During the recent recession, more and more people all over the world are falling into debt, getting further behind with bills, and using credit cards to keep their utilities paid, while only burying themselves further with credit card debt. Even worse; the effect is that young people are learning the same habit from the adults, so serious debt among college students is not unheard of. However, finding effective help for your bad financial situation is not out of reach, and with a well-planned strategy, debt advice, as well as a responsible, disciplined attitude, can get you back on the path not only to debt consolidation, but to financial success!
For free debt help, read the tips below:
1. Your first step towards getting credit debt help should be to obtain a copy of your credit report from all of the major agencies, and review the information therein. Determine that all of the information is both current, and accurate. Call the institutions where your accounts are located, and report any inaccuracies, as well as the credit agencies, and be sure all inaccurate or non-current information is updated accordingly.
2. Next, consult with your mortgage lender, if you have one, and discuss any inaccurate information in your credit report, if there is any. Ask for the representative to point out any information or entries on your credit score, originating from their company, which you don't understand. Many credit card company representatives are usually eager to offer advice for credit card debt settlement.
3. Now, review your credit score information for past-due balances from accounts that have been closed. If you can pay any of these right away, do so. For the debts owed that cannot be paid immediately, call the companies, and try to negotiate a payment plan that works for your debt settlements. Believe it or not, most companies would rather work it out, than see you file bankruptcy.
4. By searching online, or inquiring at different government offices, you can also determine whether or not you may qualify for a debt consolidation loan, or even free grants that the government currently has available for families in debt crisis, and the grant funds are used to pay off any current bills. These grants can help eliminate credit card debt.
By following these four steps, and making efforts through researching, making inquiries by phone, and consulting with the institutions you owe money to, debt consolidation doesn't have to be such a nightmare. Try some bankruptcy credit counseling; although filing bankruptcy credit card debt doesn't have to be the only option. There are plenty of ways to consolidate your debt, and salvage your credit score without having to start all over again from scratch, including credit debt counseling.
Thursday, June 18, 2009
Loan Consolidation for Business Owners
If you own a business then you know how easy it is to get in debt. This is especially true if you're the owner of a small business and you have just opened it up recently. Loan consolidation for business owners leaves you with an option to help you manage your debt. This is especially helpful if you have credit cards on top of your loans. When getting a credit card for your business you should be careful as the interest rates can drown you in debt. If your business is struggling you may want to consider getting a consolidation loan to help consolidate your business's debts into one payment.
As a business owner you should already have your finances organized so that you can show them to a potential lender. However, if your finances are not in a neat and easy to read order then you should do this first. You will want to have a statement that shows the income of your business, a statement that shows the expenses of your business, and a statement of your debt which should include monthly payments and interest rates. By preparing these documents you'll be able to negotiate loan terms with the lender and it will show the lender that you are a good investment for them.
If you don't want to try a private lender you can go to your bank and see what they have to offer. Most banks offer business consolidation loans. You will want to have the same documents prepared when you visit the loan officer so that he is able to help you to the best of his ability. You should also ask the loan office about the qualifications and what the payment terms usually are. Most of the time the payment terms will vary depending on what type of loan you're getting and how much the loan is for. However the loan office should be able to give you a general idea of what you're looking at. You'll most likely have to fill out an application on the spot to get the process started.
There are some other options that are available as well. You can try to contact various nonprofit organizations and other organizations to see if you can get a small business loan. You should search online in your area for companies that offer consolidation loans for small businesses.
After you have found a company or organization that you want to work with you will need to fill out the application. You should do this in a timely manner as many organizations have a deadline that you'll have to meet. You should include all necessary information with the application. Some small business owners go so far as to include their finances and a projected payment plan with their applications.
In some cases it may be wiser to get a new credit card and to transfer all the balances from your other sources of debt to it. If a card offers a 0% interest rate for the first six months or a year and you know you will be able to pay it off by the end of the introductory period then you may be better off going that route. There are many options for a small business owner to consolidate debt. You just have to find the option that works best for your business's particular situation.
As a business owner you should already have your finances organized so that you can show them to a potential lender. However, if your finances are not in a neat and easy to read order then you should do this first. You will want to have a statement that shows the income of your business, a statement that shows the expenses of your business, and a statement of your debt which should include monthly payments and interest rates. By preparing these documents you'll be able to negotiate loan terms with the lender and it will show the lender that you are a good investment for them.
If you don't want to try a private lender you can go to your bank and see what they have to offer. Most banks offer business consolidation loans. You will want to have the same documents prepared when you visit the loan officer so that he is able to help you to the best of his ability. You should also ask the loan office about the qualifications and what the payment terms usually are. Most of the time the payment terms will vary depending on what type of loan you're getting and how much the loan is for. However the loan office should be able to give you a general idea of what you're looking at. You'll most likely have to fill out an application on the spot to get the process started.
There are some other options that are available as well. You can try to contact various nonprofit organizations and other organizations to see if you can get a small business loan. You should search online in your area for companies that offer consolidation loans for small businesses.
After you have found a company or organization that you want to work with you will need to fill out the application. You should do this in a timely manner as many organizations have a deadline that you'll have to meet. You should include all necessary information with the application. Some small business owners go so far as to include their finances and a projected payment plan with their applications.
In some cases it may be wiser to get a new credit card and to transfer all the balances from your other sources of debt to it. If a card offers a 0% interest rate for the first six months or a year and you know you will be able to pay it off by the end of the introductory period then you may be better off going that route. There are many options for a small business owner to consolidate debt. You just have to find the option that works best for your business's particular situation.
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