Here's the latest news on debt management.

Here's a well-written report:

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.

Here's 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.

Asheesh Mani writes:

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.

Asheesh Mani writes:

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?

Steve Rhode writes:

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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