Debt management: In this program, the financial experts will formulate a budget plan and design a monthly repayment plan according to your financial situation. A certified credit counselor associated with debt management company will negotiate with the creditors. He can help to reduce the minimum monthly payment by lowering the interest rate to make it affordable. Debt management program has negligible effect on your credit score. Therefore, you can re-establish your credit report once you eliminate your debts.
Source: ovlg.com
Video: Debt Elimination Programs ? How different strategies work. Part 1 of 5
Higher Household Debt Primarily Means Fewer Foreclosures
The reason that debt has been falling in the last few years has been due to the large amount of debt being written off, primarily as a result of foreclosures. To get an idea of this magnitude, suppose that 1 million homes a year go through the foreclosure process. If we assume an average mortgage of $200,000 a home (roughly the magnitudes involved), this would imply the elimination of $200 billion in debt each year, assuming that the households taking on new debt were just balanced by the households paying off debt. If the number of foreclosures fell in half to 500,000, and nothing else changed, then the rate at which debt was being reduced would fall to $100 billion a year.
Source: businessinsider.com
Four Compelling Reasons For Getting Out of Debt
3.? You?ll be healthier.? Debt is stressful ? anyone who has ever lost sleep over a sky-high credit card balance can tell you that.? But did you know that there?s actually a condition called ?Debt Stress Syndrome??? In a 2009 appearance on CBS? Early Show, clinical psychiatrist Dr. Alan Manevitz described the health hazards associated with the stress of living with debt.? According to Manevitz, folks who are stressed out about debt are more likely to suffer from common stress-related health issues such as migraines, anxiety, and ulcers ? and they?re also more susceptible to other illnesses, such as the flu.? Debt-related stress can also exacerbate existing health issues.? A 2008 survey about stress and debt conducted by AOL and the Associated Press linked debt-related stress to an increased risk in severe depression and heart attacks.
Source: debtguru.com
Debt Elimination Programs
It is important to take a realistic look at each debt relief program and plan available. Many come across as elimination solutions to getting you out of your present financial problems, but it is advisable to take the time to get the facts first and then decide which elimination program or software will work for you.
Source: debt-elimination-program-reviews.com
6 More Tips To Help You Eliminate Debt for Good!
Additionally I would also like to clear the air about Debt Management Programs not working to address bad financial habits. ?The agency I work for does everything it can to promote good financial habits amongst our clients. Our mission is actually to promote consumer health through financial education. We work with all of our clients to develop a budget, discuss potential large purchases, and counsel clients going through major financial and life changes. My training has been to always provide every client the best advice I can. I provide my clients with a discussion of options so that they can decide what will be the best fit for their specific situation. Whether those options include a debt management program, consolidation loan, seeking legal assistance to resolve debts, or setting up a DIY plan to repay the debts on their own, each option has its strengths and weaknesses and none should be discounted because each can be a positive solution in particularly differing situations. That being said should a client decide to use the Debt Management Program at Clearpoint, we do follow up with each client on a regular basis. Durring the follow ups I often their progress in meeting their goals and go over any issues they may ?encountering to ensure that everything possible ?has been done to educate the client so that they can make the best possible ongoing financial decisions given their individual circumstances.
Source: girlsjustwannahavefunds.com
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Tags: certified credit counselor, Debt, debt elimination programs, debt management company, program
Source: http://debtconsolidationsanjoseco.com/debt-elimination-tips-to-achieve-a-debt-free-life/
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