Debt Clear Direct

by SS&SS

Budgeting Versus Bankruptcy – What is the Real Solution to Your Debt Problems?

Nowadays there seems to be an increase in radio commercials and other advertisements regarding debt solutions. Especially with these more difficult economic times, there are many people in need of a way out of debt, but unfortunately the choices can be overwhelming. We like to take a brief look at bankruptcy versus budgeting, two of the major options you have for getting rid of your financial problems.

Can budgeting be the solution to your financial problems, or is this too simplistic? Well, that really depends on your particular circumstances. You need to ask yourself whether you could pay off your debts within a few years while maintaining a reasonable standard of living.

You may need to make some sacrifices, and you need to keep your long-term goals in mind. Remember that your goal is freedom from debt, so in the short term you may have to give up some of the luxuries in order to achieve financial freedom.

Be honest with yourself regarding your financial situation.

What was it that led to your overwhelming debt problems? In some cases, there can be an unexpected emergency like a health problem that is not covered by insurance. However, you most likely have been guilty of living beyond your means and need to make adjustments as soon as possible. Otherwise, your problems will only get worse over time.

Sit down with a pen and paper in hand. Get all of your billing statements together, along with a calculator, and figure out exactly how much you owe and what you are paying each month. If you are barely able to make minimum payments each month, you may be in over your head.

While bankruptcy should not be your first solution, it should probably not be the last resort either.

The advantages of bankruptcy include protecting your home and other nonexempt assets from creditors (depending on your state’s laws). You can protect pension plans and other assets if you declare bankruptcy. Too many people liquidate these assets or get a home equity loan in order to pay off unsecured debt like credit cards. This puts their valuable possessions on the line if they can’t pay off the loan in the future.

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by MANILA IMPERIAL MOTOR SALES . . . .

Choosing To Eliminate Credit Card Debt
Is there a simple way to eliminate credit card debt? Despite the fact that there are no magic switch solutions that will bring overnight results, the process of eliminating credit card debt does not need to be exceedingly difficult either. One of the keys to finding a long term resolution to your debt problem is having the proper attitude. Without a proper attitude, the actions you take to address your situation will fall short of their intended results. Proper mindset begins with the desire to change. That desire has to be concrete and cannot be undermined by spur of the moment impulsive actions. If you are unwilling to adopt this frame of mind and internalize this desire, then no debt elimination option is going to be effective for you.

After you have determined deep within that there is no turning back from the process, you will be ready to begin taking action. Following through requires daily discipline from you. The place to begin is the development of a household financial plan. Sit down with a notepad, a calculator and any other decision maker in your household. Pull out all of your bills and your bank record. Start by listing your monthly take home income. You then will need to list all payments that are due monthly. This not only includes your unsecured credit card debt, but it also includes utilities, car payments, mortgage and other billable expenses. Once those things are listed, you should list the basic household needs such as food, clothing, medical care, fuel and insurance.

If the total of the expenses is larger than the level of monthly income received, you must formulate a plan to scale back your expenses. This is why the attitude is so critical. If you have not made a concrete commitment to cut down your unsecured credit card debt, you are extremley unlikely to make the sacrifices necessary to balance your household budget and your debt problem will continue to grow. When looking to make reductions in your household budget, the first place to look is the non-necessity items in your expenditures. This might include such things as dining out, leisure, magazine subscriptions and cable television. These reductions are made until the debt burden is removed from the budget. Once these items have been exhausted, the next place of modification is in the fixed expenditures. This may include such severe steps as the sale of an automobile or the downsizing of a home. Again the goal is to remove the level of indebtedness.

As soon as your budget is adjusted to the point that a surplus is generated, that excess needs to be placed upon your outstanding credit card balances. The extra should initially be directed towards the card with the highest Interest rate. When that card is paid off, then direct the funds you had been paying toward that card onto the card with the next highest APR. Continue this process until all of your cards are at a zero balance. If you have not already done so, cut up your cards, so that you are not tempted to use them again. Should the problem be at a point that you are unable to resolve it by yourself, you might look into other possibilities provided by outside sources. These would include things like consumer credit counseling and credit card litigation.

The steps to eliminate credit card debt require dedication and commitment. If you will take these steps, this process does not have to be complicated, plus the freedom of being free of debt will be worth the effort.

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by U.S Embassy Kabul Afghanistan

The Basics of Debt Relief

The term ‘debt relief’ is very much in vogue nowadays. What exactly does it mean? Well, there are a number of definitions that are often used, but they all boil down to one point. Basically, debt relief is concerned with the lowering or total elimination of debt through the use of a variety of solutions. In other words, there are methods that you can take advantage of for your debts to be written off. You should, however, be aware that this is often a partial solution, as it is rare to find a method that will just wipe off all your debts.

Different solutions have been set up to cater for different financial situations. This means that your particular circumstances need to be analyzed closely in order to determine the most appropriate solution. Examples of the solutions available include credit Counseling, debt settlement, consolidation loans, money management, and of course, bankruptcy.

The various methods do not really remove your financial obligations entirely.

Essentially, the systems help in making your debt management easier to handle so that you can get the chance to get out of your debts. This means that you will have to make a number of sacrifices in order to benefit from any debt relief solution.

The closest that you can really come to true debt relief is being declared bankrupt. Yet even in such a situation, you may still be required to make some payments.

These are methods that you should preferably use as your last solution. Although you may get out of debt, your credit rating will be eroded.

There are circumstances where debt relief can really be of great help. But you need to understand clearly what you are getting into.

Take your time to read and understand all the terms of the contract you intend to take.

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by Ken Lund

Debt Free Living – How To Better Manage Your Debt

Do you sometimes feel like you’re making a lot of sacrifices to live debt free? Debt free living is easy if you don’t have any debt. But, living debt free and working to eliminate debt, at the same time, can be a struggle. It can feel like you’re always giving up what you really want to meet that goal.

Sometimes we can’t help but get discouraged. Our desires and wishes get the best of us from time to time. But, it seems to me that things always work out for the best if you just hang in there a little longer.

On a diet commercial the other day, they said that all cravings pass within about 15 minutes. If you can just hold off for those 15 minutes, the craving will pass. I’ve found this to be somewhat true with impulse buying. Justification of a non-purchase takes about 15-20 minutes and the urge to buy goes away. Let me tell you my own experience.

I’ve been wanting a front loading washer and dryer set ever since they become popular styles for the home. Each time I go into a store that sells them, I stand and gaze at the beautiful pieces of machinery and even go so far as to compare prices. But, even at the low end, a set of these machines will cost you about 00. I couldn’t tell you how many times I almost approached the salesman about that “easy pay plan.”

Each time I hesitated, and after about 15 minutes of thinking about it, I would walk away. I would tell myself that the purchase wasn’t necessary right now. Besides, my antique washer and dryer were still working by some miracle . And, I didn’t really need a set that cost 00 when I could get a perfectly fine washer and dryer for about 0, when I “really” need them.

Talking yourself out of a purchase is hard when you’ve been talking yourself into them for so long. Justifying a non-purchase for the cause of living and becoming debt free is well worth it. I have about four years to go before I see zero debt. After that, I can save enough to buy any washer/dryer set I want in as little as two months, based on my current debt payment. By then, my tastes and the styles may have changed.

I got my new washer and dryer. They aren’t front loaders and they aren’t “new.” But, they are new to me. During a remodeling project, a friend discovered that the machines they had would not be accommodated in the space and decided to invest in a new stackable set. They are less than five years old. Less than 1/4 the age of my current set (which wasn’t even a matching pair), and in great condition. We acquired both for a total of 0.

I’m happy with the purchase. It satisfies my goal to become debt free and saved me money. It’s a debt free purchase I can live with! Now, I don’t have to worry about getting stuck without a washer or dryer. The old ones were getting temperamental and it was obvious that the day of retirement was nearing for both. Living without a washer and dryer is just not practical with a family of six.

Living to become and remain debt free is often a challenge in a world that’s credit card crazy. We live with constant exposure to credit card debt “pushers.” If they can’t get you at home, by mail or TV commercial, they get you as you walk in the door of the store and at the checkout.

When you want something and you happen to stop and look, just remember the 15 minute non-purchase theory. Walk around and justify not making the purchase for at least 15 minutes. That’s long enough to talk yourself out of it and save the day. You’ll save money and stay true to your goal to become or remain debt free!

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