American Debt Consolidation Resources Offering Debt Solutions not Loans Friday, July 3rd, 2009
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American Debt Resources:

Get out of Debt Faster?

Getting out of Debt Faster

Our grandparents had some very good ideas about money and credit. One of those was to pay off your debts quickly. That is a little harder to follow today but if you can’t pay off your debts all at once you can pay them off more quickly. Not only will you feel financially freer you can also save a lot of money in interest.

Interest is the oil that lubricates the consumer economy of today. Interest is the amount of money that others will charge you for the use of their money. In most cases it’s not even their own money. A bank or department store borrows money in one account and lends it to you at a higher rate of interest than they first borrowed it for. That way a department store not only makes money on your purchase of a dining room suite, they also make money on the interest you pay when you use their credit card.

You can pay off credit cards and other debts faster by choosing a credit card debt consolidation service with a lower interest, or by paying your full balance at the end of the month, or by making a payment that includes the interest. Other methods that do not include using a debt consolidation service are paying off a higher rate credit card and using a lower rate one, and by making double payments a few times a year.

None of this is rocket science and yes, we already knew all of this, but the reality is that we haven’t been practicing any of them. As a result our balances keep increasing and our anxiety grows. One way to stop the debt cycle cold is to consider our debt consolidation services.

Using the debt consolidation services offered here at BudgetPlanners.net will take all of your current credit card and loan payments and roll them into a single payment. You then only owe one bill and it will be less than all of your other bills combined. It gives you an opportunity to get a fresh start, a new beginning to your credit and debt existence. It will feel better and it will be cheaper. Most of all it will allow you to get out of debt faster.

Debt Consolidation or Bankruptcy?

Bankruptcy Explained

Bankruptcy is a legal process allowing financially distressed parties to get rid of debt when there is no reasonable way of repaying that debt. Generally, there are two types of bankruptcy proceedings that are the most commonly used by individuals. Those are Chapter 7 and Chapter 13.

Chapter 7 Bankruptcy

When any individual or couples file for Chapter 7 protection, the court will appoint a trustee who then decides what portion of the debtor's property is exempt and what portion is not exempt. Many bankruptcy exemptions can vary from one state to another but the usual exempt forms of property are your home, auto, and household goods. In most cases there are monetary limits to the value of each type of property as set by your state.

After it has been determined which properties a debtor will be allowed to keep, the remaining nonexempt propertycan be liquidated. The proceeds of this sale are then used to pay off as much of the unsecured debt as possible. Unsecured debt is debt in which there is no collateral that the creditor can take to satisfy their debts. Exempt property canl not be sold, but if the debtor owes money on a secured debt, the creditor does have the right to repossess the property if the payments are not made.

When the funds from the sale of property have been distributed to the creditors, the remainder of the debt can be discharged by the bankruptcy court. The debtor is no longer responsible to pay the remains of their unsecured debt and is free to start to rebuild their life after the bankruptcy..

Chapter 13 Bankruptcy

Filing Chapter 13 bankruptcy is similar to a debt management program. In Chapter 13, the debtor works out a plan in which they make payments to all their creditors for a period of three to five years. The threat of repossession or foreclosure is then removed. The debtor does not always have to pay the full debt as other agreements can be made. The Bankruptcy court will require that the debtor maintain sufficient income to cover the terms of their payment plan as well as basic living expenses for the duration. At the end of the three to five year debt management plan, the debtors remaining debt is then discharged.

Before making any type of decision to file for bankruptcy protection, or the decision of which bankruptcy type to file, it is always best to discuss YOUR alternatives with qualified legal help. Take YOUR first step by talking to one of our debt consolidation professionals. Bankruptcy is a very serious undertaking and should not be pursued lightly.

Second Mortgage?

Is a Second Mortgage a Bad Idea?

A second mortgage is not for everyone. Some typical uses for a second mortgage debt consolidation loan are home repairs, tuition, and even vehicle purchases. Second mortgage consolidation loans should not be used to extend a lifestyle that you can not afford, whether it is a vacation or endless dinners out. If you are considering taking out a second mortgage to increase your cash flow due to job loss, think long and hard about that choice. While it may seem like an easy way to tie yourself over, you can quickly get in over your head, and defaulting on this type of debt consolidation loan will result in the loss of your home.

It may make sense to take out a second mortgage in order to pay off bad debt. If you have extensive credit card debt, and are not making progress in paying it off on a monthly schedule, a second mortgage may be a good move. You will most likely be paying much less interest on the second mortgage than you are on the credit cards. There are two rules to consider before deciding to do this:

Once the credit cards are paid off, do not carry a monthly balance on them again. While it may feel great to see that zero balance, and make you feel like you can afford to do a little shopping, remember that you basically transferred the balance to the debt consolidation loan using a second mortgage. You still owe the money. If you start racking up charges again, you will find yourself in the exact same boat as you were before, only with debt consolidation loan payments as well.

Do not take out a second mortgage if there is any chance that you will not be able to repay the loan. Transferring your credit card debt to a mortgage puts you in a position where you could lose your home if you default on the loan. If you decide the risk is too great, transfer your credit card balances to the card with the lowest rate. Get some great advice by talking to one of our debt consolidation professionals first but please, do not take out the second mortgage if there is any doubt about your ability to repay.

Is your debt causing strain?

High debt causing you financial strain?

Is it getting harder and harder for you to meet your financial obligations each month? Do the balances on your high-interest credit cards just keep getting higher and higher? If so, you may think that the situation is overwhelming, and sometimes it can feel like there is no way out. The truth is that this situation has led many to file bankruptcy. In fact, bankruptcy filings are at an all-time high, which has forced legislatures to review the leniency of bankruptcy laws. Yes, the laws are changing, and for many, bankruptcy is not an option anymore. But was it ever really a good option? Bankruptcy has always been and should always continue to be the last resort used to solve financial problems. Bankruptcy leaves a stain on your good name and credit that does not go away quickly.

How to solve your debt worries

If you took a poll and asked 100 Americans what they worried about the most, the majority of the answers would no doubt point to finances and money problems. The truth is that money is never far from anybody’s mind in today’s unstable economy. High unemployment, high debt and a stagnant pay scale have left too many of us up late at night wondering how to pull it all together. Granted, these times would make even the most financially stable a little uneasy, but most of us are faced with another hurdle to overcome: debt. Carrying around debt in a time of economic insecurity is like having a weight around your neck in the water. You’re going to get wet, and you’re going to go under; the only question is will you be able to pull yourself out of the water with all of that weight? Any amount of debt can be burdensome and even the most financially savvy need a little helping hand from time to time. What they do, and what you should do if you find yourself struggling with debt, is to alleviate the debt completely using our debt consolidation services!

You can be debt free sooner than you think

Do you faithfully pay your minimum monthly credit card balances when they are due only to see that the balances never really come down, and that your interest charges keep going up? If so, the problem is not your own. You are simply a victim of high-interest charges and low minimum monthly payments set out by credit card companies. Most credit card companies charge between 21 and 30 percent in interest annually. This interest is calculated and applied to your credit balance monthly and can be quite high. For example: A credit card balance of $2,000 would cost you $50 per month in interest if the interest rate were 29 percent. And most companies only charge as little as 1 percent of your principle balance to your monthly bill. That means that you could make your payments every month and hardly ever see the amount owed decrease. So, if you’re only paying your minimum balances, you could end up wasting thousands of dollars in interest charges on minimal consumer purchases. You wouldn’t spend $300 on a $25 sweater at the department store, so why should you end up paying that much after you calculate your finance charges?

The key to stop paying ridiculous interest charges is to simply pay off your credit card debt. But if you’re like most, this is easier said than done. Many do not have the extra money to pay off their credit card balances and some have racked up quite a balance.

So, what is the solution to becoming debt free quickly? Debt consolidation . Once you consolidate your debts you put an end to high-interest credit card charges for good and start to see more of your hard-earned dollars put to good use paying down your debt. In fact, you can be debt free quicker than you ever thought possible by combining those debts into one loan with a much lower interest rate.

The debt consolidation programs offer through our site work by paying off all of your high-interest debt. You then only make one lower payment and save hundreds if not thousands in interest charges. How much do you think you could save if you lowered your high interest rates by a dozen points or more? With these programs you could have a few extra hundred dollars in your pocket each month. What could you do with that money? I’m sure it won’t take you long to figure it out.

The Basic Debt Consolidation Steps

What You Should Do as you Consolidate Debt

As you start to consolidate debt, you should work to make sure that you build the basis for a new and better financial future. This is pretty easy to do if you follow a few basic steps:

• Keep all your financial records in one place. Keeping your records organized can make it easier for you to keep track of your progress and to correct any problems or mistakes that may crop up. Keep every scrap of financial information and every financial paper in one file and you will be able to bring your papers with you each time you meet with your counselor at your debt consolidation company.
• Budget well. Even though debt consolidation will ensure that your bills are more affordable each month, you will still need to budget to ensure that you do not overspend. A budget will also help ensure that you can easily afford your new, lower debt bills.
• Learn as much as you can. Your counselor will do much more than consolidate debt - he or she can be a huge financial resource for you. Use your meetings to learn as much about proper budgeting and good financial habits as you can so that you become better at managing your money.
• Start saving. Once you consolidate debt, you will enjoy smaller monthly payments on your debts. In the first few months, it is important to put away as much of the difference as possible into a savings account. Ideally, try to save the equivalent of three paychecks in your savings account. That way, you will easily be able to afford your debt payments even in an emergency. Plus, if an emergency does occur, you will have money and so will not have to borrow.
• Keep track of your progress regularly. Each month, note how much debt you have left. Keeping track of your progress makes you feel great and helps ensure that you are progressing at a rate that is comfortable for you.

After You Consolidate Debts:

After You Consolidate Debts: A Financial Future Guide

Once you consolidate debts, you will likely start to feel better about your financial outlook right away. Suddenly, you will be able to afford your monthly bills, your interest rates will be smaller, and you will be free of collection agency calls. To keep feeling great, though, you should consider consultation as only the first step. Once you consolidate debts, take a few extra steps top ensure that your finances stay in peak form:

• Learn to live below your means. Budget your money and live more frugally so that you are not living paycheck to paycheck after your consolidate debts. This will ensure that you will not have to borrow for every emergency.
• Invest. Putting aside even a small amount of money each month for investing pays off very well and protects you financial future.
• Avoid new debts. After you consolidate debts, it is healthy to be a bit shy about incurring new debts. In general, only take new debts that you really need.
• Educate yourself about financial management. Your credit counseling program offers financial information as well as counseling, do take advantage of the offers to learn more about keeping your finances in order. Learning how to save money or how to budget properly can save you from future debts and can help ensure that you do not find yourself overwhelmed by bills again.

Shop around before getting new debts. If after your debt consolidation program starts you find you need a new loan, do try to make better debt decisions. Always compare loan rates and terms before selecting a loan. That way, your loans will be more affordable and less likely to overwhelm you. Luckily, once you consolidate debts, your credit score will improve and you will be able to enjoy better rates.

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