Set On the Pathway To Success

Volume 8, Issue #10, 18th May 2008
Publisher Irena Whitfield

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Today's Subscriber Article

Question to Answer:
Important Advice on Debt Consolidation

Irena Whitfield

One of the most frequent questions about debt consolidation I receive is about the benefits of debt and bill consolidation.

To answer this, first of all, I want to say that debt and bill consolidation are the same. When a person owes more than he makes, his stress levels rise, the collection agencies pester him, and he usually ends up running world of emotional delusion to escape. It seems we can never win in a high-paced world, but the fact is debt consolidation has helped thousands around the world to re-establish their lives.

One of the most important tasks debtors must carry out to achieve in debt consolidation is keeping away from complications. When debtors have bills that are behind merely because they didn't have the cash to repay the debts, then their stress will build. Some people may go on binge, spending instead of paying their bills, and procrastinating instead of working to restore their credit.

These people may believe that after three, seven or ten years the problem will end, since the credit reports remove any pending debts after seven years and any bankruptcies after ten years. The fact is, the problem doesn't go away the problems only get bigger. Yes, it is true: after three years, if you manage to payoff a debt, then the debt is removed from your credit report. In addition, yes, it is true if after seven years you failed to make payments the debt is removed in most instances from your credit report.

Furthermore, it is true that in many cases, after ten years, bankruptcy is removed from your credit report. If you have the patience to wait this long, can tolerate the hassling phone calls and letters, and don't mind worrying about going to court for this long, then by all means procrastinate.

Bills and debt consolidation is optional, however bill and debt reduction is your best bet. You can do this by start paying as much every month on your bills as possible to reduce your debts.

Advice for debt consolidation is great, in that the advice given by qualified sources can help you find a solution to relieve your debt and build your credit. Debtors often tire from hassling phone calls and letters from collection agencies and creditors. If you are tired of searching on your own for a solution for repairing your credit, paying your debts, restoring your life; and are tired of getting turn downs on loans, then read this article to find debt relief on your own.

To begin with, on a personal level, it is important to cutback on your spending, as well as avoiding purchases that are not necessary. Cutbacks mean that you will review your bills carefully and look for areas where you can reduce your bills for debt consolidation. For example, how much are you paying for car insurance? Is it possible you can find another provider that offers cheaper rates?

There are also a number of do-it-yourself kits on the market that can help you consolidate your debts and manage your money more efficiently.

Do-it yourself kits are available online to help you process debt consolidation on your own; however, these kits may cost you a small fortune. But do not despair. The library has completely free kits to help you go through the process of debt consolidation on your own. This includes kits for going to bankruptcy court if you find no other way out of debt.

Any service or company that is trying to charge you fees or interest rates for helping you to get out of debt is a source you should avoid if possible. There are free services, including United Way and a few other sources that will help you relieve your debt, while giving you advice on debt consolidation. You should definitely consider seeking help from them.

Many people fall into traps, since some advisors will lead them in the wrong direction hoping to make more money in the long run. For the best solution for debt consolidation, try spending some time at the local library, where advice is free and information is abundant and less biased.

Want to learn more about managing your money the right way? Get the Financial IQ Guide:


Great things are not done by impulse, but by a series of small things brought together.
Vincent Van Gogh

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