Top Freedom Debt Management Info in Jun
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- Credit Self Help
Posted on Friday, June 5th, 2009 in Do It Yourself Debt Settlement - Comments: (0)Credit self help strategies need to begin with pulling your credit report so you know what is being reported about you and your debts.All Americans are now eligible to receive a free copy of each of the three major credit reports on an annual basis. This is to help consumers manage their credit, but most importantly monitor it to ensure they have not fallen victim to identity theft. I encourage everyone to make this part of their annual financial planning.Here is the website: https://www.annualcreditreport.comThey will take you through a series of questions to make sure you are who you say you are, and the questions they ask only you would know the answer to, as they pull them from your credit reports.You will be given the option to purchase one or all 3 of your FICO scores too. I also recommend you do this, as this will tell you how banks view your credit report from a lending stand point.
- Debt Reduction Tools
Posted on Monday, June 1st, 2009 in Debt Management Software - Comments: (0)There are many different debt reduction tools on the market, both free and paid. If you only have a few debts to manage, and your situation is fairly simple, then a free tool will work just as well as a paid tool. If your situation is complex, either you have many debt accounts or you have business and personal debts you want to manage, a paid version may be a better alterative for the long run.For a simple debt reduction tool, you can find several templates in Google Docs, which is online storage for personal or business documents that you can share with others. When you sign up for a Google account, and access Google Docs, they have templates that are public tools available to be used by an any user. Once in Google Docs, you can access under New, From Template.Here is a link to a loan amortization calculator.
- How to Eliminate Credit Card Debt
Posted on Tuesday, June 9th, 2009 in Do It Yourself Debt Settlement - Comments: (0)How to eliminate credit card is really dependent on the amount you owe and your cash flow.If you have been consistently making your payments on time, and continue to have the cash flow to support the payments, then this simple strategy will help tremendously.Step 1Make a list of all your debts, including: who is owed, balance, interest rate, minimum payment required.Step 2Evaluate your cash flow. How much do you have to put toward your debt load each month. Look at your income, less your usual expense (mortgage or rent, utilities, discretionary, savings). Step 3Take the amount you have to pay towards your debt each month, and apply the minimum monthly payment against each debt. Then, take the additional amount you have left, and apply it to the credit card with the highest rate first until this debt is paid off. Once you have paid off your first debt, then take the freed up cash flow, and apply it all to your next highest interest rate debt.
- IRS Debt Help
Posted on Wednesday, June 3rd, 2009 in IRS Debt Settlement - Comments: (0)This is an informative website that can help with some of your IRS debt help questions.
- Bankruptcy Self Help
Posted on Thursday, June 11th, 2009 in Do It Yourself Debt Settlement - Comments: (0)Can I File For Bankruptcy Self Help?Though technically you can enter into bankruptcy on your own, I DO NOT recommend it. It will be well worth the time and stress in hiring a specialized bankruptcy attorney to help you through the process.To file Chapter 7, which is a full liquidation (if you qualify), attorney fees can run around $1700 and up, depending on the complexity of your case.To file Chapter 13, which is a wage earners plan, basically a reorganization of debt with a repayment plan of 3-5 years, attorney fees can start at $3000 and up. It is more expensive to file for Chapter 13 because your case is open for 3-5 years through the repayment plan, which requires attorney involvement throughout the process.Filing for bankruptcy is not an easy decision, but you may be faced with it. And if so, I encourage you to find 2 - 3 of specialized bankruptcy attorneys in your area that offer a free initial consultation for you to meet them and ask questions, and find out what all your options are.
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