Debt Solution

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Tuesday, 26-Oct-2010 10:15 Email | Share | | Bookmark
Attaining Financial Freeedom

The financial solutions recommended herein are aimed at:

- Cutting down your monthly payments.
- Eliminating late fees.
- Drastically reduce your interest rates
- Avoiding bankruptcy
- Attaining financial freedom.



How to avoid financial debt


By following and adhering to the following financial advice, you can avoid incurring unnecessary debts.

1. Doing away with credit cards: To many, credit cards may seem as a lasting financial solution but unknown to them is that the interest rates on accrued payments end hurting them the most. To avoid adding debts to an already existing one, begin by burning and throwing away all the credit cards in your possession.

2. Analysis your debt-to-income ratio: There is no doubt that in order to progress in life, there are some unavoidable financial loans such as home loans, mortgages and student loans. However, there are those that can be avoided at all costs, e.g. car loans and interest on credit cards.

3. Read the fine details: Before taking up on a loan, it is important that you read and understand the terms and conditions. Issues such as sudden increase in interest rates are what add to ones debts.





Fast tracking your Debt Solution


When faced by financial burdens that seem hard to overcome, many often lose hope pretty fast. As a quick-fix, many will resort to taking up another financial loan to pay off an existing one. Provided below are simple steps to the financial solution.


1. Seek for Debt Consolidation: Paying off more than two financial loans at the same time cannot be an easy thing and that is where debt consolidation comes in. This is whereby all your loans are consolidated as one by a financial institution and paid off with one monthly payment that you make to them. The money is then disbursed to your other creditors on your behalf.

2. Debt Settlement: It is possible to renegotiate your monthly interest rates to manageable levels by talking it out with another bank or financial institution. You will be required to make monthly payments for a given period of time until the lump sum needed to pay off the debt is reached. This method allows you to pay off your bills at a pace you find comfortable. Nonetheless, you will be required to adhere to a strict monthly budget.

3. Declare Bankruptcy: Filing for bankruptcy has been one of the oldest financial solutions as a means of protecting yourself from your creditors. Nevertheless, it should be considered as a last resort as it harms taints a bad picture to your credit worthiness by bringing your credit score by about 200.


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