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    Debt collection tips for dealing with old credit card debt

     

    The business of debt collection has become very lucrative and the collection of "old" debt is on the rise. It would be wise to know your rights when it comes to getting collection calls for old debt especially debt that is excess of seven years and no longer appears on your credit record. 1. Be aware of the statute of limitations in the state you live and in the state the debt was incurred if they are different. If it has expired, the collection agency will have limited legal options. 2. You may want to ignore the call. If the statute of limitations has expired they have very little recourse and you have a lot to lose by negotiating repayment. Repayment could cause it to be relisted on your credit report again. 3. Write them a letter and send it certified mail. Do not admit to the debt. Once they have received the letter the law prohibits them from contacting you again. 4. Know what your rights are. A copy of the Fair debt Collection Practices Act or a copy of "Money Troubles" by Leonard will familiarize you with what your legal right are. 5. Watch your credit report. If you see something on your credit report that is incorrect, you can dispute it with the credit bureau. If the reporting agency or creditor can not prove that the information is correct, it will be removed. 6. If the statute of limitations is still current, you may want to try to work out a settlement with the agency. Negotiate with them and see what you can get worked out. Collections has become a very lucrative business. Knowledge is power. You will best be able to handle your debts if you know what your rights are and where you stand.

         
    Debt collection facts

     

    :

    Debt Collection Facts

      This article is intended to be a brief general guide only and should not be used or relied on as a complete or authoritative source of legal information.

    INSOLVENCY PROCEDURES

    The insolvency procedures open to a creditor are a powerful tool in recovering debts. Whether the debtor is a company or an individual, an intelligent application of the insolvency rules can enable a creditor to obtain payment of their debts without the need for protracted and costly litigation.   The insolvency rules can be used for a broad range of debts exceeding Ј750 provided that the debt is not genuinely disputed by the debtor. Insolvency procedures however can be a high risk strategy and one needs to be very careful in using these procedures. There are substantial adverse cost consequences where the procedure is incorrectly used.  

    GUARANTEE

    It is often the case that debts that are difficult to collect from the debtor company are as a result of inadequate checks being made as to the financial strength of the company when the contract was entered into. It is therefore essential that you should check the credit rating of any potential new customer or client and where there is concern as to the ability of the company to make payment for goods or services supplied, then you should obtain a guarantee either from a parent company of sufficient financial standing or an individual to ensure performance of the contract.   It is essential that any guarantee is documented in writing and clearly places the guarantor under a binding and contractual obligation to meet the liabilities of the company or individual if they default in meeting their contractual obligations. It is essential that the wording of the guarantee is well drafted as the courts tend to construe the terms of a guarantee strictly and will only find that there is a third party liability if it is quite clear from the wording of the guarantee.  

    INTEREST

    Where a debtor has failed to pay you monies for goods or services supplied, it is normal to charge interest for late payment. Interest can be charged either in accordance with your terms and conditions of business provided your terms make provision for this or, alternatively, you can apply the Late Payment of Commercial Debts (Interest) Act 1998 which allows you to claim interest on overdue accounts. If the contract with the debtor predates 7th August 2002, then businesses that are eligible to charge interest can do so at a rate of 8% above the Bank of England base rate that was in place on the day the debt became overdue. For contracts dated on or after 7th August 2002, all businesses can charge interest at a rate of 8% above the late payment reference rate. The Bank of England base rate on 31 December, is the "reference rate" for debts becoming overdue between 1st January to 30th June each year. The Bank of England base rate on 30 June, is the "reference rate" for debts becoming overdue between 1st July to 31st December each year.  

    RETENTION OF TITLE

    A well drafted set of terms and conditions of business will include a retention of title clause. The effect of such a clause enables a seller of goods to retain ownership of the goods supplied until payment has been received in full. This can be of great value where the purchaser of the goods supplied becomes insolvent.   There are various types of retention of title clauses but the essence of a well drafted clause means that a seller will have added protection in the event of failure by the purchaser to comply with their contractual obligations and pay for the goods ordered. In particular where a buyer subsequently goes into liquidation after acquiring stock which is subject to a retention of title clause, then the seller of the goods may be able to obtain the return of the goods notwithstanding the fact that the buyer has gone into liquidation.   A carefully drafted retention of title clause is a powerful tool to assert ownership rights and recover property. They can however be complicated and need careful consideration.  

    TERMS AND CONDITIONS OF BUSINESS

    One of the major reasons that clients have difficulty in recovering their debts is because they either have inadequate terms and conditions of business or they in fact fail to have any written terms and conditions of business.   Although terms and conditions will vary from one business to another and from one industry to another, certain key areas are common to all businesses and need to be addressed in your terms and conditions. Your terms and conditions should :-   - Ensure that the customer or client’s details are correctly shown. - Make clear whether you are dealing with an individual, a partnership or a limited company. - Set out what services or goods you will be supplying. - Clarify when payment is due. - Make provisions to protect you if for good reason you are unable to supply the goods or services or only part deliver the goods or services or if faulty goods or inadequate services are provided. - Ensure that you retain ownership of goods until payment in full is received. - Make clear any additional charges that may be payable if the customer or client fails to pay in accordance with the payment terms. In particular the right to claim interest and the right to claim for collection costs and solicitor’s fees should be clearly set out in the terms and conditions. - Ensure you comply with all statutory requirements.   A well drafted set of terms and conditions will make collection of a debt substantially easier.

         
    Debt consoladation 101

     

    You've probably heard that debt consolidation can help you get control of your money and reduce your overall debt. And you probably know that you can finance it yourself, without using a professional debt consolidation company. But is that the right move for you? That depends on your personal situation, but, in most cases, it's a smart choice if: you have equity in your home Take Advantage of a High Credit Score Having good credit has certain advantages. Aside from making it possible to get the best rate on mortgages and auto loans, persons with excellent credit may also qualify for a debt consolidation personal loan. Getting approved for a personal loan is difficult. For the most part, banks set the standards very high. To avoid the risk of losing money, many financial institutions only approve these loans to persons with credit scores above 720. The Keys To A Good Debt Consolidation Loan For a debt consolidation loan to work, you need to be paying a lower rate on your new loan. Another factor is that the payment schedule is for the same or shorter period as the original loans. And the final key is to not lose potential savings by paying excessive fees. Questions To Ask Lenders Rates are important, but so are fees. Make sure you ask lenders about their application and annual fees. Also ask if there are discounts for automatic payments with direct withdrawal. Remember, you have the legal right to this information according to Federal loan. Make the most of it and get the information you need to make the right loan choice Bill consolidations reduce the risk of late payments. When you are carrying a lot of debt from several different sources, it is hard to always make the payments on time. Perhaps you run out of money in your budget, before you have paid each obligation or you just forget one bill in the stack of several that is due. Whatever the reason, making late payments hurts your credit and costs you lots of money in late fees and finance charges. By consolidating your bills you will only have to make one payment each month. This means you won’t accidentally be late on a payment or find you don’t have the money left to make a payment that is due. You can eliminate credit card debt through a consolidation loan. Taking out a loan to consolidate your credit card debt can help you to get out from your debts. This option does require you to pay off your debts, but it gives you the tools to do so and over the long term, saves you money. TO qualify for a consolidation loan, you must put up some form of collateral, usually a house with equity, so you do run the risk of losing that collateral if you fail to make the loan payments.

         
    Debt consolidation is it for you

     

    Everyone gets to a point in their lives where they need a little help. These days with the high cost of medical bills along with the high interest rates for home loans and car loans, it is easy to see how a person could end up mired in debt in no time at all. There are answers and one of them is debt consolidation. Debt consolidation doesn’t have to be difficult and in fact is easier today than it has ever been. The bottom line is that creditors really just want their money back and will do just about anything in order to make that happen. It is for this reason that a debt consolidation loan is a good idea. It will make your creditors go away and it will consolidate your bills in to one manageable payment. Many times couples find themselves in debt because of an unforeseen event such as illness. This doesn’t make a person a financial risk; however banks and lenders tend to shy away from loaning them money. The key is to not allow your debt to get to that point and this is where the consolidation comes in. The basic concept behind debt consolidation is to lower your debt by combining your smaller, and/or larger bills into one bill. Debt consolidation is accomplished by taking out one loan to pay off your other bills and loans. Debt consolidation is usually done in order to lower your interest rate or pay off debts. Debt consolidation can be done by consolidating your unsecured loans into another unsecured loan however most times a debt consolidation loan is one that requires collateral. Making the loan a secured loan allows for a lower interest rate. The lower rate is because the bank or lender can sell the asset a person puts up against the loan in order to make their money back. Most often this is done with a house or some type of owned property. Debt consolidation is often a tool when a person is carrying too much credit card debt. Credit cards most often have a larger interest rate than even an unsecured loan from a bank. Credit card companies justify this by saying that credit cards are akin to a high risk loan however because they are easier to use their risk is carried one step further. Debt consolidation isn’t for everyone. Do your research and determine if this might be the right way for you to get out of debt thus controlling the end result.

         
    Debt consolidation

     

    One thing that many people do, who find themselves swimming in a pool of nothing but horrible debt, is obtain a debt consolidation loan. A debt consolidation loan, is a type of loan specifically designed of anyone that has driven themselves into a debt that is well beyond their personal means. This type of loan will enable you to pay off all of your debt with one payment each month, than by having to make several monthly payments. The reason this works is because for the most part, these monthly payments will be lower than all of your monthly payments combined. Therefore, by having one payment each month, there is a higher likelihood of you being able to afford it. These loans are typically one of two amounts, the entire amount of the debt owed or a large portion thereof. By obtaining a debt consolidation loan, you will enable yourself to pay off all the debt you have incurred and only have one left over, which will be the loan. Typically those who apply for these types of loans do not have the greatest credit as a result of these debts, therefore the lending agent may require you to have any type of valuable property as collateral, typically a home or vehicle. When you go to apply or consider applying for a loan for debt consolidation, you will need to determine the amount of money you should borrow, this will typically be the entire amount of your debt or the amount of the largest debt that you currently owe. By determining this amount, you will be able to better understand what type of collateral you will need to obtain the loan, and will play a large role in the determination of the amount of the monthly payment you will be required to pay and the amount of the interest rate upon the loan. There are a variety of terms and conditions that could go along with debt consolidation loans, this is all dependant on the particular lender. Lenders will typically have an amount that is the maximum you are allowed to borrow, this will also be a determination made depending on the value of the collateral you present. Additionally, these types of loans will have a higher rate of interest than a regular loan. However, that higher interest rate could save you lots of money in the long run, because the debt consolidation loan will allow you to better control you debt, make only one payment each month, and could be the decisive factor in rather or not you need to file bankruptcy.

         
    Debt consolidation 101

     

    Debt consolidation occurs where one takes out a loan in order to pay off two or more existing debts. Consolidating existing unstructured debt into one personal loan may save on your monthly outgoings while, at the same time, offering a repayment discipline and clear end-date to your debt. An individual can join any debt consolidation program run by either a private or a non – profit organization. After meeting with a certified debt counselor one is in a position to decide which option is the best. The options available are debt consolidation whereby all the debts are lumped together and paid off with one single monthly payment negotiated by the debt relief agency. There is debt consolidation loans, debt management plan and as a last resort bankruptcy. A Debt Consolidation service, or sometimes referred to as a "Debt Management Plan", has preset arrangements with almost all of the major creditors (mostly credit card companies, and some medical & collection companies) where the interest rate is roughly predetermined. On calling a debt consolidation company, they refer to creditor rate sheet and then give a new payment based on the lower interest rates they have with that respective creditor. Typically this payment is lower than what the credit card companies offer the public and more often than not will save you money monthly and simplify consumer payments if one has multiple creditors. One caveat of the Debt Consolidation plan is that one must cancel any and all cards one includes in the program. An individual may wish to exclude a card for emergencies, depending upon the company's policies. One benefit of the Debt Consolidation Program is if one is behind on payments and getting harassed by the creditors. On making the new monthly payment, this will stop the creditors from calling and keep them satisfied for the interim. On extending the period over which one repays debt may mean that it will cost him more overall so make sure to read the terms and conditions carefully. One must also think carefully before taking out a secured loan, securing other debts against your home. Remember, your home may be repossessed if you do not keep up repayments on a mortgage or other loan secured on it. The payments are usually setup to last 4-8 years and statistics have shown that there is significant fallout on debt consolidation programs due to unrest, situations changing, and poor customer service. Commissions to expect when shopping a debt consolidation company are roughly your first payment you'd make toward the program plus a monthly administration fee. The monthly admin fee ranges all over the board, depending upon the company you are getting a quote from. Some charge a flat fee while others charge a per creditor fee. A Debt Consolidation Program significantly benefits those who have very high interest rates (above 18%), have more credit card bills then they can keep up with, or would just like the simplicity of one payment to one company for all of their unsecured debt.

         
    Debt consolidation can you cut it

     

    Debt consolidation is supposed to help you get free of debt. By combining a lot of smaller debts into one big loan you can pay the debt off with lower repayments. So how come a lot of people have the same debt load two years later? Answer is, they treated the symptom, not the cause. Debt consolidation only works if you address the underlying problem, which is that you spend more than you earn. Once you’ve consolidated debt, it can be very difficult to do it again. The way it’s supposed to work is that a loan pays off your debts, you sweep away all your past mistakes and extravagances, get a grip on your finances and vow to live within your means. This way you never againt have to face the consequences of any more mistakes and extravagances. But maybe you had just cause for spending too much. Medical bills are the largest cause of bankruptcy in America. If you got sick or had a major accident you’ve got big bills to pay and this can devastate your finances. If this is you, face up to your debt situation before it gets out of control. Your hospital probably has someone on staff to help people in your situation. Find the person with a sympathetic ear and use them. It’s better to ask for help than to prevaricate and suffer alone. Your aim should be to keep current with all your non-medical bills, but to work out a way of paying your doctor over a longer period of time. If your medical care providers know that they’ll get their money in the end, there is usually a payment plan that you can use. Remember to keep up to date with your household bills: you’ve got to pay your energy bills but the doctors can wait. They can afford it. Or maybe the reason you’re still in debt is that you still have to pay your student loans but you’re not yet earning enough to live. If you’re young enough to be in this situation but old enough to have graduated, then the answer’s simple. Get a better job, or get a second job, or both. This sounds tough and it is, but life is tough. If you’ll learn how to be in control of your money at an early age, you’ll be learning how to be one of life’s winners. For those who are in debt but not sick or young, the simple truth still remains. You’re spending more than you earn. Here’s a way you can help yourself. Get out your wallet, take out the dollar bills and the credit cards and spread them out on the table. See those credit cards? You probably think of them as infinite plastic. You use them over and over to buy what you want. Until they actually are maxed out, they seem infinite. They will always gratify your spending impulses. That is, if you will let them. See those dollar bills? They can buy the exact same things as the plastic, but when you’ve handed them over, they’ve gone. If you want more of those bills, you’ve got to earn them. Now get the truth into your head that you can only spend up to the value of those dollar bills. Not one cent more. If you can discipline yourself into this frame of mind, you’ll begin to see that you can repay your debt. And here’s another thing. You can cut up your plastic even while there’s still money to pay on them. Think about it: destroy the cards but keep up your repayments and one by one those debts will disappear. If you can think of debt consolidation as a last resort, if you can tackle the causes of your debt (not the symptoms) and if you can promise yourself to start afresh, you can be debt-free.

         
    Debt consolidation get 0 apr on balance transfers today

     

    Debt Consolidation made easy! If you have alot of debt, or even a little, and are paying outrageous interest or any interest for that matter, you may want to apply for a new credit card with 0% interest on balance transfers. This is a very simple procedure that many people now use to avoid paying interest on their debt. There are numerous credit cards available that allow to transfer balances and receive an introductory rate of 0%, usually for 12 months, on any balance transfers. In fact, many people apply for a new card about six to eight weeks before their their current offer ends. They then transfer any remaining balance to the new credit card and again receive 0% interest. This cycle can go on until the debt is paid off without having to pay huge interest rates. This process can save thousands of dollars a year, and help you to pay off your balances are a much faster rate. If you are interested in applying for a credit card that offers 0% interest on balance transfers, you can do online and be approved instantly. The advantage of applying online is that many sites let you compare different credit cards to find out which one is best for you. Please take your time and compare some of the benefits of each card, some even offer 0% on purchases. This strategy will help you in your debt consolidation efforts and is the best way I know to cut interest paid out each month. If you are looking to apply online, you may compare cards by visiting my website at augyz. ecreditdirectory and clicking on the balance transfer cards option. This site offers over 100 different credit cards with a wide range of interest and rewards options. All rights reserved. This article may be reprinted as long as all text and links remain intact and unchanged.

         
    Debt consolidation the pros and cons

     

    Debt consolidation essentiality means taking one loan to pay off all other loans. It's almost always easier to pay off one loan at a lower interest rate or fixed interest rate, than to pay off many at varied rates. Most individuals have a credit card debt, a mortgage, and sometimes a second mortgage to pay off. Now with three loans and three different interest rates, it is far more difficult to manage the payments than to pay off just one loan. The idea is usually to take a secured loan to pay off the other unsecured loans. A secured loan is obtained against any asset, usually a house. Taking a loan against an asset provides for a lower interest rate as compared to the unsecured loan. This is why most people take loans against their asset to improve their cash flow and reduce the net amount paid to lenders. If the interest rate is lower, the net amount paid to any lender will also be less. Online debt consolidation: Debt consolidation can also be done on the internet. Online debt consolidation is getting popular, as the financial data remains safe and confidential. There are many debt calculators and loan calculators available on the internet to help people consolidate their loans. There are some requirements such as valid income proof, residential proof, and age proof when applying on the internet. Online debt consolidators provide far more data than any other collectors. Should everyone go for debt consolidation? Although debt consolidation is a good idea, there is a caveat. One should go for a debt consolidation only when one is sure that he/she will be able to pay off that one single loan in time. Loans like credit cards are unsecured loans, so in case of default nobody can take any physical asset away. In the case of a secured loan, it is entirely possible that default may result in foreclosure of the home, or the lender secures the asset, thereby one could lose a physical property. This is why until one is sure that the secured loan payments can be met, it is essential that no consolidation be done. In case there is some confusion, a tax advisor or help from a debt consolidation agency may be taken. They may help one decide what the best option is financially. The lenders also provide many experts who can assist in this process. Debt consolidation is a complex process, and a lot depends on the expected future cash income. If done carefully, it can relieve much pressure from debtors. Lenders are also usually cooperative in such instances and much of the interest rates and debt can be negotiated. This however is the last resort and should not be done habitually. Debts like credit cards can be controlled through careful spending. If such debts are avoided in the nip of time, there will be very little need of debt consolidation.

         
    Debt consolidation types of help available for unsecured debt consolidation

     

    There are several types of help available for unsecured debt consolidation. You can choose to take out a debt consolidation loan to lower your rates and payments. You may also choose to use a debt consolidation programs, letting a third party deal with your creditors. And finally, you can turn to a credit counselor to help you find the best plan for your situation. Debt Consolidation Loans A debt consolidation loan is any type of loan you take out for the purpose of paying off other creditors. Ideally you want to find a loan with lower interest than what you are currently paying on your bills. However, even if you don’t lower your rates, you can lower your monthly payments by choosing a long term loan. The drawback of course is paying more in interest charges. You can choose from a secured loan, usually backed by your home, or unsecured loan. Secured loans, including a home equity loan, second mortgage, and line of credit, will have lower rates and the tax advantage of writing off your interest payments. However, if you don’t have a home, you can still find relatively low rates with a personal loan. Debt Consolidation Programs You can also work with a debt consolidation program to lower your rates and consolidate your bills. This third party agency will negotiate lower rates with your creditors for a small fee. You also only make one monthly payment, letting the agency pay your bills from that sum. Some non-profit agencies also specialize in helping those with six or more months of late payments. Before you sign up with these types of programs, be sure you have researched several agenciespare pay back dates, fees, and estimated monthly payments. Credit Counseling If you are confused about your options or just don’t have a plan for getting out of debt, consider visiting a credit counselor. As a non-biased person, they can explain your financial options. They can also discuss with you’re the pros and cons of each options, helping you find the best program for your unique situation. Besides helping you to consolidate your bills, they can also help you develop a monthly budget and long term financial goals.

         
    Debt consolidation when is it right for you

     

    Do you have many a loans and just can’t handle them all? Then, the thing for you could be debt consolidation. This means that you take another loan, in order to pay all the rest off and manage your financial problems a lot easier. However, this doesn’t always work for the best, as you could get in even bigger problems. Before considering a consolidation loan Before you go and make this step you should really try to find other alternatives, since this is just a temporary solution as you don’t get off with less money to pay, but at the best, you can pay them all in one place. Other solutions could be: · Rearrange your current deals with the lenders; · Trying to make the best out of any options of credit you may have: store or credit cards, overdraft, an extension to your mortgage and maybe a personal loan; · The all useful – borrowing from relatives or friends whom won’t charge you with interest; · You can look for advices in your country’s counseling services. Look around If you must take a consolidation loan, first check to see where you can find the best terms for your loan and look only for reputable lenders. There are some banks and building societies that may be able to offer you a personal load. Reasons to consider a consolidation loan If you use it carefully, the consolidation loan is a winner, as it can put order in your financial life. Written below are a few advantages: · Priority debts can be paid using the CL · The interest in a CL is definitely lower than a normal loan. This happens because the long term of a CL, whence a regular loan spans on a short period. · Sometimes it happens that the monthly payments of more loans can be longer than of on CL · The end of the debt is easy to remember, since it is only one · There will be just one payment/month · You don’t have to deal with more than just one lender Reasons NOT to consider a consolidation loan While any CL has its advantages, it also comes with a few disadvantages as well. I have noted down some of those below: · At the end of the CL, you can realize you have paid more and it took you longer to pay · Some extra charges could be paid for repaying and setting the new loan · Some loans have the interest paid first and only after you start paying the real loan. In this case, using a CL could mean that you will be paying the loan from the CL and the interest at both lenders · Since you will be dealing with only one lender, if you get in any troubles, making a new arrangement could be more difficult · Since most of the CL are secured against your home or any of your proprieties, you could end up loosing those if you can’t keep up with the payments These being said, you now know whether to get a Consolidation Loan or not. If you decide to do so, keep in mind that you thought you could pay your current loans as well, and you couldn’t, so why will this be any different?

         
    Debt consolidation your first step to financial responsibility

     

    In today world, almost everyone owning at least one credit card and most of people owning more than one card. Credit card has enabled you to buy things with electronic money, what you need to do is just sign your signature on the credit card receipt. It has made your life so easy until you may not aware that you might over spending each month. If you not manage it probably, you may trap into credit card debt like most of Americans. According to statistics over 40% American families spend more money than they earn and the average American household has nearly $10,000 in credit card debt. The worst case option for unbearable credit card debt is by declaring bankruptcy. But if you start to serious look at your debt problem and handling it properly, you will have a better option to get rid of credit card debt without the need of bankruptcy. Don't choose this option unless you really need to do so, debt consolidation is always your better options. Debt consolidation is simply the process of combining all accumulated debt from all the various creditors into one smaller, more manageable payment. It could be in the form of another credit card or some sort of loan but the best solution really boils down to what works best for you and your current situation. Debt consolidation will enable you to organize your credit card debt, pay much less in interest and even drop a portion of your debt in some circumstances. Debt consolidation will combine all your debt in one manageable monthly payment with a single due date. With that, you only need to remember one payment due date, miss payment or late payment can be avoided. This will help you to rebuild your good credit records and eventually improve your credit ratings. If you have home equity, you are lucky because your actually can opt for a home equity loan and use it to pay off your credit card debt. Home equity loan has a much lower interest rate and it can be spread over more years and the interest is tax deductible. By consolidating your debt into one payment, your credit cards are now free and clear. At this time, your credit card will be back to maximum credit limit for you to use again. If you are not changing your spending behavior, you may trap into to another credit card debt. Hence, a good first step is to cancel most, if not all of your current credit cards. You may keep one for gas and groceries and another one for emergency backup purpose. Pay off your balance each month to develop a good credit rating. In conclusion, don't let your credit card debt goes into worse situation where bankruptcy is the only option. Start your first step to financial responsibility and look at your credit card debt seriously; consolidate them to one smaller and more manageable payment. Do a little research and find the best debt consolidation deal you can for your situation and then change your spending behavior so you can get rid of your credit card debt in a few years down the road.

         
    Debt consolidation can it really help those in debts

     

    Debt consolidation is the act and process of taking out one loan to pay off many other loans and bills like credit card bills or student loans. The main aim of debt consolidation is to basically reduce the total amount of loan repayment through interest rate reduction. Many debt consolidation companies, programs and services have argued the benefits and advantages of debt consolidation when one is in cycle of debts. But the question is: Is debt consolidation really useful in helping people get out of their debt problems? While I agree that debt consolidation can help debtors solve their debt problems, many debtors really have much difficulty to get out of their debt problems even after they consolidate their debts. Why is that so?? Think about it - Most of these debt consolidators are in debt problems because they spend on credit and are used to spending more than they can afford to. As such, they eventually run into debts in the long run since they are always spending more than they earn every month. After debt consolidation – these debt consolidators will have their credit card balance clear and a single monthly loan payment (with extended repayment period). With a lighter loan repayment amount, most of these people will begin to relax and usually over spend on their monthly budget again in the near future. By doing so, they will eventually run into debts again. Thus, it is not surprising to see many people who have had consolidate their debts before to run into debt problems again. How does one get out of debts? Debt consolidation is a tool to help debtors get out of debt problems. Unfortunately, many have used it to increase their debt problems as mention above. The only surefire way to get out of debts is really to adjust your spending habit and commit to a discipline lifestyle. If you ask me, the get out of debt formula is really simple: It’s either to earn more money or spent less money.

         
     
         
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