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Which is Better - Bankruptcy or Debt Consolidation

With the current economic crisis, many people are finding themselves in dire financial straits. I have heard from people who, due to bad mortgage and real estate decisions, find that they now owe more than their home is worth, and balloon payments are coming due.

Other individuals have been living on credit cards, charging more than they make each and every month until they maxed out their credit cards, and now they can't get more credit for living expenses. What is the answer?

Every situation is different. Some situations are not as bad as they may seem, while others may be worse than you think. Before making a decision to declare bankruptcy, which will wipe out most of your debt in most states, but leave you in the poor credit risk category for as much as 10 years, contact a credit counselor to see if debt consolidation is an option for you.

Credit counselors have been well trained to determine how to help you to help yourself. So, do yourself a favor and contact a reputable credit counselor as soon as possible.

Trying to Get Out of Debt?

If you are up to your eyeballs in debt, and don't know where to turn, here are some ideas that may help.

1. If you are seriously in debt, and can no longer afford the minimum monthly payments for your bills, go to a not-for-profit credit counseling agency immediately. The credit counselors are trained to help you consolidate debt, and find ways to help.
2. Cut up all of your credit cards but one that you can use for emergencies only, and keep paying down your balances until they are paid off.
3. Call each and every credit card company and ask for interest rate reductions.
4. Get a second job to help pay off the debt. One good way to make extra money is with an online business that you can do in your spare time from home. We like a program called Profit Lance. It is a comprehensive program that teaches you step-by-step how to make money online, and gives you a free website. At only $77 for the lifetime membership (with an impressive 8 -week moneyback guarantee), it's a great place to start. Start making money online. Click Here!

Clean Up Credit to Get the Best Rate Mortgage

If you are planning to buy a home, or if you need to refinance your current mortgage, take a look at your credit score first. Unless your credit history is spotless, your most likely won't qualify for the lowest mortgage rates.

Whats your score? You are entitled to one free credit report each year from the three major credit agencys. Get your credit report and check it carefully for any inaccuracies, or problems. You may request other reports that include your FiCO credit score.

How is a FICO score calculated? According to Fair Isaac, the follow factors go into creating your credit score:

• Payment History: 35%
• How much owed: 30%
• Length of credit history: 15%
• Applictions for new credit: 10%
• Types of credit used: 10%

Clean up your credit, or face paying much more in interest rates than those people who have bad credit. If you need help, contact a reputable Credit Repair agency such as Lexington Law. IN most cases, they have the experience and resources to help you repair your credit score faster than you may do on your own.

It Takes Planning To Get Out From Under Card Debt

Yes, you can get out of credit card debt. If you are determined to get out of credit card debt you surely can get out of credit card debt. Though it’s a bit difficult to get out of credit card debt, it isn’t impossible.

All you need to get out of credit card debt is determination and planning. Both are equally important (or maybe determination is even more important). Determination doesn’t come without proper reason. So, you need to first ask this question to yourself – “What will I get if I am able to get out of credit card debt?”, “What difference will it make”, “What’s in it for me” or “Is it really beneficial to get out of credit card debt”.

Use the answers to build your determination. The fact that all the nagging via mails/phone (by the credit card supplier and/or their collection agent), will be gone, should do good to strengthening your determination and should provide you with a reason on why you should endeavour to get out of credit card debt.

Think about the stress-free life after you get out of credit card debt. Try to link various reasons together and try to see the benefits through them. All these collectively will help in bolstering your determination and prevent it from getting weak at any point in time.

The second thing that you need to get out of credit card debt is planning. The planning to get out of credit card debt will start with making a list of the credit cards that you currently posses and noting the debt and the APR for each of them. The sum total of all these various credit card debts, will give you the total credit card debt.

You also need to check if you have been defaulting on payments on some of these credit cards (and hence incurring a late fee). You will need to avoid that and put it on the plan you have prepared to get out of credit card debt.

The next step in getting out of credit card debt is to check your current financial position and make an assessment of what you expect your future financial position to be. Next comes the research to check the various balance transfer offers available in the market; to see if one of these can prove beneficial to you.

Use all this information to calculate how much time you will require to get out of credit card debt and how you will distribute the debt payment across your various credit cards (ensuring that you payoff the debt that is hitting you the most and also ensuring that you don’t incur late fee on any credit card payments)

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Credit Card Management - The Inside Out Method

Credit Card Management - The Inside Out Method


When the economy or personal issues and problems result in a high credit card debt, we often find our debt spread over three or four or more cards. So you may have a Visa, several MasterCards, and a Discover card with maybe many more each carrying several thousands of dollars of debt. The result is an ugly parade of bills from each company each demanding a minimum payment that pays the interest and takes just a small amount off of your debt.

If it seems that the debt mountain never seems to go down, that’s not an illusion. The situation is not designed to help you get that debt down. It’s a cruel mixed message the credit industry sends us because if you have high credit card debt, your credit rating goes down. But even if you have too much debt, the credit card companies just keep raising your credit ceiling and sending more and more credit card offers to lure you into more debt.

The instinct is to keep taking out more accounts and transferring money to those deceptive zero percent offers that expire in a matter of months and leave you with yet another bill to pay that only makes managing that debt even more impossible. If you do get a little money ahead, the instinct is also to pay more down on the debts that have the highest interest rates to try to slow the erosion of your finances due to high rates.

But there is another approach to handling this debt that goes completely opposite your instincts and gives more control to you to begin seeing headway against those debts. But to use this approach, you will have to think with your head, not your emotions and not panic but think about how to get as much principle paid down as possible. This inside out approach to paying down your credit cards is simple and gives you a roadmap to freedom from debt.

First of all, stop taking out more accounts. That only gives another credit card company access to your money. They can charge you membership fees and try to lure you with credit insurance. If you have three or more credit resources already, that’s plenty.

Second, use short term offers wisely. If one of your existing accounts offers you a zero percent deal for a few months, take it but transfer a small amount to that account. Then you can focus on paying off that transferred amount and see 100% of your payment go against principle which is the fastest way out of debt.

Third, pick a card and pay it off. It might be the card with the lowest balance which is one you might give the least to so you can respond to the higher level debts. But if you pay that card off, that is one less bill coming in each month and it gives you a great feeling to know you are slowly killing off the monster of credit card debt one card at time.

That brings us to the cornerstone of the inside out method. Instead of paying on the card with the highest interest rate, pay them the minimum payment and put your excess funds against the cards with the lowest rate. In this way you are getting the most bang for your buck with the small amount of extra funds you may have to pay on the debt. That debt will go down more quickly and then you can attack the bigger accounts and begin to whittle away at them too. And by using a smart approach to the credit card debt you have, you take control of the problem and put it on a program to go away. And that will be the greatest feeling of them all.