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Debt Relief InformationRepair Bad Credit YourselfIn March 2005, the U.S. financial services industry succeeded in hammering the first nail in their plan to overhaul the nation's bankruptcy system. Repairing bad credit yourself will be more necessary than ever. After contributing millions of dollars to elect Republican candidates sympathetic to their big money interests, banks, credit unions, credit card companies and major retailers have succeeded in making it more difficult to file for bankruptcy relief. About half of those filing do so due to medical catastrophe. You can still get help and repair bad credit yourself. New Bankruptcy Law ? Targeting the Wrong People?Last April, President Bush enthusiastically signed into law the oddly-named Bankruptcy Abuse and Consumer Protection Act. This bill, representing the biggest overhaul of bankruptcy law in twenty-five years, was written in order to discourage ?bankruptcy of convenience.? Proponents of the bill, which included the credit card industry, say that the bill is necessary in order to stop an avalanche of bankruptcy filings by drug users and compulsive shoppers and gamblers. The law makes it harder to have debts wiped away, requires credit counseling for those considering bankruptcy, and holds attorneys responsible for paperwork errors by their clients in bankruptcy cases. The net result will probably be chaos, as fewer attorneys will handle bankruptcy cases, credit counselors will raise their fees, and more consumers with problem debt will be clueless as to what they should do next. Adding to the confusion are some new statistics that suggest that a large number of bankruptcies that are thought to be personal are actually business bankruptcies. As a result, the new law may be unfairly targeting consumers for punishment when they are not actually the biggest part of the problem. Worse, it could be harming small businesses. Debt Getting You Down? - Make a List!Debt is not much fun and when faced with it, people sometimes look for complicated debt solutions and often overlook the many simple ways that you can save money. Believe it or not, one of the simplest and most effective debt solutions is to get hold of a pen and a piece of paper and make a list. By this I mean that keeping a daily record of your expenditure can reveal some interesting facts about your spending and point you in the direction of how you can make easy savings right away. My Father first introduced me to this, showing me the little piece of paper that he kept in his wallet. But at the time I just rolled my eyes and ignored his advice ? big mistake. It was only a few years later when I wanted to try to seriously start saving money in order to make a dent in my mortgage loan. But this debt solution is not only useful for helping you to pay off a mortgage debt, but also credit cards and student loans and many other types of debt. How to Avoid BankruptcyBankruptcy is a legal way to offer folks with high interest debt a fresh financial start in life. In case you are considering personal bankruptcy as an answer to your debt problems, you are not alone. Bankruptcy is on the up and up as consumer debt explodes. Additional reasons for turning to bankruptcy for credit card debt alleviation include medical costs and job loss. Debt and Financial Optimism in the UK ContinueWith �1.3 trillion pounds worth of debt in the UK, Scotland?s Citizens Advice Bureau has welcomed a new Bill to regulate lenders and protect borrowers from creating un-repayable levels of personal debt. Credit Repair? Its All Up to YouLog onto to a search engine such as google.com and type in the term credit repair. It?s likely that Google will return more than 25 pages of listings, many of which will be companies claiming they can ?erase bad credit,? ?create a new credit identity ? legally,? ? credit problems ? no problem.? ?quick credit repair,? and on and on. Corporate Debt Management ? Perspective on the WhyEntrepreneurs have a tough time in their formative years. They try too many things to get a foothold on this competitive business climate, and that too they try them too soon. When they enter into new fields that have great promise and bet on new products they run the risk of costly failures. New product launches are costly and sometimes may take time to click. Risk is one factor which keeps the Businesses spinning new concepts and makes money out of it. It is this risk that keeps the uninitiated away. If you can?t risk and make some bets in business then it is no field for you. But sometimes folks go a little far on investing more and more in a failure with hopes that one day they may click. It is the greatest for a selected few to know when to invest further and get out soon sometime. But for the rest of us it is mostly trial and error. This is where debt shows its gory true form. The Road to Debt ReliefLiving with debt is not something someone hopes for, but it happens and it usually becomes far more severe than it should before something is done to eliminate it. Once many individuals realize they have a problem with debt, they are too embarrassed to ask for help so they let themselves dive further into debt. Being embarrassment and ashamed are regular emotions many encounter when they realize they are in debt however you are not alone so you shouldn?t feel embarrassed. Credit Card Debt: How to Get Rid of ItThis method is simple, but requires some discipline. Debt Handling SolutionsSometimes debt can seem overwhelming. In those instances, or even before things get that far out of hand, get back to basics and try some of these debt handling solutions. Fast Track Out of DebtYou go to the mail box and scan - a couple fliers (nah), your magazine subscription (yes!) and bills (groan). Every month the bills show up and as you sigh and take out your check book you wonder if you will ever be free. Is Independence Overrated?Happy Independence Day from The Money Motivator! How Do I Lower My Debt Burdens?How do I lower my debts? Help to Get Out of DebtDebt Help is the stepping stone to debt elimination and financial recovery. Debt help analysis guides you to save thousands of dollars in interest charges. Consolidation of your credit card debts and other unsecured bills will allow you to get out of debt as quickly as possible, save money on interest and late fees, stop creditor harassment, save your good credit rating or begin immediately to repair bad credit or negatives on your credit report. How to Reduce Your Debt in 5 Easy StepsIf you have incurred substantial personal debt, consider these options: budgeting, debt consolidation, credit counselling from a reputable organization and working with your creditors. You will need to choose a debt reduction method that will work best for you? The method you use will depend on your level of debt, how much spare money you have, your level of discipline, and how quickly you want to get out of debt.
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Ten Ways to Get Out of Debt 1) Use your Assets Pay Off Your Student Loans and Reduce Your Debts Financing a college education is one of the more expensive debts you may incur. Student loans can take years or even decades to pay off. Making late payments or missing payments all together can result in a poor credit rating and collections on your accounts. Millions of people have found themselves owing large sums of money due to student loans and other unsecured debts. Finding a way to eliminate your debts and pay off student loans is the primary thought on the minds of many people. How to Avoid Bankruptcy Bankruptcy is a legal way to offer folks with high interest debt a fresh financial start in life. In case you are considering personal bankruptcy as an answer to your debt problems, you are not alone. Bankruptcy is on the up and up as consumer debt explodes. Additional reasons for turning to bankruptcy for credit card debt alleviation include medical costs and job loss. Assess Your Financial Attitude and Eliminate Your Debt Forever Want to know if your attitude towards your finances is helping you or damaging your future? Take this Quiz and find out... The Bankruptcy Code Acknowledges the Validity of the Homestead Exemption Many times the subject of bankruptcy seems baffling in its complexity. Actually the basic principals of bankruptcy are fairly simple even though the federal statuses on bankruptcy are extensive. The reason that the statutes are so complex is because in as effort at social engineering, the lawmakers want to cover every possible contingency. The very complexity of the Bankruptcy Code gives the lawyers ample opportunity to try to obtain interpretation of the law which best serves their clients interest. This results in extensive litigation and occasionally in interpretations of the Code which were not what legislature intended. This on turn results in additional legislation, which results in additional litigation and on and on. Nevertheless, the underlying principals are not as complex as the Code makes them seem. Here we will discuss the personal nature of bankruptcy. What is Bankruptcy? Personal bankruptcy is a legal way to give people with overwhelming debt a fresh financial start. However, it is important to realize that certain forms of debt, such as student loans, are not forgiven through the bankruptcy process. Bankruptcy can have a devastating impact to your credit report and credit score. Bankruptcy will often remain on your credit report for as long as 10 years. During this time it can be next to impossible to obtain loans or any type of credit. If you are able to find a lender that is willing to do business with you, you will pay the highest possible interest rates allowed by law. Credit Repair? Its All Up to You Log onto to a search engine such as google.com and type in the term credit repair. It's likely that Google will return more than 25 pages of listings, many of which will be companies claiming they can "erase bad credit," "create a new credit identity ? legally," " credit problems ? no problem." "quick credit repair," and on and on. Debt Settlement What is debt settlement? Selecting A Credit Counselor; Asking The Right Questions. When you find yourself thinking about using a credit counseling service, you need to be verycareful. You need someone who will help you, not just some pushy sales associate who wantsonly to sign you up for their service. Credit Counseling or Bankruptcy: Which is Best for You? People often get to a place where they simply can't pay their bills, especially in today's economy which is not particularly sympathetic toward the poor or even the middle class. Inflation has impacted nearly every facet of daily life including food, gas, rent, clothes, utility bills and more. At the same time, salaries, especially in the lower ranges, have utterly failed to keep pace. When you get to the place where you cannot pay your bills and have money left over for food and other necessities, there are some hard decisions that have to be faced. The options are credit counseling and debt management services, or bankruptcy. Both have their pros and cons, so which road to take depends largely on the individual and how severe his or her financial problems have grown. Debt Management Systems What is a debt management system, and when do you need it? Like any kind of management system, debt help systems can be good or bad. We will take a look at what you can do to manage your debt better. One element is paying off debt, but that's not the only one. It is much more than paying off your credit cards, and doesn't end when you pay off your mortgage or car loan either. You have to make a system of good money management, and follow this system in your daily life. Here are the key elements in such a system: Is It Possible to Be Sued For My Debts? It is possible for creditors and third-party collection agencies to use legal means as a way to collect debts. The likelihood of being sued or having your wages garnished depends largely on the creditor that is owed money. It has been my experience that certain creditors are more prone to legal action than others. Can You Escape the Trap of Ever Growing Debt? It's difficult not to be concerned when facing numbers like these: Debt Reduction, a Necessary Endeavour Massive debt is something many Americans face. Debt reduction is now becoming more and more of a necessity. Even a low amount of debt can cost you a lot in the end and it can take a very long time to pay off. An example: Let's say you have $4000 in credit card debt and your interest rate is 14%. If you only make the minimum payment each month, it will take you 21 years to pay it off and you will have paid over $5100 in interest. Doesn't that sound awful? This is why you may be interested in debt reduction. How to Deal with Bill Collectors So you've screwed up. You're drowning in debt. Maybe the credit card was burning a hole in your pocket and you just had to get the HDTV. Or maybe you or a family member had a medical emergency while you we laid off. It doesn't matter to your creditors; they lent you the money and now they want it back. New Bankruptcy Legislation May Make it Harder to Find an Attorney The recently passed Bankruptcy Abuse prevention and Consumer Protection Act will make it harder for people with problem debt to have their debt eliminated through filing for bankruptcy. This new legislation will make it harder to have debts wiped out by the courts, and will require more debtors to pay back some or all of their debts. Considered by many to be a gift from Congress to the major credit card companies, this new law has many people rightly concerned about how to best deal with their debt problems. An additional concern that few have considered is that it not only will be more difficult to file for bankruptcy, it may also be difficult to find legal assistance once the new law takes effect in October, 2005. Different Ways Of Dealing With Debt Bills, creditors, debt collectors. Are you yearning for the days when all you had to worry about was the money in your piggy bank? If so, you are far from alone. Whether its illness, loss of a job, or simple overspending, it happens to the best of us. But that doesn't mean your financial situation needs to go from bad to worse. Student Loans Can?t Be Swept Away Through Bankruptcy Bankruptcy is in the news these days, as Congress has finally overhauled the Federal bankruptcy law after years of talking about it. The credit card companies, rightly or wrongly, have been pressuring members of Congress to tighten the bankruptcy statutes, saying that too many people were willfully spending money they couldn't repay with the intention of avoiding paying the money back by filing for bankruptcy. That will soon change, and those with student loans may pay a heavy price. Bankruptcy - Is It The Right Choice For You? Bankruptcy is one of the tougher choices we as adults face in today's society where it is the norm to be in debt, albeit some more so than others. Credit card offers materialize whether you are looking for credit or not. All with their own perks and benefits may sound tempting enough to open and start charging. After all that free toaster oven, or the free airline perks might go a long ways! Or on the second look they might not be so free after you account for the interest rates or the additional card usage charges that some credit card companies place into your annual or monthly charges. We all like the word free, after all there's not a whole lot better than getting something and not having to pay for it. However that portion of the topic is for an article somewhere down the line at another time as this article is to serve as focus on the tough choice of filing for bankruptcy protection. Bankruptcy Interest Increases as Deadline Approaches Congress recently passed sweeping legislation that will significantly reform American bankruptcy law. Designed to eliminate the "convenience bankruptcy" of compulsive gamblers and the financially irresponsible, this legislation will make it more difficult for those seeking bankruptcy protection from the courts to have their debts relieved.
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