Understanding why you fell into the deep chasm of debt in the first place is the first step in resolving your issues with debt and building wealth for the future. Know that getting out from under the stigma of being in overwhelming debt can take years. During the years of clawing your way out of…
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When you’re desperate to get out of debt, you may be tempted to grab the first offer that comes along to relieve the pressure and chaos that debt can bring into your life. Unfortunately, there are get out of debt scams that can bring even more pressure and chaos into your life. You should avoid…
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Debt consolidation services can be a big help to getting out of debt and staying out of debt. Secured consolidation loans are secured with collateral, which means it’s less risk for the lender. Unsecured consolidation loans use none of your collateral, but may charge a higher APR. Either way, you’ll benefit from consolidating all your…
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There is no question that we live in a time where finances can be tough, and bills can start to pile up. This in turn causes stress and leads to bad credit ratings. At this point all people can think about is getting their heads above water and moving forward with life somehow. Although a…
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When you move to consolidate your outstanding debts, you’ll be obtaining a new loan called a consolidation loan. You’ll pay off the old debts with the new consolidation loan and then have one payment – usually at a lower APR and for a fixed term limit of three to five years. The lender (a bank…
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It’s imperative that you know the difference between consumer and non-consumer debts and how each may affect your credit and your lifestyle. The difference in the two types of debts lies in the manner they’re treated when it comes to taxes, annual percentage rates, terms of agreement and collateral you may offer. A non-consumer debt…
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Credit counseling or debt management services can help you get out of debt by providing you with a debt management plan to pay off your current debts. Never use a for-profit credit counseling agency. Non-profit agencies are available that will not only help you get out of bad debts, but which will also help you…
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Receiving a letter or other type of contact with the Internal Revenue Service can be scary and intimidating – especially if you don’t know or understand your options. Never ignore the problem, but meet it head-on. Hoping it will just go away isn’t an option. Written correspondence from the IRS is a red flag that…
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We all know that too much of a good thing isn’t good for you. Too much debt isn’t good for you either – but neither is too little debt. When you’re in debt to the point that you can’t make payments on time and your credit score tanks, it can make your life miserable. Some…
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A debt spiral is pretty much like a bad nightmare where you’re falling into nothingness and can’t get yourself out of it. Many people go through debt spirals in their lifetime because of unforeseen expenses, loss of a job or medical crisis. Sometimes it’s by no fault of your own that the debt spiral occurs,…
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