the latest news on debt management.
Here's a well-written
The plain cold hard truth here is that Debt Consolidation can be dangerous
because you treat only the symptom. If you have a raging balance of
payments problem that would shame a third world banana republic and
you havenít come to terms with this fact then Debt Consolidation is
only going to provide temporary relief. Without coming to terms with
the cause of how you got into the debt in the first place it is a bit
like trying to effect the repair of an amputated limb with only sticking
plaster and no anaesthetic - itís going to be extremely painful and
have no prospect of long term success.
Debt Consolidation and Credit Counseling can help you become debt free.
To do so however requires that you must understand some basic consumer
credit counseling and debt consolidation credit counseling. There is
also a price to pay for being able to achieve this. What is this price?
Well to be brutally blunt your credit record is going to tank big time
in the short term. Donít believe people when they promise otherwise.
It isnít going to happen. Now I know this is a bit like watching a sports
programme on TV when the Commentator has an outbreak of Commentators
curse and the unexpected happens. In this case this is where some old
and wizened debt ridden character emerges from round the corner to proudly
declare that their credit rating and record has never been better.
a report on debt management:
By merging all your debts into one, you can simplify the loan repayments.
People opt for consolidation of debts with different motives in mind.
Some people want more time to repay their debts while some do it for
saving money by getting rid of their high interest debts. Debt management
is an easy task. If you have taken loans from various lenders and you
are repaying several instalments every month, merging your debts may
be a beneficial proposition. Many benefits may follow by consolidating
debts. If you are able to get a debt consolidation loan at low rate,
the net result would be savings due to elimination of high interest
wielding debts. You can also take advice from financial experts before
consolidating your debts.
Credit card debt management means a process, where one takes the help
of a credit card debt consolidation services provider, to reorganize
the dues that one owes to the credit card companies. Consolidation of
card debt is a service provided by firms that specialize in this kind
of service. The service provider takes over the debt that the individual
owes to various credit card companies. It then, consolidates this debt,
and may even offer a loan to the debtor at attractive terms and conditions.
Again, it negotiates with the various credit card companies regarding
the interest rates they levy on the outstanding debt.
When looking for a debt consolidation loan, you should consider these
aspects and ask yourself alongside: 1. What is the magnitude of my debts?
Are they large and unmanageable enough to warrant taking another loan,
or can I pay them off myself with a little self control and better money
management? 2. What are the assets or property I have such as car, house
that can be used as collateral? Keep in mind that you can get a loan
at lower interest rates much more easily if you can secure it against
some asset. 3. How much can I set aside each month to clear off my debts?
The other day a letter from Capital One was handed to me and the story
told about the background of the letter. It took a moment for it to
sink in but once it did all I could do was laugh and bring it to your
attention as a perfect reason why debt management companies charge fees.
So here is the background. Apparently this consumer was having money
troubles and sought help. The debt management company, not Myvesta in
this case, contacted Capital One and their other creditors to put together
a fair and reasonable repayment plan. All of that sounds simply enough.
A written repayment proposal was sent to Capital One as always but in
this case the kind folks at Capital One sent a letter back that contained
some incorrect information. The debt management company (DMC) staff
member called Capital One to correct the incorrect information and was
greeted with a very terse lady on the other end of the phone. The unhappy
sounding Capital One employee stated that effective immediately Capital
One would no longer speak to any debt management company by telephone
and all communications now had to be sent in writing.
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