Did You Know That The Average American Household Has 13 Payment Cards Including Credit Cards, Debit Cards, And Store Cards? Plus, There Are 1.3 Billion Payment Cards In Circulation In The United States Right Now. And, On Average, Americans Carry About $5,800 In Credit Card Debt Month To Month. If One Were To Make Only The Minimum Payment On That Debt Each Month, It Would Take 30 Years To Pay Off Including An Additional $15,000 In Interest. Welcome To DebtConsolidationSite.com. We'll Provide You With Articles, Tips, And Tools That Will Help You Regain Control Of Your Credit. As
you explore this site, you'll discover...
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What Your Banker Won't Tell You About Debt Consolidation
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Hot: Which Is Better -- Consolidation Or Bankruptcy?
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How To Consolidate Without Damaging Your Credit Score
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Can You Really Get Credit After Using A Debt Service?
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Bad debt can really harm your credit history
Author: Jakob Jelling
While most people use the phrase "bad debt" to refer to a lot of debt, or just owing a lot of money, this phrase actually has a very specific use when it comes to financial issues. Bad debt in this case is a debt that cannot be collected. This usually happens when the person who owes the money goes bankrupt, and does not have the ability to pay toward the debt.
If you are a creditor and the person who owes you money declares bankruptcy, this bad debt can be a problem. After all, even though a good deal of the remaining estate will be separated out to the many different creditors, you will probably not get all of the money that you are owed. For this reason, most creditors try to work with the debtor in order to make it possible to pay back the debt - that way, they'll get all of the money back, instead of just a little.
If you owe money and you do not believe that you can pay it, it might sound like a good idea to have that debt declared as a bad debt. However, this is not the case, as declaring bankruptcy can have lasting effects on your financial situation, whereas being in debt and working to pay off your debts can actually be beneficial in the long run.
When you have a bad debt, it makes a big hit on your credit history. This can be a big problem, especially if you need to get a credit card or a loan. In fact, the credit history can effect pretty much anything you do in the financial world, including mortgages, buying a car, and being able to take out a much needed loan. Therefore, you should do whatever you can to make sure that you'll be able to pay off the debts you have.
To prevent bad debt, you should first minimize the number of debts you incur to begin with. For instance, if you can possibly avoid buying something, then you should wait until after you've saved the money for it, instead of buying on credit. If you already have a lot of debt, then you should look at some of the debt solutions, for instance, debt consolidation.
About the Author
Jakob Jelling is the founder of http://www.cashbazar.com. Visit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate.
Article Keywords:
'Debt Consolidation'
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Recently, an interesting
email came across my desk. I'll paste it below.
Check it out...
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Dear Anthony-
HELP I am in over my head
and I obviously need help. I owe just over $12,000 on two credit
cards. I know in
the past you recommend debt consolidation. But, I have read about
of the SCAM artists out there. Is
there someone I can talk to that you recommend? -Dan, New York
There are a lot of things to watch out for when it comes to debt consolidation. I
have a company I wholeheartedly recommend to others in need of help. I
find them fair, easy, and they don’t use “high-pressure” tactics.
Press the link below to check them out now.
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