Debt Relief & Management

Archive for January, 2010

I mean, jeezus. I feel traped with no way out ):

Get a job? Yes. Easy? No.

If payments have you strapped right now you can talk to your lender/servicer about different repayment plans that are open to you. With that amount of federal loan debt (providing it is all federal) you can opt for up to 25 years to pay your loans back, rather than the standard 10 year repayment plan.

What this will do is lower your monthly payment. Now keep in mind that if you if take 25 years to repay this debt you will probably have paid back something like 100k in loans because of the interest you will pay over the life of the loan. This strategy is good for starting out when jobs are scarce, or your starting income makes living paycheck to paycheck tight.

Eventually you need to be doubling up on payments and paying them off as soon as possible. With federal loans you also have forbearances, economic hardship deferments, and unemployment deferments if you need them. Make sure you strategize to payoff any private loans you have first because these will be your costliest.

Hope some of this information is helpful to you. Good luck!

Hello All,
Will a Debt Management Plan have an effect on my credit rating?
please share your opinion for my question.
Thanks in Advance.

It shouldn’t. After all, the Credit Agency’s WANT You- to pay your Debts off…-So they’re not going to penalize you for DOING something to make that Happen…

I need to do both =( any advice or tips would be greatly appreciated. Nothing horrid or mean please, I am feeling rather delicate at the moment.
I need to stop indulging in self pity too! As soon as I get fed up, I eat rubbish or buy something!

Hey, are you my girlfriend, sounds like you.

Here is what has worked for me and is kinda working for my girlfriend.

Both problems have solutions, but they are slow.
Think about how you gained weight and got in dept. It did not happen quickly, it happened over time.
Fixing them is the same, bit by bit. baby steps.
There is no quick fix that I know of, regardless of what advertisers say.

Get out of dept:
Stop spending! And to hit both problems, Stop spending on food!
Every time you are going to buy something ask your self "do I want this or need this". 99% of the time you want it, not need it. Slowly ween yourself, if you buy something you want, it’s ok, but be aware that you are doing it just to fill a want, you are giving a gift to yourself.

Weight:
Baby steps. My theory is if I do ONE pushup, I exercised. If the next week I do 3 pushups, I tripled my workout.
Going to the gym for hours, getting sore, all that crap, what do most people do, never go back to the gym.
Joining a gym and diets are all well and good, but they are short term (and have they worked for you in the past?)
One less bowl of ice cream and a walk around the block, consistently over time will make a huge difference.

If you want a fun example watch the movie "What about Bob" and remember "baby steps" and soon you will be sailing.

FindLaw provide 5 debt relief options. URL: www.findlaw.com

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We have $5,000 in total credit card debt on two different credit cards. We have been saving money on the side for the wedding and have a total of close to $6,000 in the bank. Should we pay off the credit cards with that money and then apply whatever our wedding costs (to compensate the 5,000 we would take out of the bank) on one or two credit cards with 0.0% apr for a year or so? I can provide more info if needed but I am trying to find a plan that my fiancée and I can agree on so I will need details on why a certain plan of action is better. Hope you guys can help!!
Okay I need to add some details. I am not worried about having a "big" wedding. We have already booked and paid deposits on everything for the wedding, which is in November. Our parents are helping us out, so my question has nothing to do with the wedding but how we should juggle the debt, if it is smart to pay it off (save from paying interest) or have money in the bank for the wedding. So I am looking for ideas on how to manage the debt not keep from getting into it.
Again, the wedding is in stone and we have to have the ceremony and reception. Our families are very large and we have been dating for 7 years. It is a time for celebration which in my opinion is being civilized. Please just read my question and answer if it is better to keep the credit card debt and pay off the wedding with cash or pay off the credit cards and pay off the wedding with credit cards that have no interest for a year or lower APR than the credit cards we have now.

I would do just that if left with no alternative. Pay off those credit cards and find another way to pay for the wedding.

I actually have cc debt with 0% and am working to pay it off after i consolidated. I could pay it all off at once but figure, why? I would rather be earning interest on that money.

One thing though—make darn sure you pay it off before the interest goes up and DO NOT put anything else on the card and DEFINETLY do not use it to GET CASH as the CC companies will charge you interest on the cash until AFTER you pay off the consolidated amount that is 0%. (Charging you high interest on this cash amount)

I’m not a professional but had to research some of this on my own. Hopes this helps you.

Suze Orman’s site has helped me tremendously; her advice could help you too…Good luck and Happy Wedding!