Debt Consolidation Advice

Tax Relief

admin — Tue, 28 Feb 2012 22:26:29 +0000

It can be more than a little stressful to find out you owe the IRS a significant amount of money. In some cases, you have simply completed your tax returns and learned that you owe thousands or even tens of thousands of dollars in taxes this year. In other cases, you may have received a notice from the IRS that you underpaid or your tax liability was adjusted through an audit process. Now, however, you are aware that you own a large sum of money to the IRS and want to know what your options are.

Exploring Your Options

If the amount of money owed is more than you can pay right now, you may want to consider the assistance of a tax relief service. There are a number of these companies that you can call for guidance, and many will provide you with a complimentary consultation. During that consultation, an experienced tax professional will review your unique situation, and can advise you if you would benefit from their services.

Working With a Tax Relief Company

After the initial consultation, you have the choice to engage the services of the company or to walk away and deal with the IRS on your own. Once you decide to work with the company, your file will be assigned to a tax professional who can best help you with your unique tax debt situation. Often, a CPA will review your file to verify the IRS’ findings. If a mistake has been made, the company will work with the IRS to reduce your liability. A tax attorney or special tax agent may also be assigned to your file, and they may work with you and the IRS to establish a monthly payment plan or to settle the debt if possible. You may work with just one tax professional or several different professionals throughout the process depending on the unique circumstances of your tax situation.

Possible IRS Actions

If you do owe the IRS a significant amount of money, the IRS does have the right to take various actions in order to collect payment. They can contact your employer and garnish your wages until payment has been made in full. They may also place a tax lien on your home. In some cases, they can seize assets for payment on taxes. If they believe you committed fraud to avoid paying taxes, they may prosecute you under the law, and imprisonment is a possibility. These options can be intimidating to consider, and so many people do make the decision to work with professionals who have experience dealing with the IRS and who understand taxation laws. By working with a tax service, you may still face some of these consequences. However, a tax service may also be able to alleviate some of your tax debt or to establish more attractive terms than these options.

Finding a Company to Work With

There are many benefits to you for working with a tax service for relief or management of your debt. For example, a tax service company can work with the IRS to settle the debt and reduce the amount owed, or they can help you to negotiate payment terms that are easier for you to manage. These services, however, are not free and you will have to pay a fee for them. The Federal Trade Commission does warn taxpayers against working with a company that charges an up-front fee for this service. There are some companies that claim to offer this service, take your up-front fee, and then do not offer any benefit to the taxpayer. Keep in mind also that only certain tax professionals can represent you when dealing with the IRS, and these professionals include tax attorneys, CPA, and enrolled agents. You will also want to do your own research about the company, and read the fine print on the service agreement before signing any paperwork.

The unfortunate truth is that not all companies that specialize in providing tax relief actually deliver, and some simply end up taking your money. Others, however, do offer you real benefits and can help to alleviate your debt with the IRS or can otherwise help you to structure more attractive repayment terms. Take time to explore the options available to you, do your research on the companies, and make a decision that is best suited for your needs and unique tax situation.

Debt Consolidation Loans

admin — Tue, 28 Feb 2012 22:08:08 +0000

For many people, debt consolidation loans serve as a means to reduce debt and receive some financial peace of mind. The important thing to do before getting a debt consolidation loan is to understand all of the information. It is important to have a good understanding of what a debt consolidation loan is what you should expect from one. You should always seek professional advice and speak with a consultant before you do anything. But it never hurts to have information ahead of time. Here are some basic things you should know about debt consolidation loans.

There is one steady payment

The biggest appeal of a debt consolidation loan is that you have one monthly payment that remains consistent. A major reason that people wind up in debt in the first place is that they lose track of their various payments. With a loan like this you will only have to pay one company once per month. It makes everything a lot easier to track and manage. You will also know exactly how long the program will last so that you can measure when you are finished.
A debt consolidation loan is not bankruptcy

There is a major misconception about these loans and bankruptcy. Many people shy away from these loans because they feel it will be treated the same as a bankruptcy. However, this is not the case. With a bankruptcy your unsecured debt is discharged. In other words you are relieved of some of your financial obligations. With a debt consolidation loan, you will pay off all of your debt. Nothing is discharged. In addition, a debt consolidation loan doesn’t directly impact your credit report the same way a bankruptcy would.
You will no longer use credit

In almost all cases, a client will agree to not apply for any new credit while they are on a debt consolidation program. This is to ensure that the payments actually help you reduce debt. If you keep using credit cards while on a program you won’t get very far. In addition, waiting to apply for credit has its benefits. If you wait until you are free of debt you will end up with much better terms when you do apply again.
Counseling comes with consolidation

In most cases you will participate in credit counseling as part of a debt consolidation program. The main reason for this is to prevent problems from happening in the future. Often times people will complete a debt program and then find that they are in the same predicament down the road. Credit counseling offers people a chance to learn better habits so that they don’t encounter any issues in the future.
It is important to know your situation

Everyone has different debt situations, and a debt consolidation loan might not be for you. Most programs are designed for people with large amounts of credit card debt or other unsecured debts. So these programs won’t really help those with other types of debt such as student loans or auto loans. You should also have a clear understanding of your income and budget. It is important to complete a program once you start it. Not doing so will keep you from enjoying all of the benefits of debt freedom.
Keep track of statements

It is up to you to make sure that creditors are accurately reflecting monthly payments. You should keep track of all interest rates, payments, and balances. Make sure that all of your statements match up with what your debt consolidation loan statement says.

Obviously, everyone is in a different situation. But these programs are specifically designed to help people with mounting debt. The next step is to talk to a debt consultant expert. They can help explain your situation and design a plan to help you eliminate your debt as quickly and easily as possible. Now that you know the basics you should be ready for the next step.

You can fill out the online form on the right and a debt consultant will get in touch with you for further guidance.

Planning Your Life after Filing Bankruptcy

admin — Wed, 01 Jun 2011 01:17:02 +0000

Life after filing bankruptcy is a very hard thing to imagine. For many, bankruptcy is a long-winded battle to overcome due to unfortunate circumstances. According to Clear Bankruptcy, the three major leading causes of those filing bankruptcy occur due to medical expenses, job loss and uncontrolled spending. After struggling for many years with credit card debt—whether you gave it your all or not—you’ve pretty much reached the end of road. But, it doesn’t have to be and there are ways to start over and live a brand new life away from debt and financial stress. Here are a few simple tips to keep in mind.

Photo by Ivo Gretener.

Stay Positive and Proactive

“You gain strength, courage, and confidence by every experience by which you really stop to look fear in the face. You are able to say to yourself, ‘I lived through this horror. I can take the next thing that comes along.”
- Eleanor Roosevelt

You’ve already filed bankruptcy; the worse is over and you can only go up from here. More often than not, you’ll be denied credit as you start your recovery from bankruptcy. Don’t let rejection put you down and certainly don’t give up.

Notify Creditors “Discharged in Bankruptcy”

One of the first and most crucial steps in the recovery process is showing your creditors your “discharge in bankruptcy,” meaning you’re no longer legally required to pay any debts that are discharged. This will protect you from any negative history showing up on your credit report.

Review and Rebuild Credit

Take a moment to review your credit score and report. Clean up any items that can legally be removed or updated. Also, check to make sure your personal information is completely accurate. It’s important to know where you stand and be prepared to dispute inaccurate information when the occasion arises. For a free credit report, head over to AnnualCreditReport.com; you’re entitled to one every year at no cost from each of the three main credit bureaus—TransUnion, Equifax and Experian—so it’s advised that you enquire one every four months. To receive a free credit score, check out Credit Karma.

During your recovery, the easiest way to begin re-establishing credit is by applying for a secured credit card with a bank or credit union. The notion of obtaining a secured credit card is that you’ll be giving the bank or credit union money, i.e. $500, and in exchange, get a secured credit card with a matching credit limit. Before finalizing the deal, make sure your lender reports the credit card to all three major credit bureaus. The reason why is that many lenders look at a “blended” score of all three bureaus and one bad score can significantly affect and disqualify you for any other loans you might consider taking out. Lastly, be cautious of ridiculous upfront fees; make sure you work with a bank or credit union that is genuinely there to help improve your credit and who’ll eventually give you an unsecured credit line.

Adopt a Budget-Friendly Lifestyle

One of the leading causes of consumers falling into the depths of filing bankruptcy is largely due to uncontrolled spending. Sometimes it’s superficial, sometimes it’s not. Whatever the reason, it’s in the past. What you need to do now is sit down, think back and pinpoint the mistakes you’ve made so that you don’t repeat it again. Adopting a no-frills lifestyle and practicing thrifty ways to get out of debt is a good, basic start.

Anyone facing bankruptcy need not worry. It may seem extremely daunting, but having the right attitude and course of action will help you plan your life after filing bankruptcy with ease. If you’re still finding yourself with unanswered questions, then seeking professional assistance can help. Fill out the form on the right and a debt advisor will contact your shortly to discuss your options and offer some guidance.

5 Ways to Beat Debt This Summer

admin — Thu, 26 May 2011 23:05:54 +0000

Photo by Alexandre Normand.

With the summer fast approaching, many people are looking to take long vacations and enjoy fun in the sun. One of the biggest concerns of many families is how to enjoy the summer weather without taking on massive debt. Here are five ways to beat debt this summer.

Cut Back on Frills

Taking summer vacations can be ridiculously expensive. Many families use credit cards and other loans to finance luxury vacations, finding themselves digging out of debt for the rest of the year. This summer, plan a scaled down version of your normal vacation, or take a “staycation” and enjoy your break in your home town. Many amusement parks, resorts and hotels offer discounts to encourage travelers to visit. Avoid peak times by traveling during the week to save on travel expenses. Leave the credit cards at home and only carry cash or debit cards to discourage you from getting into more debt on your break. Shorten your vacation to a weekend instead of a week and you will see how easy it is to avoid debt.
Take a Trip to the Flea Market

Clean out your garage, basement or attic and lug all of your outgrown clothes and toys to the local flea market. Set up a table and sell your old items for quick cash. Use the cash to pay off debt or to put toward the purchase of a big ticket item. Many people make living selling at flea markets. Take several weekends a month to sell your old items at the flea market and be gradually on your way to getting out of debt.
Request for Lower Interest Rates

One of the best ways to cut back on your credit card debt temporarily is to contact your creditors and ask them to reduce your interest rates. You can also consolidate your debt into one manageable monthly payment. Many creditors will often negotiate and take less than the amount due in order to quickly settle a debt. So try asking to have fees reduced or eliminated to save money. Just keep in mind though that this is a short-term type of debt relief, ranging anywhere from two to six months.
Create a Plan

Carefully map out a plan for how you will be able to manage your debt(s) this summer. List all of your unsecured debts and income, and make a plan to pay it off–even a small portion–immediately. While experts advise that it is better paying off debt with the highest interest rates first, many people start by paying the credit card with the lowest balances first. The psychological reward from having a debt totally paid off and seeing zero balance on your card is enough to motivate people to continue clearing their debt.
Keep a Log

Many people get into credit card debt because they are unaware of where their money is going. Online budgeting sites, such as Mint.com and BudgetTracker.com, helps you see your finances at a glance and get a handle on spending. Designate several days a month as “no spending” days, and only spend in cases of extreme emergencies. Keep a tally of your receipts and add them up at the end of the month to see how much you’re spending and saving every month.

There are many ways to beat debt. From cutting expenses and increasing income, you can fight debt and win this summer. But, if you are still finding yourself struggling to get out of debt, then seeking professional assistance can help. Fill out the online form on the right, and a debt advisor will contact you shortly to discuss your options.

Save Money, Do Less Laundry

admin — Fri, 06 May 2011 23:06:49 +0000

Photo by Pascal.

When I say do less laundry that does not give you the freedom to buy a new set of wardrobe and donate your used clothes to The Salvation Army. Logically, doing less laundry will mean wearing your clothes multiple times. Sound a bit too disgusting to deal with? Well, unless you fall into a mountain of mud, your clothes are probably not that dirty. For the frugal, sluggish consumer, here are five clever ways to keep your clothes clean while cutting back on laundry expenses.

Spot & Smell Check

Carry around a good on-the-go detergent pen, like Tide stain pens, for spot checking. As for smell checking, basically, if it it’s not reeking, it’s probably still good to wear, but if you do decide to wear it, do everyone a favor a Febreeze the life out of it.
Don’t Wash Your Towels

Before you start taking off, please hear me out. I’m not going to tell you to literally stop washing your towels, but rather just less frequently. Think about it. When you use a towel to wipe yourself after taking a shower or washing your hands, you’re wiping clean water off a clean body! Even though your towel is a bit wet, it’s still clean. So, consider using one towel per week, just remember to hang-dry it when it gets damp.
Categorize Your Clothes

When categorizing clothes, separate them from “house clothes” to “going out clothes.” “House clothes” should be the same outfit that you are planning to wear over and over. Just make sure that it’s comfortable and fairly appropriate in case you get unexpected visitors. Unless you are truly living a funk, house clothes should typically last up to a week. As for “going out clothes,” always keep them hung up, away from dander and anything else that would get them dirty. Keep Febreeze and Tide stain pens on hand.
Hand Wash Unmentionables

According to the U.S. Department of Energy, 90 percent of the energy is used washing clothes. Undergarments like bras, panties, boxers and briefs are great for hand washing in the sink, just like the old days. To do this, let your undergarments soak in hot water and some dish soap. After the water has cooled, swish it around for a bit, then rinse under cold water. Once you are done, hang-dry it. Simple enough, right?
Freeze Your Clothes

It sounds silly, but freezing certain clothing items will help you save money and make life a little easier. Here are a few tips when it comes to freezing clothes.
- If you have an abundant amount of wrinkles in your clothes, sticking them in the freezer will get rid of them.
- To prevent runs in nylon stocking, try putting them in a freezer. It’ll minimize the chance of getting them and you’ll be able to wear them twice as long before buying new ones.
- Consider putting delicate clothes, or clothes you’d want to last for a while in freezer. It’ll help increase the lifeline.

As you can see, you can be financially savvy and creative, even in routine activities like doing laundry. Simple changes like these can go a long way when done right. But be reasonable and don’t turn into a slob!

10 Thrifty Ways to Get Out of Debt (Part 2)

admin — Thu, 05 May 2011 22:46:07 +0000

Photo by Cowbark.

Thanks for sticking around and welcome to part 2 of “10 Thrifty Ways to Get Out of Debt.” Last month I discussed the various ways to get out of debt through smart, simple tactics like eliminating daily luxuries to opting for store brand names. The New York Times reported back in March that American consumer spending rose 0.7 percent in February. Since then, consumer spending has slowed in March despite a slight rise in income. The good news is that we’re spending less and bringing in more money. Continuing the countdown on frugal ways to get out of debt, here’s number six.

Where to Cut Costs

In addition to eliminating daily luxuries, creating a food budget and going for store brand names, there are plenty of other ways to save a few hundred or a couple thousand.
- Turn in your incandescent for fluorescent bulbs. Even though they cost on average $7 each, in return you can save up to $60 in electricity per light over their lifetime.
- Did you know that 40 percent of your electricity is consumed when your appliances are turned off? You could always pull the plug, but that will probably get tedious. There is actually a cool device on the market called “Smart Power Strip” that stops drawing electricity when your appliances are turned off. Maybe something to consider.
- Do a bi-annual furnace tune-up. You’ll save 10 percent on your heating bills.
- Save 50 percent on your energy bill by switching to cold water for your laundry.
- As if it wasn’t obvious, leaky faucets waste as much as 2,700 gallons of water every year. So make sure to check all rooms for potential leaks.
Going Green

Leading an eco-friendly lifestyle can help you cut costs and get out of debt, all while protecting the environment. Focus on simple lifestyle changes, such as: driving less, switching off appliances (when not in use), paying bills online, using rechargeable batteries and drinking tap water.

More specifically, you might be thinking, “I can’t believe you claim tap water is safe!” And you’re right, it’s not 100 percent safe, but did you know that 25% of bottled water is actually tap water? The best thing you can do is invest in a high-quality water purifier that will remove any chemical contaminants.
Buying Used Items

It’s time to start getting chummy with some new friends: Craigslist and eBay. I found that during my time in college, utilizing these sites saved me hundreds of dollars in textbooks, furniture and electronics. I’ve graduated since then, but that still hasn’t stopped me from snagging great deals from these sites. Just remember to exercise good judgment when making purchases from these sites.
- Check for the authenticity of the product/item.
- If you’re planning to meet up, do so in a public place where there’s plenty of people.
- Spot check for damage/wear-and-tear.
- For expensive items, usually electronic, check to see if there’s still a warranty on it.
Attend Free Events

That’s a word I really like: free. Going out with friends, family, colleagues or your spouse always prove (for the most part) to be fun and enjoyable, but sometimes at a hefty price. Fortunately, it doesn’t have to be and if you do a little digging around on the web, you’re bound to find many free events to attend. The social media realm is powerful and will help you a lot in this case. Sign up for Twitter and follow your favorite celebrities and organizations. Twitter is known for feeding users instant, short updates and many times will announce events/charities/parties for you to come out to. Another great resource is Yelp. Create a localized search and scroll down to the “Popular Events” section where users post cheap and sometimes free events.
Having a “Get Out of Debt” Mindset

Getting into the “get out of debt” mindset is probably the strongest tactic you can employ. Carrying that motivation and commitment is what’s going to drive you pay off that debt. Patience and persistence is the key ingredient.

If you are still struggling to get out of debt, then seeking professional assistance can help. Fill out an online form and a debt advisor will contact you shortly to discuss your options.

How to Choose the Best Debt Consolidation Company

admin — Mon, 04 Apr 2011 19:40:49 +0000

Mounting debt can be one of the most difficult things that someone ever has to deal with. Debt causes stress and embarrassment in addition to financial difficulties. When debt gets out of control, people often seek help. One option that people turn to is debt consolidation. There are two major ways you can consolidate debt. The first way is to participate in a debt management plan. The other is to take out a personal loan to pay off your debt. The best option will depend on your debt situation. Here are some tips on how to choose the best debt consolidation company.

Photo by jimmyj1640.

What to Look for in Debt Consolidation Companies

First, a debt consolidation company should do more for you than reduce you debt. One key component of debt consolidation is getting education. A reputable debt consolidation company should review your debt situation in detail instead of just assigning a monthly payment. They will ask details about your debt and income. Additionally, they will help you work on your budget.

You should also make sure you do research on any debt consolidation company before you do business with them. A reputable debt consolidation company will have a list of licenses and credentials. You can also check them out with the Better Business Bureau. There are a lot of debt consolidation companies out there that won’t always have your best interests in mind. Don’t fall for outrageous claims or vague testimonials.

If you are pursuing a loan, you want to look for the right bank. If you have a relationship with a credit union, that is probably the best option. Credit unions generally offer better rates than regular banks. If you don’t have a credit union, you can look at the bank where you got your auto or home loan. They will already have a good indication of your credit beyond your score. If that doesn’t work for you, keep your eyes out for banks that offer special promotional rates to attract new customers.

The Costs Involved with Debt Consolidation Companies

When you consolidate debt, there will be costs to consider. With a debt management plan, part of your monthly payment will go to the company. With a loan, you will be paying interest. For secured loans, such as a home equity loan, there will be closing costs to consider as well. When looking for the right company, it is important to keep this in mind. The best company for you is the one that can help you get out of debt at the best cost possible.

10 Thrifty Ways to Get Out of Debt (Part 1)

admin — Fri, 01 Apr 2011 01:28:55 +0000

Photo by Mik2mei.

Attempting to lead a thrifty lifestyle does not have to be a dramatic change, nor drive you to the border of insanity; a few smart sacrifices here and there will go a long way and help you get out of debt. According to the New York Times, American consumer spending rose 0.7 percent in February after a 0.3 percent increase in January. Families from across the United States are faced with higher cost of food, living and energy. As daunting as that sounds, there are ways to beat the statistics. Here are 10 thrifty ways to get out of debt.

Eliminate Daily Luxuries

Casual dining with your friends, personal-care services and getting your daily coffee fix are considered small luxuries. In December of 2010, more than 5,000 adult consumers participated in a survey conducted by the National Retail Federation, or N.R.F. Thirty two percent of those surveyed said casual dining was a necessity, in addition to 42 percent of surveyors requiring personal hair maintenance. For the caffeine-driven worker, you could easily spend anywhere between $960 to nearly $2,000; under the assumption that you spend on average $4 per day, five days a week for a year on lattes.

These daily, or even weekly, luxuries can really put a serious dent in your wallet. Try cooking at home with your friends, doing each other’s nails and brewing your own coffee. These money-saving tactics can easily be done, save you thousands of dollars and help you get out of debt faster.
The Art of Extreme Couponing

Couponing is so cool that it is even getting its own show on The Learning Channel, or better known as TLC. If I told you that you could save more than 90 percent on your grocery bills, would you believe me? Evidently, it can be done and the secret to that are coupons.

Simple ways to get started in couponing is by subscribing to several weekend newspapers (hopefully inexpensive with good-quality ads) and surfing the web for printable coupons. Stay insanely organized, keep track of the expiration dates and check to see if there are some coupons you can use in tandem with another. Websites like plasticjungle.com offers discounted gift cards—up to 30 percent—to various restaurant chains and stores. Using coupons for your every day purchases will add up so quickly that you will be surprised at how much money you have saved.
10 Percent of Your Income Goes to…

Remember Friends, the episode with the prom video? No? Let me refresh your memory.

Judy Geller: You were fired? What’re you going to do?
Jack Geller: Judy, Judy, relax, this is our little Harmonica we’re talking about. We taught her well. Ten percent of your paycheck, where does it go?
Monica and Ross: In the bank.
Jack Geller: There you go. So she dips into her savings, that’s what it’s there for. She’s going to be fine, and if you need a little extra, you know where to find it.
Monica: Anything larger back there?

According to the financial rule of thumb and wise old, Jack Geller, it is best to save at least 10 percent of your after-tax income. After a good few months of practicing this, it will become second-nature to you. Once you get the ball rolling, explore savings alternatives, e.g. college savings, an IRA or other savings account. Especially considering the worst-case scenario, like Monica losing her job, having an emergency fund readily available will help avoid further credit card debt.
Create a Food Budget

A recent survey conducted by the U.S. Dept. of Labor revealed that the average consumer spends roughly $3,500 annually on grocery. Next to housing and transportation, food consumption is probably the third-largest expenditure.

Plan your meals ahead of time and create a food budget to avoid wasteful shopping—saving you time, money and energy. On top of that, cut out junk food and sugar; it will be better for your pocket and waistline. To take it even further, combine this strategy with extreme couponing; it is pretty much a win-win situation.
Opt for Store Brand Names?

Buying brand name products from a renowned and reputable company gives us assurance. Though, the extra security comes with an extra price tag. How do you know when to stick with your usual brand names or when to opt for store brands at a significantly lesser price? After all, when you are drowning in debt, every penny counts, so knowing what to buy is critical.

Lifestyle expert, Robyn Moreno, dished out on “The Early Show,” televised on CBS, what to buy and when to go for store brands. Generic pain relievers, for example, can safely be bought because it still has to undergo the same FDA approval process as its name brand equivalent. The reason why name brands cost more is because these companies spend extra time with research, development and advertisement. So to all you debt-ridden consumers out there, opting for some store brand names can offer a small sense of debt relief.

If you are still struggling to get out of debt, then seeking professional assistance can help. Fill out the online form on the right, and a debt advisor will contact you shortly to discuss your options. Stick around for 10 Thrifty Ways to Get Out of Debt (Part 2).

Privacy Policy

admin — Mon, 21 Feb 2011 22:17:05 +0000

Debt Consolidation Advice recognizes your expectation of privacy and security and we greatly respect your privacy concerns. This privacy policy describes how we gather information, what we do with the information we collect and what steps we take to safeguard your privacy and protect your personal information.

What information do we collect?

When you visit this web site you may provide us with two types of information: personal information you knowingly choose to disclose that is collected on an individual basis and Web site use information collected on an aggregate basis as you and others browse our Web site.

Personal Information You Choose to Provide

This applies to personal information you provide to us on applications or forms when you request a product or service. This information may include your name, email address, your telephone number, etc. You may also be asked to provide additional information, such total credit card balance, interest rates, and other financial and personal information.

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Similar to other commercial Web sites, our Web site utilizes a standard technology called “cookies” (see explanation below, “What Are Cookies?”) and web server log files to collect information about how our Web site is used. Information gathered through cookies and Web server logs may include the date and time of visits, the pages viewed, time spent at our Web site, and the Web sites visited just before and just after our Web site.

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Broadly speaking, we use personal information for purposes of administering our business activities, providing the products and services you requested, to monitor the use of the service, our marketing and promotional efforts and improve our content and service offerings, and customize our site’s content, layout, services and for other lawful purposes. These uses improve our site and better tailor it to meet your needs. Personally identifiable information or business information will not be shared with parties except as required by law.

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We may change this Privacy Policy from time to time. If/when changes are made to this privacy policy, we will email users who have given us permission to do so. We will post any changes here, so be sure to check back periodically. However, please be assured that if the Privacy Policy changes in the future, we will not use the personal information you have submitted to us under this Privacy Policy in a manner that is materially inconsistent with this Privacy Policy, without your prior consent. This policy will be continuously assessed against new technologies, business practices and our customers’ needs. Your use of our website(s) constitutes your consent to the current version of our Privacy Policy.

Credit Solutions

admin — Wed, 16 Feb 2011 00:30:41 +0000

A credit card debt crisis can begin very slowly and innocently, but once it gains momentum it can become difficult to stop. The havoc it wreaks can bring you to your knees financially, but the good news is that there are different credit solutions available.

If you find yourself in financial hardship, the worst thing you can do is ignore it until it spirals out of control. Educating yourself about the credit solutions available can help you decide what the best course of action is for your situation.

Photo by Nick Fletcher.

Basically there are five credit solutions to choose from, listed here in ascending order according to the severity of the debt problem:

5 Credit Solutions

Discipline and Thrift – Reduce your expenses wherever possible and save more money toward paying off debt. This may also improve your credit score.
Debt Consolidation – Refinance your home or take out a home equity line of credit (HELOC) and use the money to pay off your unsecured debt. Depending on how you consolidate your debt, there may or may not be an impact on your credit.
Credit Counseling (a.k.a. Debt Management) – This can lower your interest rates but will not reduce the amount you owe to your creditors. There is no negative effect on your credit.
Debt Settlement – This can reduce your unsecured debt significantly, lower your monthly payment and get your debt paid off quickly. However, there will be damage to your credit.
Bankruptcy – For consumers with no other viable option, bankruptcy is a last resort. Severe long-term damage to your credit, other possible ramifications.

Discipline and thrift are recommended for those concerned about the future of their currently manageable debt. Debt consolidation is a viable credit solution for those with significant equity in their home and who can qualify for a loan of this type. Credit counseling is a responsible credit solution tailored to those who can realistically pay off their unsecured debt in full, provided that they get some assistance with their interest rates. Debt settlement is an aggressive credit solution that has emerged as an alternative to bankruptcy for consumers with large debt amounts, since its downsides are less steep and long-lasting. Traditionally, the most severe debt problems had been handled through filing bankruptcy. The new bankruptcy laws passed in 2005 have made that option much more difficult and time-consuming, and now only the most extreme debt problems should rightfully be handled in this manner.

Which credit solution is right for you? Fill out the online form on the right and a debt advisor will get in touch with you to answer all your questions.

Debt Consolidation Advice

Tax Relief

Exploring Your Options

Working With a Tax Relief Company

Possible IRS Actions

Finding a Company to Work With

Debt Consolidation Loans

There is one steady payment

A debt consolidation loan is not bankruptcy

You will no longer use credit

Counseling comes with consolidation

It is important to know your situation

Keep track of statements

Planning Your Life after Filing Bankruptcy

Stay Positive and Proactive

Notify Creditors “Discharged in Bankruptcy”

Review and Rebuild Credit

Adopt a Budget-Friendly Lifestyle

5 Ways to Beat Debt This Summer

Cut Back on Frills

Take a Trip to the Flea Market

Request for Lower Interest Rates

Create a Plan

Keep a Log

Save Money, Do Less Laundry

Spot & Smell Check

Don’t Wash Your Towels

Categorize Your Clothes

Hand Wash Unmentionables

Freeze Your Clothes

10 Thrifty Ways to Get Out of Debt (Part 2)

Where to Cut Costs

Going Green

Buying Used Items

Attend Free Events

Having a “Get Out of Debt” Mindset