could pay off all by yourself. You desperately want to make all the necessary payments but at that point in your life you just cannot afford to. You have thought about filing for bankruptcy but that will definitely be your last resort. So you start looking at some potential companies that you believe will be...more
Getting a professional to do your debt reduction plan for you is not always satisfactory; especially if you are a perfectionist. You might actually prefer to do things yourself as you will know and be fully involved in the process of gaining back your financial stability. It is certainly admirable that you plan to take complete hands-on approach to settling your own debts but you have to be sure that you are mentally, physically and emotionally...more
Getting into debt is easy as there are many institutions willing and eager to lend you money. At the time of need, you don't question the rate of interest or how difficult it is going to be paying it back. The borrowed money gets spent just as easily as the earned money. Once the money is gone, realization dawns as now you have to pay it back.Ironically, managing your finances gets tougher now than it was when you had no debts. Along with your routine expenses, you have now the added expense of interests on the loan you have taken. Interest on the loan is what allows the profits to soar for a creditor. Year 2006 saw credit card companies with a record profit of 91 billion dollars in interests. Add to this, late payment fees and the creditors were raking it in.People in debt get caught in a vicious cycle. First they borrow in order to pay for something, which they feel they cannot do without. Then, they start rearranging their finances in order to include an additional credit card bill. This is when it gets overwhelming and they start looking for other options to clear their debts. They opt for either debt consolidation or debt settlement and approach third party...more
Our country has stringent debt collection laws that are enforced by the Federal Trade Commission (FTC) through a federal act known as the Fair Debt Collection Practices Act (FDCPA). The FDCPA has guidelines for fair debt collection practices. However, third party collectors resort to unethical and illegal methods that lead to harassment. Debt...more
Sometimes known as debt negotiations, a debt settlement basically means getting your creditors to agree to reduce your debt amount by up to 60% and you will usually be expected to make the final payment in one lump sum. Negotiations between the creditor and the debtor are integral into making a settlement. It is also sometimes known as debt...more
If you’re being crushed by the weight of too many debts and you’re desperate to get out from underneath, debt settlement may be the right option for you. A good debt settlement company can help you lower the overall balance on you debts, potentially even combining multiple debts into a single monthly payment that is lower than all you existing payments combined. Debt settlement is a legal process used by both people in debt and their creditors to negotiate a settlement of an existing legal debt. This proactive approach can be the most cost-effective option to pay off your current debt while avoiding the negative effects of bankruptcy. Any person owing credit card debt, or any other debt, has the legal right to contact and negotiate with the creditors. The role of the debt settlement company is simple. They enter in to negotiations with the lender on your behalf and they talk about different possibilities to give you a debt relief. Generally the company tries to get the outstanding amount waived of. You will only have to pay the monthly installments. When looking into getting a debt settlement,...more
So you decided to get smart and purchase a duvet cover for your bed. The only problem is that you can't figure out what brand of bedding to buy. With so many duvet covers out in the market today, choosing the right one can be...more
Sanitation and hygiene plays a very important role in the maintenance of the health of the members at home not just for a shorter duration, but also for lifetime. There are certain repairs for which there should not be any sort of compromise or...more
In 2010, the UK personal debt stands at more than amount the UK produces in a year, and so finding a solution for personal debts is crucial. Recently there has been a rise in IVAs, or Individual Voluntary Agreements, and whereas before this type of...more
Different kinds of debt situations need different kinds of debt help. What works for someone else might not work well for you. Every debt issue is unique and needs to be addressed from different angles in order to find the right solution. Finding the...more
Being financially free is the dream of almost every individual in the US. By living your life free of debts and the only person you owe money to is yourself, you will be considered financially free. But, as you may well know, many Americans have to...more
Debt settlement may be the cheapest and fastest way to clear your debts. Getting your creditors to reduce your principal amount by at least half and paying them all in at one go does sound like an ideal solution. But if you are thinking of doing all...more
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