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SAMPLE MEAL PLANS
Sample Meal Plans – 2 Weeks for $200. The meals in the list below are for a two-week period. Lunches and breakfasts aren’t covered, but the ingredients for these are included in the $200. FREE DEBT AND BUDGET SPREADSHEET One of the more popular articles on Married (with Debt) is part of our 10 Rules to Eliminate Debt and Change Your Life – the part where we make a debt and budget spreadsheet to track our bills, debts owed and daily spending.. I get an email almost every day asking for a free copy of the one I use. If you would like a copy for yourself, just email me through the Contact page and I’ll send HOW TO DISCHARGE YOUR DEBT Collections and Debt Discharge. Sometimes businesses will still try to collect on debt that’s been discharged. Usually this is a mistake, as they don’t realize that the debt isn’t collectable anymore. MOVING OUT OF TOWN FOR YOUR SPOUSE’S JOB If You’re The Spouse With The New Job When I got the unexpected, unsolicited job offer in a different state just over a year into my marriage, I had strong reservations.My husband – who, less than a year before had given up his dreams of playing in the NFL after a catastrophic knee injury his senior year in college knocked him off his feet and off the draft boards – had just HOW TO GET AT&T UPGRADE FEE WAIVED I recently had to buy a new phone after my 3 year old iPhone 3GS became unusable. AT&T Wireless, as usual, stuck me with an upgrade fee – this time it went from TIME TO SWITCH AGAIN The following is a staff writer post from MikeS. He is a married father of 2. So, with the cat, he ranks number 5 in the house. He loves numbers and helping people. ABOUT US - DEBT CONSOLIDATION - BEST CREDIT CARD & BILL Meet the Team. Our debt consolidation experts are trained to provide you with their expertise on the consolidation process. We hire skilled, highly-trained individuals with a passion for helping clients consolidate high-interest debt. DEBT COLLECTION LAWS FOR EACH STATE The Federal Fair Debt Collection Practices Act (FDCPA) and its related federal consumer protection laws protect consumers from unfair debt collection practices. However, each state also has its own debt collection laws that creditors must abide by in order to remain compliant with the laws in DEBT TO INCOME RATIO: NOT JUST FOR BANKS Disclaimer . Debtconsolidation.co works hard to ensure our information is accurate and up to date. However, the information in some of our content can differ from that which you receive from a financial institution or financial services provider. WHAT HAPPENS IF I NEVER PAY MY DEBTS? Disclaimer . Debtconsolidation.co works hard to ensure our information is accurate and up to date. However, the information in some of our content can differ from that which you receive from a financial institution or financial services provider.SAMPLE MEAL PLANS
Sample Meal Plans – 2 Weeks for $200. The meals in the list below are for a two-week period. Lunches and breakfasts aren’t covered, but the ingredients for these are included in the $200. FREE DEBT AND BUDGET SPREADSHEET One of the more popular articles on Married (with Debt) is part of our 10 Rules to Eliminate Debt and Change Your Life – the part where we make a debt and budget spreadsheet to track our bills, debts owed and daily spending.. I get an email almost every day asking for a free copy of the one I use. If you would like a copy for yourself, just email me through the Contact page and I’ll send HOW TO DISCHARGE YOUR DEBT Collections and Debt Discharge. Sometimes businesses will still try to collect on debt that’s been discharged. Usually this is a mistake, as they don’t realize that the debt isn’t collectable anymore. MOVING OUT OF TOWN FOR YOUR SPOUSE’S JOB If You’re The Spouse With The New Job When I got the unexpected, unsolicited job offer in a different state just over a year into my marriage, I had strong reservations.My husband – who, less than a year before had given up his dreams of playing in the NFL after a catastrophic knee injury his senior year in college knocked him off his feet and off the draft boards – had just HOW TO GET AT&T UPGRADE FEE WAIVED I recently had to buy a new phone after my 3 year old iPhone 3GS became unusable. AT&T Wireless, as usual, stuck me with an upgrade fee – this time it went from TIME TO SWITCH AGAIN The following is a staff writer post from MikeS. He is a married father of 2. So, with the cat, he ranks number 5 in the house. He loves numbers and helping people.DEBT CONSOLIDATION
Balance Transfers on Credit Cards. A common technique people use before seeking credit card debt relief is to do a balance transfer. A credit card balance transfer allows you to transfer multiple credit card balances onto a single card, at lower interest rates ideally. DEBT CONSOLIDATION CALCULATOR (LOANS & CREDIT CARDS) The 8 Different Debt Consolidation Loan Calculators. AARP Debt Consolidation Calculator. In the debt consolidation industry, there are not many calculators like AARPs, or BEST DEBT MANAGEMENT PROGRAMS (2020 UPDATE) Debt management plan does not hurt your credit. Credit reporting agencies won’t penalize consumers for trying to repay their debts. It can have an impact on your credit but it ABOUT US - DEBT CONSOLIDATION - BEST CREDIT CARD & BILL Meet the Team. Our debt consolidation experts are trained to provide you with their expertise on the consolidation process. We hire skilled, highly-trained individuals with a passion for helping clients consolidate high-interest debt. DEBT RELIEF REVIEW (BEST COMPANIES OF 2020) It might not be surprising to hear, but debt is on the rise around the world, including the United States. In fact, according to Value Penguin, the U.S. Consumer Debt has reached over $3.9 trillion! DEBT SNOWBALL METHOD: HOW IT WORKS + CALCULATOR APP The debt snowball spreadsheet is an effective way of keeping track of your debt pay-off while moving from the smallest debt to higher ones. To make a debt snowball spreadsheet, divide the column into small andlarge debts.
HOW DOES DEBT CONSOLIDATION AFFECT YOUR CREDIT SCORE? As you can see, there are lots of different ways that debt, debt consolidation, and other debt relief options can impact your credit score. Moreover, other types of debt don’t usually impact your credit score negatively as long as you pay your bills on time. DEBT FORGIVENESS: YOUR BEST OPTIONS Debt Forgiveness and You. There are lots of different debt forgiveness programs and options out there. It’s important to understand all ofyour options before
DOES WITHDRAWING MONEY FROM YOUR 401(K) MAKE SENSE? Background. Dipping into your 401(k) account never really makes sense and is generally a last and desperate attempt made by many to get out of a debt trap. Rather, it should be treated more like a lockbox which needs to be funded aggressively, monitored judiciously and rebalancedannually.
CREFLO DOLLAR, JOEL OSTEEN & THE PROSPERITY GOSPEL While some churches preach that money is the root of all evil, there has been a movement in the past 60 years – led by people like Creflo A. Dollar, Kenneth Hagin, Oral Roberts and Joel Osteen – that embraces money and prosperity, even proclaiming that money tithed will be returned many times over to parishioners by God.DEBT CONSOLIDATION
The rates of interest that apply to your outstanding is considerably lower. Credit cards generally tend to have high-interest rates in excess of 20 percent. Therefore, the appropriate option for debt consolidation typically reduces the interest rates applicable to your debts to about 10 percent or even less. N. ABOUT US - DEBT CONSOLIDATION - BEST CREDIT CARD & BILL A range of different debts – including student loans, credit cards, and medical bills – have created a drain on the average American family. We’re experts on one of the most effective ways to relieve this debt – debt consolidation. Our team is dedicated to helping you find effective solutions to any high-interest debt problems you might DEBT COLLECTION LAWS FOR EACH STATE Alabama Debt Collection Laws. According to the Alabama Fair Debt Collection Practices Act, each collection agency is required to pay a license tax in towns and cities of 20,000 or more inhabitants for the amount of $100. With towns and cities of less than 20,000 inhabitants, a $25 fee must be paid. DEBT TO INCOME RATIO: NOT JUST FOR BANKS We will use the formula (Total Debt/Take Home Income = REAL Debt to Income Ratio). So, $60,000/$36,000 = 1.666666 or 166%. That’s right, their consumer debt (not counting mortgage) is over one and a half times their yearly income. Needless to say, paying off this debt is HOW TO DISCHARGE YOUR DEBT The primary benefit of discharging debt is that you aren’t liable for paying that debt back. That means you don’t have to worry about the bills that were discharged. As a result, you can focus on your core priorities and on rebuilding your financial health. Another huge benefit is stopping collection calls and letters. WHAT HAPPENS IF I NEVER PAY MY DEBTS? Consequences to Not Paying Debt. The consequences of unpaid debt differ depending on the type of debt it is that you’re not paying. Let’s look at a few different scenarios: Mortgage – If you stop paying your mortgage, your house will eventually be foreclosed on and you’ll be left homeless. Auto Loan – If you don’t pay your autoloan
SAMPLE MEAL PLANS
2 Week Dinner Meal Plan. Note: ingredients that provide enough for two meals will be notated by “ (2)”. The $200 for two weeks also includes daily breakfast with fresh fruit, well rounded lunches for a school-aged child, and weekend breakfast and lunches for the entire family. Also included are beverages like milk, tea, fruit juice and PAY OFF DEBTS SMALLEST TO LARGEST: RULE 4 10 Rules to Eliminate Your Debt and Change Your Life. 1. Combine Incomes, Finances and Efforts. 2. Spend Less than You Earn. 3. Make a Monthly Debt Budget and Live by It. 4. Pay Off Debts Smallest to Largest, Regardless of Interest Rates. HOW TO GET AT&T UPGRADE FEE WAIVED How to Get AT&T Upgrade Fee Waived. If you’ve never had your AT&T Wireless upgrade fee waived, just call in and ask. I don’t think the employees in the store have the power to do so. Even if you’ve had it waived before, call anyway. They at least deserve to know how you feel about their fee. MOVING OUT OF TOWN FOR YOUR SPOUSE’S JOB Moving Out of Town for Your Spouse’s Job. The following is a staff writer post from Libby Balke. She’s an amazing writer, work-at-home mother of two, and has been married almost 8 years. Please leave any questions or comments below for either Libby or Crystal. We’d been married 14 months when I got an unexpected phone call that wouldDEBT CONSOLIDATION
The rates of interest that apply to your outstanding is considerably lower. Credit cards generally tend to have high-interest rates in excess of 20 percent. Therefore, the appropriate option for debt consolidation typically reduces the interest rates applicable to your debts to about 10 percent or even less. N. ABOUT US - DEBT CONSOLIDATION - BEST CREDIT CARD & BILL A range of different debts – including student loans, credit cards, and medical bills – have created a drain on the average American family. We’re experts on one of the most effective ways to relieve this debt – debt consolidation. Our team is dedicated to helping you find effective solutions to any high-interest debt problems you might DEBT COLLECTION LAWS FOR EACH STATE Alabama Debt Collection Laws. According to the Alabama Fair Debt Collection Practices Act, each collection agency is required to pay a license tax in towns and cities of 20,000 or more inhabitants for the amount of $100. With towns and cities of less than 20,000 inhabitants, a $25 fee must be paid. DEBT TO INCOME RATIO: NOT JUST FOR BANKS We will use the formula (Total Debt/Take Home Income = REAL Debt to Income Ratio). So, $60,000/$36,000 = 1.666666 or 166%. That’s right, their consumer debt (not counting mortgage) is over one and a half times their yearly income. Needless to say, paying off this debt is HOW TO DISCHARGE YOUR DEBT The primary benefit of discharging debt is that you aren’t liable for paying that debt back. That means you don’t have to worry about the bills that were discharged. As a result, you can focus on your core priorities and on rebuilding your financial health. Another huge benefit is stopping collection calls and letters. WHAT HAPPENS IF I NEVER PAY MY DEBTS? Consequences to Not Paying Debt. The consequences of unpaid debt differ depending on the type of debt it is that you’re not paying. Let’s look at a few different scenarios: Mortgage – If you stop paying your mortgage, your house will eventually be foreclosed on and you’ll be left homeless. Auto Loan – If you don’t pay your autoloan
SAMPLE MEAL PLANS
2 Week Dinner Meal Plan. Note: ingredients that provide enough for two meals will be notated by “ (2)”. The $200 for two weeks also includes daily breakfast with fresh fruit, well rounded lunches for a school-aged child, and weekend breakfast and lunches for the entire family. Also included are beverages like milk, tea, fruit juice and PAY OFF DEBTS SMALLEST TO LARGEST: RULE 4 10 Rules to Eliminate Your Debt and Change Your Life. 1. Combine Incomes, Finances and Efforts. 2. Spend Less than You Earn. 3. Make a Monthly Debt Budget and Live by It. 4. Pay Off Debts Smallest to Largest, Regardless of Interest Rates. HOW TO GET AT&T UPGRADE FEE WAIVED How to Get AT&T Upgrade Fee Waived. If you’ve never had your AT&T Wireless upgrade fee waived, just call in and ask. I don’t think the employees in the store have the power to do so. Even if you’ve had it waived before, call anyway. They at least deserve to know how you feel about their fee. MOVING OUT OF TOWN FOR YOUR SPOUSE’S JOB Moving Out of Town for Your Spouse’s Job. The following is a staff writer post from Libby Balke. She’s an amazing writer, work-at-home mother of two, and has been married almost 8 years. Please leave any questions or comments below for either Libby or Crystal. We’d been married 14 months when I got an unexpected phone call that would DEBT CONSOLIDATION CALCULATOR (LOANS & CREDIT CARDS) In other words, with AARP Debt Consolidation Calculator, consumers can track exactly how long it will take to pay off a consolidation loan with their specific circumstances. The best part about this calculator is the unique bar graph features. BankRate Debt Consolidation LoanCalculator.
ABOUT US - DEBT CONSOLIDATION - BEST CREDIT CARD & BILL A range of different debts – including student loans, credit cards, and medical bills – have created a drain on the average American family. We’re experts on one of the most effective ways to relieve this debt – debt consolidation. Our team is dedicated to helping you find effective solutions to any high-interest debt problems you might CONTACT US - DEBT CONSOLIDATION - BEST CREDIT CARD & BILL Disclaimer . Debtconsolidation.co works hard to ensure our information is accurate and up to date. However, the information in some of our content can differ from that which you receive from a financial institution or financial services provider. BEST CREDIT CARD CONSOLIDATION COMPANIES (BAD CREDIT OK) The goal of consolidating loans is to lower your monthly payments and get a lower interest rate (versus your current debt/loan terms). Find a credit card consolidation program that matches these requirements. Compare reviews of debt relief companies thoroughly such HOW TO DISCHARGE YOUR DEBT The primary benefit of discharging debt is that you aren’t liable for paying that debt back. That means you don’t have to worry about the bills that were discharged. As a result, you can focus on your core priorities and on rebuilding your financial health. Another huge benefit is stopping collection calls and letters. DEBT SNOWBALL METHOD: HOW IT WORKS + CALCULATOR APP The debt snowball spreadsheet is an effective way of keeping track of your debt pay-off while moving from the smallest debt to higher ones. To make a debt snowball spreadsheet, divide the column into small andlarge debts.
NATIONAL DEBT RELIEF PROGRAM REVIEW (2020 UPDATE) If you less than $7,500 in debt, you are ineligible for the debt relief program. This is similar to most other debt relief agencies, which require you to have at least $7,500 in total debt to be eligible for debt settlement. This is because any amount below $7,500 is considered insufficient for taking such a big risk. FREE DEBT AND BUDGET SPREADSHEET Free Debt and Budget Spreadsheet. One of the more popular articles on Married (with Debt) is part of our 10 Rules to Eliminate Debt and Change Your Life – the part where we make a debt and budget spreadsheet to track our bills, debts owed and daily spending. I get an email almost every day asking for a free copy of the one I use. METAL CREDIT CARD CHASE SAPPHIRE Yes, the Chase Sapphire Preferred card is a metal credit card. It’s heavier than a normal card. The card number is on the back, not the front where clerks usually first look. There is something about this card that makes people want to hold it, bend it, and examine it closely. This makes my skin crawl as I watch their hands, dirty withthe
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WHAT IS DEBT CONSOLIDATION? When you are neck-deep in debt – a really tough situation to be in – and see no light at the end of the tunnel, debt consolidation just might be a way out. This involves putting together all personal unsecured debts and paying them off by way of monthly installments. It is also possible to consolidation debt by taking a debt consolidation loan, which can be used to pay off all debts in one go. Subsequently, the consolidation loan can be repaid rather than dividing payments tonumerous creditors.
HOW IT WORKS
ENTER YOUR INFORMATION Enter the amount of your debt and your credit score to view your options. You’ll be done in a minute. CHOOSE FROM THE TOP LENDERS Select from our list of top lenders and get fast approval. PAY ONE MONTHLY BILL After paying all your debts, you can now focus on paying just a singlemonthly bill.
TYPES OF DEBT CONSOLIDATION Debt consolidation happens in the following ways by combining all the debtor’s high-interest rate debts into a solitary, low-interest loan. Once these debts are combined, the debtor gets the relief of reduced monthly payments.BALANCE TRANSFER
HOME EQUITY LOAN
PERSONAL LOAN
MILITARY DEBT CONSOLIDATION 401(K) DEBT CONSOLIDATIONCREDIT COUNSELING
DEBT SETTLEMENT
BALANCE TRANSFERS ON CREDIT CARDS A common technique people use before seeking credit card debt reliefis to do a
balance transfer. A credit card balance transfer allows you to transfer multiple credit card balances onto a single card, at lower interest rates ideally. However, these reduced interest rates on balance transfers are often of a promotional type that may expire after a certain time. That’s why it always makes sense to get to know firsthand when the reduced rate will expire before choosing the balance transfer option or else you will start paying regular interest rates after the term expires. Moreover, if a balance transfer option is selected as a loan for debt consolidation, the credit card’s credit limit must be large enough to accommodate the full credit card debt.
It also needs to be borne in mind that with your credit utilization going up, your personal credit score could be affected adversely because you are exerting excessive debt pressure on one particularcard.
HOME EQUITY LOANS
You get a home equity loan by using home equity as collateral. This, in other words, means that a reasonable amount of equity must be present at home along with good credit so that you qualify for such a loan. The interest rates of these loans are lower, but on the flip side, your home is at stake for settling your credit card debts. Thus, if you are unable to pay, your home becomes vulnerable to foreclosure. That’s why it’s not generally the best idea to use a home equity loan for debt consolidation. LOANS FOR DEBT CONSOLIDATION These loans are available from credit unions and banks for combining all your debts only. These loans vary in nature and call for careful selection. These loans come with lower interest rates than the rates you’re paying currently. However, be careful that a bank may lower your monthly payment by increasing the total period of repayment.PERSONAL LOANS
You can open a window for a personal loanfor
debt consolidation also, provided it’s large enough. This loan would be an unsecured one with fixed payments over a pre-determined time period. Once the loan is approved, it may be used to consolidate your full debt burden. However, getting a personal loan depends heavily on the strength of your credit score. In case you have weak or bad credit, a loan may still be available albeit at higher interest rates, or may not be granted at all. MILITARY DEBT CONSOLIDATION For armed forces personnel, there is legal protection from their credit worries. Despite such protection, a considerable number of military personnel suffer from severe financial hardships. Their hardships are enhanced because of the provisions of Article 134 of the Uniform Code of Military Justice, which says that any military personnel who doesn’t pay their bills “brings discredit to the US armed forces” and he or she is at a risk of losing their security clearance, promotions, and could even face a court martial for it. According to the provisions of The Service Members Civil Relief Act, a military personnel may start by examining the rate of interest they are paying on their current bills, particularly credit card bills and compare it with the interest rates being charged for a personal loan. Since a personal loan usually has a lower rate of interest, going this route makes sense since he or she stands to save money right away, if they have the required collateral to back the loan. These loans can be taken from credit unions, banks and online lending platforms for consolidating multiple pending bills and paying them off in one go. That would leave the debtor with a single monthly payment that ought to be generally less than what they were paying for all bills that he consolidated. Recognizing the financial hardships defense personnel face, most banks and other financial institutions offer much lower interest rates of even 5.99%, based on the applicant’s credit score. Moreover, The Military Lending Act of 2007 has capped the personal loans interest rate at 36%. This is also applicable for the benefit of retired defense personnel. If you wish to avoid a personal loan, you are also at liberty to utilize the help of a non-profit credit counseling agency where a counselor could help you set up a monthly budget followed by debt-relief option recommendations. 401(K) DEBT CONSOLIDATION You can open a window for a personal loan for debt consolidation also, provided it’s large enough. This loan would be an unsecured one with fixed payments over a pre-determined time period. Once the loan is approved, it may be used to consolidate your full debt burden. However, getting a personal loan depends heavily on the strength of your credit score. In case you have weak or bad credit, a loan may still be available albeit at higher interest rates, or may not begranted at all.
For those having a retirement account that’s employer-sponsored, it never makes sense to dip into it because this can seriously affect your post-retirement life. However, this stands to be an option if you can’t resort to balance transfers or other loans. Even though this loan doesn’t appear on your credit report, your inability to repay it will result in substantial penalty along with taxes on any unpaid balance, leaving you struggling with an additional debt burden. A 401(k) loan is typically due in 5 years unless you are pink slipped lose or quit. In such cases, it becomes due in 60 days. Dipping into your 401(k) account never really makes sense and is generally a last and desperate attempt by many to get out of a debt trap. Rather, it should be treated more like a lockbox which needs to be funded aggressively, monitored judiciously and rebalanced annually. To reiterate, never, ever prematurely dip into your 401(k) if you have other options available. Even though loans from a 401k account cost less, you will have to explain why you need it so badly. Any withdrawals before the age of 59 years and 6 months attract a 10% penalty, receivable by the federal government and you will have to pay taxes on the amount you claim along with withholding. For instance, if you want to withdraw $20,000 from your 401k account, you will end up paying something around $28,000 which comprises the 10% penalty and 25% withholding charge to get it in hand. This 10% penalty charge, however, may be waived even if you are younger than 59 years and 6 months if you are borrowing to buy your first house, paying for medical expenses due to a sudden disability, expenses for higher-education for self or your offspring, paying to avoid foreclosure or eviction, getting your house repaired after a natural calamity has damaged it, for funeral expenses of a spouse, parent or child, or your employment is terminated when you are 55 years of age. In sum, it should only be immediate and a serious financial requirement that should compel you to withdraw from your 401k account and where it is impossible for you to resort to a commercial lender for financial aid under any circumstances. CONSOLIDATE BY CREDIT COUNSELING Debt consolidation is also possible through a credit counselingagency
that offers you a DMP or debt management plan. The Debt Management Program help you get out of debt, increases the
debtor’s credit score and relieves the stress from their personal financial problems. The counselor negotiates with all the concerned lenders to reduce interest rates being currently paid, waiver of late payment fees as also the amount of the monthly installment so that the entire debt is paid off within three to five years. Your debts consolidate because you come under a single payment method wherein you pay the agency each month, which in turn disburses the funds to your creditors. However, under this plan, your credit cards will stand frozen until the DMP is completed. The advantage of consumer credit counseling is that it hardly costs anything. There is usually an initial fee to start the DMP followed by a management fee of at best $25 payable monthly. However, it must be taken into consideration that most methods adopted in the debt consolidation process don’t actually make the debtor absolutely debt free. All they do is move your debts from one lenderto another.
CONSOLIDATION BY WAY OF DEBT SETTLEMENT By resorting to the services of a debt settlement company, such as National Debt Reliefor
Freedom Debt Relief
, it is
also possible to consolidate debt. This way, the debt actually gets reduced instead of just being moved around. Here, instead of paying your lenders, you transfer money on a monthly basis to an escrow account till a reasonable amount accumulates in that account. Once this happens, the debt settlement firm contacts any one of your creditors to start settlement negotiations and ultimately reduce your debt by 40 to 50 percent. However, this service comes for a hefty fee that all debt settlementcompanies, being
for-profit organizations charge their clients and which may range between 15% and 25%. However, in spite of this, it stands to be better option for coming out ahead. The only noticeable downside is that debt settlement severely damages your personal credit score. WHY GO FOR DEBT CONSOLIDATION? By consolidating your debt, you are simply rolling all your high-interest debts into a solitary, low-interest payment option. It reduces and reorganizes the total debt so that you can repay it faster. However, it cannot be said that debt consolidation is a silver bullet for your debt problems because it doesn’t take care of wild spending habits that go on to create debt.Moreover, it’s also not a solution when you’re completely submerged in debt which you can’t pay off in spite of reduced payments. Thus, debt consolidation works only in cases of manageable debts which can reorganize multiple bills having varying interest rates and payment schedules. The sheer convenience of debt consolidation lies in the fact that you pay multiple debts as one payment; get to pre-schedule which exact day in the month on which the payment will be made and therefore, avoid confusion about who needs to get paid and when; get a guarantee from your debt consolidator that you will be absolutely debt-free within a specified time; get educated on how to stay debt-free for the rest of your life, start saving again for the future, build emergency funds; and set practical financial goals for yourself. THE DEBT CONSOLIDATION METHOD Debt consolidation may be done in two basic ways: the debtor may walk down the avenue for a credit card that has 0% interest or a balance-transfer to which all your debts may be transferred and the balance paid in full during the pre-determined promotional period. Obtaining a personal loan at a fixed-rate the loan funds may be used to repay the debt in one transaction. The loan may subsequently be repaid in installments over a certain period of time. However, one needs to bear the following in mind when consolidating adebt:
* The total debt isn’t in excess of 50% of the debtor’s income * Your personal credit score is high enough for you to get a reduced-interest loan for debt consolidation or a 0% credit card * The debtor’s cash flow should consistently cover paymentstowards your debt
* You have a plan ready to prevent getting into debt again The process of debt consolidation begins with an objective assessment of all unsecured debts that include credit cards outstanding, personal loans, and medical debts but excludes mortgages, student, or auto loans. The total debt amount is then compared with the debtor’s gross annual income. If it happens to be lower than half his or her total income and they have confidence that they can repay it within the next 60 months, their debt consolidation is bound to work. This, for example, is an ideal situation for debt consolidation the debtor has 4 credit cards with interest rates varying between 18.99% and 24.99%. Since he or she makes timely payments, their credit standing is good. They would stand to qualify for a loan for debt consolidation at around 7%, which definitely is a much lower rate ofinterest.
GETTING A DEBT CONSOLIDATION LOAN A debt consolidation loanworks for
those who are drowning in debt hopelessly and simply can’t negotiate any further reduced rates of interest with their credit card issuers or creditors. It also works for the few who are unable to meet the high rates of interest, hefty monthly installments, and multiple unpaid bills. If combined with suitable credit counseling as also a well thought out debt repayment plan, a debt may be paid off at a fraction of its original value and allow you to walk away absolutelydebt-free.
Look at your full credit card outstanding along with their individual interest rates. Then work out how long its going to take you to repay it all at the current rate. Compare this to the consolidation loan’s length that you’re thinking of taking. The average 60-month loan for debt consolidation, even at lower rates of interest than the credit card, is likely to cost more in the long run than if you paid off yourcard faster.
It also needs to be checked what the monthly payment on a loan for debt consolidation is going to be. Check if you are paying that much towards your credit card debt already. If the payment for the loan is more than what you are paying towards your debt while it also fits in with your budget then credit card consolidationwith a loan
may not make sense and you could pump more funds into paying off your credit card debts instead. However, should the loan payment be less than what you are paying towards your credit cards, you will most probably end up paying more interest in the long run, because your loan term will most likely be longer. DEBT CONSOLIDATION PROS & CONS Debt consolidation as is often seen, is a suitable option to regain control over your finances, enhance your credit rating, and help you save yourself from bankruptcy. On the flip side, however, it comes with certain downsides and risks. Thus, it becomes extremely important to study and understand its pros and cons before selecting it as a solution to your debt situation.PROS
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All your debt payments pertaining to credit cards get rolled into one monthly payment. This, in turn, makes it easier for you to manage your debts within your budget because you just have to make one payment that covers all your unsecured debt.N
The rates of interest that apply to your outstanding is considerably lower. Credit cards generally tend to have high-interest rates in excess of 20 percent. Therefore, the appropriate option for debt consolidation typically reduces the interest rates applicable to your debts to about 10 percent or even less.N
You get the privilege of paying off your debts much faster. This is due to the fact that the interest rates are lower, and each payment made erodes your primary debt instead of draining away on additional interest charges. This makes it possible for you to pay off the full debt within a few years or maybe even less, instead of decades altogether it would take if you stick to a schedule of minimumpayment.
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You get to bypass credit damage. As you consolidate your debt, you actually stay ahead of credit damage. Consequently, you avoid any potential damage to your credit score that comes with missed or late card payments as also with defaulted accounts. By doing this, you also manage to avoid bankruptcy, which may make your credit score drop to below 600 and make you vulnerable to non-receipt of other types offinancing.
CONS
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If the debtor uses credit before paying off the consolidated debt, he gets into a deeper debt trap. With some existing options, certain existing accounts may have zero balances making them usable from the first day. This may tempt the debtor to start using their cards again. Even if their accounts stand frozen because they have already been placed in a debt management program, this person may still be in possession of other credit cards and be in a position to open and use new accounts. Accumulating further debt before the consolidated debt is eliminated can be dangerous and irrational!M
If the payoff plan isn’t working, it will be back to square one. Once the debt is consolidated, the debtor needs to stick strictly with this payment plan and ensure that all payments are made on time. Otherwise, they definitely risk damaging their credit and is most likely going to face penalties. In certain cases, if the creditors erased penalties while adding interest when you consolidated, this will be taken into account again if you fail to keep making payments.M
The question that now arises is once the debts are paid off, will the debtor manage to stay debt-free for the rest of their life? This is where another major problem of debt consolidation comes to light. Debt consolidation loans are completely incapable of changing the basic behaviors of debtors who hit the debt trap in the very first place. Instead, what it actually does is to add another unwanted creditor to the debtor’s existing pile, thus enhancing the chances of the debtor of getting into additional debt to repay more debt.THE BOTTOM-LINE
Debt consolidation comes into play when you spend more than what you make; your card’s debt keeps growing and not shrinking; the interest payments on your card debts exceed the amount spent every month; you’re even finding making minimum payments difficult; your debts extend to more than five credit cards; your interest rates are more than 18.99% on your outstanding card balances; and your credit score is dropping alarmingly. Thus, it’s extremely important to remember that after paying off all your credit card debts, you will be using your cards again without considering your budget, you will be in the same situation again. Debt consolidation will help you get a loan to pay off your outstanding card debts but if you’re going to charge up those cards recklessly again—then you apparently have not learned your lesson. NONPROFIT DEBT CONSOLIDATION Non-profit debt consolidation is the process by which the consolidation is done by a non-profit debt consolidating company, also called a non-profit credit consolidation company that works for the client’s benefit without prioritizing its own profits orcommissions.
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ONLINE DEBT CONSOLIDATION Debt consolidation online is the process of obtaining a loan from an online platform without having to meet the loan officer face to face. The additional attraction is that the debtor gets online debt consolidation without even having to take out the loan.Read More
DEBT CONSOLIDATION PROGRAMS Debt consolidation programs are formulated to help those neck deep in debt for consolidating their bill payments and ultimately becoming absolutely debt free for the rest of their lives.Read More
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