DEBT CONSOLIDATION OPTIONS FROM FREEDOM DEBT RELIEF
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Counseling Can Get You Back On Track
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A debt consolidation company can have we debt giveaway by on condition that we with a right kind of recommendation to get Best Debt Consolidation Program, as good as negotiating with your creditors on your behalf. Debt consolidation quotes benefit in judging a debt consolidation company. You can even get a bad credit debt consolidation loan, if your credit measure is low due to bad debt history.
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They are ALL SCAMS. Don't get ripped off.
Go see a local non-profit debt counselor. They will elp you with a budget and help you work with the creditors. No fast easy fixed.
Debt consolidation companies are for suckers. Do not waste your time and money.
Pick your highest interest rate loan and or credit card, pay only the minimums on those with the lower rates. Throw every penny you have at the highest interest rate loan until it is gone, then pick the card with the next highest interest rate.
Do not get any more credit cards, do not take out any more loans, use cash only. Set a goal that you want to reach (own a home, save enough to buy a beach house in retirement) and any time you want to buy something you don't need, remind yourself of your ultimate goal.
This means give up all your extras: cable, cell phone, dining out…right there you would probably have an additional $200/month (100 cable, 40 cell, 60 dining out). Less obvious items: buy only generic, stick with canned meats vs fresh, cut out coupons and grocery shop on double coupon days only. Stay home, don't drive anywhere you don't have to, walk.
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that is very awesome i love this
Good debt help info!
None of them. Unless you want your credit completely hammered. Credit counselors can't do anything you can't do for yourself. And save your credit to boot!
The best one I know of is Consumer Credit Counseling Services. You can reach them at 1-800-388-2227.
They are the largest and oldest non profit credit counseling service in the Country.
Sallie Mae – go to salliemae.com
Generally, you can consolidate your student loans one time and you will lock into the interest rate for the year in which you consolidate. The interest rate resets every July and the rate is closely tied to the federal funds rate which has dropped and will probably drop some more so ask the representative whether he/she thinks you should wait until July or do it now. Most of those reps will know what you're talking about.
**********I just reviewed the previous entry and that looks very suspicious – stay away – they probably want to get your social security number.
you don't want to go with a consolidation company. what you need is to talk to your creditors and arrange a lower payment plan. ask them if they can provide you a minimal credit card (like $500) then put away the large balance credit cards away and don't sue them in the meantime. keep to your payments by having pre-arranged payments automatically debited from your account instead of mailing the payments monthly. If you have opportunities where you can pay additional amounts to the credit cards, do that. Now, for the minimal credit card that they provide for you, keep that in rotation…only using it when absolutely necessary and something that you can pay off come billing time. Meaning when that bill comes in, you have to pay it in full. A starter American Express is a sample of a credit card like that. You have no choice but to pay the amount due on the bill.
If you do decide to go with a consolidator you have to understand that it is badly reflected on your credit rating. Whether or not you are making payments on time, it is still a negative ranking when you ask for credit later on and is normally on your credit record for about 7 to 10 years. So when you buy a house or car or any other large item that requires credit, you will likely not get it or will likely need a guarantor to get it.
Please do not consolidate. It is not free, they will lower your payments by increasing the length of time until you are debt free, and you will take a hit on your credit score. There is a better way.
A. Have a garage sale and sell anything that you no longer need or want.
B.Get a temporary part time job, if you have one, get another. The holidays are coming and there will be plenty of temporary jobs available. It is better to have a no fun year or two than a no fun decade.
Here is a plan that can help you. If you work the plan, the plan will work for you:
1. Make a budget. Make the budget a week before you get paid. A budget is not a punishment! It is a tool which will free you from ever having to worry about money again. Put everything in your budget. Especially those annual, biannual, or quarterly bills like car registration, insurance, etc. Give every dollar you are going to bring home the name of where it is going. Add an "emergency fund" category to your budget for 25 dollars and save up until you have 1000-1250 dollars. Your emergency fund will help keep you from getting into new debt because of an emergency. If you can, set up a direct transfer to a savings account for your emergency fund. That way it moves automatically and you don't even have to worry about it. You must cut your spending and live on less than you make.
2.First get current on all of you debts and make no more late payments. Stop using your credit cards immediately. Do not take on any more debt. Credit cards are like quicksand only the death is much slower. Make a list of all of your debts in order of highest interest rate to lowest interest. Use cash only for your spending from now on.
3.Pay the minimum due on all of your debts and then put your extra money towards paying off the highest interest one first. After you get that one paid off, you put the money you were paying on debt #1 (the minimum payment and the extra payment) towards debt #2. That will pay debt #2 off faster. When that is paid off, you put all three payments towards card #3 and that one will be paid off pretty quickly. As an example:
To start :
Debt #1 (highest interest): minimum payment+ extra payment
Debt #2 (middle interest): minimum payment
Debt #3(lowest interest): minimum payment
Debt #1: paid off
Debt #2: minimum payment from Debt #1+ Minimum payment from Debt #2 +extra payment
Debt #3: minimum payment
Debt #1: paid off
Debt #2: paid off
Debt #3:Mimimum payment from card #1+ minimum payment from Debt #2+ minimum payment from Debt #3+ extra payment.
That way, you will get them all paid off, on time, and pay the least interest. It will also help towards rebuilding your credit since you will no longer have any late payments. This works no matter how many different debts you may have.
4. After you get all of your debts paid off, add to your emergency fund until you have 6-12 months of income saved up. Put that emergency fund money into a liquid money market fund or into a Bank of America no-risk CD so that if you need the money you can take it out without penalty.
5a. When you have your emergency fund in place, add a category for "fun" to your budget. Save for a holiday, a vacation, a big screen, or dinners out, whatever goal you want. Remember to enjoy your life.
5b. When you have your emergency fund in place, start saving for your retirement. Join the 401(k) plan at work and contribute the maximum. Your employer probably matches at least part of your contribution so why give up free money? Open a Roth IRA and contribute the maximum on a monthly basis. If you start saving for your retirement now, you will probably retire a millionaire.
5c. When you have your emergency fund in place, start saving for your next car. Only buy cars, or other things that depreciate, with cash. Save up for a nicer car. That way you get the interest instead of paying the interest.
You can do it and it isn't as hard as you think. Just follow the plan.
Yes they can. I know of a couple that you can check out and rate them yourself.
http://www.careonecredit.com
http://www.thefreedompoint.com
http://www.consumercredit.com
http://www.kimberlycredit.com
These are a couple of debt relief companies that can help you consolidate your bills into one monthly payment. Some of them are NON Profit and they are usually Low Cost. I'm not sure how this will show up on your Credit Report, but they will and can help if you have people calling you day and night. I'm pretty sure they don't put anything on your Credit Report about it being a Bankruptcy because its not. Hopefully this can help. Let me know how it turns out.
Great video. sums it all up and makes it easy to understand.
Debt relief is a common problem many citizens are now facing. All legitamate debt relief service providers will consult with you for free. http://www.debtreliefreview.com Try contacting multiple debt relief services and ask them your questions and compare thier answers. You will be able to tell which ones are providing inaccurate advice.
Good Luck.