September 2011

Debt Forgiveness

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Debt Forgiveness
When you’re knee deep in debt and starting to panic about how you will ever make all your repayments it is understandable that you might start dreaming of debt forgiveness – that maybe one day your lenders might just write to you and tell you not to worry about your debt after all, or that one day someone might just bail you out and give you the money you need to pay off the debts. But does such a thing exist?
The good news is that yes – debt forgiveness does exist, often under the guise of ‘debt forgiveness’. Debt relief refers to the complete or partial forgiveness of debt, or the slowing or cessation of debt interest by the organizations or individuals owed the debt. Primarily the term debt relief refers to third world countries, which is used by the lender countries in order to try and help developing countries to recover from debt. This is a controversial subject because it of course reduces a revenue stream for the countries that are owed the debt, but for many third world countries completely paying off debt is actually rather infeasible.
Personal debt forgiveness or debt relief meanwhile comes most commonly from …

August 2011

Why You Need to Get Out of Debt

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Why You Need To Get Out Of Debt
Some people mistakenly believe that debt is no cause for concern – they can pay it off conveniently every time their repayments are due, and otherwise just forget it exists. Something like a student loan for instance will be little more than a a monthly payment around the cost of a mobile contract or a TV package and as many of these are means tested you should always be able to afford the repayments as they come through.
So why worry about paying back your debt at all? What’s the big deal when it comes to being in debt? Here we will look at precisely why you don’t want to be in debt and why you should get out of the situation as quickly as possible.
 
It Costs a Lot: Being in debt costs a lot of money and the longer you take to pay your debt off the more you will pay in total as you accrue more and more interest. This then means that if you pay your debt off now, although it might sting in the short term, you will actually be saving yourself a lot of money for the long haul.
 
You …

August 2011

Organizing Repayments

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Organizing Repayments
When you take out a new loan it is highly important that you make sure you are going to be able to afford to pay it back. Failure to do so can cause you to have to take out more loans to help you make repayments, can cause you to have to pay late payment fees and general trigger a downward spiral that results in your getting further and further into debt.
There are many factors that will contribute to your ability to make your repayments and pay back your loan. One of these of course is avoiding taking out loans that are too large or where the APR is unreasonable. Another is of course money management and making sure you always have enough money in your account to make the payments.
One often over looked aspect of being able to manage your loans though is organizing repayments. Your ‘repayment scheme’ is the term often used to describe the pattern in which and duration over which you will pay back your loans. In other words it means deciding whether you are going to pay back lots of very small lumps, or just a few very large ones. Likewise it also means …

July 2011

Debt Free

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Debt Free
Being completely debt free means simply not having any debts to pay back, and technically this would mean being in a situation where you owed not a scent to anyone. However despite this, the majority of people would consider having only a small amount of debt as being debt free where it was expected. For instance someone who only owed money for their mortgage, or a student loan, might still class themselves as ‘debt free’ – as might someone who had purchased something on finance or who had just a little credit card debt left to pay. Under the very most rigid of definitions, very few people are ‘truly’ debt free. Nevertheless, those who are currently struggling with their debt would be happy with any measure of freedom from debt.
So what does it really mean to be completely debt free? The repercussions it has for the rest of your life are  greater than you imagine and it can feel truly like a burden has been lifted. Here are just a few things you will notice about being debt free:
 

Your money is your own – the amount of money you have in the bank is the amount of money you …

May 2011

Reducing Debt by Earning on the Side

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Reducing Debt
If you’re in debt then this will be because you didn’t have the money you needed to pay for something. Whether this is a car, a house or anything else at some point you will have found yourself with insufficient funds to make a purchase or pay some bills. Now if nothing has changed since then, that would suggest that you still don’t have the funds available to pay off your debt and thus you are paying it back very gradually while it gets bigger and more expensive. Meanwhile you might find you struggle with these repayments too and that over time this gets worse.
In other words if you don’t change the balance so that you earn more than you owe then you will never be successful reducing debt, or at least it won’t be an easy task. Thus you need in these scenarios to find a way to earn more money thereby leaving the left over income for reducing debt.
Of course earning more money and reducing debt isn’t as easy as that – and most people would love a promotion right now but aren’t able to get one. So what can you do?
 
One answer is to start …

March 2011

Best Debt Consolidation Companies 2011

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Best Debt Consolidation Companies 2011
Debt consolidation means essentially taking out a single loan in order to pay off a range of your other loans. This is incredibly useful for those with debt problems for many reasons. Firstly this means that you don’t have to keep track of a range of different debts – you owe one company money and that’s all. Once you’ve paid off that loan you’re then free and there’s only one day each month when money comes out of your accounts. At the same time though debt consolidation also means that you can choose a loan with good interest rates. This interest rate might be better than those for the loans that you currently owed and that then means that you will be able to pay back a smaller total amount that you had to before. Often the debt consolidation company will also be able to offer you a more flexible loan repayment schedule too and this will mean that you can pay back the loan as and when is convenient and in smaller lump sums allowing you to generally forget about it.
If you are looking for debt consolidation companies for 2011 then, this might be a …

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