Get Debt-Free with Debt Consolidation

If you’re looking to consolidate your debt, whether it is credit card debt, loans, bills or any other form of debt, there are many online options available.
Even if you have a bad credit score or history there are still certain online lenders willing to help.
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Within this short guide you’ll find the most important online financial options available for you.
There are financial products for every credit situation and this guide will explain all you need to know before you start your search.

Consolidate your debt with a Loan

There are many loan options for those who want to consolidate their debt. If you own a home you can consolidate by applying for an equity loan.
The equity you’ve build on your home will provide all the finance that you need to cancel your outstanding loans and other debts.
You can also refinance your home mortgage for a larger amount than the outstanding mortgage loan and use the extra cash to cancel the remaining loans, bills, credit card balances and other debts.
Though harder to qualify for, you can also apply for an unsecured loan. This kind of loans let you consolidate your debt by using the money to repay credit card balances, loans and bills without having to use an asset as collateral avoiding the risk of repossession.

Debt Consolidation Agencies

There are also certain agencies and professionals that can negotiate with your creditors so as to lower the interest rates, extend repayment schedules and sometimes, even cut a considerable percentage of your debt that can reach up to a 60%.
Usually this companies and professionals charge a small fee for their services, considering the large amount of money they will be helping you save, it’s not such a big sacrifice.
Besides the fact that you’ll get a cut in the interests you pay for finance, the most important thing is that you’ll be paying down the loans principal and thus, reducing progressively yourdebt till you become debt-free.
Consolidating Debt will provide fresh air to your credit situation and will solve the problem of harassing calls from debt collectors.
There are many alternatives for debt consolidation but as any other financial decision a lot of thinking must be done and rushing in is not a wise choice.

Living Debt-Free

Do you dream of living without the burden of excessive debt hanging over your head? It’s possible, but not easy. Living debt free requires financial discipline, all the time. To become debt free and maintain a debt free life, try the following three steps:

1. Get rid of existing debt. This is obviously your first step to living a debt free lifestyle. Cut up any credit cards that you currently have in your wallet, purse, or desk drawer and do not apply for or accept any oth…
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Do you dream of living without the burden of excessive debt hanging over your head? It’s possible, but not easy. Living debt free requires financial discipline, all the time. To become debt free and maintain a debt free life, try the following three steps:

1. Get rid of existing debt. This is obviously your first step to living a debt free lifestyle. Cut up any credit cards that you currently have in your wallet, purse, or desk drawer and do not apply for or accept any other cards. Pay your bills on time, sending as much as possible to one account while paying the minimum due on all of your other accounts until the account is paid off. Do this until all of your debt has been paid off.

2. Create a budget. Every single person who lives without debt has a financial budget and follows it. Without budgeting for expenses and incidentals, people overspend on unnecessary items and then when things just “happen” unexpectedly, (otherwise known as unplanned for expenses) these individuals rely on credit cards to make ends meet. Make a list of every monthly expense you can think of. Then, make another list of every incidental expense that you pay throughout the year but not necessarily on a monthly basis. If you usually get 3 oil changes a year at $20 a piece, you need to plan for $60 a year for oil changes, which is the equivalent of $5 per month. Once you have a comprehensive list, subtract your total monthly expenses from your total monthly income and see what is left over. Be sure you include savings accounts in your “expenses”. Pay yourself first is a good rule to live by. If there is still money left over, congratulations! Use it to pay more on each individual account until everything is fully paid off, or invest in IRA, 401K’s, or even a money market account with high interest rates to help your money earn more money.

3. Avoid credit like the plague. Make all of your purchases with cash and you will never fall into the debt trap again.

Manage Your Money

As you are starting the process to a debt free life, you should be extremely mindful as to where your money is going. It’s important that you track your spending habits for a period of time in order to see where money is being wasted, or where you can cut costs without completely changing your lifestyle. Keep a notebook where you list every single item you purchase, including the amount you paid, where you purchased it, and the reason. Include all bills that were paid, how much you paid, and how much you still owe. After a few months of tracking your spending habits, you will be able to determine exactly where all of your money is going, and you may be surprised at how much your little purchases are adding up and eating away at money you could be using to pay off debt to enjoy a debt free lifestyle! That cup of coffee you grab every morning on the way to work could be costing you $10 or more each week- about $40 per month, and brewing your own coffee at home could save you considerably since you can purchase a can of coffee for about $4 and it will last you about a month!

How to Remain Debt Free after Recovery

One of the biggest mistakes people make after making a financial recovery is to allow themselves to fall back into old habits. Before they know it, they’ve racked up another few thousand in credit bills, and they’re heading down the same path to having a desperate situation where they just can’t make their payments on time each month.

You do not need to have credit cards in your wallet. Yes, it is a very odd feeling to go from having several cards available to you to none, but it is the safest way to avoid overspending. You may want to keep one credit card in a safe place in your home, for purchases that do require a credit card. Think long and hard before using the card, and if it is possible to buy it with cash, than do that instead. A credit card should not be used for every purchase, nor should it be used when you want to buy something unnecessary that you don’t have enough cash to purchase. If you want a luxury item, save your money until you can buy it- if after several months of saving you decide you don’t need it, then you’ve saved the money on an item you previously may have purchased on a credit card, discovered you didn’t really need or want it, and then had to pay back three to four times what the item is worth after all the interest and finance charges were added!

Finding A Debt-Free Heaven, In 2007

With the holiday shopping season behind us, we now turn our attention to a brand new year. A new year always brings us hope and inspiration. We resolve to improve many aspects of our lives. Be it better health, better relationships, or better finances, we begin the new year with great intentions. This is a chance to put the past behind us and look ahead to the future. Too often however, these resolutions are unfulfilled.

As for our resolution to improve our financial situa…
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With the holiday shopping season behind us, we now turn our attention to a brand new year. A new year always brings us hope and inspiration. We resolve to improve many aspects of our lives. Be it better health, better relationships, or better finances, we begin the new year with great intentions. This is a chance to put the past behind us and look ahead to the future. Too often however, these resolutions are unfulfilled.

As for our resolution to improve our financial situation, this one is often blindsided when our credit card statements are opened. It is then we are hit by the cold reality of our expenditures from the previous year … or years. Improvements in 2007 cannot be realized, with the debt cloud of 2006 hanging over our heads.

In that debt cloud is the vacation we enjoyed, the big-screen TV in our living room, and of course, the just completed holiday gift giving season. It all seemed harmless at the time. Just a small payment every month, and we can live like royalty today. We have been programmed to think this way. Yet when the credit card statements arrive over the next few months, many of us will find that we once again overused the plastic in our wallets.

The abuse of our credit cards is easy to do, as credit is too easy to obtain. And just about every retail store accepts credit cards as payment, even fast-food restaurants and grocery stores. Unfortunately, using plastic cards to pay for our goods and services is like using plastic chips at a casino; we don’t feel as if we are actually spending money. So we tend to spend too much.

As this debt cloud darkens, consumers can rejoice with the knowledge that there is a heaven above this cloud. A heaven that will allow people to legally walk away from credit card debt. A debt-free heaven. A place to start over. It’s called Debt Elimination.

With the new bankruptcy laws, many people are finding that bankruptcy may no longer be an option for them. These same people are now finding that debt elimination is the best alternative. Plus, their credit scores are actually higher after completing this process. It is truly the alternative to bankruptcy, credit counseling, and debt consolidation. Best of all, we don’t have to refinance our house … again. The program is applicable to all major credit cards and unsecured signature loans.

Jim Vrana of The True Debt Advisor states “People can really begin 2007 with a new financial outlook.” He adds, “When the debt burden becomes too overwhelming, the debt elimination program is giving people a fresh start on their financial lives. A ‘do-over’ you might call it. Without bankruptcy and without spending those annoying refinancing fees.”

Many people are certainly skeptical about the existence of this debt relief heaven. But it does exist. The process that is used to eliminate debt is based off of U.S. Supreme Courts decisions, Title 15 United State Code (USC), the Fair Debt Collections Practices Act, the Fair Credit Billing Act, the Uniform Commercial Code (UCC), and numerous Banking and Lending laws.

Debt Reduction Is The Best Way To Being Debt-Free

It does not matter how big your debt burden is. You can always find a way out. But in order for you to clear your debt once and for all you have to be in it for the long haul. If you have amassed a lot of debt, you have to be prepared to work at reducing it. Some quick fix measures at debt reduction are designed as damage-control measures which try to get around the problem without eliminating it.

Such quick fix methods do not get rid of the main problem though they appear…
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It does not matter how big your debt burden is. You can always find a way out. But in order for you to clear your debt once and for all you have to be in it for the long haul. If you have amassed a lot of debt, you have to be prepared to work at reducing it. Some quick fix measures at debt reduction are designed as damage-control measures which try to get around the problem without eliminating it.

Such quick fix methods do not get rid of the main problem though they appear to do so, and your troubles get multiplied. The point to remember is that debt does not get eliminated at one shot. Try reducing it bit by bit.

Of course, if you are much too deep in debt and bankruptcy is imminent, the last ditch effort to pay back your dues is through an aggressive form of debt reduction called debt settlement. In this case, you being the borrower take the help of a debt settlement agency to get your creditors to bring about a reduction in the amount of money that you owe.

In the meantime, you are obliged to save enough money for a bulk settlement payment. If the settlement is approved, you will receive a notice from the creditor that the debt has been settled or paid. After this, it will be left to your creditor to notify the credit bureau that you have managed to clear all the dues that you owed. Settlement is particularly appealing for creditors during times of tough financial situations for the debtor, when he is near to the point of filing bankruptcy; in which case the creditor is faced with the possibility of losing more money by getting only a trifle portion of the original.

Debt settlements are only applicable to unsecured debts such as those concerning credit cards and medical dues. Also, remember that this is an emergency measure. Once this is done, the consequences will have to be dealt with. This would include things like a damaged credit rating, an increase in collection calls, the possibility of lawsuits, tax obligations, and that all-too-familiar necessity of coming to a terms with your creditors.

If your debt situation is not quite as bad, you should be able to lift the yoke of death soon enough. All you need is determination, patience, and a willingness to try out the most recent of debt reduction methods: debt-snowballing or debt repayment. When it is credit card related debt or something similar, reducing debt by this method becomes increasingly simple.

In order to get your debt out of your way, first make a list of all your dues in ascending order from the smallest balance to the largest (notice that the order is not based on interest rate, but on the due amount). If it so happens that some of the debts are of a similar value, place the ones with higher rates of interest above the others. After that, promise yourself that you will at least make the minimum payment every month.

If surplus funds are left, add this to the dues on the smallest debt, and keep focusing on completing your dues on the smallest debt until it is paid off completely. As soon as the smallest debt is off the list, do the same steps for the next ranked spot, this time adding the previous minimum payment for the cleared debt onto the funds allocated for the next.

Follow this method over a longer period of time, and you will soon find a way to get out of debt.

Financial Planning And Becoming Debt-free

The cash crunch raises its ugly head in all our lives. Any individual who has been working and earning his monthly income will have faced debts at some point of time in his life. This is because there are so many expenses that we don’t anticipate that crop up out of the blue and throw us off balance. All that we might have planned out now has to be changed. As a result, we have to keep making more changes to the same. Many of us have to resort to the age-old method of securin…
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The cash crunch raises its ugly head in all our lives. Any individual who has been working and earning his monthly income will have faced debts at some point of time in his life. This is because there are so many expenses that we don’t anticipate that crop up out of the blue and throw us off balance. All that we might have planned out now has to be changed. As a result, we have to keep making more changes to the same. Many of us have to resort to the age-old method of securing loans so that we can get through the financial crunch. Sometimes meeting loan installments becomes very difficult. Thus, many of us find that we are ill-equipped to handle these debt burdens. At such times, it is a good idea to consult a professional in the field.

One can go in for some debt consolidation plan as well. Debt consolidation basically involves compiling all debts into one single payment plan. This helps one to plan out one’s finances in order to be able to settle the debts at a fast pace. What this does is that it makes the person answerable to only one creditor while also lowering the monthly payments that the borrower has been trying to meet. Once the person in debt has decided to go in for debt consolidation, he will be required to divulge all his finance related data to the advisor so that together they can sort out the mess and discover a way out of one’s money woes. This also gives one’s creditors the hope that one is making a sincere attempt to clear the loan. As a result, the creditors also stop pushing further and give the borrower some breathing space. Debt consolidation can be carried out at any level to deal with any amount of debt. However, one must follow the strategy that the financial advisor has mapped out. Deviating unnecessarily may once again place one in the debt trap from which one was trying to escape

The one downfall of having debts is that you fall into the category of people with bad debts. Hence, this will adversely affect your credit scores. However, if you are able to meet all the payments and successfully manage your finances, you will be able to get back on your feet and rebuild your credit ranking. Being in debt causes stress to most people, but with a sensible financial plan, anyone will be able to find a way out of financial troubles. If one has a financial plan in place, panic will not set in. In many cases, debt consolidation loans take the form of secured loans where a house or property is given as collateral. Thus, the borrower needs to make sure that his asset is safe. He can guarantee this by making payments regularly without defaulting. If the borrower is not able to make the payments, then it would be smart to talk to the lender directly to come to a conclusion on how to close the loan and clear the existing debts. Anyone can become debt-free if he only does some financial planning.

Secrets to Reducing your Debt and Becoming Debt-Free

Growing debt can be very harmful and it can spread to unimaginable amounts. So if you have accumulated debt to a size you’re beginning to loose control over it, it is time to think about eliminating debt. This is a process that cannot be completed in a short amount of time; sometimes it will take years to become debt free. However if you take the time to follow this basic tips it will turn up to be a process that will not affect your daily life.
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Eliminating debt requires a bit of sacrifice, you need to understand that you have to take control over your spending. The first step would be to reduce inefficient expenditure, avoid buying things you will not need. In fact, do not buy anything other than what is strictly necessary. Tag your needs with labels such as “urgent”, “highly necessary”, “slightly necessary”, “unnecessary”, etc. Once you have established and committed to a strict budget you will be able to save money for leisure but till then avoid careless expenditure.

Budgeting
Design a budget where you will state your income and your spending, do not conceal anything. Do not forget to add any non regular expenses as your overall spending is not only made of everyday expenses. If you prepare it consciously you will see that you have expenses on a daily basis, weekly, monthly, bimonthly, yearly, twice a year, etc. You must be very careful in the process of making a budget since it will determine how much money you will be able to destine to eliminating debt.

Debt Settlement Agencies
You can contact a debt settlement agency. This agencies are specialized in providing assistance to those in debt and are known to reduce peoples debt up to 70% in some cases, do not expect such a high reduction however since it is only achieved in special circumstances. But you can expect a consistent reduction on the amount of interests that you pay and sometimes a modification in the length of the outstanding loans. Getting a cut on the principal of loans and credit card debts can sometimes be achieved but is more unlikely. Ironically there are more chances to get a higher reduction when your accumulated debt is out of control and your ability to repay is poorer.

Consolidation Loans
You can also apply for a consolidation loan; these loans are specially designed to be used to pay off any outstanding debt. The overall interest rate will be considerably reduced and so will be the monthly payments. More importantly you will end up with a single fixed monthly installment that will let you foresee your financial future with some certainty. Bear in mind though, that when this happens, you may be tempted to incur in additional expenses you have been postponing due to the lack of money. Refrain from doing so for you may reenter the vicious circle of debt you have just abandoned, your debt will rise again to higher amounts, you will not be able to consolidate again and all your efforts will be useless.