Eating Away At Debt

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The best debt reduction solutions
Finding solutions to reducing your debt takes some thinking and research on your part. You have some good choices available to you and we shall list these key debt reduction solutions for you right here: 1. Home Equity Loan or Home Equity Line of Credit. Your 21% charge card can be reduced to nearly 6% over night. How? By taking out a line of credit or equity loan against your home. Equ... Read debt consolidation article



Should You Save Money Or Payoff Your Debts
I have faced this financial question 8 years ago and recently I have friends asked me this same question. I think I should write it up so that it may help some of you that having the same situation.

The decision whether to invest your monthly excess cash into savings account or paying off your debt is a tough one.

There are few factors you need to consider before you make the... Read debt consolidation article



Eating Away At Debt
If your debt is out of control you must take some time to seriously think about your situation. Think before you charge anything and stay alert to the charges on your credit report.

Don't stop paying your debt all together - paying something toward your bill is better than avoiding your obligations. If you take review your bills and compare to your funds and decide that you do not have enough to pay the entire amount of the bill, you might be able to pay the minimal balance temporarily.

If you have a bill and the money to make payment tell the creditor that you intent to send the money via regular mail immediately - and do so. Creditors prefer that you phone them to negotiate payment schedules and sometimes creditors will even lower your monthly payments, or even your bill.

Ignoring your bills will only make things worse and does nothing to help repair your credit.

If you are obligated to income tax be aware, the IRS can take your money. This means each year that you miss payments are at default the IRS will deduct your entire tax refund to repay the debt.

If you miss payments on Insurance Policies and you have conditions stipulated on that policy you may be at risk of loosing your property.

There are two types of debts that eat away at our money, and understanding these debts is important to repairing your credit.

Some Department Store Credit Cards are secured, in that they ask you to put up collateral if you miss payments on the merchandise purchased.

If you have a Mortgage and feel that you can't make ends meet, you might want to check into some of the options available from your lenders.

Again, the most important tool for getting out of debt is to keep close watch over your bills, payoff any secure bill first, and work through each bill as you go.

Lee Dobbins writes for For Your Wealth where you can find more information on money, taxes and wealth related subjects.

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Break The Chains Of Debt

You Can Either Spend a Few Minutes Learning How to Break the Chains of Debtor Enjoy Being a SLAVE To Your Debt For The Next 25-30 YEARS

It amazes me that there are things like this out there, available to anyone, that no one really wants to tell us about. The banks and mortgage lenders don't want you to know because all that interest you pay is their profit. Over the last few years, how many of you refinanced to take advantage of the lower rates? I'm sure some of you even thought it was a great idea to get interest only or negatively amortized loans which you will surely regret in the next few years. Refinancing at a lower rate is how we've been told is the best way to reduce the interest costs of servicing our debt.

So what is it that you are just not being told? If I told you that you could pay off all your existing 30 year mortgage and your other debt in 5 to 10 years or so, without changing the amount you pay to service your debt, you probably wouldn't believe me. Anytime something sounds too good to be true, it is natural to suspect deception. So I have two things to accomplish with the rest of this article - convince you it is possible and show you how you your debt can be paid off honestly and fairly without you committing any upfront cash or obligation.

Whether you believe me that it is possible to completely pay off your 30-year mortgage quickly is a lot like the situation with the four-minute mile. Before it was done and common knowledge, it seemed impossible, but once others had done it, it no longer became so uncommon. When I was shown that it matters where my money is sitting each and every day of the month, when Daily Calculated Interest was explained to me, and when I learned that banks manage their money to their advantage, I knew there had to be a better way. I reviewed every single book I could get my hands on through the county library system, I checked out all the online gurus, and was shown a process available to anyone that wants to pay off all their debts quickly.

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Example of Savings When Daily Calculated Interest Matters:
Traditional Mortgage Accelerated Plan
$150,000(original loan amount) $150,000(original loan amount)
7% Interest 7% Interest
After 5 Years = $9,000 Equity After 55 Days = $6,500 Equity
30 Years To Pay Off 6 Years 2 Months To Pay Off
Total Paid $359,000 Total Paid $185,000
Interest Paid $209,000 Interest Paid $35,000Interest Savings $174,000

After 10 Years = 10% Principle Paid After 22 Years = 50% Principle Paid

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Why don't more of us take advantage of these plans and systems? Other than the fact that most of us don't even know they exist, it is also true that we typically don't have the discipline to follow through with financial plans. I heard just recently that something like one out of twenty people that starts ANY kind of fincancial plan will actually follow through with it.

In order to pay off your mortgage and debt in a third the time requires discipline to pay in accordance to a specific plan on precisely the correct days of the month throughout the course of the 5 to 10 years until all the debt is paid. Missing days here and there will easily frustrate you and can add many months and even years to the eventual payoff.

Would it be worthwhile to have your debt completely paid off in the next 5 to 10 years? Most people don't even stay in the same house for more than ten years nowadays. Either that, or they have already refinanced in order to "pull more cash out." In both of these cases they would have done so having paid down no more than 15 percent of the original principle. There is no way we will get ahead like that, and I think the banks like it that way. Having your house completely paid off, being completely out of debt - just imagine what your life will be like. Would you travel, would you add money to your children's educational accounts, would you set aside more for your own retirement - much earlier?

As I said before, there are plans and systems out there, mostly for a price. I have reviewed many of them, and I believe some provide really great "do-it-yourself" plans for getting out of debt fast. What these plans cannot give you is the discipline to follow through. So what I encourage you to do is to outsource the discipline, removing ALL doubt that you will be completely debt free on the schedule you determine up front. Find a company that offers an overview and a no cost, no obligation debt analysis, providing at least 2 to 8 possible solutions for completely eliminating your debt in record time. Expect to be shown options to slice off 1/3 the time and money you'd pay servicing your debt, including your mortgage. Ultimately, you should be empowered to choose your own solution.

Good luck!

Craig Cherry
Success In Systems
http://successinsystems.com
645 Solomons Island Road #420
Prince Frederick, MD 20678
866-380-9494

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For Your No-Obligation Debt Analysis And More Information:

Go To: http://successinsystems.com/analysis

Or Call: 866-380-9494


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Eating Away At Debt
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