Debt Consolidation Primer - Four Things You Can Do to Get Out of Debt


Problem debt is rampant throughout America. In addition to mortgages and auto loans, the average household in the U.S. has nearly $10,000 in credit card debt. As the major credit card companies have recently doubled their minimum payment requirements, now is a good time to outline the various options available to most consumers who have more debt than they can handle.

  • Stop spending money on nonessential items. "Nonessential" is difficult to define, but it more or less means anything that isn't absolutely necessary to live. Phone bills, mortgages, and groceries are essential. Lattes at Starbucks, satellite television, and meals from fast food restaurants are not. By cutting out all extra spending, you can probably save several hundred dollars per month. That money can be used to reduce debt.
  • Consolidate your debt. If you have more than one credit card and your accounts aren't all at their limit, you can transfer balances from higher-interest accounts to those with lower interest accounts. Alternatively, if you own a home, you probably have accumulated some equity. You can obtain a home equity loan or line of credit and transfer some of your debt to that loan. As a bonus, the interest on home equity loans is tax deductible. Be careful, though. If you transfer your debt to a home equity loan, you can lose your home if you do not repay it.
  • Find a reputable credit counselor. This will soon be a prerequisite to filing for bankruptcy, thanks to a recently passed Federal law. Counseling agencies can negotiate with your creditors to help you establish a repayment plan that you can afford. They may be able to have interest rates reduced or have late fees waived. Most agencies charge for their services, but the reputable ones limite their fees to what you can afford to pay.
  • File for bankruptcy. This is not a decision to be taken lightly, as a bankruptcy filing will remain on your credit record for ten years. By filing for bankruptcy, you declare to the courts that you cannot repay your debts. Most consumers are currently allowed to file under Chapter 7 of the Federal code, which allows the courts to wipe out most debts. This will change this fall, as recently passed Federal legislation takes place. The new regulations will likely require a repayment schedule, and attorney, and higher filing fees. Bankruptcy can help you get a fresh start, but it's not a magic solution. It will be quite difficult to reestablish credit after a bankruptcy filing
  • Having more debt than you can handle is a serious problem, but like most problems, it is one that has available solutions. The first step is to act promptly, as unattended debts only grow larger. With time, patience and diligence, most consumers can overcome the burden of excessive debt.

    ©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to establishing credit, debt consolidation and credit counseling.



    RELATED LINKS

    Accept Credit Card Payment Online

    Accept credit card payment online and increase sales by 400% or more.... Find out how ...

     

    Advanta Credit Cards

    Apply for an Advanta credit card with 0% APR, rewards and cash back.

     

    American Express Credit Card Application

    Apply online for a new AMEX rewards credit card. See special offers.

     

    Best Airline Miles Credit Card

    Earn Frequent Airline Miles for Every Dollar Spent with No Annual Fee.

     

    Best Cash Back Credit Card

    Earn Up to 5% Cash Back on Every Day Purchases. Apply for Yours Today.

     

    Best Reward Credit Card

    Compare & Apply for the Best Reward Credit Cards with Up to 5% Cash Back Rewards and more.

     

    Business Credit Card Online Application

    Compare Business Credit Cards from All Major Banks. Apply Online Now

     

    Chase Credit Card Application

    Find Credit Card Applications from Chase & Apply Online in Seconds.

     

    Citi Credit Card Application

    Citibank offers credit cards that have 0% APR balance transfer options, Rewards, Cash Back, and much more

     

    Credit Card Application For Bad Credit

    Great card for bad credit just got better. 8.9% APR, instant decision.

     

    Credit Card Balance Transfer Deal

    Great Rates: Balance Transfers and Purchases. Capital One Credit Card

     

    Debit Cards

    Control Your Spending with a debit card. Guaranteed Approval.

     

    Discover Credit Card Offer

    Discover Credit Card Offers with 0% for 12 months, no fees & cash back.

     

    Gas Credit Card Application

    Save money at the gas pump with a new gas credit card. Apply now.

    Fast Easy Payday Loan

    Get the fast cash you need with an easy payday loan. Compare and apply

     

    Hotel Rewards Credit Card

    Earn Free Stays with a Hotel Rewards Credit Card. Apply Online Now.

     

    HSBC Credit Card Application

    Get 0% Intro APR, No Annual Fee, Great Service, Benefits. Apply Now.

     

    Low Interest Credit Card List

    Compare & Apply for Credit Cards w/ 0% Intro APR for Up to 15 Months

     

    Master Card Application

    Apply for MasterCard Credit Cards with 0% APR, Cash Back & No Fees.

     

    No Annual Fee Credit Card

    0% APR with No Annual Fee. Compare No Fee Credit Cards & Apply Online.

     

    Online Car Loan Application

    Loans and Refinancing for New and Used Cars. Online Approval.

     

    Online Debt Consolidation Services

    Consolidate your debts today - ease the strain of monthly bills.

     

    Online Foreign Currency Trading

    FOREX is a serious game. Play it with the pros. Start with just $50. The best trading platform available today. Start Trading and see why.

     

    Online Mortgage Application

    Apply online for a mortgage for your home. It's fast and easy. Great Rates!

     

    Online Visa Credit Card Application

    Compare & Apply for Visa Credit Cards with 0% APR and No Annual Fee.

     

    Prepaid Credit Card

    Get a Prepaid Credit Card with Free Direct Deposit. No Credit Check.

     

    Shopping Reward Credit Card

    Shopping Reward Credit Card. Fast Online Credit Card Application ... You have found the best shopping reward credit card site on the Internet!

     

    Student Credit Card Application

    Pay 0 Interest for 6 Months & Earn Rewards with a Student Credit Card.

     

    Travel Rewards Credit Card

    Compare Frequent Flyer Credit Cards Apply Now and Start Earning Miles.


    MORE RESOURCES:

    Debt Consolidation Expert Comments on Financial Survey
    PR-CANADA.net (press release), Montenegro - Jul 5, 2008
    Responding to new research from GE Money, debt consolidation experts debtadvisersdirect.co.uk stressed the importance of financial awareness, ...


    Best Syndication

    Personal Loans: Your Best Companion Any Time
    Best Syndication, CA - Jul 3, 2008
    ... called an expert in financial matters. To find personal loans, secured loans, debt consolidation loans, unsecured loans visit http://www.loans-4-uk.co.uk/


    Best Syndication

    Loans For People With Bad Credit: Improves The Credibility
    Best Syndication, CA - Jul 3, 2008
    Therefore, with the help of the bad credit debt consolidation, one can pay all his existing debts by a single desired loan amount at comparatively lower ...


    Best Syndication

    Low Cost Secured Loans: Hassle free Low Rate Finance Guaranteed
    Best Syndication, CA - Jul 3, 2008
    You are free to utilize the amount on meeting various needs like home renovation, debt consolidation, purchasing a car, paying college education fees, ...


    Best Syndication

    Debt Consolidation Loans: Manage your Multiple Debts
    Best Syndication, CA - Jul 4, 2008
    Like this, if you have come up with a wide chain of multiple unpaid debts then debt consolidation loans are considered as the best option for you to get rid ...


    Best Syndication

    Smart and Instant Money for all your Needs
    Best Syndication, CA - Jul 4, 2008
    The requirement can be anything from home improvement to debt consolidation and educational purpose to wedding purpose. You can the desired cash for all ...


    Best Syndication

    Bad Debt Consolidation: Improve Your Record And Pay Debts Off
    Best Syndication, CA - Jun 27, 2008
    For easy repayment of debts and improving your credit status, opt for bad debt consolidation. You can pay off all your previous debts with the Bad Debt ...


    Best Syndication

    Fast Debt Consolidation UK: Finish Off Debts With Ease
    Best Syndication, CA - Jun 23, 2008
    In UK fast debt consolidation is considered to be a smart move, which basically assists the debtors to get rid of multiple debts. ...
    Restore you Mental peace with Debt Consolidation Loans Best Syndication
    Consolidate Your Credit Card Debt With Or Without A Loan Best Syndication
    all 3 news articles


    Debt Consolidation Care introduces its question of the week section
    PR-Inside.com (Pressemitteilung), Austria - Jun 23, 2008
    2008-06-23 10:07:43 - The Debt Consolidation Care community adds another feather in its cap with the "Question of the week" section. ...


    Debt consolidation and declining consumer confidence
    SourceWire (press release), UK - Jun 16, 2008
    Following the recent British Retail Consortium (BRC) survey on consumer confidence, debt consolidation experts debtadvisersdirect.co.uk remind people in ...

    Debt-Consolidation - Google News

    home page | article index | site map
    Credit  |  Currency Trading  |  Debt Consolidation  |  Debt Relief  |  Insurance  |  Investment  |  Leasing  |  Loans  |  Mortgage and Refinance  |  Personal Finance  |  Real Estate  |  Stocks and Mutual Funds  |  Taxes

     

    © Copyright 2006 - SmarteCredit.Com. All rights reserved