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
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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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The easy way to get control
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What is Debt Consolidation?
Author: John Mussi
Here is a useful guide to what is Debt consolidation. For some people with credit problems debt consolidation may be an answer. Debt consolidation is borrowing enough money from one lender to pay off all your debts. When you consolidate:
You make only one payment each month, to the new lender.
You will usually pay out less money each month.
You usually pay more money in finance charges to consolidate debts.
You make payments longer.
Debt is a way of life today. Everybody owes somebody something: products, services or money. Financial debt (owing money) is a choice you make to defer payment on something you want or need now. In return for this, you usually pay the person or business (called the "creditor") extra money ("interest"). Debt is not a problem as long as you can repay.
The most important step in conquering debt is controlling spending. This starts with being a critical consumer and learning to separate real needs and desires from artificial ones. How much debt is too much depends on your income and what it costs for you to live.
When you see financial problems coming, the first step is to take stock of your financial situation. Most problems can be remedied with planning and budgeting:
Make debt reduction your first priority.
Determine all sources of income.
Face up to how much you owe.
Determine which bills are essential and which are avoidable.
Quit charging and apply extra cash to reducing balances.
Find ways to generate extra income.
Cut back on nonessentials.
Track spending.
Seek financial counselling.
Call your creditors to see if you can work out some change in monthly payments that will ease the pressure.
If you do decide to consolidate your debts, shop around for the best deal.
Before you choose whom you will get the loan from, find out the following information from each place:
The charge for the service.
The annual percentage rate (APR).
The amount of your monthly payments.
How long you must make payments.
What the total amount is that you will pay.
What happens if you miss a payment.
What happens if you are late making a payment.
Making only one payment a month may make you think you are better off than you actually are. You may be tempted to buy something else on credit, and before you know it you could have an even worse problem: too many bills with too little income.
You may freely reprint this article provided the author's biography remains intact:
About the Author
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the www.directonlineloans.co.uk website.
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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