Archive for the ‘Debt Managemnet’ Category

Tips on Managing your Debt

Tuesday, October 25th, 2016
Women Managing her Debt

Managing her debt by women

In this world of competition, with much upcoming and advanced technology, financial crises are also taking its place. With many people facing the financial issues, in today’s time, learning about how to manage your debt for better and secure future is very important. It has clearly becomes one of the important topic for increasing your security. The economy is still toward s down and the ratio of unemployment is rising high day by day. There are many people who are facing insurmountable debt, repossession, and many other financial hardships. Majority of them don’t have the knowledge of how to manage your debt. But proper managing your debt eventually helps you to be debt free.

Managing your debt tips:

  • Most important things you should be having knowledge of to be aware of our which type of debt do you possess. It is among the first step towards the change by making yourself aware about the type of debt you are facing from.
  • Don’t forget that certain type of debt have more serious issues as compared to other. So, it is advisable of managing your debt for increasing your credit score and your financial situation too.
  • The types of your debt will help you in determining the negotiation rights you can take. You can now make the strategy for planning out the perfect way of managing your debt. If having a student loan or mortgage, it is very easy to manage the debt because you will be available with high negotiation power.
  • Planning out a budget will help you in leading you way of managing your debt in an easy manner. Keep a track record on your expenditure and regular income. Then go on exploring different ways that can help you in reducing your daily expenditure for reducing the factor called debt.
  • The ultimate aim is to set aside certain yet small amount of money from your income for repaying the amount of debt you taken. Prioritize your debt into different sections that helps you in knowing that which debt should be repaid first.
  • Bills including mortgages, student loan or personal loans are certain examples of money that should be paid on prioritize bases. Don’t disturb your line of paying the amount of loan. Keep paying it on time for enjoying a better credit score.
  • It is advisable of dealing with the secured loans first that helps you in resolving your money and not letting your property to be mortgaged. Secured loans are basically called those loans on which you need to mortgage one of property to the loan provider.
  • If you don’t repay the amount back, he is liable and has the rights to seize your property and sell it off into the market. Contacting your creditors and negotiating with them for lowering down the interest rates helps in decreasing the amount of money you need to pay back.
  • While managing your loan it is important to know the pros and cons to be faced further. Because it can become a speed breaker for your climbing towards managing your debt in a better manner.

How to manage your debts better and pay back easily

Tuesday, May 28th, 2013

Debt Management, debtAre you spending nights without sleep and full of anxiety due to numerous debts and multiple installments? This is a common scenario in the urban middle class life where people pay most of their earnings in debt repayment only. The inability to meet deadlines and then pay penalty for the debt only adds up to the tension. All these problems can be resolved with a debt consolidation loan. This loan is a great way to settle multiple debts at one time.

With the debt consolidation loan you can pay back all your debts. Then you will only have the burden of repaying one single loan. The single loan means that you will need to pay only one interest for the one sole loan. This reduces the entire financial burden to a great extent. It is a great way to save yourself from debts without opting for the last choice of bankruptcy.

Can low interest loans help you get out of debt?

Tuesday, November 20th, 2012

Debt consolidation, debtsWhen you are about to face bankruptcy or are drowned with a burden of several loans, a low interest loan can be a very good way of tacking your problems. This will give you some flexibility and freedom providing you with safety net as far as finances are concerned. The banks are the first places where one would go to find a personal loan.

However, the problem with the bank is that there are a lot of requirements of the banks and it is not always possible to produce with such demands when you are actually in a financial trouble. Therefore, in such cases, the private lenders could be a better option for you since the requirements are less as long as you can provide them with some sort of collateral or a guarantor. A guarantor is a person who will vouch for your credibility and will face the responsibility if you fail to make the repayments.

Top 5 debt collection violations

Sunday, August 12th, 2012

Debt collection violations , debt collectionThe law which defines the actions of the debt collectors is called the Fair Debt Collection Practices Act of the FDCPA. It is an act that was implemented almost 35 years ago. The federal law of Fair Debt Collection Practices Act is applicable for every state. So it can be said that the protection of the Fair Debt Collection Practices Act implies for everyone.

The list which was put together in course of the Fair Debt Collection Practices Act states the following violations that the debt collectors are not allowed to commit.
The most important of the listed violations state that the debt collectors cannot call you before 8 am or after 9 pm. The debt collector should not call you after you have told him not to, cannot call you if you do not owe any debt, the debt collector cannot use abusive languages against you or cannot threaten you of any physical assault.

Tips to settle with a debt collection agency

Tuesday, July 31st, 2012

Debt settlement tips, debt collection agencyWhen there is a critical standpoint with debts hovering over your head and constant phone calls from the debtors and collection agencies, you will look for a way to run away. However this situation can be avoided with some precautions and some properly calculated measures. In order to avoid debt collection agencies, most people turn themselves into worse conditions. It is better to settle the debts with the agency.

• First of all, check the age of the debt. If it has already been charged off, there is no way you could get your credit score back.
• Deal politely with the debt collector. Try to gather important information about the pay off.
• Negotiate monthly installments and if there are any extra charges. Mostly debt agencies prefer lump sum payments to get the job done without much ado.
• Get all the terms and procedures with the agency in writing so that you don’t suffer from misleading conversations.

Debt collection: what are the bases?

Tuesday, May 29th, 2012

Debt collection, debtIf a lender has lent a certain some of money to a creditor then it’s the job of the creditor to pay off the debt in a certain period of time. Suppose the debtor fails to pay it off in time then it leaves the lender with two options out of which one is either to wait for more time or to go ahead and sell the debit to a debt collection company. After the debt is sold to the debt collection company this would mean that now the debt needs to be settled between the company and the debtor.

This would make no difference between the transactions but it would certainly hamper your credit score. As suppose you pay off your loan to the company it wouldn’t mean that the company will upgrade its accounts to show that the loan is paid. They can take time thus hampering your credit score. So it is better to pay the debt on time rather than wait for the debt collection team to handle your case.