Debt concerns and the housing market

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Consider Debt Consolidation
Even though you may have a bad credit history, debt consolidation may be a way for you to take charge of your credit. For most people, being in debt is just a fact, but it does not have to be a bad thing. How well you manage your debt and pay your bills in a timely fashion will determine if you need to apply for a debt consolidation loan. If you have more bills to pay per month than money coming i... Read debt consolidation article



Debt Free Software
Debt free software allows people to find ways to get out of debt within a few years. There are different types of software available for becoming debt free. Of them, the Rapid Debt Reducer(tm) software created by Kingdom Financial Principles is a very popular one. Information on this software is available at www.solongbills.com.

This software helps users in guiding them in eliminating d... Read debt consolidation article



Debt concerns and the housing market
According to recently released UK government statistics, the number of mortgage repossession orders in England and Wales has risen by 66% compared with the same three month period in 2004 ("Mortgage possession statistics", publ. UK Department for Constitutional Affairs, 2005). This is equivalent to 20,000 repossession orders over 3 months. The DCA figures are based on twice yearly statistics produced by the UK's Council of Mortgage Lenders.

Since the slowdown in house prices in 2004, there has been a commensurate increase of the number of owners being taken to court for mortgage arrears, rising by over a half to nearly 30,000. Most regions of the UK experienced a decreased rate of growth from an average of over 20% at the start of 2004, to just over 2% at the beginning of 2005. Many economists believe that that this gloomy economic outlook is not as bad as it seems, because the underlying economic factors such as unemployment are still strong, leading to a housing market slowdown rather than a crunch. Consumer confidence is also high, helped by a Bank of England reduction in UK interest rates to 4.5% in August. However, concerns about debt and the housing market still remain, due to the effects of the five successive interest rate rises between the period of November 2003, and August 2004. It should be borne in mind though, that not all court repossession orders result in a real repossession because the homeowner can still often negotiate a deal with the lender. However, the CML has forecast that at least 10,000 homes will be repossessed before the end of 2005.

Debtsolver is a UK company providing resources and information on Debt Management UK, Debt Consolidation UK, Debt Problems UK and IVA & Debt Advice

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Debt elimination - Strategy for detb elimination

Debt seems to have become the buzz word in today's world. We can't blame it on people. After all it's human to fall for it. However, it surely isn't good for you. If you have fallen into a debt trap, you can take comfort from the fact that you are not the only one. Getting out of debt trap is not impossible either. You just need to have some patience and exercise restraint on the bad spending habits that you have developed over a period of time (assuming that the debt has not resulted due to some difficult circumstances).

Analyze the situation properly and prepare a strategy for debt elimination. Here is a list which you could reference to pave the path to debt elimination:

1. Controlled spending: The first thing to do is prevent the situation from getting worse i.e. stop the debt from growing further. So exercise control and try and remain within 70% of your credit limit. You might also resort to spending cash instead of plastic, just as a control mechanism.

2. Consolidation: Debt consolidation is another instrument which is very much in use as an important step towards debt elimination. This involves switching over to a new credit card which has a lower APR. However, if you intend to keep spending like mad, this will result in a debt trap and will not help you at all.

3. Negotiate: You might as well talk to your existing credit card company about the situation and check if they are able to help by reducing the APR for a period of time. This does work sometimes because these companies too want to retain their customers.

4. Pay off some debt: If you have some cash handy, you might as well pay off some debt, especially the one that is on higher APR credit cards.

5. Seek professional advice: If you are not able to find the way out by yourself, you should take professional advice. There are consultants who would not only give advice but also detail you about what offers are available in the market and which suit you the best.

6. Resist offers: Credit card companies keep putting up new offers to lure more customers. These could range from getting a discount if you shop with them, a free gift etc. Do not fall for such offers. Just treat them as 'Not for me', because these are really not for you until you come out of your current debt. These are more to induce spending than anything else. Moreover, this will just add to the annual fees that you pay on your credit cards.

7. Reduce the number of credit cards: If you have a large number of credit cards, you will always be tempted to using one or the other till the credit limit is reached on them. This creates a debt trap. So, if you can, then close off some of your credit card accounts.

The key to debt elimination, however, lies in 'Restraint'. If you are able to control your spending then you are already moving in the right direction.

Rudy Hadisentosa: CCN.com is a free online credit cards review and application website. We offer credit cards selection from visa,master cards, discover, american express and many others. We have quite some categories and hundreds of credit cards selection to fit your need. Apply for a credit card at CCN.com.


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Debt concerns and the housing market
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