December 21st, 2010 -- Posted in Accounting |
It may seem like you are owned by your debts, almost as if your credit card debt owns you. However, this simply isn’t true. There are some very serious ways to get out from under your credit card debt and other forms of unsecured debt. They involve sacrifice and discipline, but if you’re determined, you can overcome your debts and live a financially secure life, free from collection agency phone calls.
Here are some simple tips you can follow that will help you get free from your debt problems, and have a financially secure future. continue reading »
December 14th, 2010 -- Posted in Debt Consolidation |
Debt negotiation is a relatively new form of debt relief that is gaining popularity for its results in reducing credit card and consumer debt and because the process can also help homeowners avoid foreclosure by making home loan modifications more likely to be approved. There are two schools of thought on the subject; one that focuses on broken settlements, credit scores and direct negotiations while the other centers on the short and long term benefits of the practice. First, the arguments against debt negotiations:
* Broken settlements – A settlement can be broken by either the party executing the negotiation or the customer. True, there have been instances were companies didn’t follow through on their promises to see the negotiation from beginning to end. The percentage of customers involved in those situations has been small and could have been prevented with some due diligence. continue reading »
November 25th, 2010 -- Posted in Credit |
Debt settlement, debt consolidation and debt negotiation companies have proliferated into a ubiquitous fixture in radio advertisements, television commercials, and billboard ads. These companies offer to eliminate consumers’ debts by negotiating settlements for less than the full balance owing or for structured payments over time. Consumers are often attracted to these offers out of a desire to avoid bankruptcy. However, the problem is that these companies often take the last bit of a consumer’s money before the consumer is forced to file bankruptcy anyway. By then, their credit has been damaged worse than the bankruptcy alone would have caused.
Typically, a debt consolidation company instructs a consumer to stop paying their bills, and instead to pay the money into an account controlled by the company. This throws the consumer’s accounts into default status and starts the process of collection and charge off. continue reading »
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