Free Debt Management & Bankruptcy Articles

Professional Authors - Professional Articles

Debt Management – Take the Driver's seat and be in Control!

Debts are big problems these days and many are suffering because of them. Are you onet of the ones who succumb to these kinds of problems? Do you want to take better control of your debts and your life? Then you should try debt management plans. There are a lot out there that offer debt management like debt consolidation and debt settlement.

Between debt consolidation and debt settlement, you choose the one which is most suitable to your situation. Debt settlement companies try to convince your creditors to cut down your debts for an upfront payment to them. For example, you owe a company $1000 and you will request to just pay $600 money down and put away the other $400. This seems to be a quick and easy way to get out of your debt and an unfair way for the lending company.

However, the company accepts this offer as they know that they will spend more on waiting for the whole amount to be paid off so they will take the money. For the borrower, it is an easy way out however this kind of debt transaction will reflect on your credit history thus affecting your rating score. When companies see this transaction on your credit history, they might not accept your application for another loan for a car, house, etc, and it may even cost you a job or a promotion.

On the other hand Debt Consolidation is rather useful for those who have a lot of debts to different credit companies. Debt consolidation works by combining all your existing debts into one consolidated debt. It offers easy management as you will receive only one bill at the end of the month and it has a lot less monthly payment bill than your previous debts. The downsides of debt consolidation are a longer debt payment period and the requirement of collateral.

Although you would pay less monthly, you would be paying for a longer time period which it follows that the longer the period the more money it will cost in the long run. Next, consolidation requires collateral such as a house, a car, depending on how much you owe. This brings the risk of having your property possibly forfeited if you miss a payment. The collateral serves as insurance for the company in the event the Borrower does not pay and this also forces the borrower to pay the bill if he does not want to lose his property.

However good the programs seems for debt solutions, there is always a disadvantage to each. In order to be in control of the situation, the borrower must weigh the odds and choose what’s best for him. Then again, it all comes down to the person’s responsible debt management and being in control.

maha kumbh commented on 07-Dec-2015 03:39 AM
I am trying to find out some good sites for studying. I used to be looking over bing and google and found your site. Nicely i like your professional blog design and style along with your publishing expertise. Keep doing it.

Post a Comment

Captcha Image

invest money lending companies software unsecured loan repay loans paycheck info credit accounts loss of income debts restrict spending negotiation monthly payments salary payday loan companies management program losing your job debt collection agency insurances child support help with debt doctors tracking money get out of debt court appearance fly-by-night extra money monthly payment low interest account fees debt management advice lose your job hobbies household items classify bills interest payments debt consolidation medical debt credit report paying bills specific budget categories Consolidation Company financial security cancer losing a job bank family budget own money credit limit credit companies taking responsibility groceries checking account children budget receipt professional Chapter 13 regain control medical bills common debt bankruptcy building debts personal finances credit repair unreasonable expectations filing bankruptcy discounts save money good budget loan agents domestic support total balance bad debt ongoing bills common debt traps creditors understanding gambling debts liability telephone bills credit history loan companies interest rates debt management tips job loss extra payments debt consolidation negotiate education debt collectors managing debt debt programs social services debt traps handling money phone calls repayment plans modified payment plan honesty pay off debt great budget spending bad financial decisions debt company debt relief agency bills money seperate accounts buying a house child support debt insurance younger children trusted friends teaching children finance saving money debit card check card medical bill security great budget ideas debt settlement sickness credit card company debt payment period account charges piling debts cash school jobs stop harassment control spending account interest gambling problem part time job payment frequency less money credit bureaus cash card car loan good credit record whole family installment plans good credit credit scores cable bill finances rebuild good credit ill health injury making payments installment plan children saving management advice mortgages internet credit rating credit reports budget sheet good debt loan harassment investing credit card companies overcharging saving payday loan loan amount borrowing debt management mistakes debt relief lending company credit government assistance credit checks emergency savings account paycheck loan loans credit card traps bank accounts charitable organisation budget ideas chapter 7 credit score careful handling home equity reduce debts child spending financial education home debts repay prioritizing take control of debt home equity loans implement a budget credit card help illness credit card savings account checks short sale monthly bill learning experience overbearing bills legal action secured loan hospital understanding home equity payment behavior borrow money debt management credit line introductory offers more income debt consolidation loans management tips new job debt bad debt management full details purchase protection rent payments purchases comfortable living down payment mortgage payments credit company credit card debt high interest rate candidate assets past bad debt paying out debt expenses need money monthly budget spend money borrower flat broke unexpected expenses budgeting consumer lawyer interest deb consolidation live within means budget categories order report utility payments visualization original creditor unemployed back support debt free initial research savings allowance help income credit cards become free second job family assistance interest rate worksheet tax info live your life personal finance house loan debt problems pay off bill asset info your rights good credit rating debt solution debt collector help budget overspending deals in writing

Copyright 2016 - Free Info Site Enterprises
Privacy Policy  |  Copyright Policy  |  Website Use Policy  |  Non Endorsement Policy  |  Contact Us  

Finance Blogs
best blogs