Month: August 2018

Seek Debt Consolidation To Relieve Burdens of Debt

Debt blogger

You’re in quite a damaging financial position. You’ve taken out far too many loans and the result is constant worrying about the numerous repayments due at the end of each month. Perpetually, you’ve got creditors calling you – repeatedly so and seemingly to no end – harassing you and even threatening you with the prospect of legal notices. And of course, all this insistence weighs down on you ten-fold raising stress levels through the roof. Anxiety about your current financial well-being and financial future is severe as well; it seems as if it’s taking a strong grip on your life, constricting any notion of financial freedom.

But, you don’t want that, not in the least, right? You’re looking for breathing room, for change, certain avenues to alleviate your financial pains and lessen some of the weight you’re toting around. If you search hard enough, solutions will be uncovered. One such resolution to ease your financial burden is the utilization of debt consolidation loans.

Easing Debt Burdens With Debt Consolidation

Imagine the process of debt consolidation as, well, a means to consolidate or bring debt together, cramming it into one compact ball. Picture the following when comprehending debt consolidation: two extended arms stretching widely and outward joining at the hands forming a circle around distributed debt. Now, envision this arm-enclosed circle gathering scattered debts, clumping them together tightly as the arms constrict, closing them in in a unified fashion. This image might suggest debt is being hugged, but rather, it’s something quite the opposite. If anything, debt here is squeezed until it is no more.

The Art of Acting As One

Debt consolidation acts as a means to unite all high interest debt into one, concentrated area to make repayment processes easier to cope with. And despite the clear differences between the various loans’ interest rates you’ve accrued over time due to varied purposes, through debt consolidation these loans will still be gathered and held together under one exclusive payment. Better still, after combining multiple loans into a single consolidated loan, the flexibility of choosing a repayment plan with reduced rates is there, with a decreased and consistent interest rate no less. And this most certainly would suit anyone’s already debt-heavy wallet.

Advantages of Consolidating Debt

The major benefit here is that the words “numerous” and “debts” are no longer linked together. Debt here is now positioned in one contained area, practically fenced in, which makes keeping track of payments per month a manageable and less clustered task. As it is, keeping on top of paying numerous, spread out debts from various sources is not easy and can get confusing at times. Yet, under a debt consolidation loan, all debt can be dealt with through a single loan, one both affordable and easily controllable.

Other than a reduced and easy to manage monthly payment, debt consolidation provides it’s candidates much more in terms of assets. Consolidating is on it’s own a cheaper alternative for your high interest debt -both secured and unsecured- as lower interest rates are initiated, and thus, allowing for a significant reduction in outgoing totals per month. This means a fatter wallet and saving more in the long run. Also, if your credit rating is visibly questionable to creditors, debt consolidation may be what’s needed to repair and strengthen that weak credit standing.

Overall, seeking the financial alleviation of debt consolidation may just be the solution you’ve been searching for, both to make your life less stressful and your financial situation less of a concern. Make your financial state more of a freedom rather than a burden.

Requesting Debt Validation And Disputing Your Debt

Debt blogger

The Fair Debt Collection Practices Act (FDCPA) has been around for over 30 years. The FDCPA is a federal law that applies to every state. In other words, everyone is protected by the FDCPA. Its purposes are to eliminate abusive practices in the collection of consumer debts, to promote fair debt collection, and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information’s accuracy. The FDCPA creates guidelines under which debt collectors may conduct business, defines rights of consumers involved with debt collectors, and prescribes penalties and remedies for violations of the FDCPA. The FDCPA is essentially a laundry list of what debt collects can and cannot do while collecting a debt, as well as things debt collectors must do while collecting a debt.

One important section of the FDCPA is section 1692g, which deals with validating debts. Section 1692g states, “[w]ithin five days after the initial communication with a consumer in connection with the collection of any debt, a debt collector shall”send the consumer a written notice containing” the following information: (1) the amount of the debt, (2) the name of the creditor to whom the debt is owed, (3) a statement that the consumer has 30 days to dispute the debt, otherwise the debt will be assumed to be valid, (4) a statement about what the collector will produce if the consumer disputes the debt within 30 days, and (5) a statement that the debt collector will provide the consumer with the name and address of the original creditor, if it is different than the current creditor. In other words, the 1692g Notice Letter contains important information about the debt and about the consumer”s rights. Therefore, consumers should read this letter carefully.

If a consumer receives a 1692g Notice Letter from a debt collector, the consumer has 30 days to dispute the debt and to obtain additional information the debt from the collector. Therefore, consumers should always respond to 1692g Notice Letters in order to obtain complete and accurate information about the underlying debt. Furthermore, it is crucial to dispute the debt within the 30-day window, too, if the consumer does not owe the debt. Once a consumer requests validation of the debt or disputes the debt, the debtor collector must stop all collection activities until the debtor collector provides verification of the debt to the consumer. Therefore, the consumer will have some momentary relief from the telephone calls and the letters while the collector gathers and provides verification of the debt. More importantly, however, the debt collector will be forced to validate the debt before continuing with collection efforts.

In summary, consumers should carefully read the 1692g Notice Letter and exercise their the right to validation and right to dispute the debt. That way, consumers will be educated before determining how to attempt to resolve the debt at issue.

Free From Debt

Debt blogger

Are you tried of going to the mail box and find many bills in there waiting for taking out your check book? Have you ever wondered if you will ever be free? Each month you pay the minimums and although you KNOW you’ve got a handle on it – you are not charging your credit card or accumulating new debts anymore – it seems that you will be paying the minimum fees forever.

The way you pay your debts can affect how soon you will finish paying them off – even if you keep paying the same amount for debt every month. Of course you might be able to get a consolidation loan, but if you’re not eligible or are not interested then there are several other things you can do. It’s not always the easiest to figure out the mathematics, but there are four steps to quicker debt relief.

1. Create a list: List your smallest debts first followed by your largest high-interest debts (credit card) and then your largest low-interest debts (Lines of credit and taxes). Plan to pay the minimums on all debts with these goals in mind:

2. Small bills first: They may not be the highest interest, but every bill that you are paying some interest on means you are usually only paying minimal amounts on the principal. Multiple debts are also a sure way to bring your spirits down. Paying off small debts first is a quick way to start checking them off – and freeing your mind.

3. Move the payments along: When one debt is paid add the funds to the next debt. For example, say you’re making $75 payments to a small debt. When the debt is cleared add the $75 to the next debt on your list. If the next debt had a minimum payment of $100, you will now pay $175 until it is paid off. When that one is finished, take the $175 and add it to the next payment and so on.

4. Save the cash!: Don’t forget that when your debts are cleared you have set yourself up for a better financial future. The best way to take advantage of your new situation is to use all the money you were spending on debts and start investing or saving it every month.

It is a worthwhile goal to get out of debt. With this strategy your debts will clear faster meaning you will pay less interest, you will see progress as you clear small debts first, and you will not be tempted to use the funds for personal use instead of debt repayment. Now you will see goal come sooner and teaching yourself discipline sets you up for a brighter financial future.

Is Debt Consolidation a Good Idea

Debt blogger

Debt is enough to cause anyone sleepless nights and stressful mornings when the mailman arrives with the latest bills that have to be paid. Money worries can affect family life and take a heavy toll on individual health particularly if alcohol is consumed to avoid having to confront the mountain of debt many of us find ourselves in.

You may have considered debt consolidation as the answer to your problems as it rolls up all the credit card and store card debt you have accumulated, gets the creditors off your back and could lower your monthly outgoing payments. For some people who are usually very good with money and have got in to debt through no direct fault of their own maybe the health bills racked up or there was a period of unemployment then debt consolidation may be the answer to managing your debt and reducing your monthly expenditure.

However, if you got in to debt because you were using cheap credit to fuel your lifestyle then debt consolidation may actually be a bad idea because you are exchanging unsecured debt for secured debt and if you continue living how you have been then your home may be in real danger. In this case it may be worthwhile contacting your creditors to explain your situation and take a hit on your credit score rather than risk becoming homeless. A credit score can always be repaired, losing your home is catastrophic.

Before applying for a debt consolidation loan there are some factors you need to consider. The first is that you may be charged a fee to process the loan, the second is that even though the interest rate is lower and fixed the duration is much longer which means that in the long term you end up spending more on interest than if you simply paid off your credit cards. Finally there may be no option for early repayment or they may charge high fees to pay the loan off early, whereas a credit card company will gladly accept a lump sum payment with no fees if you are paying off your debt.

There is just one question to ask yourself if you are considering getting a consolidated loan which is: are you changing your lifestyle to get out of debt or will you continue to need credit cards to survive? If the answer is that you will need to keep using credit cards then debt consolidation is definitely not the right option for you. If you are committed to cutting up all your credit cards and sticking to a strict budget then consolidating your debt may be the way to help you become debt free within 5 years.

Bad credit loan involve debt consolidation

Debt blogger

Bad credit loan is a contemporary concept of minimizing loan burden involving debt consolidation. Now the question that pops up in mind of many is what is Debt consolidation? Well it is debt (means loan) + consolidation (means combination). It is combination of multiple loans which is exchanged with lower interest single loan, thus relieving the borrower from the burden of multiple loans carrying higher interest rate. The bad credit loan provide feasible loan at high interest rate with quick paying terms, thus a convenient substitute for your upward rising multiple loans .Why to go for so many debt option and keep your income prone to the risk of heavy MI (monthly Installment) payment? It is prudent to take a bad credit loan where you can clear off your credit history at short notice.

The customer to Bad credit loan can be both an individual, as well a concern. An individual can meet his personal expenditure demand like meeting his house bill, child’s education fees, marriage expense–.etc taking bank credit loan in his name known as -bank credit personal loan-, Also an organization or a concern can meet his working capital needs required to run the business by taking bank credit loan. Loan for bad credit is processed easily on qualifying very simple terms and conditions, for example:

The loan aspirant have to be a major i.e. above 18 years of age.

He has to be a citizen of the country.

He should have the correct identity and residential proof.

He should have the legal ground for taking the loan.

He should have regular and legal source of income.

The bad credit loan has become a cake walk with the online exposure and if you want to get immediate cash, that is possible by subscribing signature bank credit loan.

Bank credit loan is a simple 3 tier process where in step 1.the loan applicant fills up the application form where the entire personal and his business related details are to be entered (like ,name, postal address, contact details, loan amount, income level, source of income etc)after that in step 2.the same details are verified with the lender online ,and on total satisfaction they will contact you and last but not the least step 3 will be cash reimbursement your running(current or saving )account; Current account is maintained by the business concern and saving account is for individual.

Based on your finance need you can opt for either secured (low interest rate loan)or unsecured(high interest loan)among the two option available for bad credit loan. If your cash need is high you have to stick to secured bad credit loan where you offer your property as a collateral to the loan applied.

Bad credit loan offers debt consolidation and act as a leverage to release your long term fixed cost debt charges.