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…
More info
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…
More info
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…
More info
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…
More info
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…
More info
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,…
More info
Those harassed by debt collectors often panic from the pestering. Constant phone calls, being abusive on the phone, calling at work or late at night are not acceptable and should not be tolerated. If you have an outstanding bill and are being harassed by debt collectors, you should know your rights. For example, ask for…
More info
Realizing financial freedom means you can finally live the life you want. It’s a tremendously freeing achievement that can help you feel secure, but it’s elusive for most of us unless we take the proper steps to achieve it. Paying yourself first is the first rule to achieving financial freedom. That means each pay day…
More info