Improve Your Finances with Consumer Credit Counseling

Oct 10, 2013 by

consumer credit counseling can help protect your money

Like many Americans, you may have high credit card debt. This situation is not unusual, so you don’t have to feel ashamed of it. There is help out there, and it’s called credit management.

You credit situation is very important to many aspects of your life. If future employers ask to do a credit check before you can qualify for a new job, a low credit score could prevent you from gaining the position. When you apply to rent an apartment, the manager will also do a credit check. If the report shows that you have several negative entries, it may be difficult to find someone who will agree to rent to you.

The Point of Credit Management

You could benefit from credit management if you fit into the description above. You may have heard that you can obtain a free credit report every year from each of the three major credit bureaus, but you may not know what you need to do with these reports. Your counselor will start by showing you how to obtain these reports.

After you get your credit reports, you also need to know how to read them. A consumer credit counseling plan from a place like CreditGuard is instrumental in helping people understand what is written in these documents. There may be errors that are driving your scores down. Once you learn whether or not this is the case, your counselor can help you correct them.

Learning What Your Rights Are

The credit industry is regulated by the government, and there are laws that protect you and your rights. If you are having a problem in any area and someone is violating the Fair Credit Reporting Act, your counselor can inform you of this fact and help you ensure that others are reporting the correct information about you.

Discovering How to Increase Your Credit Scores

Entering into consumer credit counseling is one way you can learn how to improve your credit score. Your counselor will help you set up a budget that allows you to establish a good payment history. With this accomplished, your credit scores will begin to rise.

read more

Credit and Debt Management

Sep 27, 2013 by

Many people carry debt, and debt management is a skill that most of us have to learn as we go forward in life. Whether you’ve acquired your debts in service of your education, to pay for medical emergencies, auto repairs or simply to pay for necessities like groceries, you may need a little help managing it all. If after consideration you feel that you could use some help to pay down your credit cards faster or get lower monthly payments, debt consolidation might be the solution for you.

What is Debt Consolidation?

According to companies like CreditGuard, as a debt management program consolidation is one of the lowest-risk options that still provides a sizable reward in terms of savings over time. By consolidating all of your monthly payments into a single low-interest payment, you save thousands of dollars in interest over the terms of your loans. Some consumers have reported paying off their credit cards and other debts much sooner than they would have otherwise done.

Debt consolidation is NOT a new loan. Remember that if a company asks to take out a new loan, it might not be in your best interest. New loans could lead to credit score reductions. Instead of taking out a debt consolidation loan, what you want is a debt management company that will make payments to your credit cards and other unsecured loans each month on your behalf.

You only have to make the single monthly payment, which is often less than or equal to what you’d otherwise have to pay. The difference is that more of your money is going toward the principal, letting you pay down your debts that much faster. This will subsequently improve your credit score that much faster.

Managing Your Debt Permanently

While debt consolidation programs offer a way to get out of your current debt more quickly, there are permanent debt management strategies that you can learn through credit counseling. Many organizations offer consolidation and counseling under the same roof, with the aim being that consolidation is for the present while counseling is for the future. Counseling will give you the tools you need to make budgets, save for the future, invest wisely and develop five- and ten-year plans to ensure your financial security.

read more

How You Can Get Out Of Debt

Aug 28, 2013 by

save money and get out of debt

Non-profit debt consolidation programs are the way to go if you have debt problems and need to fix them quickly. Sometimes, debt piles up due to unforeseen circumstances – medical bills, car troubles, emergency home repairs or family emergencies. If just making the minimum payments concerns you because of the time it will take to pay off your debts, consider debt consolidation.

A debt consolidation service will significantly reduce the amount of time it will take you to pay off your debts. You can also save thousands of dollars in interest fees by consulting with non-profit debt consolidation programs. All you have to do is get started.

How Debt Consolidation Works

Debt consolidation can help you get out of debt save you money because of the unique nature of the service. They will use their clout to negotiate with creditors to lower your interest rates, waive fees and reduce minimum monthly payments. On top of that, they will pay all of your outstanding personal loans and credit cards on time. All you have to do is pay the consolidation provider an affordable payment every month. This ensures that not only will you not miss a payment, but your credit score will go up, making you eligible for even lower interest rates over time.

Debt Consolidation and Credit Counseling

In addition to giving you the immediate relief that comes with lowering your debt service payments, non-profit debt consolidation programs like CreditGuard of America also help you get out of debt by providing credit counseling. A counselor will sit with you, go over your financial situation and help you construct a budget outlining your monthly expenditures. Your counselor will show you where your money is going and give you practical tips for how to be more frugal and live within your means.

Credit counselors will also help you learn how to read the fine print in credit card offers. While ideally you will not need to use credit cards, you should also be able to tell the difference between offers you can temporarily afford and ones that you should run away from at all costs.

Consolidation and credit counseling are two sides of the service provided by non-profit debt consolidation programs. These programs offer you a way to get out of debt and stay out of debt. As long as you follow their suggestions, you will be in good financial shape.

read more

Debt Consolidation Programs for Payday Loan Debt

Jul 30, 2013 by

Payday loans were meant to help keep you out of financial difficulties, but they can have the opposite effect and create a much more difficult financial hole for you. If you obtained a payday loan that you couldn’t pay back on time, you may have taken out another one to pay back the first. If you continued on this cycle, you may have several payday loans that are impossible for you to pay back.

What Debt Consolidation Programs Are Not

You may have heard of debt consolidation programs for people in credit card debt, but you can enter into these programs with payday loan debts. First, you must understand what debt consolidators cannot do.

Debt consolidators are not lawyers, so they will not be able to give you legal advice. They also are not part of a collections agency, so they will not purchase your debt. When you hire a debt consolidator, you will not meet with her on a regular basis.

Debt consolidation programs with a non profit company like Credit Guard are not debt consolidation loans. Your debt consolidator will not suggest that you take out a home equity loan and will not assist you in this area if this is what you decide to do. If you determine that the only option for you is bankruptcy, your debt consolidator will not be able to help in this arena either, but you may be able to obtain a referral to a good bankruptcy attorney.

Debt consolidation programs are also known as debt management programs. Your consolidator will not settle your debt for a lower amount. Consolidators can reduce the balance by asking your creditors to waive late fees and penalties, but they will not ask your creditors to accept an amount of money that is lower than the amount that you owe. However, your consolidator will seek to lower your payments by asking your creditors to lower your interest rates.

What Is Possible on a Debt Consolidation Program?

Debt consolidation programs offer people the help of useful credit counselors who will seek to eliminate your debts and also offer you money management advice. In your first meeting with a debt consolidator, you will find out if the program is right for you. If so, the consolidator will make a new offer to each of your creditors for an amount that you can easily pay each month. They do this by asking for a lower interest rate on your debts.

The Benefits of Debt Consolidation Programs

Once you find that your monthly payments are lower and easier to pay every month, you will immediately begin to enjoy life again. You will save a lot of money on interest over the years, and it will take much less time for you to re-pay these debts in full. If you were receiving calls from collections agencies, these will stop. You may even begin to save money so that you will never need to take out a payday loan again.

If you take out a debt consolidation loan, you will not eliminate your debts quickly. A better solution is the debt consolidation program that will reduce your debts to zero in less time than you could have imagined.

read more

Consumer Credit Counseling Makes Debt More Manageable

Jun 28, 2013 by

Being in debt is no walk in the park. People experience financial troubles for all sorts of reasons that are out of their control, and it’s often frustratingly difficult to break the cycle of debt.

With debt consolidation help from an experienced, trustworthy credit counseling service, you can simultaneously shorten your debt repayment schedule and accrue these important benefits.

Lower Interest Rates and Smaller Monthly Payments

Many programs and services that claim to reduce your interest rates and monthly payments actually do just the opposite. Some demand that you sign for expensive loans that can take years to repay and accrue thousands of dollars in interest charges; others require you to put up your home as collateral. This is a risky move that can have many unforeseen consequences.

Choose a debt consolidator that negotiates directly with your creditors in good faith. A reputable provider can secure lower interest rates from each of your creditors and consolidate your debts into a single monthly payment that all parties can accept. With the right debt consolidation help, you’ll pay less interest over time and have more money left over in your monthly budget.

Powerful Knock-On Effects

Reduced interest rates and a simplified monthly payment plan are sure to reduce the financial stress that you feel. A more sustainable budget will give you the breathing room that you need to tackle the other debts you might be facing. Use your debt consolidation savings to pay down your mortgage a little faster or tackle those stubborn student loans that have been accruing interest for years. With the right partner, you’ll never have to deal with debt on your own.

Credit Score Protection

protect your credit score

If you’re dealing with lots of unsecured debt or worry that you might run into financial difficulties in the future, you might be considering a number of different options. Unfortunately, some supposed solutions to debt troubles have dramatic side effects. Avoid too-good-to-be true plans that promise fast relief from debt without any trade-offs at all. Since such plans can cause serious long-term damage to your credit score, they may have unintended consequences that aren’t explained upfront.

Money Management Advice That Lasts a Lifetime

Although it can often feel like you’re up against the world, a nonprofit credit counseling organization like Credit Guard will always have your best interests at heart. In addition to negotiating with your creditors to secure favorable interest rate reductions, fee waivers and repayment terms, a reputable outfit can give you top-notch financial advice that you’ll carry long after your debts are gone. You’ll receive a free call and consultation, ongoing money management advice, and a wealth of information about long-term saving and planning. With these tools in hand, you’ll have all the confidence you need to put your debts behind you.

If you need debt consolidation help from a reputable source and can’t afford to take on additional loans, choose a credit counseling service that works hard to improve your financial health and help you reach your long-term goals.

read more

Attacking Student Debt

Jun 21, 2013 by

With student loan debt nearly doubling over the past decade, many newly graduating students are feeling the financial pinch. If you’re overburdened with student loan debt, there are several ways to attack it head on, including lengthening the repayment period, changing the repayment period, getting a deferment, getting the loan forgiven or debt consolidation.

Most graduating college students are on a basic repayment plan to repay their students loans within 10 years. Overall, you’ll pay less with the interest compounded for a shorter period of time than with a longer repayment period. However, the monthly payment for a 10-year repayment plan is often too high for many. In that case, it may be better to extend the repayment plan even through it will cost you more in the long run. In order to qualify for an extended repayment plan, you must have more than $30,000 in student loan debt.

If you don’t qualify for an extended repayment plan, you may be able to change the dynamics of repayment. There are different agencies that offer the option of starting out with low payments that gradually increase every two years. This option works well for some who are in low paying jobs but will earn more in the future. These income-based repayment plans are offered for 10 or 25 years and are based on income, family size and state.

Deferment and Forgiveness

If you just can’t afford to pay off your student loans, you can request a forbearance or deferment. This delays the time in which you have to start repaying the student loan. Typically, payment is postpone for up to a year. Deferments are allowed for unemployment, national service, enrollment in school, military deployment and economic hardship. Deferments are also allowed for specific internships, such as dental or medical. Federal student loans can be forgiven with certain kinds of volunteer work. Just keep in mind that private student loan providers may not offer this option.

Debt Consolidation Help

Debt consolidation help is another effective strategy when paying off student loans is a real hardship. Often, college students graduate with several loans at various rates. With debt consolidation, you can lump all of your student loans together and usually grab a low interest rate. The biggest advantage of federal student loan consolidation is that monthly cash flow improves right away. With a low interest rate, you can reduce a student loan payment of $600 a month to $200 a month. Not only do you have a doable payment, the interest rate is locked in. It’s also worth mentioning that student loan interest payments may be tax deductible.

read more

Attain Good Financial Health with Good Credit Management

Jun 15, 2013 by

Having a good credit score is essential to your overall financial health. A good credit score can enable you to get that home and car that you’ve always dreamed about at good interest rates. It can also help you get lower insurance rates and even that job that you’ve been wanting. It’s amazing how many consumers get blindsided not knowing that prospective employers and car insurance companies keep a careful watch on their credit scores. If you’re struggling with multiple forms of debt like medical bills, auto loans, credit cards or utility bills, it’s important that you take action to maintain a good credit score.

heal yourself from debt

Get Help from Your Lenders

Don’t be afraid to contact your creditors if you’re falling behind on your financial obligations. Many creditors are more than happy to help resolve your financial problems. You can call your creditors and ask to speak with a financial representative, and just explain your circumstances. They may be willing to be flexible on terms and even readjust the due dates for payment. The point is to call and ask. You won’t know what your options are unless you try.

Credit Counseling Services

There are also non-profit agencies that offer credit counseling services for credit management. Many of these agencies do not charge any upfront fees and can assist you with developing a monthly budget or structuring a repayment plan that is doable. If you need further assistance with managing your debts, the financial counselors at these agencies may help you with debt settlement or debt consolidation. With debt settlement, financial counselors negotiate with your creditors for a lump sum settlement. For example, if you owe a creditor $15,000 a counselor may be able to settle on an agreeable payment of $8,000 to eliminate the debt.

If you opt for debt consolidation from a place like this website, all of your debt can be lumped into one payment and distributed among your creditors. In this situation, your financial counselor will work directly with your creditors to eliminate penalty fees and to negotiate a lower interest rate. Not only are you likely to get an affordable monthly payment, it’s a lot easier to pay just one loan than multiple ones. All around, you’ll be on the road to good credit management, a good credit score and financial freedom.

You’ll also find that many credit counseling services also offer educational programs for money management, budgeting and tips on how to stay out of debt. Taking advantage of these educational programs is one of the best ways to stay out of debt, so you don’t wind up with financial problems again.

read more

Related Posts

Share This

You might also likeclose