Debt | The Worst 4 Letter Word

by

 Debt. Many would call this the worst “four letter word” in English. It’s painful, it’s frustrating, it can build up gradually or suddenly show up out of nowhere. Most people accrue debt via the use of credit cards. However, debt can also be accrued by getting a loan for a house or a vehicle, or an emergency situation leading to large medical bills. The majority of people will accrue some form of debt in their lives, no matter how careful they are. The trick is how you deal with it. Debt doesn’t only take a toll on your bank account and your credit score, but also on a person emotionally and psychologically. It can be exhausting to work each day knowing your earnings are already spoken for. But help and solutions are available!

There are a number of options and strategies you can use to assist in getting out of debt. The top five most common ways include debt consolidation, debt management, debt settlement, bankruptcy and using do-it-yourself techniques. Each of these options has their pros and cons and it’s up to you and your personal situation to employ whatever strategy makes the most sense. Let’s get started!

 

Debt Consolidation

Credit Card Debt HelpDebt consolidation means that you take out a new loan in order to use that money to pay off all of your current debt, leaving you with only one monthly payment. The most significant benefit from debt consolidation is that you do not have to deal with your creditors individually. There is no negotiating, and it can allow you to get a smaller interest rate on the money you owe. It is important that you find a lender that you trust and that is going to give you a payment plan that works for you.

Debt consolidation can improve or further hurt your credit score depending on several different factors including if you made all payments on time. This can improve your credit if you’re diligent about making payments. It can have the adverse effect if you miss payments. Proceed with caution.

For More Information Debt Consolidation Click Here!

 

Debt Management

Debt management is a program, typically set up by a debt counselor, that will help you negotiate a new payment plan with the creditors you already owe. The debt counselor will review your finances and tailor a personalized plan for paying off your debt, while still allowing you some budget for day-to-day life. They are in charge of communicating with the creditors to help you get a lower payment, as well as a lower interest rate.

Debt management is great if you are having a hard time making your monthly payments and are looking for reductions. The key point is you have to make sure you stick with the plan. You need to keep track of all of the payments made and ensure they are paid on time. Lapsing on this can put your plan as well as your financial future at risk.

For More Information on Debt Management Click Here!

 

Debt Settlement

Debt settlement is when you tell your creditors that you cannot pay them the full amount that you owe them, but that you can pay a portion of the amount owed, if they are willing to cancel the debt. This option is a bit more drastic than the previous two options. You can attempt to negotiate on your own with your creditors, but there are debt settlement companies who can do it for you and they are more likely to get a lower payment because they have the experience needed to do so.

When you go to a debt settlement company, they are going to need to know all of your financial information, including what resources you have that you can use to pay off the debt. Once you have signed all of the paperwork necessary, you will stop making payments to your creditors and start making the payments to the debt settlement company. This money will be placed in escrow until you have enough to make a settlement offer to one of the companies.

Accumulating this money in an account can take several months, but once it’s there, the company will begin contacting your debtors and making offers. This will be reflected on your credit report as settlements, and they can lower your credit score so you need to take that into consideration before using debt settlement to get out of debt.

For More Information on Debt Settlement Click Here!

 

Bankruptcy

Bankruptcy basically means that you cannot pay the debt that you owe. Most of us have heard of bankruptcy at some point, but what you may not know is that there are two types of bankruptcy; chapter 7 and chapter 13. Chapter 7 means that all of your assets are liquidated in order to pay back your creditors. Most people believe that they lose everything if they file chapter 7 bankruptcy, but that is not true and the majority of people are allowed to keep their homes, property and vehicle. It will, however depend on what is covered by the exemption law in your state.

Get Help with Your Debt Today!

 

 

Financial Aid: Grants for Women
 Thanks to thousands of grants, women who want to go back to college and earn a degree can do so without worrying about large tuition fees. Grants for women are available for single moms, minority women, and women that are going in to specific fields of...
How Do I Get FHA Refunds?
Although FHA refunds are for people who have FHA-insured mortgage loans, not everyone is entitled to a refund. Various factors are considered to determine who can receive a refund. FHA refunds are available for those who finance their homes within three...
Disability Lawyers | Filing SSA Claims
According to the Social Security Administration, an average of 52% of applicants is rejected yearly. This only shows that the government is very serious in paying only those who deserve these benefits. So, it is important that social security disability...
How Does Renting to Own Really Work?
 In the years leading up to the financial crisis of 2007-08, the renting to own model — in which tenants/buyers have an option to purchase the house or condo they’re renting from their landlord/seller— was mostly offered by individual homeowners. In the...
Lifeline Assistance Program
 There is now a program out there that can even help with your cell phone. The special government program called Lifeline Assistance that offers a free phone and minutes to those who qualify. Getting on the list is not very hard, but there are a few things...
Accepting Failure | Achieve Success
Everybody has a setback every once in a while, but it doesn’t mean that there is anything wrong with you. In fact, accepting failure can be a great opportunity to learn your own limitations and boundaries, then push through them, and provide you with a...
The Greatness of Good Friday
 What a supreme paradox. We now call the day Jesus was crucified, Good.Many believe this name simply evolved—as language does. They point to the earlier designation, "God's Friday," as its root. (This seems a reasonable conjecture, given that "goodbye"...
Denied Insurance Claim? Don’t Give Up!
Buying insurance is a common and thoughtful step that people take to protect themselves financially from a major mishap, accident or other type of loss. When you purchase insurance, you understandably expect the insurance company to pay out on a claim so that you can...
Readership Programs for Children
Readership Programs for Children The summer break may not always be beneficial to children. Studies show that children lose an average of one month of learning during the time off between school years. One way to counter this is to engross them in activities that...
The Best Self Help Gurus
In the world today, it is easy to come across scammers looking to take advantage of people in their weakest moments. The realm of self-help is no different. In fact, it can be much worse. Self-help scammers apply abstract concepts so that unsuspecting people will fork...
A VA Home Loan Can Help You Get Affordable Housing
 Ever since the housing market collapse, lenders have tightened the requirements to qualify for loans. If you don't have the required credit score or enough for a 20 percent down payment, it will be difficult to secure qualification for a conventional...
Find The Best Section 8 Homes & Rentals
Find The Best Section 8 Homes & Rentals Are you feeling a little frustrated searching for Section 8 homes and rental property? Below is a list of multiple Section 8 housing resources. These are not in any particular order. These are just eight very good resources...
Understanding Federal Grants (Part 2)
 In the last issue we talked about how the federal grant system works and how you can make it work for you. In this issue we are going talk about exactly who's eligible to apply for federal grant money. The simple fact is that almost everyone is eligible...
Feeling Lost? Free (Or Cheap) Career Assessment Tools
In today's world, more people are struggling to pay/find for housing, medical bills, education, and other aspects of life. As a result, embarking on a new career is becoming a popular option to better themselves and their families. However, when choosing a new career,...
The AHCA Impact on Medicare & Medicaid
The Impact on Medicare & Medicaid The repeal and replace legislation concerning the Affordable Care Act (ACA), or Obamacare, seems complicated for many consumers. Though it will likely see changes as it is debated in the Senate, the American Healthcare Act (AHCA)...
Easy Formula for Grant Applications
When you look forward to apply for a government grant, you will need to do a lot of research and make elaborate preparations. To give a kick start to your grant seeking process, fist you must understand the different types of grants available. You will...
Increasing Literacy in Children
Increasing Literacy in Children Literacy is important. This is a fact that cannot be stressed enough. Often, arts and literature are tossed to the side to make way for additional funding in other areas, but learning to read lays the foundation for further education...
Relief Resources and Benefits Gov
 Let's begin with this. No One Is Guaranteed Government Assistance Just For Existing. That being said, Government aid can be very helpful to those enduring a financial struggle or hardship. It can also be beneficial for those looking to attain a higher...
How To Find Good Insurance Companies
 Insurance is a part of life whether you’re looking to protect your life, home, or automobile. All insurance companies are not equal. Working with a good insurance company is just as, if not more, important as having coverage. Here are four things to keep...
Women Grants in The United States
A lot is being granted to the citizens of America in the name of grant scheme. Various categories of financial needs are being accomplished through these grants. Some of the most popular grants schemes ever are the grants for men, grants for women, grants...

The Premier Forex League

Subscribe

Family Picnic

Enter Your Email for Best Results

Due to the overwhelming response, please enter your name and email to ensure the proper search results.

You Are On Your Way!

Family Picnic

Enter Your Email for Best Results

Due to the overwhelming response, please enter your name and email to ensure the proper search results.

You Are On Your Way!

Pin It on Pinterest

Share This