Debt Consolidation Is Not Always The Right Solution

Not all debt can be consolidated and given that there are different consolidation programs you should check if the one you choose or the one that the agent chose for you is really to your advantage.

There are many reasons why debt consolidation may not be the right solution for you. Debt consolidation cannot solve debt problems for all kind of debts. Debt consolidation may be too expensive if debt has already affected your credit and you don't have collateral. And certain debt consolidation programs may be nothing but scams. Thus, you need to be well aware of what you are getting into.

Debt Not To Be Consolidated

For starters, you should understand than not all debt is suitable to be consolidated. The reasons for this are varied. Most subsidized loans already carry very low interest rates and thus, it makes no sense to consolidate those loans by using a more expensive loan. This is always true, unless of course what you need is to reduce the monthly payments by extending the loan repayment period.

There are many subsidized loans. Government loans for students, private loans for students, government loans for first time home buyers, government loans for starting businesses, government loans for research disciplines, etc. are just a few examples of subsidized loans that are not suitable for consolidation.

There are loans that being secured are not suitable for consolidation. Though refinancing can be a form of consolidation if other loans and debt are repaid with the exceeding cash obtained from a cash-out refinance loan, truth is that very seldom a home loan or home equity loan is included in a debt consolidation program.

Debt Suitable For Consolidation

Generally speaking only debt which is unsecured in nature and secured debt taken when your credit score was low (bad credit debt) is suitable for debt consolidation. The latter will be suitable only if your credit score has improved or if you can provide better collateral and thus obtain a more competitive interest rate.

Examples of unsecured debt are: unsecured personal loans and personal lines of credit, credit card debt, store card debt, pay day loans, cash advance loans, certain student debt, bank account overdraw agreements, bank pre-approved personal loans. All of these can be consolidated into a single loan or the terms negotiated by a debt consolidation agent.

Debt consolidation in the form of a loan carries the advantage of obtaining a single and lower monthly payment that will simplify your budget while you work on your expenses. Debt consolidation in the form of negotiation is also an excellent tool that can provide a solution by reducing rates, eliminating debt generated by interests or extending the repayment programs so as to make debt more affordable.

And finally, both methods can be combined offering an excellent way of eliminating debt, managing finances and improving credit score in the same debt consolidation program.

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Self Credit Repair

Self credit repair is basically the only way you can repair your bad credit. Self credit repair is a do-it-yourself kind of program. Self Credit Repair is the beginning of a stress free and debt free life. Self credit repair is the best credit repair, as long as you know what you are doing.

I know self credit repair is the best however I don't have the time or know much about the whole Credit/Credit Bureau process or Laws. One of the biggest misconceptions we all face is that credit repair is illegal. Credit Repair is generally the process of bringing "back to life" an individual's credit history.

Bad credit repair is a temporary situation and it can be fixed. Bad credit repair is one solution to such a predicament. Credit repair is the process of restoring your financial reputation. Credit repair is a legal way to clean up and improve your credit report. Obviously, the goal of credit repair is to improve your credit score and get you back on track financially after past credit problems. Self credit repair is essentially the only way you can repair your bad credit.

The first step to credit repair is organizing your bills. Credit repair is a technique that can remove errors or inaccurate information from your credit report. All of us are aware that bad credit repair is essential for living a normal life. Credit repair is completely legal as long as you follow the rules provided by The "Fair Credit Reporting Act".

One of the most important things in credit repair is to act quickly. One good strategy for credit repair is to consolidate your high interest debt. So the first aspect of dealing with credit repair is to understand that knowledge is power. First, determine how much credit repair is necessary.

Some Steps To Credit Card Debt Reduction: The Key To Prosperity And Happiness

A secret to credit card debt reduction is to limit your card usage by carefully choosing a structured plan and implementing it. To attain financial freedom and ease the money supply, you should be able to lift your prosperity consciousness. You should understand your attitude towards money, which will restrain you from adding extra debts.

Try to curb impulsive buying and identify your needs by practicing therapies like spiritualism. This would help you in getting over the tension of having unmet demands. If find the habit hard to break, there is no harm in considering debt consolidation counseling, which helps you in different ways and aids you in achieving your dues reduction goals.

Credit Card Debt Reduction: Self Help Is The Key

Personally, a few ways can be suggested by which you can change your thought process and restrict card debts. First, let us concentrate on the way you were taught to handle money in childhood. If the idea was that too much money is bad then you may try getting rid of money and over spend it. Next, it could be the lack of finances in childhood, which has now translated to adequate finances.

This makes you feel mentally strong and boosts your self esteem. Low self worth could sabotage your personality, which enhances the chances of you not being able to pay the bills and adds chaos to your life. These are some examples where debt counseling can help you get rid of nasty spending habits and move towards credit card debt reduction.

If your debt has already grown to alarming proportions, you can even consider a consolidation loan or professional debt management solutions to become debt free.

Working on a positive belief on money matters, you can easily hold back your extra spending urges and achieve your credit card debt reduction targets. Meditation and positive affirmations of looking at the world, brings within you a sense of spending according to your needs alone.

Keep a track of how much money comes in and how much to spend. Balance it and you will have a clearer picture of what you need to do in light of your finances. Try visualizing prosperity and success, to keep you in high spirits and understanding high finance. Meditate and remember God as the source of all your wants and needs.

See yourself living in a dream home with savings that will pull you through times of need. Expand your imagination to the fullest and see yourself meeting all your needs. When you try these methods, you can limit plastic money usage and achieve reduction of your card dues.

No More New Credit Card Debts

Promise yourself and be committed that you will not create any further card debt. Praise yourself at the end of the day for the commitment honored. Check out the need to buy even if a product is on sale. You do not have to have too many credit cards, as you need maximum one or two to fall back on.

Store them in a safe deposit and try not to carry them at the time of shopping. Reward yourself with a 90 minute bubble bath at the end of the month, if no further debt is created. These are some sure ways of achieving your debt reduction goals.

7 Things To Know About Credit Card Debt Consolidation

If you are having a difficult time handling all the outstanding balances from your wide array of credit cards, it is time to consider credit card debt consolidation.

Most of the time, debt consolidation can help you to pay off your current debts in three to six years time. The purpose of debt consolidation is to speed up your paying time and at the same time makes lower monthly pay back.

There are many companies that specialize in credit card debt consolidation. The representatives from these companies will negotiate with your credit card issuers to get the maximum possible rebate and a lower interest rates. They usually devise a program that last three to six year after bringing all your accounts up to date.

Here are a few things you can take into account when considering credit card debt consolidation.

1) Make sure that the new cost of the consolidated loan is truly less than what you are currently paying for to the various creditors. Many consolidation loan applicants simply leave everything to the debt consolidation companies without verifying such important details.

2) Spend some time to calculate the interest and the fees of all your existing accounts to get the total amount you are paying right now. Compare this figure with the consolidation loan amount. This will determine if you are making a better choice or not.

3) Once you are on a consolidation loan plan, be sure to make your deposits on time. This will assure your creditors that you are serious about paying off your debt as well as proof of ability to pay. Delayed payments can cause the creditors to resume normal collection activities and change your interest rates and fees back to the original amount.

4) With a consolidation plan in place, you will make payment to your debt consolidation company only. Do not pay back directly to the credit card companies. Let the debt consolidation company decide how much each creditor will receive.

5) Keep your representative from the debt consolidation company up to update about your financial situation. You must contact your representative right away if there are changes that will negatively impact your monthly payment.

6) You should monitor the monthly statements sent to you by your credit card companies. Make sure they have reduced the interest rates and waiver of late fee charges. Most importantly, make sure they are receiving payment from your debt consolidation company and the amount is correct.

7) The rates of the consolidation loan can vary according to the type of consolidation loan. A variable rate debt consolidation loan that allows you to make extra repayments anytime with no extra cost. This is great if your financial situation improved significantly and you want to pay the loan as soon as possible. On the other hand, a fixed rate debt consolidation loan will only accept fixed repayments for the duration of the loan.

Regardless how much credit card debt you have now, you must be determined to pay them off as soon as possible. A credit card consolidation loan can be a good option to get yourself out of debt in the shortest time possible. However, it will only be effective if you adhere strictly to the payment schedule and eliminate all other undesirable spending habits.

Credit Card Debt Consolidation Loan: One Loan That Makes You Happy And Sets You Free

If you have been spending way beyond your means thanks to your cards and have already built up a mountain of debt, the best option for you is to take a credit card debt consolidation loan, pay off all your debts and then attempt to tackle the consolidated loan and try to become debt free. However, the most important precaution that you would have to take will be to bury your cards and resolve never to misuse them.

Debt consolidation can be made very effective by taking a credit card debt consolidation loan. The two basic types of consolidation loans are secured and unsecured loans. Secured loans are available very easily as you have to put up your home or other assets as collateral making the lenders feel safe in granting such loans. As such the interest rate is also low. Such loans should only be taken if you are confident and committed to getting rid of your debts and if you are sure that you will not go back on your wayward habits of spending recklessly with your credit cards. You must appreciate that the consequences of such frivolous spending might deprive you of your home.

The other type of credit card debt consolidation loan is the unsecured loan that does not need any collateral or security. It is possible to get this type of loan from a bank if you have had a good relationship with the bank for some time. However, unsecured loans always attract a higher rate of interest than secured loans as the lender does not have anything to fall back upon, in case the borrower does not pay back the loan amount and the interest. Moreover, the amount of unsecured loan that you can get is lower than what you can get against a secured debt consolidation loan. As such, these loans from debt consolidation services are ideal for people who do not have very high amounts of debt. It is more of a personal type of loan that you can use to consolidate your card debts with and then try and eliminate them.

Whatever might be the type of debt consolidation loan that you might take, the basic object is debt reduction through an effective debt management program. The first step after obtaining the debt consolidation loan is to pay off all your credit card debts so that you are left with only this consolidation loan. The crucial point of this exercise is to get a lower rate of interest than what the credit cards were attracting. This will enable you to have a lower monthly payment which in turn will make it easy to make regular payments and have surplus money every month which can be used to reduce the overall debt gradually.

Besides being able to eliminate your debt, a credit card debt consolidation loan will give you the opportunity to improve your credit score by making regular monthly payments. You will find that once you have been making monthly payments on time, your credit score will gradually show an upward trend which will make it easier for you to obtain fresh loans in the future.

Best Ways to Grab the Debt Relief

Grabbing debt relief is meant to pay off your debts. Stress and worry are hazards for your mental peace when debt begins to pile up, more than you can handle. You need to tackle this head on instead of getting deeper into this quagmire.

As debts increase so does the denial for credit from other lenders since you are no longer able to pay off the existing credit. However, the misery does not end here. You will be hounded with reminder letters and phone calls along with a few threats from your creditors, demanding you to pay off the amount you owe them.

Soaring bills for your regular expenses heighten the problem. The problem with many consumer debts or unsecured credit is that the interest rates are so high that even if you are keeping up with your minimal monthly payments, chances are that you will never pay off your debts anyway. If the interest wasn't bad enough, once you begin to fall behind in your repayments or you borrow above the limit on your credit cards, you are likely to end up paying a whole host of other additional fees, such as late payment fines and over the limit penalties.

Faced with these state of affairs, you begin looking for permanent debt relief. You need to get your debts under control and get rid of them for once and for all. Remember, your debts didn't pile up in day, so don't expect to get debt relief in a matter of days either. Any option that you use to get out of debt will take time. So patience along with careful planning of your finances will really make it effective.

There are many different ways to get debt relief.

Best way to grab debt relief #1 - Get organized: Make a list of all your debts and their interest rates. Keep a note of incoming money and draw a budget and go by it.

Best way to grab debt relief #2 - Pay-off the highest: See which of your debts is attracting the highest interest rates and target them. The sooner that you pay them off, the sooner you will be to getting some debt relief. Pay the minimum on all of your other debts, except for the debt at the top of your list and pay as much on that one as you possibly can.

Best way to grab debt relief #3 - Talk to Creditors: Next, you will need to call each of your creditors. Find out if you could pay your debt in full for less money or if they would lower your interest rates while you are paying your debts off. Ask your creditors how you can work together to get your debts paid off. You may be surprised at how willing they are to help you repay your debts.

Best way to grab debt relief #4 - Speak to a credit councilor: If you are not having a much of luck with creditors by yourself then consider a credit counseling service to help you get some debt relief. A credit councilor will work with you and your creditors to lower the interest you are paying and make your monthly repayments more manageable. He will also teach you how to budget. Some credit counseling agencies give their customers the option to pay money to them each month and have their debts paid on time by the company itself.

While debt relief is important to get out of the debt you are already in, it is also important to make sure to educate yourself in how to budget your money carefully and manage it better in the future. This will help you to avoid repeating the continuous cycle of getting in and out of debt.

How to Consolidate My Debts

Understanding how to consolidate debts gives you numerous benefits to the restructuring your financial plan including elimination of taxes and late fees. Debt consolidation is basically combining a group of high interest loans into one single loan. The purpose of doing this is to reduce the payments or interest rate for the individual loan. Using this mechanism you simply make one payment for one loan, instead of making multiple payments on different loans.

Debt consolidation loan is typically acquired through a debt counselling service that understands how to deal with credit. They can assist you in consolidating your debts with consummate ease. One of the advantages of repaying your consolidated debts is that your credit rating improves in the market. You are also saved from the regular harassing and threatening calls made by the creditors. Your scattered payments are converted to a single more affordable amount and you feel a sense of relief at the end of the day.

Debt Consolidation Loan using Home Equity

If you are a home owner, you would have an easy way to get a consolidation loan. This is because homeowners can use the equity of their house. This also minimizes the borrower from the possible threat of becoming bankrupt, which often happens in case of unmanageable unsecured loans. The home equity is the difference between how much you have paid and how much you still owe. This amount is used as a form of collateral. You enjoy low interests rate that come with equity loans. In addition to this, the interest rates from equity loans are tax deductible that you can offset at the end of the financial year.

Unsecured Consolidation Loan

Another way to consolidate your loans is by getting an unsecured personal loan. You basically borrow a large sum of money to pay off your individual loans. Though these types of loan are often difficult to get, you would still enjoy the low interest rate you will have to pay. The lender usually looks at your employment and credit history as part of their assessment in approving your application.

Eliminate Credit Card Debts

When doing debt consolidation, you may also need to look at small debts such as those come from credit cards. Ideally you should remove all your credit cards from your wallet except the one with the lowest interest rate. Make sure that you use the card only in emergencies. Transfer several of your credit card debts under one card with the lowest interest rate. This will reduce your interest rate and allow you better control of your credit card debt.

Finally, debt consolidation should allow you to reconstruct your financial plan. It can help you reduce your burden, but the responsibility is still within you to manage your expenses wisely and smartly. Do not delay making payments and avoid long-term loans as it will cause you a fortune at the end of the day. If you do have a long term loan try to lower the payment term whenever possible. You will make higher payments but in the same time you avoid excessive amount of debt.

Tips on How to Repair Credit Score Legally

Understanding every detail of information on the credit report is an important step to repair your credit score. Your credit report carries free credit score that the lenders look at before finalizing their lending decisions. A good credit score means that you can easily qualify for loans and credit products at low interest rates and attractive terms. Conversely, bad credit rating means that the lenders will stay away from you and even if they offer credit, that would attract high interest rates.

If you are having a negative credit rating, you need not worry because you can repair your credit legally on your own or with the help of legal credit repair companies. Moreover, you still have a chance of getting a loan with credit score that is not good because all creditors have their own guidelines of granting credit. Some lenders have special loan and credit products for people with bad credit. Still you should try to improve your credit rating and take steps to improve your credit legally because a good credit rating can help the lenders to offer you loans and credit at better terms.

The Myth and Reality of Fixing Credit Rating

Some credit repair companies lure you and convince you that they can help in credit repair by fixing credit ratings. You should remember there is nothing such as fixing credit rating. No matter what a credit repair company may offer you, the fact is that nobody can remove any up-to-date legal and accurate information from your credit report.

The credit repair companies can at best help you removing the errors and mistakes from your credit reports. A legal credit repair company can help you with debt consolidation and other legal means for debt reduction and credit repair.

If you find there is any incomplete or inaccurate information in your credit report, you can request for an investigation and take remedial measures on your own. You, as a consumer, have the full right to ask for an investigation of your credit report and fix the errors legally and that too without any monetary cost. If you do not have time for the same, you can take help of legal credit repair companies who can help you with necessary steps for how to repair your credit legally.

Self-credit Repair

For self-credit repair through legal means, you need to get the copies of your free annual credit reports from the legal credit reporting companies. Read and go through the credit reports thoroughly and check if there is any erroneous information on the credit reports. Any inaccurate or incomplete information in your credit report can inadvertently affect your chances of obtaining loans, insurance, job, house on rent etc. Therefore, it is well worth to inform the credit reporting companies about the errors with documentary proofs and get them corrected. You can legally challenge the wrong entries in writing.

The Federal Trade Commission is always there with you (the consumers) in providing assistance for your legal credit repair. The FTC maintains an online database of all civil and criminal law enforcement agencies in US. It can steer you for the help you may need for your credit repair. In this way, you will notice that you are slowly repairing credit rating.

Keep patience and make smart budgeting decisions. This way you will eventually be able to pay your creditors on time and prove yourself suitable for credit. This is a slow but effective way to repair your credit legally. This approach of credit repair on your own is far successful in the longer run as compared to engaging a credit repair company that indulges in illegal means for fixing credit rating.

Five Keys To Effective Debt Consolidation

There are many debt consolidation programs out there. Many simply want to take some more of your hard-earned money and may simply provide you with a minimum of services. Here are some things you can do to help yourself out of potentially tight financial situations and come out better for it. Even more important, a good program of debt consolidation will help enable you to stay out of debt.

1. Know How Much Debt You Have

The first step toward getting out of debt is to find out just how much debt you actually have. This means looking at all of your monthly bills and adding them all up. You should also see if you have any upcoming expenses that you know are really necessary for you to cover as well.

2. Restructure Your Finances

After you know how much debt you have, you need to look over your finances and see what expenses you can cut back on. In other words, create a budget for yourself that enables you to live on the income you actually have at the time.

This may also require that you reduce that stack of credit cards - if this is one of the causes of your debt. Cut up the cards that you are not using and close down the accounts. Having too much credit is one way to lower your credit score because a lender will consider your debt to income ratio, and your credit to income ratio.

3. Cover Your Debt

Look over and select a way to cover that debt. If, after you decide that you can handle the debt without financial help, this is a great option. Probably many people could get themselves out of debt with more disciplined spending habits.

If this method will not provide you with enough money, then you may seek to get money other ways to consolidate your debts into a single monthly payment. Here are four of them:

- Borrow from a relative
- A personal loan - secured is best
- A home equity loan - adjustable or fixed rate
- A cash out mortgage - refinance your first mortgage

Choosing any of the last three options will require you to shop around for the best interest rates. You should also educate yourself as to which option may be the best for you - and this will depend on your circumstances.

4. Reduce Your Debt Quickly

When you secure the money needed to pay your debtors and you get a low monthly payment, you still should pay it off as quickly as you can. Being in debt certainly can reduce the quality of life you are able to enjoy. Besides, you will save much money in interest if you work to eliminate all your debt as quick as possible. Then, before long, you can relearn the meaning of financial freedom.

5. Prepare For The Future

This means you need to take some steps that provide corrective action. In other words, the best preparation for the future is to do something to prevent it from happening again. While it is not always possible to stay out of debt, a little wisdom about finances does go a long way. Seeking debt counseling may be a good way to start out with the educational tools needed to help you stay out of debt and keep your credit score where you want it thus avoiding the need for debt consolidation again.

5 Ways To Try And Reduce Your Debts And Outgoings

Anyone that has a high level of debt or a number of creditors to pay off each month will know how stressful and difficult financial management can be. However, for those crippling themselves with monthly outgoing as a result of high debt levels there are some steps that could help to reduce the amount that you have to pay out each month, as well as reducing overall interest paid on your debts.

1. See where you can make cutback's on your outgoing's. Look at cutting back on little luxuries such as eating out at lunch each day rather than taking sandwiches to work with you. Also cut out any unnecessary expenditure, such as subscriptions and memberships that may no longer be of much use to you. It is surprising how much you can claw back through a number of small savings each month, and this can then be applied towards your smaller debts such as credit and store cards in order to clear them more quickly.

2. Make sure that you are aware of exactly what is coming in and going out of your account each month. Trying to manage your finances and prioritize on paying off debt is impossible if you don't keep a proper track of your income and outgoing's. List down every little payment that goes out of your account so you know exactly how much you can afford to spend or put towards clearing your debts a little faster.

3. Consider consolidating your debts. By consolidating smaller debts with one larger loan you can reduce the number of repayments you have to make each month, cut back on the number of creditors to whom you have to pay interest, and dramatically reduce the amount that you pay out each month. For homeowners, a secured loan could be the ideal solution, as this can be spread over a longer period and this helps to keep monthly repayments down. You should be aware though, that by taking finance over a longer period, this would mean you pay back interest for longer. However, if the interest rate is lass than what you currently pay, and lower monthly payments means that you have more disposable income to spend, it would serve to prevent it from being necessary that you need to take on extra borrowing as you will have spare money each month to either build up savings and be able to afford things which you made want to purchase, with out borrowing additional money.

4. Try and clear your overdraft. If you have an overdraft with your bank, and you find yourself reaching the limit every month, one small transaction is all it will take to push you over the limit and of course this means hefty bank charges being added to your account. By ensuring that you keep your overdraft at a sensible level rather than teetering at the brink of exceeding the limit you can avoid these hefty charges.

5. If you do intend to take out another loan this should be by way of consolidation rather than an addition to your existing finance, as consolidating all your existing credit may help to ease the financial strain and reduce outgoing's, whereas another added loan will increase both. It may sound obvious but try avoid taking out a loan as an easy solution, as this will only suffice for the short term and you may soon find yourself struggling to keep up with all of your previous debts plus a new loan.

Debt Consolidation and Credit Repair

Debt and credit issues face all Americans whether they are currently working or not and whether or not they have managed their finances well over the years. A multitude of financial concerns plague many who have had tragic circumstances hit them such as job loss, unforeseen health problems, divorce, disability and many other situations. Personal stress mounts as looming bankruptcy or constant collection calls shadow family after family who has accrued huge debts through credit cards, mortgages, car loans and business refinancing.

Many people who live under the crushing weight of mammoth debt can find some help or complete debt relief through many avenues of debt resolutions that are available from a myriad of financial sources. Knowing which avenue to take in resolving financial problems is often a confusing and daunting task which in itself makes many consumers want to give up before they even get started. Considering that the average American carries over $8,000 in credit card debt alone and has up to 8 credit cards in his or her possession, it would seem that proper financial management would be the first step in addressing anyone's credit concerns.

There are many sources that offer credit counseling, debt management options and financial planning for everyone's needs. Consumer credit counseling agencies offer various financial planning and management options at no charge. Many Americans can choose a local consumer credit counseling agency for free workshops on budgeting and financial planning as well as free counseling from staff members who specialize in debt settlement or debt relief strategies. Keep in mind that many consumer credit agencies offer free help but they also work in conjunction with large financial companies such as credit card institutions and other businesses.

Consumer credit counseling agencies can negotiate a debt settlement for credit card debts through a refinancing strategy with these financial institutions, but they also may receive a percentage amount of your settlement which is donated back to the credit counseling agency. There have been questions as to conflict of interest in some cases, so in order to receive not only free credit counseling, but your best deal, make sure you ask plenty of questions regarding any debt relief transactions on your behalf. You can also choose help from one of the many Christian financial ministries that are listed online. Many Christian financial ministries offer financial counseling and planning for anyone who wishes to contact them.

Some Christian ministries provide one-on-one counseling, workshops, materials and long range planning for serious financial issues such as credit repair and debt eliminations options. Many financial ministries are non-profit and may only suggest a donation for their materials and professional advice. Ministries that specialize in financial management are different from other types of financial agencies or businesses in that they always provide a biblical perspective and solution for fiscal management for individuals, families and businesses.

The third option you have for effective financial solutions to any debt problem you may have is through a financial management business or law firm. Many of these businesses are approved by the Better Business Bureau and provide certified financial specialists or lawyers who can guide you to a positive resolution through strategies such as debt consolidations. Using financial strategies such as professional negotiations to reduce your overall credit card debt to an agreed upon amount is a common specialty. This avenue can provide you with a workable plan to help you get debt free and provide you with a way to repair even your credit reports over a reasonable amount of time.

As you determine which avenue is the best to deal with your financial difficulties, be sure to compare your options. A consumer credit agency, financial ministry or financial business can all provide you with abundant information and workable solutions. Choosing the right one for your particular situation, however, will be the first major step in providing you with debt relief and hope for future financial stability. No one wants to end up in bankruptcy and most would rather deal with debt reductions in a positive way that will eventually free them from financial bondage as well as provide a good financial outlook.

Credit Card Debt Consolidation Help - Pay Off Your Debts Completely

If you find it difficult to pay your bills each month, get credit card debt consolidation help. It will come across as the key to your debt problem, quicker than you can envisage. It consolidates all your debts on credit cards with high interest rate, into a single debt. It makes it possible for you to evaluate all the debt relief alternatives, on hand. The main objective of taking credit card debt consolidation help is to achieve lower rates of interest, thus minimizing the cost of your debt. Moreover, it is extremely feasible as you no longer need to take care of paying several bills on a monthly basis.

The various options that credit card debt consolidation offers you for credit card debt reduction are based on a few basic questions that you are required to answer. These include the information regarding the number of credit cards you possess; the position of your payment on all those cards; other unsecured debts like your medical bills or other payments without any collateral that you may have; and other secured debts; that is, debts with collateral, such as car loans mortgages etc that you may have.

With credit card debt consolidation help, you have the freedom to choose the option that best suits you. But you must choose credit card debt consolidation services carefully, as some plans may save you more money, while others may finish off your debt quicker; some may have lower interest rates while others may have more flexible payment conditions. Your priorities should influence your choice. Debt consolidation companies are able to reduce your total debt through debt settlement, wherein the creditor agrees to finish off the debt at lesser value than you actually owe to him.

It is essential to understand, why a creditor agrees to settle the debt for a lesser amount. This is because, if the debtor becomes bankrupt, he is not liable to pay anything to his creditors. So, for creditors, a part of the dues are also welcome. With credit card debt consolidation help, not only you can get rid from your burden, but also help the creditor recover a major part of his bad debts. Thus, it pleases both the debtor and the creditor.

Credit card and debt consolidation have a very strange relationship. They seem to be inseparable. As, if you own a credit card, you falling into its debt trap is more than a possibility. Credit card debt consolidation help is therefore welcomed by people, who find it difficult to deal with a grave debt situation on their own. The nominal fee that they pay to debt consolidation firms is a small price to rid them from this great problem.

Source: http://www.articleco.com/Article/Debt-Consolidation-and-Credit-Repair/51508

What Everyone Ought to Know About Student Loans

What Everyone Ought to Know About Student LoansArticle Topic Search:

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What Everyone Ought to Know About Student Loans  Article By: WittyArticles

Student loans are a godsend for many students but they can be a curse for other students. The world of student loans is murky waters for the average person. Careful considerations must be given for the type of student loan, interest rates and method of repayment.

Types of Student Loans

For students who qualify, government-subsidized student loans are relatively easy to obtain because the risk to the lender is low. They are also advantageous to the borrower because the interest rates are low compared to commercial loans; in some cases, interest rates are as low as 3 percent.

Many government-subsidized student loans are tied closely to your eligibility for financial aid. Most students today have some kind of eligibility. Check with the financial aid office at your college about determining your eligibilities.

There are four basic kinds of low-interest, government backed student loans for education. They are:

-Perkins Loans
-Stafford Subsidized Loans
-Stafford Unsubsidized Loans
-Parent Loans for Undergraduate Students (PLUS).

Perkins Loans are need-based student loans made directly by the school to undergraduate or graduate students; they have the lowest interest rates.

Stafford Loans are available to all students and are administered by regular lenders such as banks, savings and loan institutions, credit unions and others.

SLS and PLUS are also administered by regular lenders. SLS loans are for independent, self-supporting students. PLUS loans are for the parents of dependent students. Both SLS and PLUS loans have higher interest rates and tighter repayment rules.

There are also some more specialized types of loans for those entering the health care field.

For all student loans, there are regulations about how much you may borrow and when you must begin repayment. Your school or lender will provide you with the details.

Loan Consolidation-what they dont tell you

It's common for students to borrow from several lenders and loan programs to fund their college education. After graduation, when the former student is just entering the workforce, the loans typically come due. With several different loans to pay, financial commitments that seemed reasonable on paper can quickly become overwhelming.

Many people carrying student loans have a unique opportunity to reduce their overall borrowing costs. Former students or parents with at least $7,500 in PLUS loans can consolidate debts with a SMART Loan from Sallie Mae, Nellie Mae or a similar deal from other lenders.

You shouldn't consolidate loans just because you can. Stretching out repayment terms is almost always a bad idea unless it's done strategically. When the payback period is lengthened, it increases the total finance charges and encourages you to remain in debt.

But student loan consolidation is smart in three specific situations:

1) When making ends meet is a constant struggle.
2) When you're already paying a much higher interest rate on credit cards or another type of debt.
3) When you're anticipating borrowing money at a higher interest rate.

Consolidating student loans can reduce monthly payments by as much as 40 percent. You're eligible if you want to consolidate more than $7,500 in Stafford Loans, SLS Loans, Perkins Loans, Health Professions Student Loans (HPSL), Nursing Student Loans (NSL) and/or PLUS loans.

To apply, you must be in your grace period or already in repayment

Stafford, Perkins and HPSL loans can be consolidated at a 9-percent rate. If you add SLS to the mix, the rate will be the weighted average of all your loans (with a minimum of 9 percent and a maximum, under the SMART Loan program, of 12 percent).

Try to avoid refinancing a Perkins Loan, which carries a 3-, 4- or 5-percent interest rate. Trading it for a 9-percent loan is not a good idea.

The other deals may be more advantageous, particularly with regard to Stafford Loans. Stafford Loans are variable interest rate loans. Since most Stafford Loans start at 8 percent and jump to 10 percent after four years of repayment, switching to a 9-percent rate can actually save you a little bit of interest if you can't extend the repayment period.
Always check to see what the new variable rate and current cap is.

Of course, most people do stretch out repayment. Instead of paying what you owe in five to 10 years, you can extend payments over 10 to 30 years. Sallie Mae's "Max-2" option requires interest-only payments for the first two years of the loan, followed by fixed payments for the rest of the term. With "Max-4," it's interest-only for the first four years, then gradually increasing payments for the remainder. (Nellie Mae offers interest-only plans for one to four years.)

Consolidating a student loan can be expensive

What's the potential cost of consolidating A 10-year, $15,000 Stafford Loan (the 8 percent/10 percent variety) would cost an average of $187.67 a month. The total repayment cost of the loan, including interest, would be $22,520.64. By consolidating the loan to a 15-year repayment schedule with two years of interest-only payments, the monthly bill drops to $112 for the first two years and $163 thereafter. The additional interest cost-$5,677.36.

Debt-reduction strategies

Lower payments come at the expense of longer and deeper debt. The decision to apply a debt-reduction strategy like extra principal payments lies in the interest rate. Using 9 percent as the dividing line between high and low interest, it's a good strategy to pre-pay principal on student loans with interest rates above 9 percent but continue to make regular payments on any low-interest loan over the full term of the loan.

When you have extra money, don't apply it to your low-interest loans. Instead, apply the money to any higher-interest loan you may have, or put it toward your savings and investment plan.

If you have school loans with interest rates in the 12-percent range, target them for early payoffs. If at the same time you have even higher-interest debt, such as credit card debt at 18 percent, pay off the credit cards even before you begin paying down your high-interest student loans.

If you find yourself in a position where you are unable to make the payments on your student loan, contact the lender as soon as possible. Most student loans will allow you to defer payments if you are still in school, unemployed or experiencing a personal hardship.

Defaulted Loans

What do you do if your student loan is already in default

If the Student Loan Commission reported the delinquent account, the only way you can remove it is to pay off the loan in full and then dispute it with the credit bureau. You can inform the bureau that the loan has now been paid in full (only if it has, of course). The credit bureau will then have to verify the information with the Student Loan Commission.

If the bank or the collection agency reported the delinquent student loan account, then you can negotiate a settlement with the agency that you owe the money to. You can either work out a new payment plan or pay off the debt completely

In some cases, you might want to consult the services of an attorney or professional debt-negotiator. It may even be possible to settle the account for pennies on the dollar or create a new payment plan that is within your means.

Bankruptcy and Student Loans

Student loans are generally backed by a government agency, and consequently, are governed by special rules under the bankruptcy code. In most cases, government backed student loans cannot be discharged through bankruptcy. There are, however exceptions.

Student loans that are not backed by a government agency generally fall under the same bankruptcy rules as other loans. Additional questions regarding student loans, or the dischargeability of other debts, should be discussed with an attorney.

Closing Thoughts for student loans

Don't take student loans for granted. If at all possible, plan ahead and save for your (or your children's) college expenses. Before taking on the responsibility of a student loan, seek out all scholarships, grants or other sources. Also, there's nothing wrong with the old-fashioned concept of working your way through college. In the next chapter you'll learn how putting a little bit away each month can pay off big in the future.

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Additional Articles From - Home | Finance | Credit | Debt Consolidation Debt Consolidation Loans Know Your Rights - By : Micheal Joness
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Seven advantages of a Student Loan Consolidation.

Seven advantages of a Student Loan Consolidation.Article Topic Search:

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Seven advantages of a Student Loan Consolidation.  Article By: Dr. Phil Hariram

Unless you have wealthy parents who are prepared to fully finance your education, becoming a college student is almost synonymous with becoming a borrower. Statistics show that as much as 50% of college students have loans and the average is about $10,000. Some have considerably higher loans. If you fail to plan carefully, you could end up with several loans and a massive headache.

Irrespective of whether you are an undergraduate, graduate or post graduate, or in continuing education or working, you should make sure that your loan is right and accommodates all your needs at the best interest rate available. For this, research is important. Make sure you compare all possible offers before making a commitment.

As for student loan consolidation, there are significant advantages. If you make the right choice, you will have peace of mind and not become stressed about repayments. Remember that with Federal Student Loan Consolidation, you cannot include loans such as those obtained from banks, credit unions, personal loans or from credit cards.

The advantages of Student Loan Consolidation are listed below.
1. Low monthly repayments: With research you will find that your interest rate is lowest available. This means low monthly payments allowing you to free up money for growth and development to leverage you position and repay your debt early.

2. Repayment over a longer term: If you choose well you can get a Federal Student Loan Consolidation with payment terms as long as 30 years. Although you are paying off less of the borrowed capital, you have more spending money in your pocket. This allows you a better quality of life and with sensible planning, you can put money aside and invest for early repayment of your loan. You can use the extra money to further your career and earn extra income monthly. Longer term and low interest rate will help to take
away most of the stress involved in being in debt.

3. Fixed Interest: You can find a Federal Student Loan Consolidation that offers fixed interest rate for the entire term of the loan. So before you commit to a student loan consolidation, find out the best fixed interest rate and terms. When your repayment interest rate is fixed, you know exactly what you have to pay every month.

4. One Single Payment Monthly: By consolidating all your loans into one loan, you are turning all those monthly repayments into one repayment. This is better way to organise your finance.

5. Low Interest Rate: Interest rates from personal loans, banks, credit union and credit cards are relatively high. A student loan consolidation offers the lowest interest rate and in the long run will save you thousands of dollars.

6. Your Student Years: While still in education, if you are eligible, you can take out a consolidation loan. This will defer capital and interest repayment because you are still a student. You will, however, lose the six months grace and the interest accumulated will be added onto the borrowed capital.

7. Peace of mind: If you have to have a loan, the best option is a low fixed interest rate one. With a student loan consolidation, you can get these with a longer period of repayment. This means that you have low monthly repayments. Now that you have graduated and are about to make the big leap into employment, a well planned Student Loan Consolidation will give you peace of mind.

Student Loan Consolidation will also have a positive impact on your credit score because your multiple loans will show up as being paid. With lower monthly repayments, you will have less problems paying on time every month, further enhancing a positive credit history.

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Sorting out debt following graduation is so important yet many fail to do it correctly. Visit my website: www.thestudent-loan-consolidation.com for quality Info. and latest news releases.

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Additional Articles From - Home | Finance | Credit | Debt Consolidation Debt Consolidation Loans Know Your Rights - By : Micheal Joness
Debt Consolidation Loans And What You Need To Know - By : Micheal Joness
Direct Student Loan Consolidation - By : Carson Danfield
Debt Consolidation and Credit Repair - By : Smith Chen
What Everyone Ought to Know About Student Loans - By : WittyArticles
5 Ways To Try And Reduce Your Debts And Outgoings - By : Arthor Pens
Five Keys To Effective Debt Consolidation - By : Joseph Kenny
How to Consolidate My Debts - By :
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Direct Student Loan Consolidation

Student loans are like a double edge sword - without the loans you wouldn't be able to get your college education and degree - but with the loans, you're often saddled with a huge mountain of debt right as you are starting out with a new career. That doesn't leave much money left over from the new job you got your degree for!

If you're in a position where student loans are putting a strain on your budget or actually making your finances go into the red and giving your credit score a turn for the worse, then you may want to look into consolidating your student loans into a single loan that has a lower interest rate, longer life, and lower monthly payment.

A direct student loan consolidation might be for you if you're struggling to meet your monthly obligations and have used your deferment options already. Especially if you are about to default on your loan, you really should check into consolidating to save your credit rating. A direct student loan pays off all your old individual loans and leaves you with a new loan to start all over again. It's like wiping the slate clean and getting a fresh new start.

The deferment options become available to you again with the new loan in case you ever need it again and you'll usually qualify for a much lower interest rate since the consolidated loan will be for a larger amount. Also, when you consolidate, the old loans show up as paid on your credit report, so that will help to improve your credit standing as long as you pay your new loan on time each month, which should be easier to do with a lower payment amount.

There are actually four plans to look into when it comes to repaying your student loan consolidation -

- Standard repayment plan: This gives you a set monthly payment amount for a period of up to ten years.

- Extended repayment plan: This plan also has a fixed payment amount each month but the life of the loan can be extended to between 12 to 30 years, depending on how much you borrow. This makes the payments automatically lowered since they are spread over such a longer period of time, however when you do this the actual total amount you repay in the end will be larger due to more years of interest.

- Graduated repayment plan: This option will also allow you to stretch your payments over a longer period of 12 to 30 years. The difference is that your payments will increase every two years. This could be beneficial to you if you are just starting out in your career and not making as much money now as you will be in the future. Just make sure your job performance qualifies you for all those big raises you're expecting!

- Income contingent repayment plan: The payment plan is designed for those with a job and family because it takes a look at your annual income and total student loan debt, along with the size of your family, and then comes up with a payment amount that's spread out over a 25 year period.

If you're still a student in school when you consolidate, it's possible that you'll qualify for a six month grace period before you have to start making payments. A consolidation loan will benefit those who are looking at many years of payments ahead. If your student loans are almost paid off and you're having financial difficulties, you may want to look into forbearance and deferment first, because if you refinance, your loans will be spread out over more years and that will increase the total amount you will have to repay.

Debt Consolidation Loans Know Your Rights

As a trustee in bankruptcy in Canada, I meet with many people who explain their debt problems to me, and then they ask me if they should get a debt consolidation loan, or go bankrupt. Have you got several high interest debts such as credit cards or personal loans, if so using your Home Equity for Debt Consolidation is a smart option.
Bad credit debt consolidation loans, as is clear by name itself, are meant for consolidating one's earlier debts but apart from this they also benefit the borrower in many ways. A bad credit debt management service may not be available at your town so searching online is the best solution and this will provide you with all the information you need too.
For hundreds of thousands of Americans, who every week recognize that their credit situation is less than pleasing, Bad credit debt consolidation is the solution to their problems. Various financial institutions and other lenders provide credit card debt consolidation so, that you can come out of the trap of debts.
If you qualify for a debt consolidation loan, and if you can afford the payments, a debt consolidation loan is probably the correct option.
Usually, in unsecured bad credit debt consolidation loan the lender generally ask the borrower to furnish certain details such as identity proof, flow of income and lastly a proof that he can easily meet all the repayments. Bad credit debt consolidation loan enable the person to pay all his debts through a single payment to the lender.
Sometimes, it may get difficult to obtain an unsecured debt consolidation loan for people afflicting from a bad credit history. Bad credit however comes into play when unsecured debt consolidation loan with bad credit is opted for.
Credit card debt consolidation companies will decrease the amount you have to pay each month, but will charge you 10 bucks for every hundred you owe to provide their services.
You can enroll yourself for a credit card debt consolidation counseling program by logging on to internet, where you can find websites of large number of credit card debt management companies providing such counseling services. Don't let this force you into some rash and foolish credit debt consolidation exercise that might cost you more in the long term
Most people considering credit card debt consolidation probably don't even know they have at least 6 or 7 different debt consolidation options available to them, many of these options will save thousands of dollars in interest and fees and other alternatives will cost thousands.
A personal debt consolidation loan is principally meant to assist people in clearing their bills and lower their outstanding debts. An unsecured debt consolidation loan is a loan that you take to consolidate your multiple debts into one loan but do not offer any collateral for the loan.
A debt consolidation loan, as the term implies, is a loan borrowed to consolidate the past debts into one. Unfortunately it is a lot frequent for credit reports to have faults, and an uncorrected and undiscovered fault might lead to you being burdened with a more than essential rate of interest on your loan for debt consolidation, or also to be refused for the loan on the whole
Although it helps to refund your every current credit card debts along with your overdrafts in only one loan that too with a low interest rate for a long term, still it is better if you can look out for different other alternatives before taking a credit card debt consolidation loan.
If you have mis-managed your money, and have run up huge credit card bills with reckless spending, then a debt consolidation loan will probably only be a Band-Aid on a huge wound. Your bad credit is of no major concern to the lenders if you opt for secured bad credit debt consolidation loan
On the other hand, if you do not want to use your property or if you are a tenant who does not possess a real estate property, you can apply for an unsecured debt consolidation loan for an effective debt management Unsecured debt consolidation loan will allow you to repay your multiple creditors who may not only be charging you exorbitant rate of interest but also bothering you daily on one count or the other
A secured debt consolidation loan consolidates your various debts and you get the benefit of low interest rate and an extended repayment period.
Now that we have discussed the pros of using a secured debt consolidation loan at length, let us also focus our attention on the cons. Thus an unsecured debt consolidation loan provides the provider with two most useful benefits of a loan.
If you have absolutely nothing to use as collateral, you can still get a debt consolidation loan
The student normally gets a longer period of time to refund the loan if they take the student debt consolidation loan The major savings with a loan for debt consolidation, nevertheless, comes from the money saved in rates of interest
Thus online debt consolidation is the best medium for securing loans at a marginal rate and clearing the dues in time

Debt Consolidation Loans And What You Need To Know

Debt Consolidation Loans And What You Need To KnowArticle Topic Search:

Home | Finance | Credit | Debt Consolidation

Debt Consolidation Loans And What You Need To Know  Article By: Micheal Joness

A loan for credit card debt consolidation could be the solution to your problems if you are in debt because of over spending through your credit cards. Have you got several high interest debts such as credit cards or personal loans, if so using your Home Equity for Debt Consolidation is a smart option.
Getting a debt consolidation loans bad credit is not much complex but if you are willing to work hard and have will power then it will help if you look out for all the options available, because this will make your task much easier and definitely secure you the best available deal. A bad credit debt management service may not be available at your town so searching online is the best solution and this will provide you with all the information you need too.
For hundreds of thousands of Americans, who every week recognize that their credit situation is less than pleasing, Bad credit debt consolidation is the solution to their problems. Various financial institutions and other lenders provide credit card debt consolidation so, that you can come out of the trap of debts.
If the above sentence applies to you, then one of the options you might like to take is applying for a credit card debt consolidation loan.
Usually, in unsecured bad credit debt consolidation loan the lender generally ask the borrower to furnish certain details such as identity proof, flow of income and lastly a proof that he can easily meet all the repayments. Bad credit debt consolidation loan enable the person to pay all his debts through a single payment to the lender.
Offering one loan and one lender facility, debt consolidation loans can be a perfect solution for bad credit problem. Bad credit however comes into play when unsecured debt consolidation loan with bad credit is opted for.
Because it doesn't take much to slide back into overspending, and in a few years times you'll not only have credit cards to pay off again, but you'll also have a debt consolidation loan to pay each month.
If you care about your credit and want to benefit from it in the future, then you will never rely on a credit or debt counseling service to help you get out of any trouble you find yourself in. Don't let this force you into some rash and foolish credit debt consolidation exercise that might cost you more in the long term
Most people considering credit card debt consolidation probably don't even know they have at least 6 or 7 different debt consolidation options available to them, many of these options will save thousands of dollars in interest and fees and other alternatives will cost thousands.
The process of managing your debts by a personal loan is known as secured debt consolidation. An unsecured debt consolidation loan is a loan that you take to consolidate your multiple debts into one loan but do not offer any collateral for the loan.
On the other hand, if you debts were the result of job loss, high medical expenses, or perhaps time off work to care for a family member, your spending is probably already under control, and a debt consolidation loan may in fact be the correct answer to your debt problems. Unfortunately it is a lot frequent for credit reports to have faults, and an uncorrected and undiscovered fault might lead to you being burdened with a more than essential rate of interest on your loan for debt consolidation, or also to be refused for the loan on the whole
Other than easing your debts troubles, a personal debt consolidation loan also saves lot of your money to be paid out as interest.
If you have mis-managed your money, and have run up huge credit card bills with reckless spending, then a debt consolidation loan will probably only be a Band-Aid on a huge wound. You are only eligible for filing the loan of credit card debt consolidation if your credit history is fair enough.
On the other hand, if you do not want to use your property or if you are a tenant who does not possess a real estate property, you can apply for an unsecured debt consolidation loan for an effective debt management Unsecured debt consolidation loan will allow you to repay your multiple creditors who may not only be charging you exorbitant rate of interest but also bothering you daily on one count or the other
A secured debt consolidation loan consolidates your various debts and you get the benefit of low interest rate and an extended repayment period.
Now that we have discussed the pros of using a secured debt consolidation loan at length, let us also focus our attention on the cons. Thus an unsecured debt consolidation loan provides the provider with two most useful benefits of a loan.
With the help of a personal debt consolidation loan an individual having many debts in his name, can pay off all his debts with just one loan from a professional creditor such as bank or other loan provider.
The student normally gets a longer period of time to refund the loan if they take the student debt consolidation loan You should pay off your loans as soon as you receive money from the debt consolidation loan.
Thus online debt consolidation is the best medium for securing loans at a marginal rate and clearing the dues in time

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Additional Articles From - Home | Finance | Credit | Debt Consolidation Debt Consolidation Loans Know Your Rights - By : Micheal Joness
Direct Student Loan Consolidation - By : Carson Danfield
Debt Consolidation and Credit Repair - By : Smith Chen
What Everyone Ought to Know About Student Loans - By : WittyArticles
Seven advantages of a Student Loan Consolidation. - By : Dr. Phil Hariram
5 Ways To Try And Reduce Your Debts And Outgoings - By : Arthor Pens
Five Keys To Effective Debt Consolidation - By : Joseph Kenny
How to Consolidate My Debts - By :
Tips on How to Repair Credit Score Legally - By :
Best Ways to Grab the Debt Relief - By : rateempire
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