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Five Steps To Becoming Debt Free

December 30, 2007

Debt can be the cause of lots of anxiety and stress for individuals and families. If you are experiencing debt or realize that you have borrowed more against your home or credit cards than you would like, here are five tips on becoming debt free.

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Bad credit loans can help you get back on track

December 26, 2007

If you have bad credit and your financial situation has worsen, if you need a bit of ease to put some order in your financial life, you can do so by applying for a bad credit loan.

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The Maze Of Debt Relief Options

April 9, 2007

If you’re living paycheck to paycheck, struggling each month to pay your bills, and feel like you’re drowning in a sea of debt, perhaps it’s time to examine your options for debt relief. So, you do a google search and are more confused than ever because of the various options available, each promising that their option is the best one for you. You try to do your due diligence but are just getting more and more frustrated and deeper in debt. What is a consumer to do?

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Look in Your Financial Mirror to Get Out of Debt

October 22, 2006

Look in Your Financial Mirror and Get Out Of Debt!

Debt management is the key component to getting out of debt and your beginning your financial recovery. An analysis of your debt will help you to save hundreds, and perhaps thousands of dollars in interest charges alone. If you consolidate your debts, and/or consolidate credit card debt, along with other unsecured bills, you will be able to get out of debt as quickly as possible.

Just a few of the benefits of getting out of debt are allowing you to: save money on interest and/or late fees, stop creditor harassment, regain your good credit rating by helping to repair bad credit or negatives on your credit report.

Debt management techniques can reduce your monthly payments, interest charges, penalties and possibly even the reducing your repayment period. Even if you think bankruptcy is your only solution, there may be other alternatives. Filing bankruptcy may cost you for many years to come. Divorce, loss of a job, uncontrolled credit card spending and medical emergencies among the top reasons for debt problems. Bankruptcy can be avoided if you get help soon enough.

A red flag that you are heading for bankruptcy is a ratio of unsecured debt to annual income of 40-50% percent or more. To protect yourself from getting to this point, at the very least, keep your debts below 40% of your income. For example if your annual income is $10,000, your annual debts should be below $4,000 in order to avoid the threat of bankruptcy. Aim for a “safe” debt load of 36% or lower. So if your debts are in the 40-50% range, it’s time to get help and get out of debt, or at least use debt management techniques to lower your debt ratio.

So if you analyze your debts, reduce your debt ratio, and consolidate your debts, you will soon be able to get out of debt.

by Suzanne Webb-Brikas

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