There is a lot of preoccupation with the economy these days, but politicians rarely seem to agree on any strategies to help the nation's citizens. Like many people, you may be tired of all the bickering among Democrats and Republicans. You may simply want to find a way to pay your credit card debt and other bills, but regardless of whether the government puts any policies in place to stimulate the economy and lower unemployment, it's up to you to consider various debt solutions to improve your finances.
Your debt reduction strategy
If you're swimming in debt, it may be hard to believe that there are folks out there who don't have any credit card debt. But there are many Americans who don't use credit cards and are not paying off high-interest loans. You can become one of them by putting together a debt reduction strategy and sticking with it. Getting rid of credit card debt will require some belt-tightening and other sacrifices, but you can do it.
Debt counseling works
Don't be intimidated by your mountain of debt. But if you aren't sure where to start with setting up a plan to reduce it, get with a reputable debt counseling firm to set up a budget. Don't be ashamed of needing help with debt. Working with a debt counselor can help you avoid mistakes and stay on track with paying off your bills.
Consider debt settlement
Getting creditors to agree to a debt settlement plan could kick your debt reduction plan up a notch. There is no guarantee your creditors will agree to your proposal, but it certainly can't hurt to try to negotiate a better payment plan. Be aware, however, that debt settlement usually requires a lump sum of money to pay off a percentage of the credit card debt owed, and you may end up owing taxes on any forgiven debt.
DIY debt consolidation: 3 secrets for success
You're sinking fast in credit card debt, and there's not a life preserver in sight. Loans and balance transfer offers involve applying for more credit. Follow these tips for rescuing yourself from the dangers of excess debt.
Reducing debt or building savings?Even if you are following a debt reduction plan, it is important to try and build emergency savings.
When debt help is not enough: 3 reasons for filing bankruptcySituations can arise that make paying your bills impossible, or that render you ineligible for participating in debt relief efforts such as credit counseling. When you're enduring any of these circumstances, consulting a bankruptcy attorney can provide information about your rights and the consequences of filing bankruptcy.
Personal spending rises as income slipsPersonal income declined in August, but personal consumption expenditures rose, according to the Bureau of Economic Analysis.
3 reasons for consolidating credit card debtAre you paying more than one credit card bill each month? Have you overlooked a bill and incurred penalty interest rates or late charges? Consider credit card debt consolidation for simplifying debt management chores.
Guide to No Cosigner Student Loans
Are you a would-be student who would like to attend college, graduate school, or professional school, but are hesitant because you…
The advantages of using your local credit union to refinance your mortgageLocal credit unions increasingly are popular alternatives to traditional banks. While banks are privately owned,…
Debt Consolidation for Senior CitizensFew people have more financial choices, yet more opportunities to be overwhelmed by those choices, than senior citizens. Seniors…
What is the Best Loan and Debt Repayment Program?Incurring debt sometimes is necessary in order to meet one’s financial and personal goals, or to make payments for necessary…
Bad Credit Student Loans for High Risk StudentsCollege costs nowadays are through the roof and are only expected to rise in the future. Most students and/or their parents…