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How to Get Out of the Debt Problem?

Getting into the debt trap can be very easy, but getting out of it is just as difficult. However, with the right tools and motivation, you can handle your debts efficiently and even free yourself within a short span of time. Here are a few strategies you can try if you are ready to go on your debt payoff journey:

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Eight Mistakes People Make During Debt Consolidation

If you are drowning in debts, the only thing that might have been worrying you is how to pay them back. To a great extent debt consolidation can help you get out of your financial crisis. That said debt consolidation only makes it easy for you to manage your debts. You will still have to pay them back. Debt settlement, on the other hand, helps you settle your debts for less. Many debt settlement agencies may even try to get in touch with you through debt settlement leads. But you need to understand that this option would have a negative impact on your credit. If you want to avoid this,

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Choosing the Right Debt Settlement Technique

When things get tougher in life and it becomes difficult to pay back your debts, debt settlement can be your best bet to get out of the debt trap. There are many debt settlement firms from where you can get expert help to make your debt repayment more affordable. Some of these may even start contacting you directly via debt settlement leads. Nevertheless, it makes sense to understand the various options you have before signing the contract with any of these firms.

Different types of debts may need different debt settlement techniques. What might work for one person may not work for another. It all depends on your financial situation and the circumstances you are in. However, if you are actively looking out for an answer, here are a few techniques you can choose from:

The Standard Debt Settlement Technique

In this technique your monthly requirements would be restructured to come up with standardized payments that seem attainable for you. This might work well if you are finding it difficult to pay back your debts because of a sudden increase in your monthly expenses. Once your requirements are analyzed and restructured, you will find it easier to pay back your debts in time.

The Extended Debt Settlement Technique

This is a technique that helps you extend the repayment period of your debt. As a result, there will be a significant decrease in the monthly payment that you make against your debt. While you may have to wait longer to become debt-free, you might also end up paying a lot of interest in the long run. This technique may work for you if there has been a permanent change in your financial situation.

The Graduated

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Top tips to avoid Foreclosure

Top tips to avoid Foreclosure

Have you been missing out on your monthly mortgage payments for a while now?

Don’t take this lightly – You may be at the risk of a foreclosure

Millions of Americans are at risk of foreclosure because of non-payment of their mortgage amounts on time.  Nevertheless, the good thing is that it is possible to avoid foreclosure. Here are a few tips, following which you can save your dream home from going into a foreclosure:

Explore your options

You are probably in this situation because you didn’t quite go through the terms of your loan well. Or there might be a huge change in your financial situation now. Whatever it is, it is very important to understand your current situation and explore the options you have. You can refinance your loan by going for a new one at a lower interest rate. You can reap the benefits of the many solutions that government provides for distressed homeowners. You can sit and discuss things with your lender and check if he is agreeable to modify your loan, either temporarily or permanently.

Make sure your credit is intact

Credit is the only thing that gives you the negotiating power when it comes to avoiding a foreclosure. So, call your lender while your credit is still intact. Even the major lenders such as Bank of America, Countrywide Financial, Citigroup, JP Morgan Chase, Wells Fargo and Washington Mutual suspend their foreclosure process for about 30 days if you are a qualified borrower with a decent credit rating.  Once you lose your credit you will be in no position to avoid a foreclosure.

Pursue assistance from experts

Avoiding a foreclosure is by no means an easy job. It can take a lot of time and a lot many phone calls. At such times, if someone can help you it has to be an expert in the field. You will find many HUD-certified housing counsellors and loan modification counsellors who can come to your assistance. In fact some of these might even get directly in touch with you via loan modification leads. They can work out plans and assist you in convincing your lender to modify your loan. All that you need to do is keep pursuing them until your job is done.

Try keeping your payments current

Many borrowers make the mistake of paying off their credit card bills before they make their monthly mortgage payments. You may not hear from your bank/lender as soon as you miss your payment, the way you do from your credit card company. Nevertheless, avoiding a foreclosure should be your top priority. Yes, you do lose out on your credit score if you

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Debt Consolidation in 4 Easy and Effective Steps

Debt Consolidation in 4 Easy and Effective Steps

Falling into the debt trap can be very easy; but walking out of it can be a real pain. As your needs increase, so will your debts and there is no way you can control them.

First, you need to buy a house; so you get into a mortgage.

Then you need a car and so you go for a car loan.

The day to day expenses keep increasing your credit card bills. But it doesn’t end there.

You may have to go for another loan to get your child educated.

The number of debts keeps increasing, while your income remains more or less the same.

You forget to pay any one of these debts and you are doomed. You may end up losing your home or your car. The only way to make all this easier is to consolidate all your debts.

As the name suggests, debt consolidation refers to a process which combines all your debts into one single payment plan. There are many ways of doing this and in fact you may even find many lenders who will be ready to do it for you. Some of these may even contact you directly, by purchasing your details via debt settlement leads. Nevertheless, before you say yes to a debt consolidation company that comes to you through

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Debt Settlement – A Guide

Debts can be settled by making a one-time large payment. For instance, if you have a debt of $10,000 on your credit card, you can settle the debt with your credit card company by paying up a lump sum amount of say $6,000. The credit card company in turn may agree to erase or forgive the remaining $4,000.

So, why would a credit card company accept a lesser amount and agree to forgive the rest of the loan?

It can happen in two scenarios:

  1. The credit card company is in need of some immediate cash owing to too many defaulters
  2. You are on the verge of bankruptcy and the credit card company would want to reduce its risk.

In both scenarios, a negotiation would be inevitable. Also, you need to remember that there is no collateral on which these credit card issuers can fall upon. After all, credit cards are nothing but unsecured loans.

How to go about?

In order to finalize your debt settlement, you will have to put in efforts to make your lenders understand that you are really in a bad spot financially. Your lender will have to believe that if he rejects your offer he stands to lose out. There are a few things you need to keep in mind here:

  • Your latest financial statements cannot show your money going towards payments for luxuries such as visits to five-star restaurants or purchases of designer clothes. You will not get any sympathy by showing such statements. You will have to stop using your card at least three to six months before you contact your lender.
  • It will not work if you have been making your monthly payments regularly. You will only come across as a person who is trying to run away from debts. Instead, you have to show that you have been defaulting or falling behind on your monthly payments.
  • When you are ready to get in touch with your credit card company for debt settlement, make sure you get in touch with the concerned person from the settlements department. Explain your situation to them. Tell them that you have managed to scrap some cash so that you can settle their account before you end up using that money for some other purpose. If they don’t fall for it, you can even mention that you are having a few other accounts where you have been trying to pursue debt settlements. Some amount of competition can succeed in putting pressure on your credit card issuer.
  • Start by offering to pay about 30% of the balance that is actually due. The issuer might ask you to increase your amount. If it goes beyond 50% it is better to try settling with another creditor or save up that money to make your future monthly payments.
  • If you manage to finalize your debt settlement, make sure you get it in writing. Else, the credit card company might take the money and then use a collections agency to recover the remaining balance.

If you find it difficult to get an affirmative answer from your credit card lender, you can always hire a professional debt settlement agency to do this for you. In fact many such agencies buy debt settlement leads,

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