Debt Clear Direct

by Jayson Shenk

Common Debt Consolidation Myths

Debt consolidation is considered a safe alternative to bankruptcy. But there are lots of misconceptions about consolidated debt. Debt management experts try to find the right answers.

Debt consolidation
With the slow economy and low incomes, credit cards become the obvious choice to meet the necessities of life. And debt consolidation is the best choice to meet sky rocketing credit card debt problems. But often we come across myths from various sources. Due to a lack of awareness, we cant distinguish facts from rumors. Debt management experts shed some light on some common myths associated with debt consolidation, which are discussed below.

Consolidated loans are easily available
Its a popular assumption that debt consolidation is very easy to come by. But from the debt management organizations perspective, its a myth. Actually it takes a lot of paper work and time to get consolidated loans. Plus, you need a good credit score and should have unsecured loans to qualify for debt consolidation.

Consolidating credit card debt to a no-interest card is a good option
You might have come across this suggestion of consolidating credit card debt to a no-interest card many times. Well, is the option a myth or a true fact? Debt management experts consider it as myth. The idea of a no-interest credit card might sound great, but it usually leads to an even higher interest rate than the initial period which could ultimately lead to a bad credit rating. And a bad credit rating augments the debt problems even further.

Debt consolidation saves money
This might be a debatable subject, but many people consider it a fact. When you are under huge credit card debt, debt consolidation can be like the light at the end of the tunnel. If you compare your current credit card interest rate with that of the debt consolidation interest rate, you will see the difference. So debt management experts recommend debt consolidation as the best solution to get rid of your debt problems.

Debt consolidation is certainly the right solution to regain financial control. But its worth taking the advice of debt management professionals so that you can make the most of these financial opportunities to get rid of your debt problems. Also a little bit of research will make you more aware about myths and facts associated with debt consolidation.

Attorneys Lauren Lamb and Kenny Steinberg start a 3 part series describing the differences between the debt settlement and debt management companies you see advertised and a Chapter 13 bankruptcy.

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by Robin Hood Tax

Benefits Of Debt Settlement
Most Americans are in debt these days because of different reasons. Unpaid credit card bills, student loans, and housing loans are the major causes of accumulated debt. Most people would consider filing for bankruptcy once their debts get too big for them to handle. However, there is another solution for them to get out of their huge debt: debt settlements.

A debt settlement is a form of payment wherein the creditor and the debtor have an agreement to reduce the amount of the debt owed so that the debtor can repay the balance in full. The creditor will give the borrower more time to pay for the balance, and the debtor can completely clear his or her debt. In settling your debts, you can acquire the services of a debt settlement company.

There are many benefits that you can get if you apply for a debt settlement program. Debt settlement companies provide their clients with a trust account wherein they can make small payments for a certain time period. Once the balance in your trust account is completed, the debt settlement company will pay for your debt. This method also gives you more time to pay your balance in the amount that you can afford.

Debt settlements will not give you a bad credit rating. If you acquire the services of a reputable and credible debt settlement company, lawyers will take charge of your credit scores. Your credit history will say settled if you have completed the payment of your reduced balance. Having your accounts settled will show creditors that you are willing to pay for your debt, allowing you to take out future loans easier.

In using a trustworthy debt settlement company, all those worrying creditor calls will cease. Your attorney from the debt settlement company will get in touch with your creditors. This means that all communications, emails and letters will be sent to the debt settlement company. This enables you to focus on making your payments without the additional pressure from creditors.

Applying for a debt settlement program will give you relief. Once youve settled all your debts through the help of an honest debt settlement company, you will no longer have to worry about making more payments. Settling your debts will give you the financial freedom you need to help you create a budget and enable you to balance your books.

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Do you ever feel as though the whole world is against you? No matter where you turn there is NO lender or creditor willing to give you the time of day. If you do happen to get through the door you are made to feel both humiliated and ashamed by your bad credit rating.The harder you search for a loan, the more difficult it becomes. There is not one person who is willing to give you a second chance,unless of course you decide to take out that loan with the ridiculously high interest rate that you know will eventually bankrupt you. The simple fact of the matter is – that no matter how bad your credit rating is, there are various ways in which you can obtain a loan.Here at NonTradLoanswe completely understand how you feel, although there is no way we would patronize you. We’re not here to tell you that by simply clicking your fingers you could magically have $50,000 in your bank account tomorrow. No, let’s face the facts, you know as well as us that that is highly unlikely. However, with that said, we are fully aware of how banks, lenders, creditors and financial institutions work, and exactly what you will need to do to obtain a loan no matter how bad you believe your circumstances to be.We’re not going to lie to you and say that these are some closely guarded secrets, but we would hazard a guess that these 10 Non-Traditional Ways to obtain a Loanis something that the average person would not be aware of. As we have mentioned, we’re not here to patronize you and we’re not going to tell you that you can easily obtain millions of dollars in loans by doing very li ttle. Don’t worry, we are… Read more…

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Have You Been the Prey for Credit Bureaus Because of; Late Payments, Foreclosure, Automobile Repossession, Denial of Credit or Even Bankruptcy?

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Bad debt credit card is basically a credit card that the credit card suppliers offer to the people who have bad debt. Did that astonish you? Well, dont let your thoughts run just yet.

You can classify bad debt credit cards into 2 categories based on what you understand by bad debt credit card. The first category of bad debt credit cards is those credit cards that are secured (and are also known as secured credit cards). These bad debt credit cards require a security i.e. you have to open (and maintain) a bank account with the bad debt credit card supplier.

The credit limit on your bad debt credit card is calculated as a percentage of the balance you hold in the bank account you have opened with bad debt credit card supplier. Generally, this is 50-100% of your bank account balance. So, this bad debt credit card enables you to spend the amount you hold in your bank account; only the way you spend it changes (i.e. instead of spending that as cash you spend it using your bad debt credit card).

So bad debt credit card lets you enjoy the convenience and other benefits that are associated with credit cards, even with a bad debt. This security is as such important for the bad debt credit card supplier; after all how can you trust someone who has a bad credit rating.

The other category of bad debt credit cards are nothing unusual, they are the same cards that we know of most commonly; the only difference is in the way you get them and the objective behind getting them. Here, we are talking about the credit cards that you use as a debt consolidation mechanism i.e. consolidating bad debt (as such any debt is bad).

So we can call them bad debt credit cards too. These operate by transferring of the balance you owe on your current, high interest credit cards to these bad debt credit cards that have a lower APR (at least for some initial period). Hence, these bad debt credit cards help you in consolidating your debt and getting some relief from the higher APR that you were experiencing on your current card.

Some people accept both of the above categories of credit cards as bad debt credit cards while others tend to go with one or the other. So, what you regard as a bad debt credit card is really a matter of personal choice.

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