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Begin Again: The Simple Truth about Getting Debt Free
Revealed by a Debt Expert's Personal & Professional Coach... I first met Jeanna about 6 years ago when I attended a "CASH FLOW 101 Event" in the Bay Area (Northern California). She amazed me, facilitating "financial learning" for a room full of people who ...
Debt Consolidation - Choose a Credit Counselor Carefully
Recently passed by Congress, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 will require people who are filing for bankruptcy to first undergo mandatory credit counseling. This is probably not a bad idea; after all, many people with ...
How to Reduce your Debt in 5 Easy Steps
If you have incurred substantial personal debt, consider these options: budgeting, debt consolidation, credit counselling from a reputable organization and working with your creditors. You will need to choose a debt reduction method that will work best ...
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Using credit cards to consolidate your debts is not as effective as debt reduction. Credit cards often have high rates of interest, and will often lead you into deeper debts. In fact, credit cards are one of the leading causes that debtors seek out debt consolidation solutions.
Debt reduction means that you are working to decrease your bills, not add or keep the bills in existence by using another source to pay off the debt. Therefore, instead of considering credit cards as a source for debt consolidation, you must find a way to reduce your debts.
Let's say you owe money for your mortgage, car payments, insurance, utilities, and other bills that add up to $1200 per month. Now, is there a way we can reduce this amount? Absolutely, but can we find a mortgage that will refinance our loan and help us to combine our monthly bills into one payment?
Yes. There are loans available that offer cash back, underpayment, and overpayment plans; as well as loans that will wrap your bills into one, combining the bills and adding them to your monthly installment.
Do not misinterpret this: your utilities are your responsibility, but for the most part, your car payment, mortgage, and any credit cards or other loans will be rolled into one monthly payment. Therefore, if you're paying out of the $1200 up to $800 per month toward car payments and mortgage, you may find a lender who will reduce this amount to $600 more or less per month.
Furthermore, if you land a loan that offers cash back, you can use this money to payoff your debts.
Finally, utilities can be reserved and grocery bills can be reduced. In addition, insurance coverage can also be reduced. Therefore, debt reduction is wiser than credit card debt consolidation in the long run.
Talbert Williams 1DebtFreedom.com All rights reserved.
About the author:
Talbert Williams offers debt consolidation, debt reduction, credit card debt referrals and advice. For more information, articles, news, tools and valuable resources on debt solutions, visit this site: http://www.1debtfreedom.com
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Spain struggles to meet regions' 36 bln euros debtsReutersRegions need to refinance 36 bln euros of debt in 2012 * They also need to fund allowed deficit of 15 bln euros * Gov't disagrees on how to back regions' funding By Julien Toyer and Andrés González MADRID, May 23 (Reuters) - Top Spanish officials are ...and more » |
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