Debt Guide

Debt Proof Living Section


   


Social bookmarking
You like it? Share it!
socialize it

Newsletter

Subscribe to our newsletter AND receive our exclusive Special Report on Debt
Email:
First Name:


Main Debt Proof Living sponsors


  

Welcome to Debt Guide

   

Debt Proof Living Article

Thumbnail example. For a permanent link to this article, or to bookmark it for further reading, click here.

Fixing Bad Finance credit debt

from:

Sometimes, people crave instant gratification. We want to buy things we know we can’t afford. We want to eat at fancy restaurants. We want to go to exotic vacation spots. In order to satisfy our compulsions, we take out loans and other forms of financing in order to finance our purchases. This is how finance credit debt happens. We borrow money in order to afford certain things and as a result, we are left with a file of debt. However, the worst is when we take out loans in order to pay off other loans. We pay debts with other debt. It’s a quick fix but it can lead to a lot more trouble.

Finance credit debt is not at all ideal because you’re simply accumulating debt even though you intend to eliminate them. If we are able to make payments on time, then there’s no problem. The problem arises when we can no longer afford payments to our debts.

Finance credit debt is very avoidable. However, the first step is to analyze your financial situation. Get all your bills, credit reports, bank statements and other such documents. Sit in front of your computer and create spreadsheets. Use the spreadsheets to evaluate your situation. Organize the bills. List your debts along with their respective interest rates. Make sure that you indicate each and every loan you have taken out. If you have to pay late fees and other charges, put them in the spreadsheets. Include payments you make for your mortgage and other utilities. Once you’ve organized everything, see how much debt you owe. Also, figure out the total amount that you need in order to make the monthly payments for each loan.

The next step in fixing your finance credit debt is to stop taking out loans from companies or from your family and friends. If you know you can’t make the next payment, don’t resort to borrowing from people. If you do that, you’re just digging your way into more debt. What you can do is to call your creditor and inform them that you may be paying late this month. Give them a brief explanation of your situation and promise to pay the amount by a certain date. The bank may be able to waive the penalty for late fees.

A good step would also be to consult a financial counselor. You may also try joining a group for credit counseling and guidance. These experts and professionals can help you deal with bad finance credit debt. They can explain the various ways you can go about settling your debts. They can help you understand the process involved in matters like debt settlement or debt consolidation. They can also help you understand how your debts damage your credit report. At the same time, they will be able to give you advice in which you can improve your credit rating. The professionals can help keep you on track.




Other Debt Proof Living related Articles

Reduce Debt
Credit Card Debt Management
Debt Management
Debt Solution
Debt Consolidation Lo

Do you want to contribute to our site : submit your articles HERE


 

Debt Proof Living News

In re Elliott - The Recorder


In re Elliott
The Recorder
Although she admitted not living there on the petition date, Jehdian claimed that she had frequently visited the Buckingham Property during the month of December 2011, and in doing so, knew that Elliott had "resided at the [Buckingham Property] in ...

Read more...


The Risky Allure of 'Go-Anywhere' Bond Funds - TIME


The Risky Allure of 'Go-Anywhere' Bond Funds
TIME
Instead, they buy anything—foreign debt, asset-backed securities, stocks, preferreds, and even derivatives—to boost yields and hedge against price drops if interest rates rise. Sounds good in theory. Alas, there's no proof that derivatives and other ...

Read more...


Column: Thoughts on the State of the Union - Northwest Georgia News


Northwest Georgia News

Column: Thoughts on the State of the Union
Northwest Georgia News
Congress needs to finally balance the budget and pay down the debt. We need to go through and continue to cut waste ... We also need to protect those whistleblowers who come forward with proof of wrongdoings. Most of all, Americans need to start ...

and more »

Read more...


The Growing Danger to Elderly Americans - Credit.com News (blog)


Credit.com News (blog)

The Growing Danger to Elderly Americans
Credit.com News (blog)
Americans are living longer, and with the shift from pensions and toward retirement savings, they face a dizzying array of complex choices about what to do with their money. Making matters worse, as each year passes, ... they could only return $35,765 ...

and more »

Read more...


Greek Election: Syriza Forges Coalition With Right-Wing Party - Wall Street Journal


Wall Street Journal

Greek Election: Syriza Forges Coalition With Right-Wing Party
Wall Street Journal
It has promised, first, to deliver a spending package aimed at Greece's struggling poor, and then to use money now earmarked for debt payments on social programs in Greece. But the new government faces a race against the clock: In July and August ...

Read more...