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debt consolidation

Using a debt consolidation calculator to facilitate the process of repayment

June 28, 2012 by · Leave a Comment 

Debt consolidation is a repayment tool for all those debtors who have accumulated a huge amount on their multiple credit cards. This is a new loan that carries low interest rates than the credit cards on which you owe money and you can use the proceeds of this loan to repay your multiple creditors. Instead of making multiple payments in particular month, you just have to make a single monthly payment towards the debt consolidation loan and thereby become debt free. By this loan, you can systematically manage your finances so that you may get out of debt and live a tension-free life.

When it comes to choosing debt consolidation, you have to play with numbers as you need to make a number of calculations while repaying the loan. There are number of debt calculators and the most common among them are the debt consolidation calculator that is used by most debtors when they want to combine their debts into a single monthly payment. By giving in some required information, you can receive the required results that you may need while calculating your debt payments.

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What are the benefits of using a debt consolidation calculator?

If you’re wondering about the benefits that you may reap when you leverage a debt consolidation loan calculator, check them out.

Helps you calculate the time within which you can become debt free

When you take out a debt consolidation loan, your repayment structure gets altered and you’re then able to repay the loan in small and affordable monthly payments. When you start making the small and affordable monthly payments, you may want to know the time by which you can become debt free and this is possible through the debt consolidation calculator. By knowing the time, you can easily manage your personal finances and thereby be able to make the payments on time.

You can make tasks and calculations easier free of cost

There are several websites through which you can get debt consolidation calculators but you have to make sure that you download it from an authentic website so that you can get the most authentic results. Downloading a calculator is one of the easiest and the most cost-effective ways of making calculations easier. You should manage your finances in the best way possible so as to be able to repay your debts on time.

You can save your dollars by making the exact calculations

The debt consolidation calculator is a wonderful tool that can help you save money in the long run. If you are a layman, it may take you longer years to get out of debt but when you use the debt consolidation calculator you can calculate the total number of payments that you have to make in order to become debt free. The more you stay in debt, the more you have to pay as interest rates and therefore it is always better to make calculations and get rid of your credit card debts as soon as possible.

Download your debt consolidation calculator from an authentic website so that you can trust the results and take according actions to delete your financial worries.

When you should consider debt consolidation?

January 18, 2012 by · Leave a Comment 

Your spending habits often lead you to borrow from your credit cards or other lines of credit. You work hard and you receive your pay check every month. Still you are unable to pay your bills. Here are some signs that indicate you have a cash flow problem and it may be time to consider consolidation of your revolving debt.

1. You are living paycheck to paycheck and unable to save any money.
2. You pay your monthly bills late.
3. You often miss your payment altogether.
4. You are getting calls from bill collectors.
5. You are unable to sleep at night and worrying about paying your bills.
6. Unable to save at the end of the month.
7. You have no savings that you can tap for an emergency.
8. You use credit cards or borrow from friends and family to pay your monthly bills.
9. You are taking a pay day advance loan from your next pay check.
10. You only can pay the required minimum balance on your revolving debt.

If you are faced with the above, it may be time to consider consolidation of your recurring debt, mainly credit card debt.

5 Debt consolidation tips you must know

September 17, 2010 by · Leave a Comment 

If the thought of your debt load is bothering you, then it’s high time that you consider debt consolidation. Credit cards are very tempting to use and if you cannot handle your credit cards properly, you can land up in a quagmire of debt. Credit card debts will soon become stressful if you do not have enough money to pay your debts off. Debt consolidation should be considered by those who do not have enough time and money to pay off debts. There are certain tips that you should remember while consolidating your debts. Read on to know about them.

1.Make sure it’s a trustworthy organization: Before committing yourself to a particular debt settlement organization, make sure that it is a reputed and a trustworthy one. First you need to investigate the company whether or not they are authorized. Check if the company has a license and is authorized with different organizations, especially the BBB. This will prevent you from falling caught under fraudulent acts.

2.Compare different debt consolidation companies: When you think of consolidating your debts through a debt consolidation company, make sure that you compare and contrast different debt consolidation companies. This will help you ensure whether or not the rate that you’re offered is the most competitive in the market. You can also see if the rate is the best rate in the market.

3.Go for secured debt consolidation service: When you go for debt consolidation services, it is better to go for secured debt consolidation. You can reap the benefits of lower interest rates and longer repayment terms as compared to unsecured debt consolidation services. This is known as collateral loans where you provide something as collateral in order to meet the repayment guidelines.

4.Review the terms and conditions: It is very important that you review the terms and conditions of the company before signing into it. If you fail to understand the legal jargons involved, it is good to hire a lawyer who can help you. It is better to spot unfavorable terms initially than later or else it may greatly affect your finances.

5.Consider the costs: Verify whether or not there are hidden costs involved in the debt consolidation services. There are certain scam companies that charge you with hidden costs and these are the scam companies. This is why you need to trust the company before agreeing on anything.

Thus, if you are seeking debt consolidation, take into account the above mentioned tips to get the best results after consolidating debts.

Methods of Debt Relief

June 3, 2010 by · Leave a Comment 

If you are trying to find a way to settle your debts, it means you have taken the first positive step in getting your finances in order. The next step is to choose one of the three main methods that can help you in this endeavor.

1. Debt Management –Debt management companies are usually non-profit outfits. They work with you in an effort to manage your finances and help you organize it in a way that is beneficial for you. They will not offer you any loans or talk to any of your creditors on your behalf. What they give you is knowledge – how to create a budget, payment plans, etc. Although this method might be frustrating at the start, the lack of any financial commitment towards the debt management company is a major advantage for anyone in debt.

2. Debt Settlement – Companies that offer this service will negotiate directly with your creditors. They are often able to get massive reductions in the amount owed (from about 20 to 60 percent), thereby enabling you to repay your creditors. All you have to do thereafter is pay the debt settlement company in installments and they in turn repay your creditors. However, this method has a lot of pitfalls in terms of hidden costs, complicated fees and fraudulent companies.

3. Debt consolidation – The idea of getting a debt consolidation loan is to help you pay off multiple creditors at once. Thereafter you are left with one big amount to be paid off. The goal here is to find a loan that has an interest rate that is lower than the ones you are paying right now. That way your monthly payments will be a lower amount, enabling you to make them on time.

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