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1. (0 mins ago)the purse forumFRAUD & HARASSMENT FROM THE PURSE FORUM ON EBAY Consumer Tips & Tricks
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Tips To Help You Pay Off Debt | |
 The phone keeps ringing and the reminders continue to appear in your mailbox. As much as you would like to ignore the calls and wish the reminders away the fact remains that you are struggling with debt and there is only one solution and that is addressing the issue once and for all. The following tips are tried and true pieces of advice that are based on common sense and a disciplined approach to reduce your debt and give you back the financial freedom that you have been missing.
- Pay more than the minimum - If you are new to the credit card game or perhaps you are a seasoned veteran you must know that paying the minimum amount required by the credit card issuer will keep you in debt indefinitely. You must aggressively tackle your debt by putting every available penny toward lowering your balance.
- Use your available savings - In an ideal world you would let your savings alone to serve as a cushion in an emergency or to grow your money for your future. If you are struggling with debt repayments using the money in your savings to get out of debt is sometimes the best choice in a bad situation. The interest your money would earn in your savings is rarely enough to offset the amount of money that you are putting out to keep the bill collectors at bay.
- Contact your creditors - If you are having trouble making your payments your creditors are likely to already know you are in trouble financially. It may require some time and effort on your part but you may be surprised that some creditors are willing to renegotiate your terms in the hopes that they will receive payment. This may not be the ideal situation for them however if they fear they mind not receive anything they are more inclined to try to help you by making the payments more affordable.
- Stop using credit - It goes without saying that if you cannot handle your current debt repayments it is unwise to continue using credit cards to rack up additional debt. This is a common occurrence for someone who spends all of their disposable income paying their credit card payments only to find themselves with little money left for day-to-day expenses. If you are living off of credit you must stop today otherwise you will eventually run out of available credit and still have to deal with the ever growing debt.
- Cut costs - This is the easiest way to free up extra cash toward debt repayment. Track your expenses and find out where you can cut costs. It may be packing a lunch, getting a cheaper cell phone plan or canceling your gym membership. There are dozens of little things that we pay each month that if the same money was applied toward getting out of debt would have a significant impact on your progress.
Whatever steps you decide to take, make sure the first step is getting started..today. The longer you avoid facing the reality of debt the longer it will take to get out of debt and start having control over your financial future again. |
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Comments |
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I admit I defaulted on some credit card debt.
The approach by the collection agencies was horrible.
I have consulted attorneys and have come up with a letter that puts them off.
I was just contacted by the Northland Group.
I sent them the letter via certified mail.
Guess what ?
Within 4 days I received a letter from Northland Group saying they were ceasing all collection efforts and I should contact the card issueing company for further information.
The letter is a mix of asserting your rights, warning them about any negative credit reporting, requesting all communication be in writitng (no telephone calls!), and threatening them with severe legal action should they tranish my record or violate the law.
It is one hum-dinger of a letter.
I can't believe that it worked !@!
pmf1@rocketmail.com |
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382 days ago by 
