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Debt problem


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  • 1. However Big a Debt Problem, It Can Be Solved With a Little Debt Management<br />Maybe you are one of many people who is facing a debt problem and are wondering how to clear your debt. There are millions like you who are reeling under the burden of debt. Debt issues should be dealt with head on, or the problem can get out of hand. This could lead to bankruptcy, which is not something anyone wants. Unfortunately, there is no magic solution either.<br />With the economy taking a beating, more and more people are feeling the pinch and lagging behind in their payments, whether it be credit cards, student loans or any other loan. Remember that ignoring debt never benefits anyone. But rest assured that no debt problem is unsolvable. No one ever wants to fall into debt. It happens when we spend money we don't have. There could be frivolous reasons, or you may have had a horrible change in circumstance, like a death, illness, divorce or job loss. Whatever the reason, the most important thing you can do now is become more disciplined in handling your finances.<br />For people who are loaded down with debt and finding it difficult to repay unsecured debts, debt managment can be the best option. If you are unsure how bad your debt is, start by assessing it. Remember that what counts is your debt in proportion to your ability to repay. The first step to becoming debt free is controlling your spending and adhering to a budget.<br />It can be helpful to know how you are spending your money each month. Write down all of your expenses by reviewing receipts and bank statements. Every single expense should be listed. By clearly laying out this information, you will have a much better idea where you can start saving and how much your debt is costing you.<br />A Debt Management Plan can include strategies like consolidating your monthly payments into one, allowing counselors to communicate with your creditors for you, and encouraging creditors to reduce your interest rates and waive some or all late fees. This enables you to pay off your debt within a reasonable time frame and reduce how much you pay each month. So if you are currently paying an amount you cannot afford, you can reduce those payments to a more realistic figure that you can handle. Moreover, you can keep you accounts open and improve your credit rating.<br />The purpose of a debt management plan is to get you out of debt as quickly as possible. However, debt management programs cannot slash your interest rate down to zero, cut your minimum monthly payment by 50% or more nor write off debt in any way. Companies that promise to do so should be avoided.<br />Debt management programs have helped many individuals over the years to repay their debt quite easily, and the number of people filing for bankruptcy is diminishing rapidly. It is always beneficial to repay a reduced amount and to get life back to normal more quickly.<br />How to Solve Your Credit Card Debt Problem Fast<br />In recent times people are finding it difficult to solve their credit card debt problems. To top that there are several fraudulent companies that are deceiving consumers. There are quite a few companies that take fees in advance from their consumers but they never contact the creditors. Credit card companies quite often say they have not been contacted, even when they intimidate clients of debt settlement companies. Some disreputable companies do not contact creditors at all. This causes a lot of problem to the consumers. They are the losers on both ends. They lose their money forwarded as fees to the consultants; on the other hand their problems also remain unsolved. So, one has to very careful while selecting a company that provides services in this area.<br />To solve your credit card debt problem fast you can choose the debt relief method. In this method you have to negotiate with your creditor and strike the best deal possible. In this you must convince your creditor to accept a certain percentage of the total debt you owe as a full payment instantly. You can also get your creditor to forgive a part of your debt while the remaining part is being paid in a shorter span of time. You can also get the creditor to reduce your interest rate and accordingly increase the term of repayment.<br />For all the above methods of credit card debt problems you must get in touch with a reliable company. There are many such companies coming up these days. But you must be very careful while choosing them. A good company will have good consultants. These experts are competent in their fields and will negotiate with your creditors on your behalf. If you negotiate with your lender it is highly possible that you will end up striking a bad deal and you won't be satisfied with it. You have to find trustworthy consultants who will take up your case with your best interests in their hearts. This way you can increase your chances of striking the best deal possible and you will be fully satisfied.<br />Check the credentials of the company you are looking to hire. Check with some previous customers of the company to see if they are satisfied with the services provided. A reputable debt settlement company will be accredited by the United States Organization of Bankruptcy Alternatives ("USOBA"), or The Association of Settlement Companies ("TASC"). You must also check whether the employees of the company are certified and whether the company has the license to practice in your area. If there are any discrepancies with the above mentioned information it is better to search for another company or else your credit card debt problems will not be solved and moreover you might get into legal hassles unnecessarily.<br />Achieve Security is one of the companies that provide the best services in this regard, so if you are facing any debt related problems get in touch with them.<br />Are you struggling with financial difficulties and credit card debt problems? Find out how adebt settlement programcan help overcome credit card debt problems.<br />15 Contributory Factors of Personal Debt Problems<br /> <br />The only way you can get out of your debt problems is to understand the reason you got your first debt. Lots of evidences have shown that...You won't be able to save money although your salary/income has increased. You won't be able to save although your car debt has been paid. You won't be able to save although your kids already can afford their own life. And even if you have 1 billion, right in your hand right now, still, you can't even save a single penny.<br />How could this happen? Why are you still stuck with your debt problems? The reason is, you can only save money if saving has become an emotional habit. You can only save if you treat your money in a different way. So these are the 15 contributory factors that cause you trapped in your debt problems. Hope this list can be one of your debt problems advices.<br />1. You bought things that you don't really need.<br />Stop buying! If necessary, avoid the shopping malls! It's because the shopping malls are the sources of your personal debt. There is no reason to spoil yourself with buying all the branded stuffs you never really need.<br />2. You used your credit card to buy stuffs that you can't afford.<br />If you don't have enough cash to buy it today, then don't buy it! As simple as that. Forcing it will just cause a credit card problem.<br />3. You think that certain brands define your social status, make you look "trendy", stylish, and so on.<br />A car gets you from place to place. A wallet is some kind of container where you can put your money and your important letters. Sunglasses protect your eyes from the sunlight, while a t-shirt keeps you warm. If you always pay really expensive to get those products just for social status, "trendy", or stylish look, rather than consider about their function, sooner or later, you'll be trapped in a debt problem.<br />4. You're buying a new car every few years<br />Look at my previous point. A car gets you from place to place. If you're buying a new car every few years although your old one still works perfectly well, then you are trying hard to impress people in a wrong way... And you - yourself, is trapped in one of the debt problems, heading to a bankruptcy.<br />5. You bought something that you can actually borrow or rent.<br />If you use it only once in a while, why don't you just borrow it from a friend, or why don't you just rent it? For instance, I almost bought a ladder I will probably use only once or twice a year, while I can just simply borrow it from my parents.<br />6. You paid a normal price for every products/services that you get.<br />You can save up to 10 million IDR every year, if only you want to wait and shop from the outlet stores that are giving out discounts.<br />7. You own (or rent) a house that is actually bigger than what you need.<br />When you buy or rent a house that's actually bigger than what you really need, that means you will spend more money to pay for higher monthly fees, higher maintenance cost, and not to mention the need to 'furnish' the empty spaces. This is clearly, will cause a new debt problem.<br />8. You don't have a budget plan.<br />Do you think that getting and waiting for more money will fix your financial situation itself? If that's what you're thinking, then you are seriously wrong! It's necessary to make a serious budget plan, in order to make your debt problems disappear and start building your wealth. So start making your budget plan right now!<br />9. You didn't optimize your capital.<br />You have to give a chance for your money to make money (leverage). Every penny you have, don't care how small it is, have to be invested. If you don't invest your capital, then your money will lose its value due to inflation.<br />10. You are married to a 'shopping-oriented' spouse.<br />You won't be able to get out of your debt problems if you are married to someone that always spend the money you have earned. So help your soul mate to be responsible for the financial problems that are happening at the present, unless you want to undergo more problematic life in the future.<br />11. You never get any basic money management education<br />Financial skills that are needed to handle financial problems were not born naturally. You have to get enough education on money management, whether it's from formal education or self-education. If you don't try to learn from anyone, then you will be more likely to stay within your debt problems.<br />12. You have a 'get rich fast' mentality<br />There are perhaps only 0,01 % of people that got instant wealth, for instance, from parent's inheritance. The rest of the people, that means around 99,99%, didn't get their wealth instantly. So if you spend your time and money to practice a 'get rich fast' scheme, then more likely that debt problems, not wealth, that are always going to bind you.<br />13. You have bad habits<br />Drinking and gambling are perfect examples of so many bad habits that are ever existed, where you decide to exchange your short-time happiness with a long-term misery, which are the debt problems and also discomfort.<br />14. You wasted lots of your own time<br />They said, "Time is money", and let me add something: Time is more precious than money. Time is the biggest thing in life. You can search for lost money, but time is irreplaceable. So if you are failed to manage your time, then surely you will fail to manage your money... And you could get trapped deeper in your debt problems. So focus your time and energy only on important issues. Forget the others.<br />15. You don't take a good care of your health.<br />Always take care of your own body and mind! If you don't care about this, then health problems will drain your money, and if this keeps going on, surely you'll get financial problems, in the long term.<br />Keep this in mind. Debt problems are actually can be avoided and exterminated before it's too late. It only needs a little effort, education, and determination, to make everything possible. Like I have said before, live a simple life. Don't spend your money only to impress people. Don't live your life with a mindset that wealth is always measured with material things. Manage your money wisely so that it's not money that will control you. Make a change!!<br />Kun Umirtu<br />