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Get Your Free Guide to Pay Debt Quickly Here
If you’ve struggled with debt for any amount of time, you know how it can feel like you’re in a big black hole, you just can’t seem to dig yourself out of. Balances never seem to go down and you need to keep tapping into credit cards just to make ends meet.
There is plenty of debt advice out there and you may have tried things like debt consolidation, making large payments to your debts to try to pay them faster and other methods that just don’t seem to work. Things just keep getting more and more difficult to manage.
But it really doesn’t have to be that way…
If you’ve been able to keep up with your minimum monthly payments until now, there is a solution for you. And it’s remarkably simple if you follow the appropriate steps laid out for you.
I’m talking about the “Pay Debt Quickly Kit” that shows you how to:
- Pay debt off faster without having to make any large payments.
- Get what you want from your creditors to pay off your debt faster and even improve your credit score.
- Make drastic changes in the way you think about and handle money without feeling like you’re deprived in any way.
The kit includes everything you need to get to debt-free faster. From software that helps you quickly and easily calculate your precise debt-free dates to strategies to take control of your finances and even work with your creditors so that you benefit, instead of them – this kit has what you need to eliminate your debt.
Learn more and get debt-free at: Pay Debt Quickly
Everything is available for instant download and you don’t have to wait for anything to come in the mail. That means you can start sleeping better and stop worrying about your debt, starting RIGHT NOW.
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According to an article written in USA Today by Noelle Knox two years ago, “Almost 280,000 Americans lost their homes through foreclosure last year. But that’s not the surprising part. This is: Half of them never even talked to their lenders.”
Today, the amount of foreclosures has increased by 79%. This is an astounding number, and fears that it may increase even further are widespread. As early as March of this year, Bloomberg.com stated that as many as 1.5 million more Americans may lose their homes, another 100,000 people in housing-related industries could be fired, and an estimated 100 additional sub-prime mortgage companies that lend money to people with bad or limited credit may go under, according to realtors, economists, analysts and a Federal Reserve governor.
If you have fallen behind on your mortgage payments or cannot pay at all, here are some suggestions.
* Call your bank or lender immediately advising them your payment will be late.
* If you can refinance, now is the time to do so.
* Contact a financial planner to assist you.
* Check out a reverse mortgage.
Keep in mind that the last thing a bank wants to do is to foreclose on your home. With the sub-prime mortgage crisis causing this mess, banks can ill afford to take in additional bad mortgages. Talk with them to ascertain if you can arrange a payment schedule, reduce the interest on the loan, or renegotiate the terms.
According to Ms. Knox, banks may be willing to engage in the following:
* Refinance – Allows the homeowner to refinance the current loan into a new loan. For example, you could refinance from an ARM into a fixed-rate loan.
* Repayment plans – Long-term “catch up” plans that allow homeowners who have fallen behind to pay more per month on their mortgage, gradually bringing their loan up to date.
* Loan modification/restructure – Agreement to change the interest rate or other terms of the loan.
* Forbearance – To postpone the interest or payments on the loan for a fixed period of time.
* Quick sale – Allows the borrower to sell the property for less than the loan, and consider the loan paid in full.
The fear of defaulting on a mortgage has most homeowners in a state of angst. However, you can delay the worst possible scenario by utilizing the suggestions made by Ms. Knox.
If you find that you may fall short in paying your mortgage, contact your bank or lender as soon as possible to discuss your concerns. There’s a good chance that you and the bank will be able to find common ground that is satisfactory to you both.
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On a news broadcast recently, a man was seen coming out of his bank with a shoebox filled with all of his life’s savings.
The sub-prime mortgage debacle is causing home foreclosures, the stock market is tumbling 5000 points, and banks worldwide are not only lacking enough liquidity to loan each other money but also to supply loans to individuals. It’s no wonder this man decided to withdraw all his money. But is this an appropriate response in dealing with this economic crisis?
With the stock market losing over a trillion dollars and banks unable to lend money to individuals to buy cars or grant tuition loans, it is understandable that almost everyone affected by this crisis is frightened.
Taking all of one’s savings out of banks is not the answer, however. Consider this for a moment. If we all went to our local banks and withdrew our money, the banks would have no alternative but to either shut down completely or ask the Federal Governments for assistance. Yes, additional bailouts.
Consider as well that if you have $250,000 or less in a savings, checking, or CD account, the money is insured by the FDIC. This was part of the Rescue Plan signed into law by the President of the U.S. Furthermore, throughout the world, billions of dollars is currently being infused into banks to increase the liquidity that was frozen by the toxic mortgage accounts as a result of the sub-prime mortgage crisis.
Let’s be honest; we are all worried about our individual financial situations. With over 600,000 jobs lost thus far, most households can no longer stay on budget and it is becoming increasingly difficult to weather this storm.
Just this week, General Motors had to lay off thousands of workers and are conducting talks with Chrysler regarding the possibility of a merger. Unemployment is on the rise, as is the cost of gas and food. Retail sales have fallen and businesses, banks, dealerships, and just about everyone is affected by this economic crisis.
It is completely understandable why some would want to withdraw their life’s savings from banks, but consider the alternative to this drastic act. There is no need for panic at this time. Our money is safe and insured in the bank. As a matter of fact, if you have been a customer of one of the banks that either merged or were purchased by another bank, they are still maintaining the same system as regards your money.
Franklin D. Roosevelt once said, “There is nothing to fear but fear itself.” Everyone affected by this crisis needs to read as much as possible about the Rescue Plan. Stay informed by reading the financial sections of your newspaper wherein you will find specific information as to how the government is handling the situation, and prepare for a long haul.
If you have not set a household budget, now is the time. If you can put away enough money to last the next 18 months, do so. We all have to tighten our belts; devise a plan and stick to it until this entire mess is sorted out.
More importantly, don’t panic. Sit down with your spouse and discuss how the economic situation affects the household finances. Explain it in simple terms (age appropriate) to your children so that they will not become frightened if they hear talk among other adults or among their peers.
It may take a while and it will take sacrifice, but this too shall pass and we will be stronger for it.
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With the economic downturn, everyone is feeling the effects in their daily lives. For some, however, having credit card debt can be the straw that breaks the camel’s back. If this applies to you, here are five tips to reduce credit card debt.
1. Pay down your debt. Use the “snowball” method, which works as follows: Make a list of your credit cards and place the card with the highest rate of interest first, then the second highest rate, and so on. For the card with the highest rate, add an additional $25, $50, or $100 (whatever you can afford) to the minimum payment due. This will be the amount you pay every month.
When the first credit card is paid off, apply the same amount you paid for the first card to the second card (add additional money if you can). Once the second credit card is paid, move on to the third card and so forth until all debts are paid.
2. Keep one credit card (for emergencies only) and leave it at home in a safe place. Pay for anything you buy with cash. If you can’t afford it; don’t buy it.
3. Call the credit card companies and ask to have your interest rate reduced.
4. If you need assistance, seek out a certified financial counselor who can help you come up with a plan to pay off your debt.
5. To avoid bankruptcy, you may wish to take out a home equity loan that will enable you to pay off all debts you have incurred. Before you decide if this is right for you, determine if you can afford to make the payments without the loan by taking a closer look at your household budget to find an item you can either eliminate or reduce.
The crippling effect of credit card debt has grown to a staggering amount in this country. We are a nation of debt, and the credit crunch has forced banks to freeze lending to other banks and consumers.
It will take a great amount of sacrifice and fortitude to withstand the days ahead. However, if you start now you can alleviate some of the stress and worry by cutting up all but one credit card and begin paying down your debt. It is no longer a choice.
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During this economic crisis, we have seen retail sales drop, prices on food rise, and the inability to obtain loans from our banks. To this end, here are some steps you can take to ease the financial burden that may cause you great stress.
Establish a household budget and stick to it. Keep contributing to your 401K. Pay down your credit card debt. Utilize cash: if you can’t afford an item, don’t buy it. Limit any wasteful spending such as dining out once a week, buying morning coffee, or lunching out.
If you have CDs at your local bank, AARP advises that you not to automatically roll over your CDs. Instead, maximize the growth of your CDs, always call or visit the bank to review current interest rates, including any promotional rates that might be available. Banks often run promotions offering interest rates higher than their regular rates. You can be certain that an automatic renewal won’t get that rate unless you ask. Millions of CD owners take that easy road at renewal time. Banks love customers like that, but those people are making a mistake that you should avoid.
If your bank has closed, or has merged with another bank, contact the bank to ensure that procedures are still the same. If you are opening a new account, research the many banks in your area. Ensure they are insured by the FDIC for $250,000, and compare bank fees as well.
Make sure you have not overdrawn on your checking account. The fees can quickly add up. Balance your checking account immediately upon receipt of the bank statement. In addition, if you are paying bills on line via your checking account, record the payments into your checkbook immediately. In this way, you know exactly what your balance is at all times.
As far as your yearly taxes are concerned, AARP also advised that you do not overpay your quarterly estimates or increase your tax withholding to avoid owing the IRS money. In reality, it’s a sure way to get less than zero interest on your money. The least expensive way for you to pay your tax liability is to have estimated payments come out as close as possible to the amount owed.
You are allowed to check your credit report annually for free. This is a good time to determine if there is anything on the reports that seems unfamiliar. If so, you can contact each credit report agency directly. Check your FICO scores with each agency as well.
Now is the time to put aside one credit card for emergencies only. If you do have several credit cards, ensure that you make payments on time to avoid late fees or an increase in interest rates. Call your card companies to ascertain if any of the interest rates can be lowered.
Finally, since no one knows how long this crisis will last, it is a good idea to put aside enough money to cover your household expenses including doctor and dental visits, and any other necessary expenditure for the next 18 months.
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