IF YOU DON'T HAVE AN OUT-OF-DEBT CONSOLIDATION PLAN, REST ASSURED YOU'RE UNDER THE INFLUENCE OF SOMEONE ELSE'S INTO-DEBT-PLAN!
Jonathan G. Michel
A WELL EXECUTED DEBT CONSOLIDATION PLAN IS A NEW BEGINNING AND A WAY TO SAVE YOUR CREDIT REPUTATION!
No matter how bad your finances may be - no matter how hopeless things may seem, if you have a well thought out, auto-debt consolidation plan, you can become debt free faster than you realize. You are about to learn strategies which will deliver you from the bondage of debt, and keep you debt free for the rest of your life.
In the last 50 years or so, the credit industry has come full circle. No longer is it just a convenience made available to those who couldn't pay cash, but is a full grown multi-billion dollar industry which strives to keep you in debt so they can get richer. The easy payment plan, although is an attractive alternative to better your lifestyle, the fact remains that it is not a true debt consolidation, so you have to be careful.
It seems that every possible advantage available is being taken by the "easy payment plan" to keep you permanently in as much debt as you can possibly pay. It is the result of a well executed plan by financial institutions! If your credit rating is good, new strategies are being devised to get you deeper in debt. Once you are into your limit, they seem to work to keep you in debt for the rest of your life...
Although debt consolidation is a great tool to ease financial burdens, the key is to mentally condition your-self to never fall victim to this kind of entrapment again. Without a plan to stay out of debt after you've consolidated, if you chose that route, you will continually fall back into debt.
" ...the borrower is always servant to the lender"
Debt consolidation is becoming an increasingly popular debt management tool used to help people get a handle on their debts. The principle of debt consolidation is simple: Take out one low cost debt consolidation loan to pay off all of your creditors, leaving you to handle just one loan repayment amount per month at a manageable rate to suit your personal finances.
Free debt consolidation advice is available from a variety of sources, including the Internet. But finding free debt consolidation advice specific to your circumstances is not always that easy, with some free debt consolidation sources giving apparently contradictory advice on debt consolidation matters. But, regardless of the approach you take to debt consolidation there are some basic rules that you should all follow to insure that the debt consolidation product you end up with is right for your situation.
First and foremost, figure out what you owe. Make a list of all your credit cards, store cards, finance agreements, bank loans, and even your bank overdraft protection. This should include the name of the cards, account numbers, line of credit, balance owed, due date, and interest rate.
You are going to be asked about your proof of income, and your other expenditures, such as mortgage payments or rent, monthly expenditures for food, utilities etc. This should include a column showing all monies coming into you household on a monthly basis and another column showing all expenses that are going out each month. You'll need to factor in new purchases on credit cards, store cards, and other purchases that haven't shown up on your records yet. DO YOUR HOMEWORK FIRST!
After you've managed this, then approach two to three different consolidation companies, preferably banks. Stay away from finance companies if at all possible, as they mostly take high risk customers who have a lousy credit record, and make their money on excessively high interest rates. Then you must discipline yourself to never get in debt again. Learn how.
There are ways of getting out of debt, without consolidating, by using strategic debt reduction techniques!!!
About the author:
Jonathan G. Michel is best known for his eBook entitled,
"Poverty is Not Compulsory, It's a Choice". He is also a
freelance writer and has been published by the very well known
International Living. You can see read part of his book at:
http://www.13stepstomassivesuccess-moneyandwealth.com
The latest information and news on Consolidate Debt Online :
SALEM ? The Better Business Bureau is warning consumers of bogus debt-consolidation or counseling services. Residents in Oregon and southwest Washington have reported getting phone calls from solicitors pushing such services.
More consumers likely to seek help in 2009: debt counsellor (CBC via Yahoo! C...
The Credit Counselling Society says 2009 will likely be a busy year for debt counsellors in British Columbia due to the global economic downturn.
How to escape the debt hole (Dallas Morning News)
The holidays are over, but for many consumers, the headaches are just beginning as the bills start to flow in. Tackle them now, because many experts say 2009 will be a tough year, especially for those who are debt-laden.
Photronics a Sell to $1.50 (Zacks.com via Yahoo! Finance)
Almost all of the debt is convertible subordinated notes, which if exercised, could potentially be dilutive to equity shareholders.
Nonprofit Organization Credit Counseling Debt Consolidation (PIZZAHEROS)
The first man function of a nonprofit debt consolidation company is debt consolidation. This is important because many people will often have many different credit cards and different debt associated with each particular card.
Severe retail downturn forecast for 2009 (San Francisco Chronicle)
The new year is here and the retail party is over. After years of aggressive expansion fueled by easy debt and plastic-wielding customers, the industry is in for a major correction in 2009, analysts predict. The shift could recast much of the Bay Area retail...
US Dollar Ends Day Mixed, Could See Directional Moves on Releases of ISM Serv...
- Euro Tumbles on Dovish ECB Comments, Euro-zone CPI Could Exacerbate Sentiment on Tuesday - British Pound Shows Signs of Life as Gilts Yields Rocket Higher
Beating the credit card trap (The Courier Mail)
THERE is no secret to paying off your credit card debt quicker. All you need to do is source a lower interest rate card and increase your repayments.
Credit Card Companies Willing to Deal Over Debt (The Sarasota Herald-Tribune)
Credit card companies are rushing to settle even if that means forgiving a portion of some borrowers debts.
US Dollar Ends Day Mixed, Could See Directional Moves on Releases of ISM Serv...
The US dollar ended the day mixed across the majors once again, as the currency gained against the euro, Swiss franc, and Japanese yen but fell versus the British pound and the commodity dollars as oil rose toward $50/bbl.