Debt Consolidation Help

Archive for the ‘Debt reduction’ Category

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Well dear readers, if any of you are out there. I am back to update and continue with this journey of debt reduction.? It’s been eleven months since I closed this blog down. I honestly did not expect to come back to it. I started another one but depression and illness is a terrible thing, and I found myself too overwhelmed with daily life to manage anything else. But in the last few weeks much has changed, to the point where I am ready to return to work and to blogging and am ready to get stuck into paying off debt.

So I guess I owe you guys an update of sorts. ?

Our credit card debt has increased to over $50,000.? We chose to keep DS in college and lived off our credit cards. Yes it’s a bad decision, but we made it believing it was temporary and also selling up and renting wasn’t an option either. We also had increased medical costs related to Dad and I and of course I still had ongoing business expenses, even though I couldn’t work much. Unfortunately my income protection insurance payment was missed when I was in Sydney with Dad for surgery, and so I was unable to claim on it, even though I had paid it every year for the last 6 years.

Certainly the best news is that? I am about to start work at a full time job on a very good income, just under six figures. And all that income will go towards paying off debt. Considering we’ve been living (& debting) on < $40,000 for a few years now, we feel like we have won the lottery!

I no longer have our old faithful car. DH was in an accident a few months ago and it was written off. We got less than $2000 for it and have not replaced it yet. So a new car is also on the agenda at some point.

DS is now finally able to claim youth allowance so that free’s up approximately $200+ a week of our income. DD is preparing to move out in the new year.

My Dad has deteriorated a lot. He now no longer recognises me at all. He has health problems and may need more surgery in the future.? He just sits most of the day in his chair, in his own world. He needs reminding to eat now. I am hoping to get down and see him soon. I have not been able to visit much due to my own health problems over the last year. His costs are not covered by his pension and so we pay any excess bills incurred for him.

So what are our goals?

Well DH and I have decided we are ready to downsize our home to reduce the stress of debt and upkeep. We are going to work on reducing our debt and getting the house finished over the next 18 months ready for sale. Our plan is to buy a small house, hopefully debt free, and then to concentrate on saving for retirement and enjoying some travelling.

I will update our financial figures accurately at the end of the month. I know that our amount of credit card debt is shocking, I’m sure some people will judge and criticise. Don’t bother, the last year has been hell. I want to put it behind me. But one of the reasons I decided to come back blogging is that I think real life stories need to told, and they don’t always go to plan, or run smoothly, or have happy endings. I’m just as curious as anyone else to see what the journey ahead brings.

The two most famous legal debt reduction options are debt settlement and bankruptcy. Both these options are considered as legal debt reduction options and both carry advantages and disadvantage. The decision of whether you want to go for liability settlement or insolvency depends on your current financial situation and the benefits you want to gain by using a certain option to gain relief.

I haven’t got round to doing a progress report for the month.I’m just so backlogged with everything, and still not well. I’m working a bit more, but it’s hard! I am still only doing about half my usual workload and I feel really worn out by the time I get home.

I am taking a week off and going down to see Dad soon. He has more specialists appointments to go to. I gues I am trying to make the very most of what time we have together while he knows who I am ( at least when I tell him). I have hired a different house right on the beach for a week. It is only costing me $570, and it’s way more important than debt reduction right now.

It overlooks the water and has a nice flat concreted path down to the beach so with some help and if he’s having a good day I can get Dad down closer to the water. every time I see him he has gone down just that bit further. He is now in the locked dementia unit and having mood swings and more health problems.

I guess it’s hard to focus on finance at the moment. I’m working on my health, keeping my business afloat some interesting internet projects. The truth is I need a break, a good month off type of break, but I just can’t take it at the moment, so the week with Dad coming up will have to do.

I have applied for a 0% balance transfer on the remaining credit card balance which should get approved today, then I’ll update my tallies.

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Your Finance Fitness Center……….Debt Consolidation Finance

Debt consolidation finance is specifically designed to overcome the problem of managing finances. Debt consolidation finance being the part of the debt management program helps to eliminate the debt problem by consolidating them.

Before going for a debt consolidation finance the person should preferabily consult the credit advisor. The credit advisor will evaluate his financial status and his problem of debts. After a thorough study on your status he will recommend you whether the debt consolidation finance suits you or not. If he gives you a positive answer that debt consolidation finances is the best solution for your problem. Then the person should avail it for coping up with his debts. Otherwise he should find another way to deal with his debts.

Consulting credit advice doesn’t mean that the person should totally rely on credit advisor. He himself should also evaluate his position and understand his problem. And ask himself whether the debt consolidation finances will suit him.

Debt consolidation finance helps the person to keep the positon of finances healthier, that is well managed. It is a sort of fitness center for finances of a person.

It also tries to guide the person regarding each and every aspect of money management.
Generally the lending company providing the debt consolidation finances, also provide the counselling on debt management. Just through a single convient monthly payment, the lender pay out to your creditors on your behalf. Lender also negotitate with the creditor for possible reduction in amount of debt. This reduction basically lies in:

•Finance charges

•Late fees

•Monthly interest payment

•Other miscellaneous cost

Since the reduction in the outgoing of money will let the person to save more money for his needs of the future.

Debt consolidation finances can be secured or unsecured. In secured, the person has to keep the collateral with the lender. Collateral is one of the reasons, which makes the debt consolidation financing cheaper, and also enables the person to pay lower rate of interest as compared to the unsecured debt consolidation finances. On the other side, in unsecured debt consolidation finances the person is not required to keep any sort of collateral. But, in return of that the person pays high rate of interest as compared to the secured loan.

The person should keep in his mind that going for secured debt consolidation finances can keep his collateraral at risk, if he has any doubt on his repayment ability. In this case, he should preferably go for unsecured debt consolidation finances. But this doesn’t mean that in unsecured finances, he is safe. A legal action can be taken by the lender in order to realise the payment.

Eventually, before reaching to certain decision regarding your finances evalute every aspect of loan and your financial status.