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How To Eliminate Credit Card DebtNoel Hynes There is almost nothing more troublesome than having too much debt to pay each month. Consumers incur debt for many different reasons. Sometimes illness, accidents, or just bad luck can make it seem impossible to get finances under control. Other times it is simply because we spend more money than we earn. The first step toward taking control of your financial situation is to learn how to eliminate your credit card debt. Develop a budget. Start by listing all sources of income. First list fixed expenses such as mortgage payments, insurance premiums, and auto loans. Next, list the expenses that vary from month to month such as utility bills, recreation and clothing. If there is any hope of controlling your credit card debt you must create and stick to a budget. There are different kinds of debts. Mortgages and auto loans are debts secured by collateral. In the event of default on a secured debt, a lender may foreclose on your home or repossess your car. Unsecured debts are loans with no collateral and often have variable interest rates and are assessed a fee for late payments. In the event of default on an unsecured debt a lender may report to a credit-reporting agency, contact the debtor repeatedly by mail or telephone, and in general make life miserable for those who find themselves in financial trouble. If you are among the millions who have found themselves in a financial crisis, consider your options - budgeting, debt consolidation, or bankruptcy. Which works best for you It depends on your level of self-discipline, how much debt you have, and your future financial prospects. While eliminating debt may seem next to impossible, your life does not have to go from bad to worse. Self-help may be the easiest, cheapest way to eliminate debt. First, stop charging now. Incurring more debt will only compound the problem. Make a list of all your credit card bills starting with the smallest. Pay as much above the minimum payment as you can afford on the card with the lowest balance. Continue until this debt is paid in full, and then proceed to the next card. Systematically paying off your credit cards one by one will reduce your debts dramatically. The fastest way to eliminate credit card debt is to put every penny you can towards paying off your credit cards. Do not underestimate the effect an extra five or ten dollars paid repeatedly over time can have on eliminating debt. You may be able to reduce the amount of your combined monthly payments and lower the interest rate by obtaining a home equity line of credit or a second mortgage. Think carefully before taking this route. Your home becomes collateral with these loans. If you make late payments or miss payments you could lose your home. These types of loans may provide certain tax advantages but the fees can really add up. The same goes for debt consolidation. You eliminate or reduce interest rates and the amount of your monthly payments, but the length of the contract and the fees can be more than your original debt. As a last resort, bankruptcy could be considered. A bankruptcy remains on your credit report for 10 years, making it difficult to obtain credit, get life insurance, or buy a home. However, it can be a fresh start for those who cannot otherwise satisfy their debts.
| ![]() | ![]() | ![]() | RELATED ARTICLES Attaining A Debt Free Lifestyle Many people have been taught that you cannot get ahead without debt.We are also inundated with advertising telling us we can have anything we want.All we need to do is put it on our credit card. 7 Ways to Stop "Selling" & Start Building Relationships Sometimes we can all use a friendly reminder to keep us from backsliding into old ways of thinking aboutselling that lead us down the wrong path with potential clients. Secondary Mortgage Market Sets the Standards and Practices for Mortgage Lending The Secondary Mortgage Market is responsible for the setting many of the rules and common practices that determines who gets a home loan. The secondary market includes Fannie Mae Federal National Mortgage Association or FNMA, Freddie Mac Federal Home Loan Corporation or FHLMC, Ginnie Mae Government National Mortgage Association or GNMA and a variety of other investment oriented institutions. Why You Need a Home Loan Countrywide Loan From a small office in 1969, home loan countrywide has achieved recognition among consumers and investors as one of Americas leading home finance companies. Evidence of growth and industry leadership is home loan countrywides inclusion in the S&P 500, Forbes 500 and Fortune 500. Home loan countrywide began with a vision - to make the dream of homeownership accessible to everyone. Over the years, the company has grown, as have the ways in which they serve their customers. They have leveraged their skills in mortgage banking into diversified businesses that work together to provide customers with a complete range of financial services under one roof. Their diversification includes capital markets, insurance and a recent expansion into banking services with Countrywide Bank. In addition, home loan countrywide is also bringing a brand of financial services and customer satisfaction to the United Kingdom.Home loancountrywide is involved in the development of world-class proprietary financial systems has provided them with a sizable competitive edge and given them a front-runner position in penetrating financial services markets both domestically and internationally. Home Equity Loan vs Home Equity Line Of Credit Many people confuse a home-equity line of credit with a home-equity loan. With so many different kinds of loans it can get confusing. So lets look at the difference so you can get a better understanding of what works best for you. Disaster Decision - Do You Need Insurance The expenses involved with owning a home can be overwhelming at times - routine maintenance, repairs, seasonal preparations, improvements. Not to mention taxes, fees, and all those monthly bills. Some homeowners, in trying to reduce their expenses, wonder if they really need disaster insurance. How Much Rent is Too Much Rent You want what every apartment renter wants: the most comfortable surroundings you can get for the lowest possible monthly rent. Some of todays newly constructed apartment communities have taken luxury to an entirely new level. Some complexes have gas fireplaces, TV monitors by the front door, drive-through mail service, and office equipment for their tenants, among other creature comforts. Every renter has to consider the importance of amenities like these. Are they important enough to you to merit a rent increase of perhaps $200 more than the rent you pay now, at a modest yet affordable complex While some of us consider an apartment as just a place to hang ones hat, others place a premium on home surroundings. But how do you determine how much you can stretch your budget -- without ending up in the poorhouse in the process Stopping Home Foreclosure A Foreclosure Prevention Service has numerous ways it can help you deal with the foreclosure process. Under the law, you have a right to remain in the property for a certain period of time. If you can�t pay the full amount owed without creating a hardship for your family you need a legal review of your situation, your rights, and your choices before you agree to anything. Protect yourself and your family. What is a Commercial Business Loan A commercial business loan is designed for a wide range of UK small, medium and startup business needs including the purchase, refinance, expansion of a business, development loans or any type of commercial investment. Why Choose a Remortgage You would choose a remortgage because it allows you to change your mortgage without moving your home. Remortgaging is the process of switching your mortgage to another lender that is offering a better deal than your current lender thereby saving money. A remortgage can also be used to raise additional finances by releasing equity in your property. Understanding a Commercial Mortgage In many ways a commercial mortgage is just like a residential mortgage in that you pledge real property as collateral against a loan to either buy or refinance that property. You can also receive a commercial re-mortgage and use it as a line of credit for any business purpose. When you use a commercial mortgage to buy property, or to raise funds for any other business purpose, the lender retains an interest in that property until the loan has been paid in full. Unlike other types of business loans, which usually have a relatively short repayment period, you can take out a loan for as long as 30 years if you like. When a Real Estate Agent May Not Be The Best Option Historically, when homeowners wanted to sell their home, the first call made would be to a Realtor.Since the early 1900�s, Realtors have represented homeowners during the process of selling their home, which is usually to another homeowner.Real estate brokers hold state regulated licenses that allow them to market real estate on behalf of the owner.The national average for broker commissions is approximately five percent.In many cases, another broker will bring the buyer and receive typically fifty percent of the commission.When the majority of homeowners sell their home, they believe a real estate agent gives them the best chance to maximize the amount they receive and the agent commission will come out of their proceeds at closing.This is a process that takes place everyday throughout America. A Singles Game of Real Estate This discussion leans toward answering questions asked most often by our youthful men and women in there early twenties. They often begin to ask themselves the question, �Should I consider buying a home, condo/town-home or some other type of real estate that I can call my own� Due to the fact that housing has up to this point always been provided for or lived in on a rented basis we tend to find that our newest contributing members of society find themselves at a loss for the most beneficial and advantageous way to enter this next phase of self-sufficiency. Do you Know the Benefits of Checking your Credit Report Do you know why you should check your credit report An Infinity Mortgage Here in Spain the concept of a mortgage period of 20 or 25 years is something new. The general feeling by the banks is that want their money back more quickly than banks in countries in which they are accustomed to longer periods. The borrowers are also accustomed to the idea that the guiding principle is to pay off the mortgage as quickly as possible. Are Homeowners Due A Refund According to U.S. Government Auditors more that 45% of all home mortgages and 75% of home equity loans contain miscalculations or errors in favor of the lender. These errors are costing homeowners to be overcharged billions of dollars per year, and with the number of home mortgages being refinanced because of low interest rates, the figures can only increase. Could You Be A Workaholic If you need to put on boots and grab a lap-top computer to relieve yourself at night, you might be a redneck workaholic. The Single Most Important Thing you Must Know if you Own a Home Dont ever, ever lose your job! Credit Report And Correction Techniques The three major credit bureaus, Experian, Equifax and Trans Union are similar and feature a "Credit Score", which is created from credit report data submitted to them about you. Their report includes where you live, your bill-paying habits, and bankruptcy and arrest information. The information compiled by them is used to determine whether you would be a good borrower. It may also be used by a business to decide whether you would be a good employee. Your Yearly Living Trust Review Some time ago, Congress made certain changes to the estate taxes.As a result of the changes, effective January, 2004, the tax free amount increased to $1,500,000. Back in 1997 it was $600,000. This allows a married couple to leave a minimum of $3,000,000 tax free. ![]() |
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