Debt Relief & Management

Archive for May, 2009

Get a free analysis to find out how much we can save you with our Debt Settlement & Debt Management programs

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Debt collectors describe how they do their jobs–and why they prefer calling your relatives and neighbors!

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Too often these days borrowers find themselves the victims of a money management system that simply does not work. The current magic bullet to get the average consumer is a mortgage loan that pays off one debt while allowing the overspending and debt building use of the credit cord. Face it. We are a borrowing nation and we are in trouble. The current plague is known as the interest only mortgage.

Loan companies continue to extend credit that reaches well beyond acceptable debt-to-income ratios – a dangerous practice to be sure. The average consumer owing more than ever as they find themselves slowly being buried beneath ever-increasing credit card debt. It starts early on. Recruiters lining the halls of campus buildings, handing out applications for major credit cards, promising credit to young, naive college students. Other consumers, not in college, but still a part of the overly zealous spending public, also continue to flash their plastic as they buy their way further into debt. What is their ultimate plan for managing credit card debt? They will use an interest only mortgage to pay off the credit card debt that they continue to accrue but can’t really afford, ending up with credit card debt that isn’t really going down and a mortgage loan that continues to go up. As I said, a money management system that is doomed.

The upside to the interest only mortgage is the way that it takes a non-deductible burgeoning debt and turns it into a tax deductible burgeoning debt. Cool, huh? Not really. If you are spending more than you can afford, the interest only mortgage makes no sense to anyone but the mortgage company. They really don’t want you to cut back your spending and manage your assets wisely. After all, such a competent financial decision on your part would mean less income on their part.

Instead of taking the lemming approach of using mortgage companies that advertise their services of providing interest only mortgages in order to allow consumers with bad credit records to pay off their outstanding credit card debt, consumers should instead be encouraged to consider how they spend their income. Learning to not overspend would solve the problems both now and in the future, where the interest only mortgage offers no long term solutions on any level to any consumer. It’s simply a bad deal.

Sure, it is risky to finance consumers with bad credit. But a mortgage indicates that there is a piece of good, solid collateral here. Risking a solid viable asset for an interest only loan is the classic text-book example of poor judgment. Incurring a mortgage debt at any time is something that should be carefully considered and if the consumer doesn’t have a clear understanding of the concepts surrounding mortgages and interests, they can decisions that will affect them negatively for years to come – especially in the financial realm. Unfortunately, most of those affected by decisions like interest only mortgages are already in the bad risk/bad credit/bad decision making history and so they feel cornered, without anywhere to turn.

It is completely mind boggling that with all the layers of regulations and statistics that are flashed to the public and published concerning good and bad credit ratings that the notion of an interest only loan is even legal. Where are the leaders who are supposed to predict and protect the lending industry? Certainly not paying attention to this concept, that is for sure! Maybe Alan Greenspan dozed off during the introduction of this particular mortgage loan option, but one thing is for sure – someone should wake him before the mortgage brokers find another brilliant idea to bring consumer debt to an even higher all-time high!

Clinton Maxwell
http://www.articlesbase.com/finance-articles/alternative-to-managing-debt-91462.html

Remember: Running away from your creditors is not the answer. It is not a solution, and may in fact lead you to bigger problems. If you are having trouble paying off your debts, address this immediately with your creditors.

More and more consumers today find themselves in the uncomfortable situation of only being able to afford the minimum payments on their credit cards. Or, even worse, not being able to afford even the minimum payments. In today’s world, it is often easy to get in over your head and find yourself spending more than you make. It seems that everything is going up but wages, and it is all too easy to fall behind.

In national accounting debts are added according to those who are indebted. Household debt is the debt held by households. “National” or Public debt is the debt held by the various governmental institutions (federal government, states, cities …). Business debt is the debt held by businesses.

Reduce debts today for a better life! Debt consolidation allows a consumer to present their financial case to a lender who may be willing to take on the burden of paying off debts in exchange for one monthly payment made to the lender.

The Information Network for Debt Relief Companies

The term “debt relief” is considered a paradox by many. Thanks to numerous fraudulent debt relief organizations, consumers end up suffering from worse debt problems rather than obtaining debt relief as promised.

The True Functions of a Debt Relief Company

Debt relief companies mainly provide help in reducing and even negating the amount of debt acquired by the consumer over the years. The company will be able to achieve this by negotiating for any of the following conditions: reducing interest rates, lowering the principal amount of debt, or compromising with a settlement. It may also help in disputing inaccurate or invalid charges, creating a budget, and developing good money-handling habits.

Is It Bad to Ask Help from a Debt Relief Company?

While there’s nothing illegal about asking help from a debt relief company, doing so might cause you to experience more problems than usual if you make the mistake of dealing with an illegitimate or fraudulent company.

Tips on Avoiding Fraudulent Debt Relief Companies

Be very wary when a company portrays itself as a “nonprofit” organization. Most of the time, it’s simply up to no good. Ask for its business license number to confirm its legitimacy. Inquire at the Better Business Bureau for any complaints filed against the company.

Find out how long it will take to become debt free and how much you’ll pay in interest by making the minimum monthly payments.

All of the debt that an individuals owes appears on a credit report. Credit repots are used by financial institutions when a loan has been requested. If you do not have a savings, account open one. Make sure that the account does not have fees or interest rates attached. If you have difficulty-managing money you may want to open a Paypal account and apply for a debit card online. This account not only protects you against identity theft, it also makes it difficult for you to get money right away. Put your debit card where you can’t find but in a safe place.

The Consumer Credit Counselling Service (CCCS) reports that calls from people worried about debt have been increased by 50% compared with last year. Bankruptcy is not your only option. Millions of people credit is devastated by bankruptcy every year. Though filing a Chapter 7 Bankruptcy will clear you of any obligation to creditors, it is devastating to your credit and will ride your credit report for ten years.

Several Samples of Debt Relief Companies

We’ve decided to feature a few debt relief companies to see how you fare on judging the quality of services and gauging the truth in the claims made by such organizations. Keep in mind that the companies described in this article, although truly existing, are used only as examples: we are neither for them nor against them. debt relief Network, Inc. employs friendly and qualified professionals dedicated in helping consumers get rid of credit card debt. Besides offering consumers a free and confidential consultation, the company also provides the following services: a substantial decrease on the amount of total debt and its settlement, aid in managing creditors, and help in preventing bankruptcy.

Debt Relief Clearinghouse, on the other hand, simply assists in providing consumers with an ideally matched debt management professional for free. It hopes to attain the following objectives for its clients: increased awareness and understanding of its debt, increased use of cost-effective thinking and providing inspiration for its clients to become debt-free.

Debt Relief Pros aim for their customers to become debt-free without having to resort to filing of bankruptcy or joining Consumer Credit Council type programs. The company boasts of its results as 100% guaranteed.

However you got into debt – unexpected financial difficulties, illness, loss of providing member of the family or overspending – you can turn to several organizations and charities for advice. Get the best interest rate you can if you opt for debt consolidation. This interest rate is almost as important as the one on your mortgage, but much harder to change after you’ve signed on the dotted line.

In addition, the major credit card companies, at the urging of the Federal government, have recently doubled their minimum monthly payment to about 4% of the outstanding balance.

Debt is a hard thing to live with, but we all have it and deal with it everyday. Sometimes it is manageable, sometimes you feel like you can barely keep your head above water and unfortunately many times you feel like you are drowning in it!

David Willis
http://www.articlesbase.com/finance-articles/information-network-for-debt-relief-companies-99334.html