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

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

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

Finance Blogs
best blogs