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Debt negotiation services - Are they a good option for the debtors?

Wednesday, March 9th, 2011 at 4:05 pm
Comments (54)

Guest Post by Rosamin Franklin

Are you drowning in an ocean of debt? Are your debt accounts being
turned down to collection agencies? If answered yes, it's high time
that you look for getting your debts settled through debt negotiation
services. If you are not much aware of the new rules governing the debt
negotiation companies, you must have harbored a bleak picture of such
companies. There are hundreds of complaints against the debt settlement
companies that are registered with the BBB and therefore, most people
are of the opinion that the debt settlement companies are not the right
choice for most debtors. However, after the FTC has passed a new set of
rules, that sets some control on the debt negotiation companies.

How the FTC protects the customers from the debt settlement companies

The Federal Trade Commission has passed a new set of rules in order to
protect the debt settlement companies from duping the creditors and
taking undue advantage of them. Here are some of the clauses of the new
rules of the FTC.

No upfront fees: As per the new FTC rules, no for profit debt
settlement company can charge upfront fees for settling their debts.
There have been a number of complaints with the BBB regarding the
number of dropouts from the debt settlement plan per month. This has
been abolished by the FTC as they have forbidden all such companies
from charging advance fees before settling a portion of their debts.

No misrepresentation of services: As the debt settlement
representatives used to misrepresent their services in order to lure
the customers, there were many debtors who never got desirable results
after enrolling themselves. This has also been banned by the FTC as no
one can ever misrepresent their services in order to attract customers.
They even have to mention that debt settlement may have a negative
impact on your credits core.

A trusted account: A trusted account has to be created for every
debtor, where the money that they pay as the monthly obligation will be
accumulated. This trusted account will be created with a reputable bank
so that the debtor and the debt representative can have access to the
money. The debtor is even allowed to withdraw money whenever needed.

Thus, if you're still wondering about the authenticity of the debt
negotiation services, just stay updated about the new FTC rules. Shop
around before settling your debts with a particular company as a wrong
decision can get you into financial trouble. Check whether or not the
company is registered with the BBB so that you know the credibility of
their services.

Don't Cut Up Your Credit Cards

Wednesday, February 23rd, 2011 at 5:49 pm
Leave your comment

by Alan Pavan

You heard me right... Don't cut up that credit card if you want to get
out of debt. I know that a lot of experts suggest that you cut up and
throw away your credit cards as a deterrent to using them and as a
manifestation of your desire to get out of debt, but don't you do it.
There is nothing that the credit card companies would like more than
for you to cut up your credit cards before you pay them off.

The problem is that most people wait until they have maxed out their
cards before they decide they need to get out of debt. Then they cut up
their cards and say they will never use than again. Well the fact is
that the cards are maxed out and they really can't use them unless they
up their maximum or pay down the card. Banks absolutely love people who
have maxed out their cards and pay the minimum payment for the life of
the card. This maximizes the return on the banks investment.

Your Debt Doesn't Disappear With The Card
The fact is, cutting up your card doesn't mean the debt goes away. A
few years ago I remember looking at a bill from a major department
store that I hadn't shopped at for more than a decade and I remember
destroying my card right after using it, thinking what a mistake that
was.

Looking at the bill, I was surprised when I saw that the balance was
still in the hundreds of dollars. Whats worse is I am absolutely sure
that I had never put more than a couple of hundred dollars on the card
in the first place. I had been paying the minimum payment for more than
10 years and literally had paid nothing toward my debt. I had simply
made an automatic payment for the minimum and forgot about it.

Is Auto Pay Such A Good Idea
Ok, so now I am taking on another sacred cow, Auto payment. For your
convenience, most banks now provide you the ability to set and forget
payments to your creditors. This is a great idea... right? Well, that
depends. Set and forget is great when you leverage it to get out of
debt, but if you pay just the minimum it is keeping you in debt and the
only benefit is to avoid late fees and make sure the banks get their
money on time. Remember, forgetting about your debts works only in the
bank's favor.

Don't Forget
The only way to get out of debt is to be mindful of it. If you ignore
it you will, at best, find it hasn't changed much after decades of
paying on it. At worst, you will find your debt has increased beyond
anything you could have imagined.

Keep the Card
Don't play into the bank's hands by cutting up your cards. Instead, try
punching a hole in it and nailing it to your wall in a prominent place
where you can see it every day. This way it can remind you that you are
still in debt. The idea is to use it to motivate yourself to pay it off
and get out of debt. When you have paid off the card, then you can
celebrate and destroy it as a gift to yourself.

Debt Elimination One Step At A Time

Monday, February 21st, 2011 at 3:51 pm
Comments (1)

by Alan Pavan

Financial mismanagement and overwhelming debt can cause personal grief
and strain family relationships. Here's how to tackle the problem one
step at a time.

Stop Creating More Debt

Whether you make a thousand dollars a day or a thousand dollars a
month, problems occur when you spend more money than you earn. Cut up
your credit cards. Start paying for everything in cash. Avoid expensive
purchases. Do what you have to do, just stop spending money. Watch out
for the little things; a cup of coffee here, a donut there... those
items can add up quickly. Work at changing your spending habits, and
you'll achieve debt freedom that much faster.

Free Up Some Of Your Earnings

Once you've stop taking on more debt, it's time to look at freeing up
some cash to pay down the existing debt. Most people have trouble with
this because they have little cash to spare and don't know where to
start. Every situation is different and everyone has their own
personality. Here are some suggestions to open up your mind to other
possibilities.

First you could be even more aggressive with your budget so that you in
fact spend less than you earn. You might want to eat in more often, and
look at buying no-name brands. Look through your garage and find all
those items that have been gathering dust for the past couple of years.
Take them out and have a garage sale. Consider looking for a part-time
temporary job. Working a few extra hours on the side can bring in some
needed extra cash. On the bright side, if you're busy working you won't
be busy spending. Just remember that it's only temporary.

Pay Down Debt With The Highest Interest

The interest that most people pay on their credit cards is absolutely
incredible. Make sure you're meeting the monthly minimum payments on
all your debt. Then take the extra cash and apply it to the debt with
the highest interest. Continue to focus each month on paying down only
that one debt until it is completely eliminated. When that debt is
finally eliminated, make sure you don't start using that credit again!
Remember, you've got other debts to pay down.

Continue Paying Down Debt With Your Excess Cash

Once you've paid down and completely eliminated one debt. Congratulate
yourself. You've got extra money, but don't spend it. Use it instead to
pay down your next debt with the high interest rate. Keep this process
going until eventually all your debts are paid down.

Is Debt Elimination Really Possible?

Yes it is. Most likely you didn't get into debt overnight. It will
probably take some time to eliminate all your debt, but it can be done.
Remember if you need help planning your debt elimination plan, you can
find everything you need at Spenders vs Savers. Keep your eye on the
end goal. You can do this!

If I Am So Smart, Why Am I In Debt?

Wednesday, February 9th, 2011 at 10:12 pm
Comments (4)

by Alan Pavan

I am making more money than I ever thought possible. As a kid I used to
look at people making the amount I do and dream of the day I would be
living in the lap of luxury like that. Now I am there and it looks
nothing like my dreams. Look, I am not dumb... I am a college graduate.
I understand the effect of inflation on the cost of living. It just
never occurred to me that I would need to make double the salary of my
father to keep the same standard of living.

So I need to make double the salary of my father, or do I?

You see, It never was really my intention to have the exact same
standard of living as my father. He never had more than one T.V., and
as for computers... Well he got his first and only one when I was
already an adult. Me? I have three and I am thinking of replacing at
least one of them this year. That doesn't take into consideration the
four gaming console systems I have purchased including a second XBOX
360(Thank you red ring of death).

I figured all this was necessary for a basic standard of living for my
family. I required all of the gaming systems, computers, IPhones,
gadetry, etc... I mean isn't that what we all need? Of course I
couldn't afford to buy them with cash, so I mortgaged future earnings
to the credit card gods for the basic necessities of today.

Like I said, I am not dumb. Or am I?

I think the first indication of my ignorance was the expectation that
my standard of living when I started out would be the same as my
father's at the time. Looking back on it, that's sorta stupid. I should
have expected to live like he lived when he started out. He didn't even
have a T.V., but boy I had to have one. The same with a computer, and a
cell phone. They were absolutely essential.

When my job barely paid for rent and food, how did I get these other
essential items? Just put them on the credit card. That way I could
live the lifestyle of my father without having to wait until I could
pay for it.

As the years went by my standard of living naturally increased with my
income. But I had already spent that increased income. Do you see the
problem I had? The problem we have? The problem this country has?

To support an increased standard of living that you cannot afford you
end up floating checks between pay periods, getting pay day loans,
maxing out credit cards, and pulling equity out of your home. All of
these things to maintain an unsustainable lifestyle. What's worse is
this debt culture is being passed on to the next generation.

No... I don't think I am dumb, just ignorant.
* Ignorant because I wasn't willing to wait to live a lifestyle I
could pay for.
* Ignorant because I continued to increase my standard of living on
the back of credit
* Ignorant because at any point I could have stopped the spending
cycle.

The good news is that the debt culture can be overcome, but to do it we
need to use our smarts and overcome our ignorance.

Click Here for Help Getting Out Of Debt

Debt Elimination Tips To Get Out Of Debt

Tuesday, February 8th, 2011 at 4:27 pm
Leave your comment

The best debt elimination advice a person can get is to avoid debt in
the first place. Therefore a person who is trying to get out of debt
should always try to avoid increasing their debt.

Maintain a Cash Reserve and Savings

A good way to do this is to always keep a few hundred dollars you can
use in an emergency situation available in a savings or checking
account. This can keep you from increasing your debt load by having an
alternative to credit cards available. Another good tip is to try and
carry some extra cash with you and to keep extra cash you can use in
your home.

Maintaining a cash reserve is critical to get out of debt. Something to
avoid is using all of your funds in paying off your debt. Always try
and keep at least 10% of your money available where you can access it
quickly.

Another good tip is to keep saving even when you're eliminating debt.
Don't pay your debts until you've put money into your savings account.
This way you'll build up additional funds while paying debts. Always
put at least 10% of your income into your savings every month.

Pay Off Higher Interest Debts First

Go through your debts and identify the ones that cost you the most to
pay and try to eliminate them first. Try and pay off the highest
interest debts such as credit cards before debts like mortgages.

Transfer Debts

Another good suggestion is to see if you can transfer higher interest
debts to lower interest debts. It is possible to transfer credit card
balances to cards with lower interest. It might also be a good idea to
use a mortgage loan or home line of credit to pay off credit card and
high interest debts. Mortgage interest is lower and usually comes with
better payment terms.

Avoid Additional Debt

The best debt elimination method is not to get in the first place. This
means you should teach yourself not to get in debt.

Start by examining your spending habits and day to day to routine and
identifying ways you use debt. Then try to eliminate debt from your day
to day routine. A good way to do this would be to stop carrying credit
cards and use cash or a debit card instead.

Another would be to try and make purchases with cash or debit cards
instead of credit. This can eliminate impulse buying and future debt
loads. Teach yourself to save up for items you really want. One piece
of advice: avoid store layaway deals put your money in the bank
instead.

It is possible to get out of debt and fairly easy as long as you
exercise discipline and common sense.

Click Here for Your Solution To Get Out Of Debt

Should I Payoff My Mortgage To Get Out Of Debt?

Monday, February 7th, 2011 at 4:50 pm
Comments (1)

There are two sides to every argument, and the question of whether or
not you should pay off your mortgage is not cut and dried. Certainly
each individual's situation is unique, and it's important to discuss
the idea with a professional who is aware of your personal financial
situation. It's important to have a basic understanding of the issues
involved before meeting with your financial adviser. Therefore this
article will focus on outlining both the advantages and disadvantages
of paying off your mortgage to help you get out of debt.

Advantages of Paying Off Your Mortgage

1. It's mentally reassuring to pay down your debt. Debt generally
makes people feel uneasy. Paying it off makes them feel better. It's
not a financial reason but a mental one. We like to do what makes us
feel good.

2. A mortgage is an obligation. You are required to meet that
obligation no matter what may happen in your life. Loss of job, spouse,
or death; it doesn't matter. So in that sense, technically there is a
risk. Eliminate the obligation and you've eliminated the risk. There
are other means of reducing the risk (such as life insurance) but that
is beyond the scope of this article.

Disadvantages of Paying Off Your Mortgage
1. In many cases the interest charged on the mortgage is tax
deductible. You'll lose this deduction if the mortgage is paid off.
2. By pouring all of your money into your mortgage, your house becomes
your primary (if not sole) investment. Lately housing has NOT been
a good investment.
3. You may miss out on other investment opportunities and the chance
to diversify your investment portfolio.
4. If your mortgage repayments take up all your cash, you may not have
enough liquid assets (like cash) in case of emergency. That
actually increases your risk.
5. Despite decades of low inflation, it's likely that high inflation
could come back with a vengeance at any time. Should this occur,
your hypothetical $1000 a month payments may only be worth $700
when adjusted for inflation. High inflation rates may well favor
those with fixed mortgages.

There is no doubt that paying down a mortgage makes people feel good
and it could be the last step in your goal to get out of debt. But what
feels good isn't always the best thing to do. Granted we don't know
what the future holds but we can learn from the past. In general terms
a diversified investment portfolio can provide a better return with
less risk than one that is concentrated in one area (such as real
estate).

And it's not an unreasonable stretch of the imagination to think that
we may be in for a period of higher inflation. Periods of high
inflation typically benefit the borrower and not the lender. That's
something we found out in the Savings and Loan Crisis back in the
1980's.

Again, before making any commitments, talk it over with a financial
adviser who is aware of your unique situation.

Click Here for Help Getting Out Of Debt

Top 10 Reasons People Fail to Get Out of Debt.

Friday, February 4th, 2011 at 12:16 am
Comments (1)

Sadly, many people fail to get out of debt once they find themselves in
it. It's like a downward spiral that for some, ends up in bankruptcy.
Why is it that once they're in debt, they can't get out? Here's ten
reasons for you to think about.
1. Not Aware of the Problem. It's true. You see in school we learn
reading, writing and arithmetic. But we don't learn the basic of
personal finance. Which is why it's not uncommon for people to not
even realize they have debt issues.
2. Choose to Disregard the Problem. Some people may be aware of the
problem, but ignore it. There are too many pressing things
occurring in their lives. They focus on the urgent and ignore the
important.
3. Continuing to Live in the Same Manner as Before. Usually, people
get in debt through a series of bad choices. By continuing to make
the same choices, they virtually ensure they will continue to be in
debt.
4. Don't Appreciate the Advantages of Being Debt Free. Being in debt
for an extended period of time can blind you to the advantages of a
debt free existence. The money that's not being spent on outrageous
interest payments can be used for something else. Like, how about
setting aside some money for retirement?
5. Have Unrealistic Expectations. Generally, people don't go into debt
overnight. It takes some time to accumulate so much debt that it
becomes a problem. And realistically speaking, it's not going to go
away overnight either. It's important to realize that you can get
out of debt, but it will take some time.
6. Not Understanding How They Got Into Debt in the First Place. If you
don't understand how you go there in the first place, it's hard to
get out. You can't change something that you don't even know about.
7. Too Overwhelmed. Let's face it, being in debt can be very
stressful. It can get to the point that some people can't even act,
even if it is in there own best interest.
8. Belief That Being Debt-Free is Impossible. The anxiety and
overwhelming sense of despair can often lead to the mistaken belief
that debt-freedom is simply a pipe-dream. This is simply not true.
Anyone can become debt free with a plan and proper guidance.
9. No Plan. If you don't know where you're going, you won't know how
to get there. Getting out of debt requires a sound financial plan.
Realistically, the person that has got themselves into debt is not
the person that should come up with the plan to get themselves out.
10. No Help. Unfortunately in our society, having debt issues is like
having mental health issues. The problem is exists, but no one
wants to talk about it. And most don't know where to turn to.

Debt can be beaten. The truth is there are organizations with the
experience and the ability to help anyone get out of debt. But the
first move is up to you.

Click Here for Help Getting Out Of Debt

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Recent Posts

* Debt negotiation services - Are they a good option for the debtors?
* Don't Cut Up Your Credit Cards
* Debt Elimination One Step At A Time
* If I Am So Smart, Why Am I In Debt?
* Debt Elimination Tips To Get Out Of Debt

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