Hey guys, I know I haven't updated in a while but I'm updating again! I was dealing with some personal issues and now I'm back.
I'll be working on some new content for you guys, so stay calm and while you're here go ahead and check out some great new tools I've posted. [The Banners To The Right]
Tuesday, June 2, 2009
Tuesday, November 4, 2008
Debts Can Be Good
Just because the world "debt" is thrown around as if every time someone is in debt, it is a negative thing. This is simply not the case. Debt is the result of a loan to help educate someone. That is an example of a Good Loan because the purpose of obtaining the debt in the first place and after the debt is paid off is positive. Another example of a good debt is a mortgage.
An education will never "lose" value, so investing into it is never a bad idea. Homes usually don't lose value either, so these debts are not bad debts until you add the factor of "too much debt." In which case you should refer to my other posts that offer solutions to your debt problems through debt management services.
One of the most infamous examples of a bad debt is a car loan. A vehicle will almost never increase in value, and almost always decreases a large amount of value as soon as the vehicle is purchased. Say for example you bought a new car with a value of $20,000. After financing charges from the loan, you will pay around $25,000 total. But as soon as the transaction has been made, the vehicle is now considered "used" instead of "new" and will lose a good chunk of its value. So now you're paying $25,000 on a car that is only worth $13,000. Tough Break.
Look out for Bad Debt, but don't shy from Good Debt because it has the word "debt" in it!
An education will never "lose" value, so investing into it is never a bad idea. Homes usually don't lose value either, so these debts are not bad debts until you add the factor of "too much debt." In which case you should refer to my other posts that offer solutions to your debt problems through debt management services.
One of the most infamous examples of a bad debt is a car loan. A vehicle will almost never increase in value, and almost always decreases a large amount of value as soon as the vehicle is purchased. Say for example you bought a new car with a value of $20,000. After financing charges from the loan, you will pay around $25,000 total. But as soon as the transaction has been made, the vehicle is now considered "used" instead of "new" and will lose a good chunk of its value. So now you're paying $25,000 on a car that is only worth $13,000. Tough Break.
Look out for Bad Debt, but don't shy from Good Debt because it has the word "debt" in it!
Friday, October 31, 2008
Credit Card Debt Help
Let's face it, one of the quickest ways to get into debt is falling behind on credit card payments. When searching for help, there's 2 routes you can look at: Debt Elimination and Debt Consolidation.
Unfortunately, Debt Elimination does not mean the company literally gets rid of your debt. The company will give give you 3 to 4 months to pay off a predetermined amount. The company pays off all of your credit card bills at the start, and may tack on a little extra for their profit, but they do not charge interest. This is usually best when your accumulated debt is a low amount.
Debt Consolidation is essentially the same as Debt Elimination. The main difference is that you have anywhere from 5 to 10 years to pay it off. This usually works best when you have a lot of debt (we're talking $5000+). These companies, as I've said in my previous posts, also come in non-profit forms. These can be very helpful and can help you get rid of all debts hassle-free.
Remember to only use your credit cards for small purchases! Do not use them to escape dire situations!
Unfortunately, Debt Elimination does not mean the company literally gets rid of your debt. The company will give give you 3 to 4 months to pay off a predetermined amount. The company pays off all of your credit card bills at the start, and may tack on a little extra for their profit, but they do not charge interest. This is usually best when your accumulated debt is a low amount.
Debt Consolidation is essentially the same as Debt Elimination. The main difference is that you have anywhere from 5 to 10 years to pay it off. This usually works best when you have a lot of debt (we're talking $5000+). These companies, as I've said in my previous posts, also come in non-profit forms. These can be very helpful and can help you get rid of all debts hassle-free.
Remember to only use your credit cards for small purchases! Do not use them to escape dire situations!
Thursday, October 30, 2008
Finding Good Help
Like I said in my earlier post, it's either hit or miss with debt consolidation companies. You want to make sure your help is coming from a non-profit organization because their true main goal is to help you get debt free. With that said, how do we start the search?
The first, and most obvious answer is the internet (though this is not how I did it). Search engines are very powerful tools if used with the correct keywords. Try search with specific keywords such as "Non-profit debt consolidation MyCity,State." If you live in a large enough area, you are bound to come up with something.
If you've no luck with the interwebz, you can always go conventional and look a company up in the yellow pages. Honestly, you're more inclined to find the money-seeking companies in here, but it's not a bad idea to look. This method would especially be useful because it is local, and who knows? Maybe you may find someone you know!
Now to the method that scored me a great company. Church. That's right, doesn't matter what religion, just go to church of google one day and start conversing and try to get on topic about your problems. Church-goers are so helpful and nice, they almost always try to give you every solution they know of. I actually got pointed to a guy right in my church!
Stay strong! You'll make it!
The first, and most obvious answer is the internet (though this is not how I did it). Search engines are very powerful tools if used with the correct keywords. Try search with specific keywords such as "Non-profit debt consolidation MyCity,State." If you live in a large enough area, you are bound to come up with something.
If you've no luck with the interwebz, you can always go conventional and look a company up in the yellow pages. Honestly, you're more inclined to find the money-seeking companies in here, but it's not a bad idea to look. This method would especially be useful because it is local, and who knows? Maybe you may find someone you know!
Now to the method that scored me a great company. Church. That's right, doesn't matter what religion, just go to church of google one day and start conversing and try to get on topic about your problems. Church-goers are so helpful and nice, they almost always try to give you every solution they know of. I actually got pointed to a guy right in my church!
Stay strong! You'll make it!
Tuesday, October 28, 2008
The First Step
The first step to get through your debt problems is to decide to actually do something about it. Your debt may seem overwhelming and too much to handle, but it's not. Just tell yourself "I am going to be debt-free" and give yourself a time-frame to complete your goal. This is considered one of the best financial decisions a person can make.
One way of getting through debt problems is to get a debt consolidation loan. But this is a catch 22 because in order to get these loans, you must possess a good credit rating. Most people in debt will not have amazing credit unless they are recently in debt, which means it probably is not that bad. However, if that is the case for you, more power to you with your debt consolidation loan.
If you do not fall into this category, there is another option. There is a service called a debt help agency. These agencies will work with you in any way possible to help you become debt free. Most people that use debt help agencies pay a monthly fee for the help, but there are certain other agencies that are non-profit that will not charge for their services. These non-profit agencies will not try to scam you or commit fraud like some paid agencies that are only out to get your money (much of what you're trying to get rid of now). The debt help services can help to get your interest reduced and your late fees waived.
The physical step you are going to take, is research what debt help agency would work for you. There are many factors in determining what debt help agency would work for you such as price, location, and customer service. Always remember to get your quotes from each agency that you visit.
More to come soon!
One way of getting through debt problems is to get a debt consolidation loan. But this is a catch 22 because in order to get these loans, you must possess a good credit rating. Most people in debt will not have amazing credit unless they are recently in debt, which means it probably is not that bad. However, if that is the case for you, more power to you with your debt consolidation loan.
If you do not fall into this category, there is another option. There is a service called a debt help agency. These agencies will work with you in any way possible to help you become debt free. Most people that use debt help agencies pay a monthly fee for the help, but there are certain other agencies that are non-profit that will not charge for their services. These non-profit agencies will not try to scam you or commit fraud like some paid agencies that are only out to get your money (much of what you're trying to get rid of now). The debt help services can help to get your interest reduced and your late fees waived.
The physical step you are going to take, is research what debt help agency would work for you. There are many factors in determining what debt help agency would work for you such as price, location, and customer service. Always remember to get your quotes from each agency that you visit.
More to come soon!
Subscribe to:
Posts (Atom)
