debtfreetoday

2007-03-08 10:33:40

( Financial )



There would not be much to life as we know it if it were not for that taken-for-granted, ubiquitous financial instrument we call credit. There is much good that comes from credit but where many people today are well able to manage debt, there are a great many who fall into that perilous spiral of mismanaged loans. Sadly, this may lead to the feared and dreaded state of bankruptcy. Those who have gone down that road more aptly refer to it as ruin.

But is it possible to be debtfreetoday? The process, as always, begins in your mind. You start by recognizing that you are not immune to financial ruin if you’re habitually incurring debt between paychecks. Much worse if you’ve already missed out on one or more debt payments. Tell tale signs that you are on the road toward that downward spiral. That endless cycle of using credit to pay for other debt.

The good news is that there is hope. You can be debtfreetoday if you act now. You could go it alone and stop the habit of incurring unmanageable debt or you could seek professional help.

Debt Consolidation Programs:

There are countless websites on the Internet that offer a range of consumer financial education resources. On offer are debt consolidation programs individually designed to suit your specific situation. All manner of debt consolidation or loan consolidation are carried. Even while pursuing your education, you may well benefit from a student loan consolidation service. Under debt consolidation programs, certified counselors assist in evaluating your financial condition. Thereafter, they assist in creating “tailor-made” budgets closely suited to your needs. Finally, they negotiate all debt settlement with your creditors through debt consolidation loans.

Negotiating Credit Settlement:

No matter what your poison; secured or unsecured debt, debt consolidation or debt settlement, the worst, (and dreaded), case scenario chapter 7or chapter 13 declaration of bankruptcy; expect that you will agonizingly have to reveal all aspects of your personal money (mis)management. You will have to face the truth that you may have been guilty of spending foolishly and now need to dump all your high interest forms of credit.

Specifically, expect to be asked to participate in the process of allocating your money to abide by five basic principles of debt management which include not paying less than the minimum required payment each month, getting trained in creating systems for tracking and paying debt, negotiating debt balances, negotiating repayment time and the all important act of putting payment schedules in writing.

Ongoing Counseling:

If successful, you will be rid of all unnecessary or unwanted debt. It will stop your financial drain and simplify your financial monthly commitments. What’s more, you can expect ongoing counseling and education throughout the life of your debt management program. Also on offer are after-program services to ensure that you are staying on track.

At the very least, these will improve your financial literacy. At best, you would have gained the enviable company of those well-on-the-way to being debtfreetoday.


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