Concern about it constantly increases when you receive collection notices from creditors, they send their bills to debt collection companies or simply think you may lose your car or even worse your home, highlights an article by Consumer.
To try to cross the storm debts that lurks we offer some useful tips that should be implemented:
- Self-help using a realistic budget and other techniques.
-Services Of assistance to reduce their debts as credit counseling or debt settlement a renowned organization.
- Consolidation of debts.
-Bancarrot
With the aim of taking the actual control of your financial situation, you should make a realistic assessment of all your income and the money you spend.
Make a list of your sources of income, reflect all "fixed costs" which repeats every month as your mortgage or rent, the monthly payment on your car and insurance premiums.
We also advise you to list your variable expenses, how much you spend on clothes, family entertainment. Write down everything you spend without exception as this will help you keep track of your spending pattern, identify necessary and order the rest according to their priority.
In case you have difficulties to face its financial obligations, contact your creditors and explain why you are having trouble making your payments. Try to reach an agreement to modify your payment plan, this will allow you to reduce your monthly payments to more affordable levels. You can not afford your creditors referral to a collection agency debt. That would be fatal to your financial status.
Your debts can be secured and unsecured. Commonly, the first are linked to a well, for example, the loan you took to buy your car is secured by a lien on your vehicle, and your home with a mortgage. If you stop paying the fees, lenders can incautarle decomisarle the car or the house.
If you fall behind in paying your mortgage payments, contact your lender immediately to avoid foreclosure. Most lenders will be willing to solve the problem. Some creditors agree to reduce the amount of your payments or suspend for a short time.
Support services for debt reduction
Should you happen right now by a large debt on your credit card and you can not reach an agreement with its creditors to establish a repayment plan, then assess the possibility of contacting a helpdesk to reduce your debts as one credit counseling or debt settlement. Depending on the service contract you could get advice on dealing with your unpaid bills or to create a repayment plan with your creditors.
Programas debt settlement
Generally these types of programs are offered by companies for profit and involve the participation of the company in negotiations with creditors to reach a settlement or cancellation of debt, ie a lump sum less than the total amount of its debt.
In order to make the "balloon payment", the company that operates the program prompts you to set aside a specific amount of money every month as a form of savings. Typically, the debt settlement companies will ask you to transfer this amount to a monthly rate escrow account (deposit) to accumulate sufficient savings and thus cancel the settlement agreement they could get for you.
Debt Consolidation
Another option to lower the cost of credit by consolidating your debts could be by a second mortgage or a home equity line of credit guarantee. For such a loan you should put your home as collateral, meaning that if you miss or are late could lose your home.
Similarly, debt consolidation loans have costs as well of interest, you may have to pay "points". Each point equals one percent of the amount you borrow. Undoubtedly, this type of loan can offer certain advantages over their tax obligations, other types of credit offered.
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