Drowning in Debt? Tips and Tricks for Getting Out of Hot Water with Creditors
Do you, like millions of other Americans, feel like you're sinking in an ocean of credit card debt? Well, fear not--there are many options for reducing your debt way before you have to be concerned about receiving notices or daunting telephone calls from debt collectors. The important thing to remember is to be proactive in handling your credit card debt. Unmanaged debt can ultimately lead to lawsuits, loss of property, and tarnished credit reports.
Here are a few ideas for managing and/or reducing your debt:
-Get in touch with creditors right away. Often times, creditors will reduce credit card interest rates if you simply ask for a break. Explain your situation, and let creditors know if you're having trouble meeting your minimum monthly obligation. Many creditors will work with you to arrange a customized payment plan.
-Develop a budget. While many people dread this very important step in reducing debt, it can be extremely important in taking control of your financial situation. Compare and contrast fixed expenses-mortgage payments, rent, car payments, and insurance premiums, for example--with variable expenses, such as entertainment and recreation. List all your expenses, even those that seem unimportant. This is an important step in determining your spending patterns, prioritizing expenses, and determining whether or not you have additional money to contribute to the monthly payments on your credit card.
-Consolidate, consolidate, consolidate. While debt consolidation is a sometimes daunting and drastic step, it can be an important move in the quest to reduce your credit card debt. If you're a homeowner, consider a second mortgage or a home equity loan to pay off high-interest rate debt. While these loans often require you to list your home as collateral, remember that if you start skipping out on credit card payments, you could easily lose your home. What's more, these loans provide tax advantages that are not available with many kinds of credit.
-Go to counseling. Credit counseling, that is. Many credit counseling organizations will help you come up with a feasible solution for ridding yourself of debt. You can find credit counselors on the Internet, and many credit unions, universities and military bases provide credit counseling programs.
Also, get in touch with your bank, friends, and/or family for a recommendation. Some of the services credit counselors provide: Advice on how to manage your debt, assistance in developing a budget, and classes and workshops that are geared towards teaching consumers about money management, credit card debt, and budgeting. Counselors can also recommend a debt management plan (DMP), which allows you to make monthly deposits to the specific counseling organization that you're working with. Your counselor will then develop a payment schedule with your creditors that includes lower interest rates or waives certain fees.
For more suggestions and information on how to manage your credit card debt, please visit http://www.informedcredit.com.
Beth West has an extensive background in marketing and public relations, serving in management positions in both the hospitality and software industries. Currently acting as the Director of Marketing for InformedCredit, Beth is also trying to launch a freelance writing business.
 Google News Updated : Fri, 05 Sep 2008 08:05:30 GMT Boeing Workers Are on the Brink - BusinessWeek
BusinessWeek - Despite being offered a relatively generous package by management, Boeing machinists are ready to go on strike. Here's why by Joseph Weber When a stunning 87% of Boeing machinists voted on Sept. Motown Blues for Boeing? Boeing, machinists union meet with mediator Publ.Date : Fri, 05 Sep 2008 06:54:59 GMT McCain takes stage, turns down heat - Boston Globe
Boston Globe - By Joanna Weiss For a man at the top of a presidential ticket, John McCain had an unusual task last night: to remind the nation that he was the star of his own show. Palin Assails Critics and Electrifies Party GOP welcomes McCain with enthusiasm Publ.Date : Fri, 05 Sep 2008 06:20:31 GMT Data on defective genes make tailored remedies possible - Baltimore Sun
Baltimore Sun - By Frank D. Roylance Researchers cataloging the genetic codes of deadly human brain and pancreatic cancers say they have found several dozen defective genes that appear to work in concert to set off the tumor growth that eventually kills their victims. In Long-Awaited Maps of Cancer, The Breakthrough Is the Problem What You Need to Know About Mapping the Cancer Genome Publ.Date : Fri, 05 Sep 2008 07:24:12 GMT Wal-Mart acting on shifts in consumer spending - BusinessWeek
BusinessWeek - By CHUCK BARTELS If the mood on Wall Street is grim, then consumers must be feeling even more bleak, right? Fuel prices remain high, inflation has hit food prices hard and consumer confidence is down. August another disappointing month for retailers Lower-cost stores gain from US shoppers' thriftiness Publ.Date : Fri, 05 Sep 2008 04:48:39 GMT '1967 lines not up for discussion' - Jerusalem Post
Jerusalem Post - By JPOST.COM STAFF The July 4, 1967 lines are not up for discussion and are the very foundations from which direct talks between Israel and Syria will start, Syrian Foreign Minister Walid Muallem said Friday. Video: Sarkozy in Syria : the press is divided Syrian sets terms of role on peace Publ.Date : Fri, 05 Sep 2008 07:32:39 GMT Schwarzenegger: Palin delivered 'fantastic' speech - San Jose Mercury News
San Jose Mercury News - AP SACRAMENTO—Gov. Arnold Schwarzenegger on Thursday said Sarah Palin hit a home run with her acceptance speech for the Republican vice presidential nomination. Video: Governor To Californians: Bug Lawmakers About Budget California nears record in spending plan stalemate Publ.Date : Fri, 05 Sep 2008 06:14:17 GMT Rice set for historic Libya visit - BBC News
BBC News - US Secretary of State Condoleezza Rice is set to begin a historic visit to Libya as part of a North African tour. She is expected to meet Libyan leader Muammar Gaddafi as part of the trip, which will also include visits to Tunisia, Algeria and Morocco. Rice set to begin historic Libya visit Rice set to make history in Libya Publ.Date : Fri, 05 Sep 2008 04:41:55 GMT Amazon Associate Store |
PARLOT::Ebooks, Scripts,
Websites, and more... Bills, creditors, debt collectors. Are you yearning for the days... Read More It is always possible to negotiate with creditors ? even... Read More Still living from pay to pay? Or envying those great... Read More When you find yourself thinking about using a credit counseling... Read More An IVA (individual voluntary arrangement) is an alternative to bankruptcy... Read More Most American consumers are living too close to the edge.... Read More Do you want to reduce your debt? Having trouble paying... Read More Knowing how to negotiate debt settlements is the key to... Read More A Debt Checklist allows you to look at items and... Read More Are you among the millions of people who have found... Read More Many consumers that are bogged down in debt frequently turn... Read More Who are these people anyway? They viciously harass you and... Read More If you once have been caught in the debt trap,... Read More For most Americans, credit card debt is a dangerous and... Read More When you hear the word "debt", whats the first thought... Read More In today's consumer society it is all too easy to... Read More Congress recently passed the Bankruptcy Abuse Prevention and Consumer Protection... Read More Lots of people take a large ammount of loans and... Read More A few times I wonder what sort of credit system... Read More Want to know if your attitude towards your finances is... Read More Credit counseling is a viable option for those who are... Read More Sometimes debt can seem overwhelming. In those instances, or even... Read More Almost all Americans carry credit card debt. Actually, over 40%... Read More Reducing debt usually isn't a high priority for people until... Read More Consumer Borrowing Consumer borrowing in the UK has now crashed... Read More
Adsense
websites
Different Ways Of Dealing With Debt
Debt Problems? You Can Negotiate With Your Creditors
Tips For Saving Money
Selecting A Credit Counselor; Asking The Right Questions.
IVA Advice
Bankruptcy - Your Fresh Start
Reduce Your Debt
How to Negotiate Debt Settlements
Use A Debt Checklist To Examine Where You Are
Dont Drown Your Debts, Manage Them!
What Is A Chapter 13 Bankruptcy?
Debt Collectors: Men or Mice?
Get Debt Free
Is My Credit Card Debt A Problem?
Are You Beating Up On Yourself About Debt?
How to Become Debt Free
Utah, the Nation?s Bankruptcy Capital
Deal with All Your Debts with Care!
Debt Free Living - 5 Tips To Get Out Of Debt
Assess Your Financial Attitude and Eliminate Your Debt Forever
Credit Counseling ? Signs That You May Need Help
Debt Handling Solutions
Debt: Dont Pay Your Minimum Balance
Reducing Debt Before Its Too Late - How to Avoid the Pitfalls of Creeping Debt
The Effects of Consumer Debt
Affordable and Reliable Web Hosting Starting at $4.49/Month
Tips For Saving Money
Still living from pay to pay? Or envying those great... Read More
Budgeting and Debt Management
Debt management (specifically unsecured) is the first step to taking... Read More
Debt Getting You Down? - Make a List!
Debt is not much fun and when faced with it,... Read More
Is It Possible to Be Sued For My Debts?
It is possible for creditors and third-party collection agencies to... Read More
Debt Elimination 3
Planning To Achieve Debt EliminationOnce you have started the process... Read More
How Do I Lower My Debt Burdens?
How do I lower my debts?There are several ways of... Read More
How to Avoid Bankruptcy
Bankruptcy is a legal way to offer folks with high... Read More
Secrets to Why Debt Reduction is So Vital for Your Financial Health
Living with debt is never a good idea if you... Read More
Credit Card Debt Freedom is Possible
Credit card debt have you drowning financially? You're not alone.... Read More
Learn The Five Key Debt Reduction Steps You Must Take Immediately!
Step 1. The purpose of this first step is to... Read More
Debt and Your Dreams
You may not realize what that credit card bill is... Read More
Free Quick and Easy Money Saving Tips ? Part 2
Although many consumers would argue differently saving money doesn't have... Read More
Debt
We all know about debt. If you don't have too... Read More
Bankruptcy Interest Increases as Deadline Approaches
Congress recently passed sweeping legislation that will significantly reform American... Read More
The Road to Debt Relief
Living with debt is not something someone hopes for, but... Read More
Credit Card Debt & the Unfairness of the Universal Default Clause
Let's look at a real world example: A woman purchased... Read More
Use A Debt Checklist To Examine Where You Are
A Debt Checklist allows you to look at items and... Read More
Utah, the Nation?s Bankruptcy Capital
Congress recently passed the Bankruptcy Abuse Prevention and Consumer Protection... Read More
Debt Reduction, a Necessary Endeavour
Massive debt is something many Americans face. Debt reduction is... Read More
Debt and Financial Optimism in the UK Continue
With £1.3 trillion pounds worth of debt in the UK,... Read More
The Debt Free Lifestyle
Many people have been taught that you cannot get ahead... Read More
Debt is The Master of Souls
Wholeness requires separation. In order for you to experience yourself... Read More
Your Secret Weapon... A Budget
For many, the word 'budget' immediately sends shivers down the... Read More
Is Debt Negotiation Bad?
Educating yourself about the ins and outs of debt negotiation... Read More
The Human Side - Debt Stress
In all the technical discussion you hear about credit... Read More
Debt Relief |