The Ultimate Debt Consolidation Refinance

This week, I'd like to share some customer experiences with one of the most
popular new strategies in debt consolidation refinance. Over the last few
months, a select few in the mortgage banking industry have developed
programs which allow borrowers to accomplish the 3 greatest goals of debt
consolidation: Get Cash to Pay Off High Interest Debt, Lower the Overall
Monthly Minimum Payment, and Boost Cash Flow to allow borrowers to save up
money in a short amount of time. The benefits are nearly indisputable:
Higher Credit Scores, Lower Monthly Minimums, and Greater Flexibility. But
one of the biggest criticism of debt consolidation is that borrowers who
consolidated their debts were still not saving enough money after the
refinance, and needed to tap into home equity repeatedly to achieve their
final goal. What if I told you that there is a new loan product available
today which allows you to do all of these things, but also allows you to
Make No Payments for 90 Days, with 0% interest due over the introductory
period?

David in California said what many of you just said, that's too good to be
true! If you can do that, sign me up! David had a typical Southern
California situation, he works in sales, makes a decent living, has a young
family of 5 and about $30,000 of credit card and other debt, which cost
about $1100 a month in minimum payments just to cover the finance charges on
his revolving debt. But David, like a lot of people in California, has seen
solid appreciation year after year in the real estate market, and his home,
which he purchased for about $350,000 in early 2003, was appraised for over
$500,000 a bit more than 3 months ago. He owed $300,000 on the house, on a
traditional principal and interest mortgage with a minimum payment of $2100
a month. Because of the relatively high level of consumer revolving debt,
David's credit scores had gone down to about 630 even though he was making
all of his payments on time.

When David called us, his loan officer walked through each of David's credit
card bills a with him, and together they determined that David was paying
and average interest rate of over 27% on his credit card payments, because
his credit card companies had raised his rates as his overall debts had
increased, which had hurt his credit scores badly. To make matters worse,
David, like a growing number of Americans, wasn't saving any money. If he
got sick, had a slow quarter, or was otherwise unable to work for any
meaningful amount of time, he would be at risk of financial ruin.

We looked at the whole situation, and used this new debt consolidation
mortgage refinancing strategy to show David how he could pay off all $30,000
of his revolving debt and take out an additional $20,000 or so to provide a
small cushion, partially to be used for value-adding home improvement.
Remember, David's old minimum payments were: $2100/month for the mortgage +
$1100/month for a total of $3300/month, his credit was getting worse each
month and he had no cash in the bank. After refinancing, David's new minimum
monthly payment was consolidated and reduced to Less Than $1300 per month
Total! And he now had $20,000 in the bank which he wisely put into a high
yield savings account earning 5.25% until he needed it. This monthly minimum
payment being $2000 a month lower is amazing in and of itself, however what
makes this product revolutionary is that for the first 90 days, David had
Zero Percent Interest and No Payments due, allowing him to save substantial
money each month. He socked it away each month for
3 months, and now 90 days after his debt consolidation he's managed to save
an additional $10,000, which combined with the $20,000 he cashed out means
he went from almost nothing in savings to over $30,000 in the bank earning
solid interest.

But what about David's credit? Now, it's only been a bit more than 90 days
since the refinance closed, but I am happy to say (as is David!) that his
three scores are now 667, 684, and the high score is 703! Why? His debt
ratio is down, and his debt to income ratio is way down too. Combined with a
little advice from our credit specialists, the debt consolidation refinance
has been the difference for David. He went from a total minimum payment of
$3300 a month down to under $1300 a month. He went from 0 in the bank to
Zero Percent and Zero Payments for 90 Days, and put over $30,000 in the bank
between the refinance and the resulting monthly savings. Not only does he
have some money saved up for a rainy day, the new, lower payment is much
easier to make even when times get tough, dramatically lowering his risk of
missing a payment. And because his credit scores have already improved and
will continue to do so, any new car payments or loans he takes out over the
next couple of years will be substantially less expensive, allowing him to
qualify for low cost car leases and zero-interest, cash back credit cards.

So through this illustration, we've explored some of the benefits of using a
minimum payment mortgage refinance with no payments & no interest due for 90
days as a debt consolidation tool. More so than other type of mortgage
refinance, this new loan and other mortgages like it help borrowers achieve
all of the key goals of debt consolidation, offering great payments and a
real "vacation" from making payments. If you ask David and other borrowers
like him what they like the most about the product, they'll tell you it's
the "breathing room", the ability to get out from under debt and take a
couple of months off of worrying about making the payment so they can
concentrate on organizing their finances and improving their situations. We
can all use that space from time to time, and I agree with our borrowers
about the importance of this feature.

There are a lot of reasons we consider the "Zero Interest/Zero Payments for
90 Days" plan the ultimate debt consolidation mortgage refinancing tool.
There are some limitations though, which do vary somewhat from lender to
lender: While you don't need perfect credit, a minimum middle credit score
of 620 is required to qualify for the 90 days with no payments option.
You can borrow up to 80% of the value of your home with no payments for 90
days, with the balance above 80% rolled into a separate second mortgage (or
you can keep your existing second mortgage if you have one). You are allowed
up to one 30 day mortgage late within the last 12 months, however you cannot
qualify if you have multiple late mortgage payments showing on your credit
report over the last 12 to 24 months, and this program is not offered in all
states. Depending on your credit, you may be able to state your income, or
even qualify without considering your income. Contact your mortgage
professional for more information, and if they don't have a program that
allows you to pay off your debts, lower your payments, and get 3 months off
of making mortgage payments all in one, find yourself a new lender!

Our next article in this series will tell the story of a single mother who
has impressed us greatly with the way in which she's secured her family's
financial situation with this loan immediately following a challenging
divorce. If you have any questions about this article, please feel free to
contact us, or visit us online.

About The Author: Tristan Hunt is a seasoned financial professional with a
wealth of experience in the mortgage industry, advising clients on debt
consolidation, refinancing & investor loans. Phone: 800-515-8443 Website:
http://www.RefinanceOne.net

Why To Consolidate Debt

I know you're looking at that plasma TV and thinking of buying yourself a
nice early birthday present. You can just imagine it on that wall in your
living room. In fact you've been saving a spot for it for a year now. But
there's really no way that you could afford such a thing. Unless.you do have
that little piece of plastic in your pocket just screaming to be used.

Besides, this is the reason you have a card, in case of an emergency. And,
that big empty space is an emergency, it must be filled. Of course you'll
have a big fat balance on your statement that there's no way you can pay,
but what the heck.
Only live once right?

Now Stop and Listen Carefully!

How silly do you sound when you begin thinking thoughts like these? This is
what happens in millions of heads around the world daily, and this lack of
debt management is hurting way too many people, so don't get sucked into it
too.

It's crazy that we think that we can just buy something that we can never
afford just because we can charge it. Tell me, what kind of debt management
is that?

Well, if you need help with your credit cards and debt, don't feel bad
because you're definitely not alone in this. In fact, I remember getting my
first card, I got myself in the same situation, and this is after I told
myself that I would never use the silly thing.

Well, except for emergencies that is.

Then came college, and everything seemed to be an emergency. I was on my own
for the first time, and not wanting to bother my parents, and wanting to
appear "responsible" I just kept on racking up the balance on the darn
thing. Oh but that was okay I would convince myself, because soon enough I
would graduate with my bachelors and laugh at this debt I was racking up.

This may be how it ends up for some people, but for most, myself included
the exact opposite is true. I actually come out the other end with a good
career, but I didn't consider how much actually living in the real world
costs, and very soon my budget had met it's match.

Now I had to find help with my debt.

The one thing I did that was quite smart was to transfer the debt to a lower
interest card. It helped me a little, but it really was still hard keeping
up.

I then began my search for a reliable company to help me consolidate debt
even more. I searched online and found quite a few companies to help me. The
one that I went with, actually helped cut some of my balances by up to 40%,
and then got me on a plan with on low monthly payment that was easy to
afford.

So, don't be like me and get yourself into a mess. Start managing debt
wisely early on, and you'll avoid a rough ride that you don't need.

About The Author: Robert Carlton writes essentially for
http://www.debtania.com , a website on money management and assets. You can
come across his publications over at
http://www.debtania.com/managingcreditcard.html and many different sources
for managing credit card debt tips.

Credit Card Debt: Do You Need Credit Help?

If you have credit card debt it is important to take its measure from
time-to-time to determine whether or not you have a problem with your debt.
If you are carrying a balance on more than one card (or simply a sizable
balance on one card) then you could have a problem.

There are five reasons why you should seek credit help to deal with your
credit card debt.

The biggest reason is that credit card debt can affect your credit score
which in turn impacts your ability to borrow money for everything from your
car to your home. High credit card debt can lower your credit score and
raise your interest rates. A problem with late credit card payments or high
amounts of debt can make you appear to be a poor risk for credit to many
finance companies.

However, almost as important is the way that credit card debt makes you
feel. While money cannot buy happiness, credit card debt certainly buys
unhappiness. The knowledge that you have a large debt can destroy your self
esteem and add a lot of stress to your life. If you dread the arrival of the
credit card bill in the mail then you have a problem with debt that you need
to address. Owing money can also add a lot of pressure and stress on a
marriage.

Another important reason to resolve your credit card debt is that by
avoiding the problem or simply paying minimum amounts you will never be
free. Most minimum payments do not do much more than pay for the interest.
While many people make paying their credit cards a low priority it should
actually be a top priority. Yes, your mortgage payment is important because
you do not want to lose your home but that is good debt as it helps your
credit rating and your taxes. Credit card debt does nothing for you at all.

Owing money on your credit cards is also a self perpetuating problem. Every
time you charge instead of paying with cash and every time you do not pay
off the full balance when it comes due you are perpetuating your problem
with debt. You need to learn better money habits or you will never solve
your problem with credit card debt.

Finally, an important reason to start paying with cash, check or debit card
is that by paying-as-you-go for your lifestyle you will be modeling
responsible behavior for the next generation.

Take these five reasons to heart and take stock of your own financial
situation to determine whether or not you have a credit card debt problem.

About The Author: Deanna Mascle shares more tips about Credit Card Debt and
Credit Repair in her blog at http://answersaboutcredit.com

Top 2 Reasons To Use Home Equity Loans For Debt Consolidation

Generations past used to enjoy tax benefits on their interest payments on
certain loans such as consumer loans.
Unfortunately, these tax benefits did not extend to this current generation,
and even as we cough up a huge amount every month on interest payments on
various debts such as your credit card debts, you can no longer enjoy the
same level of tax relief. However, there is another option today that will
allow you to consolidate all your high interest debts into one low interest
loan and even to secure good tax benefits for repaying the interest on it.
This option is the home equity loan, and it is open to any homeowner, who
can then use the loan for more efficient debt management.

Homeowners often obtain home equity loans for the purpose of restructuring
or repairing the house. It then becomes a kind of long-term investment.
However, you may hesitate at the thought of putting your house up yet again
for a second mortgage. But if you are to enjoy lower interest payments and
some tax benefits, you should not hesitate at all at taking this loan, or
even wasting your time looking into other forms of loans to consolidate your
debts. If you are already struggling with managing all you debts, then a
home equity loan is your best solution for refinancing and managing your
otherwise unmanageable debt.

By arranging to refinance your debt through a home equity loan, you are not
further adding to your existing debt amount. This debt consolidation plan
allows you to transfer all your various debts such as your credit card
debts, with all their different due dates and interest rates, to one lender.
For the repayment of this consolidated second loan you are paying a lower
interest rate as a part of a fixed repayment plan.

Thus the convenience of making a single payment at a lower interest rate to
one lending institution is just one of the benefits of home equity loans. In
addition to this convenience, you also get to enjoy a tax benefit. This tax
benefit along with the financial gains of paying a lot less interest,
indirectly adds to your net gain.

Before committing to home equity loan you should make sure that you are in a
position to pay back all the debts within the given period. Otherwise you
will be putting your home at stake. So be careful about your spending
habits, and be particularly wary of accumulating debts on your credit card.

About The Author: For more information on Home Equity Loan, check out
Susan's site at http://www.quickhomeequityloan.info
and http://www.quickhomeequityloan.info/home-equity-loan.php.
You can read up on more Home Equity Loan articles at
http://www.mynicheblog.info.

Something about California home Loan refinance rate

A mortgage is nothing but the usage of property as the security to pay any
type of debt. Although the term mortgage is often referred to any type of
legal device that is used in securing the property, mortgage is generally
used in the sense of debt that is secured by the mortgage.

Home Loan Refinance:

People always find it very difficult to deal with higher interest debts. One
easy and good way to lower your interest rates and even lower your payments
is to go for debt consolidation. If you are suffering from a high interest
rate mortgage then you can get your debt consolidation by means of home loan
refinance.

Home Equity:

If you have a bit of real equity in your home, it indirectly means that you
have made enough payments to gain that equity and as the time passes by the
value of your home may also raise. If that equity is quite substantial you
can easily use for debt consolidation.

Debt Consolidation:

The whole process goes like this: Now, go ahead and get a home loan
refinance for the amount which your home worth now. You can pay your old
home loan by using a part of your new home loan. You can pay your other
debts by using the money left over from the home loan refinance.

Money Saving Benefits:

There is a variety of money saving benefits which you enjoy when you do home
loan refinance in California. The main reason for this is, there are several
alternatives to your current home loan.

You can save very heavily on the interest rates, if you use home loan
refinance in a proper way. For example, if you use your money left over to
pay your credit cards debts (which always have very high interest rates)
then you save very heavily. Likewise you can use this loan quite
intelligently to reduce your interest rates.

Home loan refinance can also help you in reducing your payments. With home
loan refinance, you have cleared all your multiple debts and you are left
only with one home loan, which is always going to take lesser payments.
Hence, not only that you save good amount of money in interest rates, but
you also enjoy good amount of money in your pocket every now and then.

With all the above listed benefits it is always a better idea to go for home
loan refinance, especially in California.

----------------------------------------------------
Darren Dunner is the author of this article. Find more information about the
same at http://www.theabclending.com/ and http://www.iloanresource.com

Bankruptcy Avoidance - Eliminating Debt

Americans generally have one thing in common - debt. Were you expecting
something else? Sadly, whatever plans we make or whatever we claim when we
are in our youth, we manage to some how get into debt. For most people,
especially applies to student type loans and credit cards. Yes, college
somehow changes how we do things. Next thing you know you are married with
some children, a hefty mortgage, car repayments and mountains of credit card
type debts. It's now time to eliminate credit card debt today. Of course you
must be asking how this can be done, and get it done today? Well, hopefully
you are a movie fan because 'Heat' isn't so far from the truth.
Eliminating credit card debt that way is foolhardy because jail is not where
you want to go. Your interest would go even higher.
Ouch!

Yes, everyone wants to know the secret to getting rid of credit card debts
the fastest way possible. That goes without saying.
The question should be - how do we start? For some of you this will be a
major challenge, but for me it's simple. Frankly the most sensible thing to
do right now is to evaluate how many cards you have and how much interest
you are paying on them.
Yes, write it down now! How miserable does it appear? Now you need to get
onto the Internet.

The Internet is a fantastic tool for searching and researching eliminating
this type of debt permanently. So open up that search engine and let's learn
how to consolidate debt. You need to understand how to consolidate all those
ugly balances into one much lower monthly repayment. The trump card is the
interest, lower interest than you are currently dealing with.
You may need to consider getting a loan or doing a transfer of your balances
onto one single low interest card. The key is APR. High interest as you know
is a killer. Why pay out more than you have to, right? This exercise is
about getting rid of that debt now.

The fact is that paying off this type of debt takes time. Fast is not
necessarily fast, but a slower and necessary process.
The important thing is to lower those payments. With the help of the
Internet you can research the best ways to consolidate your credit card
balances and avoid bankruptcy, maybe get some advice about debt management.
No time like the present, so get to it!

About The Author: Johnathan Bakers publishes for the most part for
http://www.debtania.com , an internet site with information about investing
and debt relief. You can come across his articles over at
http://www.debtania.com/howtoeliminate.html
and other sources for how to eliminate credit card debt information.

Avoiding Bankruptcy With Credit Card Debt Relief

Are you looking at that amazing new plasma type television in your
electronic store´s window? Isn´t it something? It would look absolutely
wonderful hanging on your wall right now, right? Oh, so you cannot really
afford it, but that does not matter to you right now? You do have a credit
card, and it´s okay to just put it on the plastic and go home with your new
toy, right? That´s the American thing to do. However, your bill has arrived
and the credit card amount you have to pay is big, very big, but that does
not matter, does it? You better stop now and think again.

The overwhelming problem with society´s current mentality is that for some
strange reason we think we can buy things that we really cannot afford. This
is a major mistake on our parts. It´s high time that we changed our
foolhardy attitudes. It´s time to get the help we need with credit card debt
and simply stop spending what we don´t have.

So, you need help in dealing with that niggling and worrying credit card
debt? That´s not a problem. You are not the first or the last person to be
in this self-inflicted mess. We have all done this. We get our first credit
card and assure ourselves that we will never need to use it, except maybe
for emergencies. However, that didn't happen, did it? I was in college once,
had the same attitude, and started using mine on a regular basis. I strongly
imagine that this seems quite a familiar situation to you. You like myself
thought it wouldn't be a problem. We could add that bill or quick purchase
to our credit card and everything would miraculously not suffer as a result.
Yes, the debt incurred would be in the thousands, but soon we would have
that well paid career and could clear the debt right away. Right? I guess we
were all wrong because the reality is that life doesn't always work the way
we planned it.
Before I knew it I was in the same position as you, in dire need of credit
card debt assistance. Yes, I got that career, but not in the time frame I
had hoped for.

Thankfully, finding credit card debt assistance is as easy as accessing your
computer and the Internet. Start by searching for credit card debt
consolidation and debt management. It is possible to stop struggling making
ends meet and enjoy lower monthly payments. This is one of the best ways to
avoid bankruptcy.

About The Author: Jack Blacksmith pens primarily for http://www.debtania.com
, a web publication with topics around investing and debt relief. Writing
for works (e.g.
http://www.debtania.com/howtoeliminate.html on eliminate credit card debt )
he showed his expertise in the field.

How Debt Relief Affects Your Mortgage Choice

The interest only loan that you have available to you today, is the same one
that many Americans since the early 20's had available to them and used. So,
your grandparents, or there parents perhaps may have looked for a bit of
debt relief with the interest only loan themselves.

There were some differences in the loans from that time to now however.
Let's take a look at some of those differences. This may help us become
better educated so we may more efficiently shop for these loans.

In the 20's the interest only loan was more of a pure product, meaning that
they were interest only for the loans life. So, only interest payments and
no principal had been paid. This seemed to be a good system until the stock
market crashed, and the Great Depression came along. This left a number of
lending institutions with a mortgage that was foreclosed, and with no cash.
At this point most lenders decided that it would be a better idea to just
give out more traditional loans so that equity could be built up. This
helped the homeowner have a sort of savings to build wealth in. It helped
the bankers as well with their mortgage balances being less outstanding.

The interest only loan these days is not well suited for everybody, and can
be a detriment to many homeowners, however for some it is a suitable match,
for instance investors who will probably flip the property anyways, or
others who will likely be moving sooner than later, and will have no ill
effect of the fact that they're not building any equity in the home.

Nowadays, when lenders offer the interest only loan, they're required to
ensure that no more than half of the loan can be applied to the interest
only portion. This helps avoid the same tragedy that was faced in the 20's
and the stock market crash.
This type of mortgage is more likely t be appealing to the compulsive
shopper who insists on instant gratification, with no solid debt management
skills.

As well as putting many borrowers in a position where they own a home, but
really have no solid equity in it, it also puts them in a spot where they
cannot eventually afford the payments when the principal portion of loan
does kick in.

These types of loans, plus the booming of the real estate market has
increased purchasing power, and allowed many wannabe homebuyers to make that
dream come true. However, every bubble must eventually pop, and the mortgage
companies must feel the affects as well.

On the flip side is the purchaser, who may not be able to withstand the
consequences, should say the home is suddenly not worth the original amount
of the loan.

The one that gets the most benefits out of this loan is by far the lender,
and the risk goes mostly to the homeowner. Please practice responsible money
skills, and be very selective on the type of mortgage that you choose to go
with.

About The Author: Focusing on news and information about managing money,
Peter J. Wilson is publishing almost entirely for http://www.debtania.com .
His writings on consolidate debt are found on
http://www.debtania.com/personalloan.html as well as other web pages.

Get Rid Of Your Credit Card Debt And Start Investing

Eliminate credit card debt from your life, and you will eliminate a lot of
problems from your life. It is very easy to be trapped by credit card debt;
everybody loves that plastic.
Getting out is a different story. Yes, it is complicated, but it is not
impossible. You may only need a little help in doing so.

If you do not have too much credit card debt, the first thing you may want
to try to do is take advantage of zero interest rate offers. Pay down your
interest rate debt and put the balance on a zero rate card, then start to
pay off the principal. This will work if you have good credit, since the
credit card companies will make you this offer. Just remember that this is
an introductory offer, usually for about six to twelve months; if you make
large payments on this card, you will be able to pay the whole loan off
during this period and be done with credit card debt altogether. If your
credit card debts are large, this solution will not work, since you will not
be able to make large enough payments to pay the debt off before the end of
the introductory period.

The solution if you have high credit card debts is to use is either a home
equity credit line, or obtain the services of a credit counseling company.
You will choose a home equity line of credit if your credit card balance is
very high and you are paying high interest rates on those balances. By using
your home as the collateral for a loan, you will obtain an interest rate
which is much more favorable than the high credit card interest rates. You
then pay off the balances on your credit cards and just pay the mortgage
bank for your equity loan. The other option to consider is the services of a
credit counseling firm or a credit elimination firm. The role of a credit
counseling firm is to negotiate with your creditors to lower your monthly
payments to make them affordable for you. The first thing they will try to
do is get the interest rates lowered so that you are paying off part of the
principal each month, instead of just paying interest. A credit elimination
service should really be considered as a last ditch effort if you consider
your debt an extreme case. These companies will try to negotiate lower
balances on your debt, so you don't have to pay off as much and you can get
out from under. However, since the credit card companies are not getting all
of their money, you will not be considered a good risk for the future.

So you see you can get rid of your credit card debt. It may take some
research, a measure of determination and a lot of phone calls, but it is
much better than being drowned in those bills each month because you only
pay the minimum.

About The Author: Focusing on informating about investing, Johnathan Bakers
writes articles principally for http://www.debtania.com . You can find his
articles over at http://www.debtania.com/howtoeliminate.html and other
sources for eliminating credit card debt knowledge.

Try To Consolidate Debt Before Bankruptcy

People who have debt problems very often give in to unsupported myths and
hearsay without ever taking the time to truly understand the law, and the
implications of bankruptcy. So those people who have huge debt need to be
aware of a couple major factors before running off to file bankruptcy on a
whim.

It's common to hear that bankruptcy will affect your chances of getting a
line of credit. In this market, many lenders are willing to take just about
any chance due to the fact that the market has become so competitive.
Naturally, the interest will probably be much higher, and the amount of
credit much lower, but regardless, it is possible.

As for the chance at owning a home, it's been known for lenders to approve a
mortgage in as little as 18 months after a person has filed for bankruptcy.

Here's how your bankruptcy can affect you and your money. Most of the
savings and pensions are exempt in bankruptcy from your estate. Therefore
these accounts are safe and will not be liquidated. If you have tax liens
that are not paid, those are usually not forgiven. This is something that
you should think about before filing for bankruptcy.

You should look for a a good financial adviser or credit counselor to help
you form a financial planning strategy.

It's not easy to decide to file for bankruptcy. You've probably gone through
a lot just trying to avoid it at all costs if you're like most people, but
there comes a time when even trying to consolidate debt does not work. After
every other option seems to be exhausted, it may be time then to find a good
bankruptcy lawyer.

The best way to find a bankruptcy lawyer is through a referral.
Perhaps from family members or friends who have done the same.
They should be able to give you a good recommendation since they've gone
through it themselves. If you have seen first hand through these people how
the lawyer has conducted himself competently, then you can probably feel
good about obtaining him for his services.

If there is nobody that you know to recommend a lawyer, or if you just don't
to go asking around, then the local yellow pages under 'attorney' should
help you find someone in your area rather easily. Be sure that the lawyer
you choose can handle your case without the burden of an already tight
schedule and heavy case load.

Once you schedule a consultation don't be afraid to ask him questions. He's
there to help you, not scold you as it sometimes feels. Give he or she the
details of your case, let him address the questions you might have, and find
out what his fees are.

Now you're on the road to fixing your financial situation.

If you don't have a bankruptcy lawyer in mind, you may want to consult the
yellow pages in your phone book. Bankruptcy lawyers are listed in a special
section under "attorneys". When choosing a bankruptcy lawyer, you need to
keep a few things in mind. You want to choose an attorney who does not have
such a heavy case load that he can not handle your case. Try scheduling an
initial consultation. When you meet with your potential bankruptcy lawyer,
make sure to ask questions. Take time to discuss your case, address any
questions you might have, and discuss his rates and fees.

About The Author: Focusing recent findings in credit consolidation, Clinton
Maxwell works first and foremost for http://www.debtania.com . You can learn
about his writings over at http://www.debtania.com/negotiatesettlement.html
and other sources for negotiate debt settlement tips.

Consolidate Your Debts With Home Equity Loans

Your home is your biggest asset. It does not just provide you shelter; it
also comes to your aid when you are in financial distress. The equity of
your home, built over the years, can be used to obtain loans by acting as
the collateral. You can find two types of home equity debt, namely in the
form of home equity loans and also in the form of home equity lines of
credit otherwise known as HELOCs. Both of them are described as second
mortgages, because just like the primary mortgage, the equity loan is also
secured by your property. But unlike the first mortgage, the equity debt is
repaid over a shorter span of time. The first mortgage is usually repaid
over a span of 30 years, whereas the equity loan is usually paid within
fifteen years. However, there are exceptions and the repayment period may be
as short as 5 years and as long as 30 years.

The growing popularity of home equity loan generally coincides with the
recent surge in property value and relatively lower rate of interest. Thus
more and more homeowners are turning to home equity loans for managing their
personal debts. Other advantages of the home equity loan also include lower
interest rate and tax deductions, making this mode of debt even more
popular.

So far as the equity rate of interest is concerned, it is slightly higher
than the first mortgage, but considerably lower than credit card loans or
other consumer loan interests. Because your property is used as the
collateral in equity loans, lenders consider them as secure as the first
mortgage.

The tax deduction feature may be the biggest reason behind the huge
popularity of home equity loans. Mortgage debt comes with attractive tax
savings compared to lets say consumer loans, thus it is highly cost
effective to consolidate your other debts with this loan and enjoy lower
interest rate plus tax deduction benefits at the same time.

With these benefits, namely considerably low rates for equity debt and tax
deduction on the interest payments, it is no wonder that a number of
homeowners are utilizing the equity of their homes to meet further expenses
and debts. True, it is a mortgage on your precious home, but if you are able
to pay back the entire amount within a short span of time and you have
stable income, home equity loan is a good option for much needed credit.

About The Author: If you want to secure a Home Equity Loan go to Susan's
site at http://www.superbhomeequityrate.info and
http://www.superbhomeequityrate.info/best-home-equity-line.htm.
You can read more Home Equity articles at http://www.mynicheblog.info.

Students Need To Be Aware Of Debt Management

If you haven't heard, student loan interest is now a tax deductible item on
your personal tax return. On August 1, 2005 the cap on the old maximum
student loan rate was lifted, and the new one was pushed into effect. So
exactly what is going to be the affect on your existing student loan going
to be you may be wondering. How will this now change the end result of the
parent or students tax return?

A lot of the associations that offer student loans told students that their
best bet was to consolidate the existing loans and lock in the new lower
interest rate, while it was still available, so that the new rate would
affect their upcoming tax returns.

The interest rate of a federal subsidized loan does not have the same huge
affect as it does with a private or unsubsidized loan. When obtaining a
deferred payment loan, which will also defer the interest payments on the
loan, can drum up huge amounts of additional debt for the borrower since the
interest actually accrues interest leading to a huge amount of debt very
quickly. So this should tell you the huge effect the new law will have on
those with student loans.

The government, over a span of the last couple of years or so, has tried to
promote the advancement of continued education, therefore allowing a
deduction to be made on the interest payment of student loans.

This deferred payment arrangement will allow the student to borrow the
money, attend to their studies without the worries of payments over their
head, and then after completing their education and obtaining their degree
beginning their monthly payments. These types of deferred payment plans come
in to types from the government; unsubsidized and subsidized.

For students with need of financial assistance, the subsidized is prevalent.
On this type, the government will pay the interest that is accrued until the
time that the student is finished with school. The unsubsidized is the exact
opposite, and the student will be responsible for the interest payments as
it is accrued.

Lenders have become wise to the benefits for them when it comes to deferred
payments plans, in which the interest builds on top of the interest each and
every month, as it builds onto their balance every single month. This
generates huge income for the lender.

The private loan sector has made a frequent business with the deferred
payment loan, due to the fact that they are free of federal lending
requirements that are normally attached to this loan type.

It's usually fairly easy for these lenders to grant these loans because
students don't usually realize the effects that these loans are going to
have on their balance in the beginning, and blindly except and sign a
contract on these terms. Usually at this point in a students life, debt
management isn't a prevalent concern and the lenders are aware of this.
Advice to these students should be to find a good credit counselor to assist
them in looking over their choices before hastily signing on for any loan.

About The Author: Clinton Maxwell writes especially for
http://www.debtania.com , a website with topics around managing money and
finance. You might discover his work over at
http://www.debtania.com/personalloan.html and various other sources for
personal loan to consolidate debt knowledge.

Consolidate Your Debts And Move Towards Financial Freedom

Debt consolidation is a method by which all unsecured monthly bills are
combined into one bill at a low interest rate. By going in for debt
consolidation, you reduce the overall interest rates on your outstanding
loan amount. You need to make out a single monthly payment to your debt
consolidation company which in turn will disburse your payment between your
creditors.

There are many debt consolidation companies that provide a counseling
session in which they will instruct you on how best to repay your unsecured
debts. Benefits of debt consolidation:
Debt consolidation offers of several benefits of which here are the
prominent few:

1. Lower monthly payments
2. Low rate of interest on your outstanding loan amount.
3. An improved credit worth
4. Elimination of late fee
5. Relief from stress and anxiety
6. Extra savings resulting from low monthly payments and interest rates 7.
No more collection calls

Confronting debt is the best way out of debt. If you find yourself in debt,
you should treat it on priority and hunt around for a good debt
consolidation company that will bail you out of your troubled waters.
Handling finances requires a degree of smartness.

Most debts arise because we do not pay frequent attention to our finances.
Owing to thoughtless deeds such as taking up loans on a higher rate of
interest is the main reason behind the growing popularity of the debt
consolidation loans in the USA. The debt consolidation loans are considered
to be great option for anybody who finds it difficult to pay back their
outstanding loans. There are many financial institutions and other
organizations that offer debt management programs to the consumers. A total
repayment of loan is next to impossible without taking up a debt
consolidation loan. This is because you will end up wasting time in paying
off multiple bills at a higher rate of interest. Unless you have that crisp
discipline in your financial habits, going in for a debt consolidation loan
is always a good choice. Facts about free debt consolidation loans: A debt
consolidation loan can never be free. Understandably so.

Why would any bank or financial organization help you free of charge? What
this might mean is that the rate of interest can be low to negligible, but
you still have to pay some amount of interest to the loan sanctioning
institution. Debt consolidation loans have eligibility criterion that a
consumer needs to meet before he can qualify for the loan. Once you get a
debt consolidation loan you can get rid of all the outstanding debts by
fixing up a monthly house hold budget. In other words, there is nothing
called an "interest free" debt consolidation loan, but you can get a debt
consolidation loan that does not require you to pay extra fees and high
interest rates. A debt consolidation councilor or expert can help you
understand the options available for you for consolidating your debts.

About The Author: Concentrating on latest news in debt loans, John C. Baker
wrote essentially for http://www.creditenio.com .
Writing for reports like
http://www.creditenio.com/debtrelief.html ,the author proofed his expertise
on problems related to debt relief consolidation.

Attain Great Money Management Skills

It's not hard to get yourself in a hole that requires bankruptcy to bail you
out these days. All of the expenses in our lives, plus the debts from loans
big and small, credit card bills, and other miscellaneous debts add up and
create a helpless stress. You feel like the only way out is bankruptcy.

Though it is an option, it should be a last option, behind managing credit
card debt, and practicing good money management habits.

There is also debt settlement plans to help you out of your situation as
well. This actually is a rather quick solution, helping you get out of your
problem in a relatively short period of time. Finding a debt consultant to
help you, you'll begin to feel a strong sense of relief when your balances
are cut down significantly through the process. However, this does not mean
you're in the clear, it's simply a way to help give you wiggle room.

The way this works essentially is that you'll contact a debt settlement
consultant with a lot of experience, and they will help you with all of the
forms and paperwork involved. He or she will also go over the details of how
such a program works.
Basically, besides settling with lenders on cutting your payments down, they
will also consolidate your debt and help you recover your original financial
standing, again within a pretty short period.

You will be evaluated to see if you're qualified for the program or not.
Your expected monthly budget will then be calculated to see what needs to be
placed aside for meeting the settlement payments.

This can obviously bring a huge amount of relief to your life.

If you can't see in front of your face because of all of the bills that lay
ahead, including your car payment, your medical bills, school loans, credit
card bills then this is the program that you should enroll in as soon as
possible. These loans that you're having problems with are unsecured, and if
they're not managed well, you've got a ton of problems ahead of you, as well
as your personal assets being at risk.

Money management is a skill that we should be taught very early on, however
this country seems to look the other way on this aspect of life, and just
throw us out to the lions. You can think of this as a life lesson, however
you only want to have to learn it once. It's easy to learn however when you
make use of your debt management consultant, and very soon your social and
financial status can be pieced back in place.

These plans can help you get out of trouble in as short as five years. How
long it takes actually depends on you, and your willingness to work hard at
getting yourself out of trouble.
It's so easy to resort back to our destructive ways that get us in so much
trouble.

Choose your plan wisely and be responsible with your second, and perhaps
last chance of having a financial life.

About The Author: Concentrating on the area of money management, Jack
Blacksmith works essentially for http://www.debtania.com . From his reports
(e.g.
http://www.debtania.com/managingcreditcard.html on managing credit card debt
) he demonstrated his expertise on the topic.

Why Managing Money Is Important For Students

Did you know that you can deduct up to twenty five hundred dollars from your
student loans interest? There are some rules to this however. Your loan is
only eligible for the deduction if you took out the loan only for a higher
education program that's qualified by law. This can be not only for
yourself, but your dependents and spouse as well.

The money for the loan must have been spent on expenses for college or
vocational studies such as your tuition, textbooks, school supplies, any
administrative fees, any type of equipment, your room and board, and
transportation to and from school.

The student must be in a qualified degree program, and they must be a
half-time student at least. As well, you'll be obligated by law to repay the
loan.

If someone else claims an exemption for the student, if you're not allowed
by law to get the loan, if the loan was obtained by a relative, or if the
student is married to the receiver of the loan, but they are filing a
separate return.

There are some limitations on what can be deducted and it's best that you
obtain all of that information ahead of time in order to save yourself from
breaking any of the rules, ensuring that you get the most of your deduction.

As well, it's important that the student is managing money efficiently. If
debt is a major problem before going into the loan, then you may want to
consolidate debt with a specific loan or program to do so. This will lower
your monthly payments, and therefore lessen the burden on you in making your
student loan payments.

Keep in mind that if you are paying your student loans after 2002, the
"first 60 months" requirement on interest paid is discontinued, and
deductions are permissible for voluntary interest payments, rather than only
required payments as in the previous years. Also you take the deduction on
either Form 1040 or Form 1040A.

It is a great benefit, and should be availed by all families, especially
those families whose children aspire for higher education but cannot find
sufficient funding. A tax deduction like this can help their parents cover a
part of their requirements.

About The Author: Focusing on informating about managing money, Jack
Blacksmith is publishing normally for http://www.debtania.com . With his
detailed writings such as http://www.debtania.com/personalloan.html ,he
affirmed his know-how on things associated to personal loan to consolidate
debt.

Truths Exposed - Things You Need To Know About Card Debt Consolidation

A majority of us have yet to hear of as well as be aware of the concept and
practice of card debt consolidation. In fact I hadn't thought of it on my
own and wasn't aware of it until one of my friends and I were discussing
money and she expressed an interest in this action called credit card debt
consolidation.
After I showed surprise and intrigue, she explained that one merges all
balances on all credit cards into one credit card company or institution's
plan. This move means many things:

Firstly, card debt consolidation in short means one can let go of having to
"juggle" the bills, or of having to - as my mother would say - rob Peter to
pay Paul: instead of having, say, six credit card bills (with six different
interest rates, additional fees, etc.), you have just one (with one annual
fee, one interest rate, and one finance and processing charge).

Next, card debt consolidation also means saving time. As with the above
case, which more of us than not know all too well, the filing and figuring
time are reduced significantly. And if one pays online, that time it would
take to write checks, hit the mail box, etc. would shrink to a matter of
about two minutes.

Next, card debt consolidation usually means a major decrease of interest and
other rates generally. In fact I know this one person who has credit cards
with up to 29% interest charges on each card. Then another person who did
the wise card debt consolidation move and now has not only ONE single
interest rate to be concerned with but has that rate down to something like
1%!

And lastly, the card debt consolidation effort does not mean haggling and
hassling and humiliation. To a certain extent, depending on the government
and/or financial institution you choose to go with, the application process
takes approximately five minutes (or less, online, but one needs to be
careful to find a SECURED site and therefore to take a little time to find
out that the offer is legit in the first place).

So, in order to cut your payments down by 50 or 60 percent; cut your time to
almost nothing and shear years off your stress factor and therefore your
aging process.you come out happier, healthier (at least mentally), and
definitely better off financially. Now that I think on the offers for doing
card debt consolidation that I get in the mail, I understand, too, that one
could build up a better line of credit with one financial institution,
having all amounts owed on one card, and having, basically, a higher credit
limit overall.higher than one might have on each individual credit card. Of
course not that the purpose here is to amass more debt, mind you!

About The Author: Thomas B. Stevenson provides readers with up-to-date
commentaries, articles, and reviews for
http://www.financial-information-directory.com,
http://www.first-finance-magazine.com as well as other related information.

Debt Consolidation Programs Will Help You Swim Out Of Any Financial Storm

In simple words, debt consolidation can be defined as a type of loan with
which you can condense all your debts into a single debt for which you make
payments out on a low interest rate.
You can get a debt consolidation loan irrespective of the type of
outstanding loans - secured or unsecured. The bottom-line is reduced
payments and saving money! Debt consolidation offers you several benefits.
First and foremost, it takes away the overhead and confusion of repaying
several loans in a month. When your loans get consolidated into a single
loan, the repayment process simplifies and becomes less cumbersome. Owing to
debt consolidation, you end up saving a decent amount as you pay a lesser
rate of interest on the loan. Debt consolidation also helps you bring in
stability and the much-needed peace that you need for financial planning.
Lenders cooperate because it assures them of at least partial repayment on
the loans, though at a reduced rate of interest. Debt consolidation also has
some drawbacks.

Though by consolidating your loans, you reduce your rate of interest, but
the tenure of your loan can go up. This way by consolidating loans by
choosing a long repayment period, you can end up paying a lot more than you
initially borrowed. In this way, debt consolidation turns out to be a quite
costly option. Another drawback is that the debt consolidation loans that
are used to consolidate debts are secured on either property or other such
assets. The best way to get a smart deal to perform a great deal of market
research before deciding which company you would want to assist you in your
debt consolidation process. Financial experts advice that if you are in debt
and are facing the severity of repaying them, as a first step you should
stop borrowing more money. The next step should be to consolidate your debts
using some sensible debt consolidation program to bring the life back on to
the track.

In the booming economy, there are various debt consolidation programs that
you can choose from. A consolidation program can be a paid program or it can
be a free service. With the growing popularity of the Internet, you can also
apply online for debt consolidation. There are several banks and financial
firms that provide online advice and debt consolidation services. Once you
decide on your debt consolidation company, the company will provide you with
a financial analyst or an expert counselor to customize a debt consolidation
program to suit your financial needs. Once the program is in place, the debt
consolidation company experts negotiate with your lending companies to get
you a lower interest rate and thereby secure a lower monthly payment option.
When an agreement is reached between the experts and the creditors, you
start paying a consolidated periodic payment out to the debt relief company.
The consolidators will divide your payment among your creditors.

About The Author: Concentrating on news and information about credit
consolidation, Peter Mason wrote normally for http://www.creditenio.com .
You can discover his writings over at
http://www.creditenio.com/debtconsolidation.html and other sources for
consumer debt consolidation information.

How Do I Get Fast Cash?

There is no doubt about it; payday loans can get you some cash very fast,
especially with the no fax payday loans available online. The no fax payday
loan is the fastest way to get some cash because you don't have
documentation to slow the process down. The main requirement is an extremely
good credit score to justify the extra risk the loan company is taking.
These loans are, as the name suggests, designed to give you some quick cash
to last you until your next payday. The downside is that there is usually a
high interest rate attached, maybe $15 to $30 for every $100 you borrow.

Always try to check the lenders integrity and be sure to pay off your loan
by your next payday, because you don't want the money to start accruing
interest. Used like this, payday loans can be very useful. What makes the
payday loan dangerous is if you get so excited about getting this quick cash
that you don't pay attention to all the terms and conditions included with
it.
There are loads of these payday loan providers on the internet and applying
for a payday loan is a fairly simple process.

With the help of the information super highway you can quickly apply for and
get a payday loan right from the comfort of your computer chair, as long as
you possess a phone line and have internet access. Most of these loan
companies can electronically deposit the cash you require directly into your
checking account within 24 hours. Some of these companies can operate even
faster. You will of course need to provide the respective company with your
checking account information.

When all said and done it would definitely be better to avoid the need for
one of these fast cash type of loans, and the higher interest charges that
they entail. This could be achieved by doing a bit of forward planning, not
always possible, I know. Just be sure you can pay back the loan by the
allotted time, otherwise taking out a payday loan may bring more problems
than solutions.

About The Author: James Hunaban is the owner of
http://payday-loans.jims-info.com/ a site full of Payday Loans information.

Short Term Cash Advance Payday Loans

Sometimes it seems there's just no way out. Maybe your car breaks down, you
have an unexpected medical expense, or you just find your self coming up
short when you're shopping to put a smile on your kid's face for the
holidays. All of us have felt strapped financially at times, and the choices
we have are accruing more credit card debt, borrowing from friends or
family, or trying to get an advance from your boss.

In the past decade our communities have seen little money mart stores
popping up all over the place, fulfilling a need that many of us have when
we're strapped for cash. If you have a job and are just a little short of
cash, you might want to consider taking out a Payday Loan. Now you can get a
cash advance payday loan on the Internet approved with no credit check in as
little as 30 seconds, and they will deposit up to $1,500 electronically into
your bank account within 24 hours.

Payday loans, sometimes called cash advance or paycheck loans, fulfill a
real need for people that are forced to live paycheck to paycheck, have
little or no credit, or just need some extra cash for the holidays. Just be
sure you can pay the loan back and as quickly as possible - payday loans are
not cheap!

A short term cash advance payday loan online will charge you anywhere from
$15 to $30 for every $100 borrowed. When looked at as an annual percentage
rate this is huge, but the idea here is to pay the loan off, or at least
down very quickly. Therefore it is probably best to look at the charge as a
fee, or service charge.

Payday loans are not without controversy. Critics of the industry say that
the brick and mortar lenders tend to set up shops around poorer
neighborhoods and close to military bases, where people are often strapped
for cash and don't really understand the relationship between time, money,
and recurring payments. Some compare the lenders to loan sharks because of
exorberant interest rates that can reach in excess of 250% when annualized.
Most states have usury laws that put a cap on what an institution can charge
for a loan, but lenders can easily bypass that by funding the loan through a
bank that is chartered in a state that has no such law.

On the other hand, payday loans are not the only ones whose fees seem
excessive when annualized. A bounced check or a late credit card payment can
easily cost just as much or more. Think if you bounced a $100 check every
month for a year. With an NSF fee of $48, that would come out to a whopping
1,250 annual percentage rate.

The bottom line is that a payday loan can be a good thing if you're in a
bind, and are sure you will have the capability to pay it off quickly. If
you think you would have to pay it off slowly, you would be better off using
a credit card and making the minimum payment, if that is an option.

About The Author: Michael Talbert is an author that writes on a variety of
topics. Visit The Loan Station at http://www.Loan-Station.net for more
information.

Debt Consolidation Refi Loans - Cash Out And Reduce Debts

Debt consolidation refi loans reduce your debt sooner by lowering the
interest rate on your principal. So for the same amount you are paying now,
you can trim years off your payment schedule. At the same time, you can
further reduce your mortgage costs by finding low rate refinancing.

Cashing Out Equity Can Save You Money

By securing your debt consolidation loan with your home's equity, you
qualify for some of the cheapest financing available to you. So you can
trade in your double digit credit card rates for single digit mortgage
rates. To get the most out of your cash out refi, decide if you want one or
two mortgages.
By refinancing your original mortgage, you qualify for lower overall rates.
But if you have good rates now, it might be better to take out a second
mortgage. Even with higher rates, having separate mortgages could be cheaper
for you.

Selecting The Right Refi Terms

Terms are just as important as rates when trying to reduce your debts.
Ideally, you want a short term loan to get out of debt sooner. This doesn't
necessarily mean higher payments though.
With lower rates, you can select a loan years shorter with the same monthly
payment. Adjustable rate home loans also offer low payments, but there is
the chance that your rates could increase. Fixed rate loans provide security
of knowing what your rates and payments will always be.

Lenders Make The Difference

Not all lendering companies are created the same. Each financing company has
their own formula for determining loan rates and closing costs. To make sure
you are getting the best refi deal for your credit circumstances, ask for a
loan estimate. Within minutes you can receive dozens of offers from several
lenders. You can then make side-by-side comparisons to select the best
option. This is just another way you can save thousands on your loan's cost.
When you are ready, you can complete your loan application online for speedy
approval. In less than two weeks, your loan's paperwork can be completed,
and you can pay off your other bills.

About The Author: View our recommended lenders for
http://www.abcloanguide.com/refinance.shtml online.

How To Make Your Credit Card Work For You

Everybody seems to be just itching to get hold of a low interest credit
card. Who would not be? These low interest credit cards definitely offer a
lot of major advantages over normal credit cards. Aside from the low
interest, other fees like annual fees might also be waived.

Low interest credit card means you won't be paying more for a credit card
purchase. Since there are several low interest credit cards available in the
market, it'd be better to first understand how these interest rates work.

Some credit card companies might entice you to sign up for their credit card
by offering a low introductory interest rate.
This could even be as low as 0%. This rate could go on to up to a year. When
this introductory period is over though, you would have to pay the normal
interest rate, which in most cases is referred to the purchase APR.

Customers might find these low interest credit cards very much appealing.
True enough, these low interest offers could definitely help lower your
credit card debts. With these offers, consumers can just transfer balances
to whoever has the lowest interest rates. Fortunately for consumers, banks
are in stiff competitions with each other. Low or even 0% interest offers
can last to up to a year, in a bank's effort to keep the customer's
financial portfolio.

Not everyone might be able to avail of these low interest credit cards
though. Banks usually require that you have an excellent, or at least good
credit score. If you do, it is likely that banks would offer you lower
interest rates. Banks find it less risky to offer better deals to those who
are known to be able to payoff their debts.

Those who have a great credit have good chances to obtain interest rates
which are lower than a normal credit card. This could range from 9% to 15%.
So if you have a good credit card, you might want to shop around some more
first in looking for a better deal.

Having qualified for low interest credit cards, you'll surely get better
introductory offers. Usually, this could be delayed APR for up to a year. If
you have this card, you'd be able to payoff credit card balances at no
additional interests. This makes it highly profitable.

Low interest credit cards rarely come with annual or enrollment fees. Those
who have perfect credit are surely able to take advantage of all these
benefits. High interest credit cards with annual fees are usually intended
for high risk cardholders, specifically those with bad credit.

However, it should not be forgotten that banks are for-profit organizations.
Some low interest credit cards may come with a catch. Some companies might
require customers to spend a minimum amount on their credit cards or else,
additional fees might be imposed. Also, the moment your low interest rate
period is over, which you might not notice pass, the normal and exorbitant
interest rates would apply. These are just some of the ways banks earn to
compensate for their low interest rates.

Low interest credit cards could really work for you but before committing to
any card, be sure you have understood and read the fine prints. Usually, it
may stipulate additional fees or conditions. It is best to be familiar with
everything about the card first to be able to effectively weigh it against
other low interest credit cards offered in the market.

About The Author: Mario Churchill is a freelance author and has written over
200 articles on various subjects. For more information checkout
http://www.supercreditcardoffers.com and
http://credit-card-offersonline.info.

Debt Reduction - The First Step Is The Most Difficult

Cashless shopping is clearly convenient and it there's no doubt it comes in
handy whenever you don't have the cash to spare for those "unexpected"
expenses or "must have" indulgences.
Unfortunately, life is not that simple and just a few of those so-called
must have impulsive purchases can, over time, lead to a huge credit card
debt and eventually the piper comes calling.
At some point, you must face the fact that you have to put the plastic down,
exercise discipline and get serious about finding effective ways to reduce
your debt.

If you're reading this, you are probably up to your eyeballs with all sorts
of debt. Ignoring them is wishful thinking and whenever you think about it
(probably daily) you ask yourself, "how did I get myself into such a mess?"

The good news is that you've made the most important step and that is you've
realized that you need to do something about it.
Reality has finally come crashing down. Of course, your debt will not just
magically go away and so you have to find a good debt reduction plan in
order successfully manage the payments without living like a pauper for the
next 30 years.

As with any type of credit card debt solution, one must be able to have the
guts to finally say goodbye to his or her credit cards and focus on whatever
type of debt reduction options currently available.

The next step is that you must cut all ties with your beloved credit cards
and get serious about debt reduction. Of course, the fact that you're
reading this article shows you've done just that - congratulations.
Incidentally, if you're like most, you probably have some grand plan on how
you want to pay off our debt but as perfect a plan as it may seem in your
imagination, playtime is over and you must focus on real world solutions.

You have to setup realistic goals when it comes to debt reduction - a
realistic timetable of how much you'll be paying and for how long. You
didn't acquire your debt overnight and you're not going to pay it off
overnight either. It's important that your goals are manageable, as well as
achievable. On the other hand, just because you're in debt doesn't mean you
have to eat bread and water for next 10 years, cancel cable and buy
everything at the Salvation Army just to meet your monthly payments.

There is certainly no need for you to torture yourself even more. What you
clearly need is a good reduction plan and you can certainly achieve this if
you cooperate with your creditors when it comes to finally fixing your
financial life. And if you still want to keep a few of your credit cards
active for emergencies and to help maintain a decent credit rating then
that's ok. A good guideline on using credit cards is to keep two. Use one to
buy gas and groceries but then pay off the balance each month and use the
second one only for emergencies.

You should also set up a budget and track your expenses so you know exactly
what it costs you to live each month an the setup a realistic debt reduction
process based on that. You'll be amazed at how much you spend on frivolous
and unnecessary items when you see everything in black and white.

A good budget will also help you stop buying on impulse since this where so
many people usually use their credit cards.
Before buying anything, you really must ask yourself over and over if you
actually need this product. If it's just a luxury or want look at your
budget and perhaps every 3 or 4 months you can buy a little something extra
if it fits into your debt reduction plan.

In summary, I hope you've gotten some good ideas and useful information from
this article that you will be able to put into practice and allow you to
take control of your debt.

About The Author: Visit http://www.aneyeondebt.com |
http://www.aneyeondebt.com/links.html or
http://www.aneyeondebt.com/sitemap1.html for more information on loan and
mortgage options.

Closer Look At Bankruptcy

Do you have a hard time paying your credit card bills? Starting to get
notices from waiting creditors to pay? Worried that you might lose your
properties like your house because of credit debt? Chin up: Dealing with
credit card debt is not as hard as you may think.

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.
Learn more ways to reduce debts today.

There are numerous types of debt, including basic loans, syndicated loans,
bonds, and promissory notes. Debt, especially large sums of debt, can also
be secured through a mortgage or other security interest over some of the
debtor's property, in which case the creditor will have some rights over
that property in the event that the debtor becomes unable to repay the debt
and defaults on the loan.

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.

A Closer Look at Bankruptcy

Bankruptcy is a process of the federal court that is aimed at helping both
businesses and individuals in clearing up their debts and repaying under the
protection given by the bankruptcy court. There are basically two types:
liquidation and reorganization. Liquidation bankruptcy, under Chapter 7 of
the bankruptcy code, occurs when you plead the court to have your debts
discharged. Some of your properties will then be liquidated or sold by the
bankruptcy court, returns of which shall be divided among your creditors.
This type of bankruptcy proceeding lasts for four to six months which is
quite fast and only one appearance at the courthouse is necessary. It is
very convenient and doesn't require payments stretched over time.

Chapter 7 bankruptcy isn't available to everyone, though. You may won't
benefit from it if in the past six to eight years, you have benefited from a
bankruptcy discharge. Likewise, if after examination of your income,
expenses, and overall debt, it was found out that the other type of
bankruptcy proceeding is more appropriate, then you can't insist on pursuing
this kind. Veterans who are now disabled and who incurred their debt at the
time of their active duty are almost automatically allowed to file. In
addition, those people whose debts are caused by running a business are
qualified as well. For those people not belonging to any of these
categories, certain criteria must be met.

The criteria has been affected by the new rules imposed on bankruptcy. One
of the considerations is your current monthly income which in turn will be
compared against the median income for a family of similar size in your
state. This isn't your income at the time of your filing. Instead, it is
your average income for the past six months before filing. Social Security
benefits like retirement and disability benefits aren't included in the
computation. If your income appears to be enough to support the other type
of bankruptcy proceeding in spite of permitted expenses and payments for
child support, tax debts, and others, liquidation bankruptcy is
unfortunately not allowed.

A home equity loan literally allows an individual to borrow from a lender
based on the amount of value they have earned on their home. If you use
credit cards, owe money on a personal loan, or are paying on a home
mortgage, you are a "debtor." If you fall behind in repaying your creditors,
or an error is made on your accounts, you may be contacted by a "debt
collector."

Having trouble paying your bills? Getting dunning notices from creditors?
Are your accounts being turned over to debt collectors? Are you worried
about losing your home or your car?

The Consumer Credit Counseling Service (CCCS) reports that calls from people
worried about debt have been increased by 50% compared with last year. After
you have contacted each creditor, you can start setting up a budget plan
that will help guide you through the process of eliminating your debts.
Start with a weekly budget plan and then work your way toward a monthly
plan. You should know that in either situation, the Fair Debt Collection
Practices Act requires that debt collectors treat you fairly and prohibits
certain methods of debt collection. Of course, the law does not erase any
legitimate debt you owe.

Many people, if given a choice, would prefer this type since repayment of a
portion of the debt is unnecessary. You may lose some of your properties but
some courts permit some sort of a leeway that doesn't take all to give you
something to start with afterwards. On the other hand, reorganization
bankruptcy, usually under Chapter 13, happens when you file to a bankruptcy
court a plan on how you intend to settle your debts. You indicate how much
each of your creditors will get, depending on your finances. There will be a
three- or five-year repayment plan, only after which can you be discharged
of your debts, if any still remains. At times, however, due to obvious
financial difficulties, the court itself decides to give a discharge earlier
than planned and this is what usually happens.

An additional requirement for both types of bankruptcy is completion of
credit counseling conducted by an agency recognized and approved by the
United States Trustee's office.
This helps you look closely at the situation at hand and identify if
bankruptcy is really essential. This allows you to see several possibilities
of informal repayment which you may have overlooked in the past. Even if
such is obviously impossible, counseling remains a major requirement.
Furthermore, completion of post-counseling is required after the
proceedings. This aims to teach you financial management to avoid
encountering the same situation in the future. The bankruptcy discharge will
not be released unless this is fulfilled. Bankruptcy may be beneficial for
both the debtor and creditor. This is a way of recognizing one's
responsibilities and mistakes that led to the financial difficulty. The
entire process takes into consideration both parties' interests and leads to
the development of an action plan that fulfills them.
As such, this law shouldn't be abused by any debtor thinking that a court is
there to intervene.

Bankruptcy, although generally advantageous, must be considered as a last
resort. You should, in all circumstances, work hard to be in full control of
your finances to avoid being estranged in difficulties. Discipline is indeed
a very crucial trait that must be maintained at all times. Having said that,
many borrowers can benefit from consolidating their debts on better interest
rate terms. Some credit cards cost up to 17.9 % (e.g.
MBNA) and store cards can cost more. Consolidating your debt could cut
interest payments by up to two thirds. If you've got a number of credit
cards and insurmountable credit card debt, then perhaps it's time to
consider a debt consolidation loan. A consolidation loan is a loan that you
can use to pay off all your debts, meaning that you can pay them off for
less money without having to worry about lots of different bills.

Secured loans make your creditors feel more secure about loaning you money.
When someone takes out a secured loan, that simply means there is collateral
to back up the money they borrowed.

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!

About The Author: Learn ways to reduce your debts today at
http://www.reduce-debt.info

Using Personal Loans For Credit Card Debt

Credit card debt is widespread amongst the average American household and
seeking ways of consolidating debt usually means utilizing the equity in
ones home or seeking a personal loan to service the credit card payments.
Using the equity in your home to apply for an equity home loan and directing
the funds towards debt management is an excellent method for getting your
house in order in regards to your finances.

A personal loan without collateral may sound inviting but rest assured any
financial institution or broker is going to want a higher return for the
added risk. Using the equity in ones home has become a popular form of
liquidity to finance and consolidate existing credit card debt, however not
without its risks. Be sure you read the fine print & beware of the risks of
defaulting on any repayments when using the equity in your home for a equity
home loan as you could end up losing your family home to your creditors
should you fail to meet the repayments!!!

Consolidating debt for some means digging into their 401K for immediate
relief to the detriment of their future well being.
Immediate relief from credit card debt and the high fees and interest
associated with such debts is a huge incentive for some to look for the 401K
alternative. The compromise to such action is that you are forgoing future
savings and security for immediate relief, but if the timing is right and
you are confident of repaying the loan it certainly is a viable proposition.
It is a very appealing short term debt solution which has its benefits as
well as draw backs.

It is always wise to stack the advantages against the disadvantages in
anything dealing with your finances and when formulating a wise debt
management strategy. Any unforeseen event which can disrupt your repayment
schedule could mean penalties due in the form of tax installments or the
fulfillment of the principal on the borrowed loan.

Tax perks when saving with a 401K account are reduced when borrowing off
your retirement, as you are reimbursing the account with after-tax dollars.

Be sure to negotiate a better interest rate on any repayments with any loan
whether it be a personal or a home equity loan.
The higher the interest rates, the higher the repayments, the less
disposable income that is left for savings or other pleasures of life so
ensure you manage your credit card debts first as they carry the highest
interest rates of any form of credit.

The rate you are able to negotiate your interest will be fixed for the
duration of your personal loan and you will be required to make monthly
installments to service the loan which will be at a rate much lower than any
credit card debt you are carrying. Undisciplined habits of making late and
overdue credit card payments tends to incur extremely high fees and even
higher interest rates which can become a major problem to most budgets.

A savings account allows you the luxury of redirecting resources to areas of
debt which have the potential to erode ones worth very quickly if left
unchecked!!! When you compare the interest rate you earn on a savings
account and the cost of credit card debt it makes little sense not
redirecting funds from you savings account towards servicing debts
elsewhere???
Be smart and service your credit card debt before setting up any high yield
savings account, you will be thankful you did in the long run.

About The Author: http://www.accounttt.info: A site about using personal &
home equity loans to service credit card debt as well as other related
information of interest ... The above article may be used on the condition
that any live links be left active ... Enjoy!!!

Fast Cash Payday Loan - A Straight-up Review.

I make my living selling people fast cash payday loans, and I have got to
tell you. People just aren't fair to loan sharks.
It's there, isn't it, even in the name. Loan shark. But really, what I do
when I hook someone up with a fast cash payday loan, is give another chance
to some poor guy who just does not have any chance at all without me. Sure,
I make cash off of the poor, but is that so wrong? I don't force anyone to
come to me and get their fast cash payday loan - they come to me themselves.
If what I was doing was somehow hurting them, then why would they go for it
in the first place. But you try telling that to the people picketing outside
of my fast cash payday loan center.

They assert what I am doing is usury, and I don't know anything about that,
but as my mama always said, you can't use anyone who does not want to be
used. Yeah, I do charge high interest rates, but it isn't like these people
are not already in debt. It's the routine, you know the drill.

Robbing Paul to pay Peter, or however the saying goes. And the significant
thing is that I provide these people with money now, which can hold off
severe legal trouble for a good six months. And you know what, for some
people, a fast cash payday loan can be enough to start to get their head
above water again. That fast cash payday loan which people tell me is so
unfair and exploitative, might be the only thing that stops some of these
folks from losing their homes.

And this is not some new fangled scam. I didn't open up some fast cash
payday loan racket on the internet overnight or anything, just catching on
to the latest craze. This here is a family business. We have been part of
this community for generations, helping people who need a fast cash payday
loan, and doing some business as a pawn broker on the side.

Now I am not proud of what I do, but I'm not ashamed either.
Everyone has got to make a living, and I do what I have to to make mine. If
there is something wrong with that somehow, it is lost on me. I help out the
destitute when they need a fast cash payday loan.

About The Author: Thomas B. Stevenson provides readers with up-to-date
commentaries, articles, and reviews for
http://www.first-finance-magazine.com,
http://www.financial-information-directory.com as well as other related
information.

Credit Card Debt

Remember when everyone paid for things in cash? Probably not.

Credit cards are no longer considered a luxury, but rather, a necessity. So
as you can imagine, a lot of people are going into debt with credit cards.
Many people posses more than one credit card. The credit card industry is
growing by leaps and bounds. However, both the credit card industry and
credit card holders are posed with the problem of credit card debt. In order
to understand what credit card debt means, you need to understand the
workflow associated with the use of credit cards.

Credit cards, as the name suggests, are cards with which you get credit (the
ability to borrow money). Your credit card is represents the credit account
that you hold with the credit card supplier. Purchases you make using your
credit card are actually amounts of money you are borrowing. This
contributes towards your credit card debt. Your total credit card debt is
the total amount you owe your credit-card supplier.

You are required to settle your credit card debt on a monthly basis. You
receive a monthly statement or bill which shows your total debt. You must
pay off your credit card debt by the payment due date. failing to do this
will incur late fee and interest charges. However, you also have the option
of making a partial (minimum) payment, in which case you don't incur a late
fee -- just the interest charges on your debt.

If you don't pay off your credit card debt in full each month, the interest
charges get added to amount. Your credit card debt keeps increasing (more so
than on other types of loans because the interest rates charged by credit
cards are generally higher). Further, the interest charges plus your credit
card debt from the prior month form the balance for the next month.

If you continue making partial payments (or no payments), your interest
charges are calculated afresh on the next credit card bill. You end up
paying interest on the last month's interest, too. Thus your credit card
debt rapidly accumulates, and you find that what was once a relatively small
credit card debt has ballooned into an amount you find almost impossible to
pay.
Moreover, if you don't control your spending habits, your debt will rise
even faster.

This is how the vicious circle of credit card debt works. Don't put yourself
in this position. Don't make any purchases on your credit card that you can
not afford to pay in full when the bill comes.

About The Author: William Jones contributes to several online magazines,
including http://litoc.com and http://go-recreation.com

Selecting A Good Credit Counseling Agency

Setting up non-profit credit counseling agencies is quite popular these days
because the non-profit status helps these agencies in availing numerous
benefits. One of the biggest benefits is the federal and state level tax
exemptions granted to these non-profit credit counseling agencies. The two
tax exemptions combined together can add up to thousands of dollars every
year. In addition to tax exemptions, the non-profits status also makes these
agencies eligible for several public and private grants. To initiate Fair
Share contributions, it is mandatory to have non-profit status. Therefore,
the non-profit status helps these credit counseling agencies obtain greater
respect of the creditors. That is not all. In few states the non-profit
agencies are also unreachable by consumer protection laws.

Due to all these benefits bestowed upon them, it is not surprising to see
almost all major credit counseling agencies advertising their non-profit
status. However, you must keep in mind that most of these so called non
profit agencies are set up only to make profits. The non profit status is
only used by them as an easy method to tempt customers. Debtors in need of
professional help and advice get carried away by these profit-making non
profit credit counseling agencies. Only after they start dealing with these
agencies they realize the actual truth related to interests and worth of
these agencies.
Although there are many non-profit credit counseling agencies set up just
for making profits, all of them are not like that.
Agencies providing genuine and authentic counseling also exist.
National Foundation for Credit Counseling or the Association of Independent
Consumer Credit Counseling Agencies provides credit to most of these
agencies.

You can enquire about authenticity of a profit credit counseling agency from
the local Better Business Bureau. As a debtor, you can get information
related to any complaints lodged against the agency at the bureau. You can
also get information related to a profit credit counseling agency from
online credit forums. Good credit counseling agencies are a boon for all
debtors. They help in developing a personalized debt management and budget
plans for debtors. To help debtors in reducing their debt, these agencies go
a step forward and speak to creditors and make them lower down or remove
interest, finance charges and late payment penalties from debt amount.
Some of these agencies can even get the debt collectors off the back of poor
debtors. Keeping these advantages of good non profit credit counseling
agencies, debtors must always be careful in selecting an agency to help them
in managing their debts. Remember that if you get involved with an agency
established just to make profit, you may end up worse than you are at this
moment.

About The Author: Focusing on latest news in consumer counceling, Linden
Walhard published first and foremost for http://www.creditenio.com . Writing
for publications like http://www.creditenio.com/ccsettlement.html ,the
columnist improved his knowledge on issues related to credit card debt
settlement.

0% Apr Credit Card - Coping With Your Finances

Credit cards are a big responsibility. When they are used improperly, they
can disrupt your future financial solvency and cause you other cash flow
problems. The more you know about credit, the more likely you will use this
powerful tool wisely.

Nevertheless, credit card users nowadays are making a giant leap from the
typical shopping experience to a cashless shopping extravaganza. It is very
easy to get in over your head with credit cards.

With the endless shopping convenience that credit cards can bring, more and
more people are encouraged to get credit cards and use them to the maximum
amount of the credit line.

However, many people are reluctant to explore other credit card choices.
That is why, in spite of the credit card's popularity, credit card companies
have had to incorporate enticing promotional tools that will hook customer's
interest to apply for a credit card.

Among the many credit card offers dominating the industry today, 0% annual
percentage rate (0% APR) is the most common.
Many credit card users see this as enough of an incentive to make the switch
to another credit card.

By definition, an annual percentage rate refers to interest rates that are
paid on purchases. The APR is expressed in a standard format to allow
comparison between credit cards. These interest rates are reimbursement to
the issuer of accrued expenses, in order to make the loan to the borrower
and other fees required. As you might imagine, there must also be some
profit for the issuer as well.

Normally, 0% APR is provided during an introductory period by credit card
issuers. After that time , any balance on the card would accrue interest
until the debt is paid off.

The Concept

In an average credit card, annual percentage rate charges range from 6
percent to as much as 30%. Understandably, people would prefer credit cards
with lower annual percentage rates (APRs).

This could be a daunting task for credit card companies that are not well
established to keep up with the competition.
Hence, they try to find another way of offering the same promotions, but
with a new or different twist.

This is when 0% annual percentage rate comes in.

Credit cards with 0% annual percentage rates are the most popular. However,
one should clearly remember that 0% annual percentage rate does not last
forever. In most cases, this offer lasts only for about 6 months. This is
known as the introductory period.

Credit cards with 0% APR work best for people who transfer their current
balances on other credit cards to the new credit card. Through debt
consolidation, 0% annual percentage rate works for the borrower by cutting
back monthly interest expense. It can also save time for the borrower by
making only one payment per month. The best approach would be to try to pay
the balance by the end of the introductory period.

Statistical reports show that most of the charges that consumers pay are
focused on interest rate charges alone. The average interest rate that the
credit card owner pays is 18.9%.
Keep in mind that late charges can be charged if a payment is received by
the credit card company even one day late. This late fee can increase your
expense, and ruin an otherwise good payment plan.

Hence, with 0% APR, consumers can definitely cut back on their expenses, and
use more of their dollars toward paying off their debts.

So before you grab that dazzling offer of 0% APR on a given credit card, try
to consider some factors first.

1. Research

If you have heard about 0% APR credit cards but do not exactly know how it
works, it is best that you learn more about it through research.

Learn more about annual percentage rates and how 0% APR credit cards work.
Through research, you would be able to know that they only work for 6 months
and after that period, you can no longer enjoy this offer.

2. Read the fine print

Indeed, 0% APR credit cards can give you more advantages than you can
imagine. Just remember to read the fine print. Many credit card owners are
blind-sided by expenses and fees after 0% APR has expired. Most of the time
this is because they have not read the fine print. The only way to compare
credit card offers is to read every part of the offer, and understand it
thoroughly. It you don't understand the terms or instructions, call the
company and get clarification.

0% APR credit cards can be lifesaving packages; they can greatly reduce your
credit card expenses. However, they do not necessarily provide you a
lifetime advantage. You must make a plan to pay off the debt, and stick to
that plan, if you want to successfully use 0% APR credit cards.

About The Author: Mario Churchill is a freelance author and has written over
200 articles on various subjects. For more information checkout
http://www.usa-credit-card-guide.com and http://mycreditcardblog.info.