FINANCIAL SOLUTIONS HUB

Financialsolutionshub brings to you all the crucial financial solutions information that you may need to keep your finances on track.

Friday, October 22, 2010

Debt Solutions For You






Debt worries is a serious problem for many. It must be tackled caefully to get rid of debt as soon as possible. Before you opt for any of the debt solutions its extremely important to evaluate your financial situation to avoid future problems. If you are worried or confused, do not take the risk, simply look for professional help. In this article i have provided information on what you must do when you find yourself drowing in debt. So dear readers do not worry! Debt Relief isn't impossible.

Here in this article i have listed the major debt solution options to get rid of credit card bills and other dues.

  • Debt Consolidation - “Reduce your debt payment and save in interest costs” - This is one of the major major advantage of this program. I suggest you to go for a debt consolidation program if you think you are not able to manage multiple debts and you easily fail to make several payments each month. Here you get a chance to reduce the interest rate on your bills and debts by negotiation with creditors. Now, If you think to approach a debt consolidation company, you can . Then the Debt Consolidation company will negotiate on your behalf. Your creditors will then restructure payments, so that you can manage your debts efficiently. In debt consolidation program multible bills will be replaced by a single low monthly payment. So pay less and even save dollars.

  • Debt Settlement – Another option is “Debt Settlement”. If you go for debt settlement, a debt settlement company will negotiate with your creditors in order to minimise your outstanding debt atleast by 40-60%. You will be a little happy to know that the creditor even forgives the rest of the debt so as to helpyou to come out of debt as soon as possible, thus helping you! 

    Now, theres another good news for you readers. Under the new FTC Rule in 2010, The debt settlement companies cannot charge an upfront until and unless they have successfully negotiated settled or reduced at least one of the debts you owe. Another situation is until you have made at least a single payment to your creditor under the agreement negotiated by the settlement company or there was a written settlement agreement between you and your creditor.
  • Debt Management – DMP involves credit counseling session. In this program a credit counsellor will will analyze you financial situation will will make a budget for you so that you will be able to save money for paying your bills. The credit councellor will also negotiates with your creditors to lower the interest rates and also cut down late fees.

  • Self Repayment Plan – Generally a self repayment plan doen't require professional help. You will be able to manage to pay off your bills by controlling your expenses and following a tight budget.

  • Bankruptcy – I will suggest you to avoid bankruptcy. Well, it is right to say that bankruptcy is also one of the solutions to debt but the fact that it trashes your credit score is also not hidden. Bankruptcy remain on your credit report for 7 years and also results in bringing down your credit score by200 points or even more.

Dear readers, if you find my post helpful, please feel free to post comments. I am also looking forward to get suggestions from you.

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