Debt Management 101 - How To Get Out Of Debt Fast
By Steve Miller
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About this ebook
Recent studies have shown that more than 35% of Americans have unpaid bills and debts which have been put in the hands of debt collection agencies – so if you are struggling to keep your head above water then you are certainly not alone.
Many consumers find it difficult to meet the repayments on anything and everything from credit cards to hospital bills, mortgages to car loans . . . the bills just keep on piling up with no end in sight. Even cell phone contracts and unpaid gym membership fees can end up with a collection agency and have a detrimental effect on your credit score. Bad credit can even have an effect on your job prospects and the price you pay for your car insurance – the problems are very deep rooted indeed.
It’s a worrying statistic isn’t it? Around a third of the Americans you see in the street will have some debt in collections. The figures are worse in some states than in others but even if you live in Minneapolis (only 20% of residents have debts in collection) it still paints a bleak picture.
If you are struggling with debt then the good news is definitely that you are not alone. Debt is certainly not something to hide or be ashamed of these days – hey, everybody’s doing it – but that still doesn’t make it okay.
There are important steps which you must take in order to get out of debt and the sooner you start along the road to financial recovery the better.
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Debt Management 101 - How To Get Out Of Debt Fast - Steve Miller
INTRODUCTION
WHEN TO WORRY ABOUT DEBT
THESE 3 STEPS WILL HELP YOU TO GET OUT OF DEBT
1 – Appraise the Damage
2 – Get Right to the Bottom of Things
3 – Call a Family Meeting to Unit Your Efforts
THE ART OF MAKING A BUDGET YOU CAN ACTUALLY STICK TO
Don’t Be Hampered by Your Misconceptions
LIST YOUR EXPENSES – THAT MEANS ALL OF THEM
Stick To The Budgeting Rule
Build In a Few Rewards Along the Way
Saving in Your Budget
EXTRA TIPS TO HELP YOU STICK TO YOUR PERSONAL SPENDING PLAN
PRIORITIZING YOUR DEBTS
Top Priority - Your Home Comes First
Next Priority – Secured Debts Should Always Come Before Unsecured Loans
Next Priority – Taxes
Next Priority – Medical Bills
Last on the List – Unsecured Debt
DEBT CONSOLIDATION LOANS – ARE THEY THE ANSWER?
Check Your Credit Report
Debt Consolidation Loans and Other Options
Understanding the Difference Between a Debt Consolidation Loan, Debt Management Program and a Debt Negotiation
Choosing The Right Type of Debt Consolidation Loan
Finding The Best Deals
Check Out The Total Cost and Not Just the Monthly Repayments
Don’t Be Tempted to Take Out Credit Insurance
WHEN BANKRUPTCY IS THE ONLY ANSWER
Consider the Options
The Costs of Bankruptcy
Types of Bankruptcy
Life After Bankruptcy
DEBT COLLECTION RIGHTS AND THE CONSUMER
SOME WEIRD, SOME WACKY AND SOME WONDERFUL WAYS TO SAVE MONEY
CONCLUSION
INTRODUCTION
Recent studies have shown that more than 35% of Americans have unpaid bills and debts which have been put in the hands of debt collection agencies – so if you are struggling to keep your head above water then you are certainly not alone.
Many consumers find it difficult to meet the repayments on anything and everything from credit cards to hospital bills, mortgages to car loans . . . the bills just keep on piling up with no end in sight. Even cell phone contracts and unpaid gym membership fees can end up with a collection agency and have a detrimental effect on your credit score. Bad credit can even have an effect on your job prospects and the price you pay for your car insurance – the problems are very deep rooted indeed.
It’s a worrying statistic isn’t it? Around a third of the Americans you see in the street will have some debt in collections. The figures are worse in some states than in others but even if you live in Minneapolis (only 20% of residents have debts in collection) it still paints a bleak picture.
If you are struggling with debt then the good news is definitely that you are not alone. Debt is certainly not something to hide or be ashamed of these days – hey, everybody’s doing it – but that still doesn’t make it okay.
There are important steps which you must take in order to get out of debt and the sooner you start along the road to financial recovery the better.
WHEN TO WORRY ABOUT DEBT
Debt is just a part of the daily cycle for many people these days – there aren’t many people who are lucky enough to be mortgage free or can last an entire month without slipping into their overdraft or resorting to