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Archive for January, 2007

What kind of credit do I need to consolidate med and cc debt?

QUESTION- My credit is horrible. I have a

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How Long Does a Debt Reduction Negotiation Process Take to Be Debt Free?

That depends…Your options for debt reduction varies depending on your situation. If you have significant equity in your home, you may be able to refinance and pay off your credit card debts avoiding the debt reduction negotiation process altogether. However, that is not really true debt reduction since you are just transfering the debt balance more »

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Should I Consolidate Credit Card Debt Using A Home Equity Loan?

Every situation is different but using equity that you’ve accumulated in your home as it has appreciated in value over your mortgage balance is probably the simplest and most attractive way to consolidate credit card debt. You may refinance your home loan to consolidate credit card debt which will cause your mortage balance to go more »

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What Are the Benefits of Debt Settlement vs. Bankruptcy?

When weighing the choice of debt settlement vs. bankrutcy, you need to consider the law. Debt settlement has become even more attractive as an alternative to bankruptcy due to the new bankruptcy laws which make it much harder to file and wipe out your debts. The process used to be much quicker and simpler leading more »

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If I Use a Debt Settlement Company to Settle Debt, When Will I Be Debt Free?

So lets say you’ve made the decision to settle your debt in order to get out of debt as quickly as possible without filing for bankruptcy. How long will it take to be debt free? Of course the timeline for a debt settlement plan depends on several factors regarding your personal situation: – How much more »

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What Is the Difference Between Credit Counseling & Debt Management Services?

Debt management services and credit counseling are basically two terms to describe the same service and that service is helping a consumer consolidate their unsecured (mostly credit card) debt into one payment typically with reduced interest rates and fees. Technically, an industry insider will say that credit counseling companies provide a broader range of services more »

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Non Profit Credit Counseling – Is It Free?

The answer depends on what services they provide you with. Non profit credit counseling companies do offer free debt advice but they get paid when they enroll you into a debt management plan. So essentially, one of the services that non profit credit counseling companies provide is debt management plans for consumers with mounting debt more »

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Credit Negotiation- Why Will Credit Card Companies Reduce My Debt?

Credit card companies are in the business of loaning money that they need paid back. They allow you to get something now and pay for it later, esentially it is a short term (usually=) loan so why would they enter into a credit negotiation to reduce the debt? As with any loan sometimes the borrower more »

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How Much Does Debt Settlement Help Cost?

Great question! After all, if you are in debt, you do not have a lot to spend, right? Debt settlement help costs vary by company but in general, they take a percentage based on the amount of debt you have entered into their program. The average settlement fee is typically 15% of your debt amount. more »

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How Do I Avoid Filing Bankruptcy?

Bankruptcy is really a last resort. You want to avoid filing bankruptcy as much as possible especially now that the new bankruptcy laws have made it so much harder to file and wipe your debt slate clean quickly. The debt settlement option as discussed here is the bankruptcy alternative that most people with lots of more »

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What Types of Help Do Non-Profit Consumer Debt Services Provide?

This is a common question and the words “non profit” cause a lot of confusion. Good non profit consumer debt services will be able to help you consolidate your debts into 1 monthly payment with lower fees and interest rates through their debt management plans. In addition, they should also provide you with family budgeting advice more »

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What Are Non Profit Debt Services?

You see the TV ads and listen to the spots on the radio all talking about non profit debt services? Sounds great but what are they? Often they are more commonly refered to as credit counseling companies which means they provide a variety of debt solutions based on your situation and needs – debt management more »

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What Consumer Debt Relief Solutions Are Available?

There are several debt help relief solutions available to consumers. What’s best for you depends on your own financial situation. Do you have a home that’s worth more than you owe? How much unsecured debt (most common type is credit card debt) do you have? How much income do you have? How important is your more »

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How to Settle Debt Using a Professional Debt Settlement Company?

If you are deep in debt and need an alternative to bankruptcy, you may decide to settle your debt to benefit from the lower payments and the debt reduction process the service provides. What steps are involved? Learn everything you can about debt settlement Find professional debt settlement companies and research them. Get free consultations. They more »

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What is Settlement of Debt and How Does It Work?

What is debt settlement (also often called debt negotiation and debt reduction)? It is the legal process of getting your creditors to accept less money than you owe them for your unsecured debts most commonly credit cards, medical bills, large utility bills, and unsecured personal loans. Settlement of debt is very common and has become more »

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How Can I Achieve a Reduction of Debt I Owe?

The best way to reduce debts like credit cards if you cannot find a way to pay it off by effective budgeting and sound financial discipline is to use a debt settlement company who has established relationships with all the major creditors (credit card companies, department store charge card companies, etc). They work with people more »

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How Debt Settlement Reduces Unsecured Credit Card Debt

If you read this article about unsecured debt you will understand that credit cards are promises to repay with nothing to back them up (like a physical asset or other collateral). Because of this, they can be negotiated (like any other promise or contract) should the borrower have trouble living up to thier obligations. A more »

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What is Credit Consolidation Counseling?

In general credit consolidation counseling companies provide consumers with family financial educational information and debt management services. For all intensive purposes as far as the solutions they can provide you, consider the terms credit counseling and debt management to mean same thing since the basic service you get is the same whether you work with more »

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Why Are Personal Credit Card Debt Rates and Fees So High?

Credit card companies charge you so much on personal credit card debt because it is unsecured as explained here. The fact that they only have your word and a “fine print” agreement that nobody reads that states you will pay back what you owe allows them to charge very high interest rates and often exorbitant fees. more »

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What Is Unsecured Credit Card Debt?

Credit card debt is unsecured debt because nothing you own is used as collateral against that debt. In other words, your creditors do not have the ability to take anything from you if you are unable to repay that debt. By contrast, if you take out a car loan from the bank, the bank will more »

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