Archive for the ‘Debt Relief’ Category

It is almost the end of January, the first month in an already eventful 2010. Haiti just was devastated by the worst earthquake in almost 200 years. Toyota just put a hold on selling almost all of their new cars which will undoubtedly cost thousands of employees some pain. But does this mean that 2010 is doomed already? No. You can’t think like that. Perhaps 2010 just wanted to get some bad stuff out of it’s system because it’s ready to move forward, more forward than the previous couple of years.

Apply this to your financial situation too. So maybe you are still knee-deep in debt. That doesn’t mean you won’t ever get out. As long as you are doing your part, saving what you can, and putting the pedal to the metal so to speak – there is a light at the end of the tunnel.

Though it doesn’t just come magically because the calender turned a new year. You have to work towards it. And even then there can be some setbacks. Such is life. But like everyone else you have to rebuild what you lost, work towards making it better this time around, and sticking to your belief that you can get through the worst and then some.

If getting out of debt this year is your #1 goal, then you are in the right place. Read up and keep your chin up. It will happen with a step forward every day. Happy New Year!

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Certain types of debts will qualify for debt consolidation and/or debt settlement, while others must be paid outside of the program. When deciding how to best handle your need for debt relief, it’s important to know which types of bills can be included and which cannot.

When it comes to debt, there are basically three different types. These include unsecured, secured and government. Unsecured debts include credit cards, personal loans and other types of bills that are not secured by some type of collateral. As you may expect, secured debts include a mortgage or auto loan because the loans are secured by valuable property. Certain types of charge accounts, including those obtained at furniture and/or electronic stores, are also secured because the lender retains a “security interest” in the item(s) with the right to repossess the property if it is not paid for. A government debt includes student loans and/or taxes.

Now that you are familiar with the various types of debts, it’s important to know which ones are eligible for debt consolidation and/or debt settlement services. The most common reason that people will enter into either of these programs is because of high interest credit card debt, which means unsecured debts are eligible for debt relief programs. Secured debts, as discussed earlier, are not eligible and must be paid outside of a Debt Relief program. A mortgage or auto lender will not be willing to negotiate a debt settlement or lower payments and interest for the life of the loan. Government debts are also not eligible for debt consolidation and/or debt settlement services and, too, must be paid separate from the program.

If you are in need of debt relief and consequently are considering a debt consolidation or debt settlement service, the non-profit agency handling your debt negotiations will be able to answer questions regarding which additional debts may or may not be eligible for inclusion in your program of choice.

When you sign up for either a debt consolidation or debt settlement service, it’s a good idea to place all of your unsecured debts on the program. Most non-profit agencies will recommend this due to the fact that creditors may feel that you are being selective in which debts to single out and request lower payments and/or interest from. If you are in true need of debt relief, your best bet will be to place all of your credit cards on the program and eliminate all of your debt at the same time. If any creditors find out that you have not placed every eligible debt on the program or if you start the program and then apply for another credit card, they may revoke your lower payment and/or interest and return your account to past due status. At the very least, they may refuse to accept the proposed debt relief plan. In a worst case scenario, the creditor could return your account to past due status and begin charging penalty interest once again.

In conclusion, if you are planning to enroll in a debt consolidation and/or debt settlement program, include all eligible debts and avoid applying for new accounts until all of your old ones are paid in full through the debt relief program.

Brian Dolezal
http://www.articlesbase.com/finance-articles/which-bills-are-eligible-for-debt-consolidation-debt-settlement-services-89987.html

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Are you looking into buying a car? Or refinancing an existing car loan? This article is an excellent starting point of your research. Lets roll …

You should begin by requesting your credit report and FICO score. These two in combination will give you an idea of how lenders view you. This helps answer the simple question ‘Credit-worthy or not?’. The higher your creditworthiness, the better interest rate you will get on your loan.

Its best to request copies from all three major credit bureaus. This is because you never know which report is favored by a lender. Also, this will help iron out any inconsistencies in these reports early in the process.

1) Equifax: PO Box 740241, Atlanta, GA 30374; www.equifax.com
2) Experian: PO Box 2002, Allen TX 75013, www.experian.com
3) TransUnion: PO Box 2000, Chester, PA 19022; www.transunion.com

The next thing to do is figure out the numbers that make sense for your situation. There are times when a 0% loan is on offer by the dealer. This is enticing in comparison to a 5% interest rate or higher. Before you jump on the deal, take another look at the offer. You could be in a better financial position by capitalizing on a cash rebate instead.

This will be clearer with an example of your monthly payment calculation.

In the event that you get a 36-month loan at 4% with a $2000 rebate, your payments (monthly) will be $30 lower. You would also save a little ove $1100 over the cost of the 0% loan. Always run the numbers. If you are a little math-phobic that’s okay. Use one of the many online loan calculators available.

Before you go car shopping, you should make arrangements for the financing. This approach has a number of advantages. This will help figure out your budget and how much the monthly payments you will have to make for a loan amount.

One point that people often overlook is that you have a advantage while negotiating the price with the dealer if you will get approved for the loan or not. Fairly often the dealer will take you up on the lower price if their financing offer is acceptable to you. As mentioned earlier, do the numbers before you go car shopping.

One tip regarding accepting dealer financing. If you think the offer is within your price range you can accept it. But nothing prevents you from refinancing the day after. There are costs associated with refinancing a loan. So, do take those into consideration when doing the math.

One added benefit of having researched financing options is advance is your increased ability in weeding out the bad deals. Sometimes you will get different offers on virtually identical cars at different dealerships. Since you have run through different numbers before you will be able to compare deals easily. Of course, do factor in the service you will receive post-purchase in your final buying decision.

Lastly, look at the advantages and disadvantages of leasing versus getting loan or even some other form of financing. For instance if you own your own place, a home equity loan or line of credit could give you access to cash at lower rates of interest.

In the beginning this may seem like a lot of work. But as you get more experience you will get more creative in your financing options being fully aware which ones save you the most money.

Mike Singh
http://www.articlesbase.com/non-fiction-articles/car-loan-debt-relief-should-i-refinance-my-car-127888.html

The interest only loan that you have available to you today, is the same one that many Americans since the early 20′s had available to them and used. So, your grandparents or there parents perhaps, may have looked for a bit of Debt Relief with the interest only loan themselves.

There were some differences in the loans from that time to now however. Let’s take a look at some of those differences. This may help us become better educated so we may more efficiently shop for these loans.

In the 20′s the interest only loan was more of a pure product, meaning that they were interest only for the loan’s life. So, only interest payments and no principal had been paid. This seemed to be a good system until the stock market crashed, and the Great Depression came along. This left a number of lending institutions with a mortgage that was foreclosed, and with no cash. At this point most lenders decided that it would be a better idea to just give out more traditional loans so that equity could be built up. This helped the homeowner have a sort of savings to build wealth in. It helped the bankers as well with their mortgage balances being less outstanding.

The interest only loan these days is not well suited for everybody, and can be a detriment to many homeowners, however for some it is a suitable match, for instance investors who will probably flip the property anyway, or others who will likely be moving sooner than later, and will have no ill effect of the fact that they’re not building any equity in the home.

Nowadays, when lenders offer the interest only loan, they’re required to ensure that no more than half of the loan can be applied to the interest only portion. This helps avoid the same tragedy that was faced in the 20′s and the stock market crash. This type of mortgage is more likely to be appealing to the compulsive shopper who insists on instant gratification, with no solid debt management skills.

As well as putting many borrowers in a position where they own a home, but really have no solid equity in it, it also puts them in a spot where they cannot eventually afford the payments when the principal portion of loan does kick in.

These types of loans, plus the booming of the real estate market has increased purchasing power, and allowed many wannabe homebuyers to make that dream come true. However, every bubble must eventually pop, and the mortgage companies must feel the affects as well.

On the flip side is the purchaser, who may not be able to withstand the consequences, should say the home is suddenly not worth the original amount of the loan.

The one that gets the most benefits out of this loan is by far the lender, and the risk goes mostly to the homeowner. Please practice responsible money skills, and be very selective on the type of mortgage that you choose to go with.

Peter Wilson
http://www.articlesbase.com/finance-articles/how-debt-relief-affects-your-mortgage-choice-82117.html

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Public Forum on Debt: Why Wi So Bruk: Jamaicas Debt- Exploring Causes & Strategies

UNDP supported the Caribbean Policy Development Centres (CaPRI) staging of a public forum on Jamaicas debt situation on June 12, 2008. The Forum Why Wi So Bruk took the form of a town hall meeting and received public feedback on the findings and recommendations of CaPRIs research : Jamaicas Debt: Exploring Causes & Strategies.

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Learn about Debt Relief companies, debt relief, credit card debt elimination and credit card debt relief companies.

http://www.christianet.com/debtrelief

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Pay off smaller debts or debts with higher interest rates first. Choose the right debts to pay off first with tips from a consumer credit counselor in this free video on personal finance management.

Expert: Maria Enomoto
Contact: www.gotdebt.org
Bio: Maria Enomoto is a credit counselor working for Consumer Credit Counseling Services in San Jose, Calif.
Filmmaker: Bing Hu

Duration : 0:2:1

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Consolidation car loans can be done for many cars or refinanced if it is just for one vehicle. Consolidate car notes with tips from a consumer credit counselor in this free video on personal finance management.

Expert: Maria Enomoto
Contact: www.gotdebt.org
Bio: Maria Enomoto is a credit counselor working for Consumer Credit Counseling Services in San Jose, Calif.
Filmmaker: Bing Hu

Duration : 0:2:14

Read the rest of this entry »

A bad credit history has a way of keeping you from getting an unsecured low-interest credit card. Unsecured credit cards, it would seem, are simply reserved for those with good credit ratings, not those who have experienced the need for Debt Relief. Credit Cards provide a sense of security when traveling and a substitution for cash that you don’t always have immediately on hand. A form of debt management if you will, only this time it comes with low interest rate cards which often also offer fun and special rewards.

So, if you have a good credit rating and you have all but eliminated credit card debt — meaning you do not use credit cards for much of anything other than emergencies – but want or need a small credit line, just for emergencies – say like just a few hundred dollars, low rate alternatives can reduce interest rates and thus, save you money. You, are in a unique position to decide what exactly you want in a credit card and a lender, and you can shop based upon that wish list. Say for example that you want a card with no annual fees and no APR% rate. Your options may then include:

Chase Platinum Credit is one of the few cards that can meet these requirements with no annual fee and their 0% APR rate for an introductory six months. In addition they have travel rewards that allow for earning points (or cash) back that can be used for hotels, flights, cruises, and car rental agencies. In addition they have travel insurance that is automatically in place for their card holders.

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Clinton Maxwell
http://www.articlesbase.com/finance-articles/lower-interest-rates-may-offer-debt-relief-91491.html