The constant phone calls and comments of the creditors have made your life displeasing as the debts are due. Moreover, subtracting the debts without adequate money is a challenging task. Because of this reason, you are now looking for an external finance, but in a perplexed state as numerous loan schemes are there. If you are looking for a reliable loan plan, considering the debt consolidation loans will be rational and rewarding one.
Debt consolidation loans provide the required amount of loans to the debtors to consolidate the multiple debts and to settle other debt related issues. To access the amount of debt consolidation loans, no specific eligibility is required and amount can be approved with or without placing collateral. The provision of not pledging security for loans has made the loans lucid and affordable for all. Among other strong objectives of debt consolidation loans, one is that it enables to consolidate numerous debts in a single amount, thus, lessening the debt burden and mental stress, as debtors becomes obligated to a particular creditor. Alongside with this mentioned benefit, preference should be given to debt consolidation loans because the funds can be utilized at low rate of interest. Like any other loan policy, debt consolidation loans have to be reimbursed within the stipulated date and time which is fixed and falls between 1-25 years.
The debt consolidation loans, as regarded earlier, are offered at low rates of interest, but following few steps might strengthen the financial base. Debtors while hunting for a marginal rate of interest should collect and compare the various proffered rates. The compare and contrast exercise will lead him or give him a major result. The cut down in the rates or monthly installments will help debtors to rebuild and restore the poor credit profile.
Debt consolidation loans have been acting or providing its services in the pace of electric as online technology is attached. The debtors can reach the lenders and get their loans approved within seconds from home or office by filling the online application procedure and the representative contact them at the earliest. So, applying debt consolidation can be regarded as the tip of the iceberg.
Wednesday, September 26, 2007
Debt Consolidation - Understanding Credit And Debt
Debt consolidation involves transferring the balances from multiple accounts with relatively high interest rates to one account with lower interest. A debt consolidation loan does not reduce debt so much as restructure it in beneficial ways.
Debts are either secured or unsecured. Secured debts are tied to a tangible asset like a car for a car loan or a house for a mortgage. If a borrower stops making payments, lenders can repossess the car or foreclose on the house. Unsecured debts are not tied to an asset. The most common types include credit cards, medical bills and signature loans.
Debt and Credit
Most people get into debt difficulties because credit is easy to get and hard to control. Here are some warning signs that debt may be getting out of hand:
- you can only make the minimum payments on your loans and other debts each month.
- you apply for new credit cards to pay off old ones, thus rotating, but not retiring, your debt.
- you are near the limit on all your cards and accounts.
- you are being denied new loans because of your bad credit history.
- you have had to resort to bad credit financing.
The rule of thumb when using credit is known as the 20/10 Rule: Don’t borrow more than 20% of your annual net income and don’t let your loan monthly payments get higher than 10% of your monthly net income. For example, if you take home $4,000 a month, your total payments on credit debt should be no higher than $400 (excluding your mortgage and second mortgage).
Learn more about other steps you can take, in addition to debt consolidation, by visiting www.badcreditsecondmortgagenow.com. There, you can also get a free quote on a debt consolidation loan to see if it could be a step in the right direction for you.
Debts are either secured or unsecured. Secured debts are tied to a tangible asset like a car for a car loan or a house for a mortgage. If a borrower stops making payments, lenders can repossess the car or foreclose on the house. Unsecured debts are not tied to an asset. The most common types include credit cards, medical bills and signature loans.
Debt and Credit
Most people get into debt difficulties because credit is easy to get and hard to control. Here are some warning signs that debt may be getting out of hand:
- you can only make the minimum payments on your loans and other debts each month.
- you apply for new credit cards to pay off old ones, thus rotating, but not retiring, your debt.
- you are near the limit on all your cards and accounts.
- you are being denied new loans because of your bad credit history.
- you have had to resort to bad credit financing.
The rule of thumb when using credit is known as the 20/10 Rule: Don’t borrow more than 20% of your annual net income and don’t let your loan monthly payments get higher than 10% of your monthly net income. For example, if you take home $4,000 a month, your total payments on credit debt should be no higher than $400 (excluding your mortgage and second mortgage).
Learn more about other steps you can take, in addition to debt consolidation, by visiting www.badcreditsecondmortgagenow.com. There, you can also get a free quote on a debt consolidation loan to see if it could be a step in the right direction for you.
Know Everything About Free Non Profit Debt Consolidation Quote
The Way Non profit Organisation Works
Unlike some other loan consolidating companies that thrive on the misery of others and try to make as much money as possible on the pretext of helping them, non profit debt consolidation companies help people out of their financial misfortune without charging any costs. Their services are absolutely free while at the same time they are as worthy as the other companies.
You can find the best of these companies on the net. All the details and the information about them are available online. So you don’t have to even step outside your home to look out for the solution to your economic worries. Another benefit is that you can easily compare one free non profit debt consolidation quote with another. On the web every company provides this facility to the viewers- that is they can ask for free quotes. These quotes help the viewers to choose the best debt consolidation company for their needs. Apart from looking for a free non profit debt consolidation quote you should also see if the company is located within your reach, that is, whether you can actually meet its executives and discuss your financial problems with them. Solely a virtual connection is not a good idea if you are seeking to improve your lot.
Plus Points Of A Non Profit Organisation
The non profit companies are also good at offering free credit counselling. They discuss ways of managing life within your budget limits, building good credit ratings and debt and finance management. On your behalf they also talk to your lenders and discuss your debt situation. If need be, they negotiate on terms and rates of interest and sometimes even convince the lenders to lower the total amount due. In return you get benefited in two ways- the experience at counselling sessions teaches you ways to fight debt and your credit with erstwhile threatening proportions seems within manageable limits again.
Then anyone can ask for the services of non profit organizations. In fact it is a given that people who approach them are facing financial crisis, with some needing help with bad credit too. The motive of such debt consolidation organizations is to suggest people ways of becoming debt free as soon as possible. Also they guide them to steer clear of another huge credit in the future. This way the clients are able to live and keep stress free throughout their lives.
Debt consolidation credit help is a boon for someone who is trying hard to make some sense out of his hopeless credit situation. You get a loan here too, albeit this time it is to manage your outstanding amount. If it is the never-ending credit card bills that are troubling you, then seek credit card debt consolidation help. There is always a solution to every problem. You just need to find it. Right now it is free non profit debt consolidation quote that should do for you.
Unlike some other loan consolidating companies that thrive on the misery of others and try to make as much money as possible on the pretext of helping them, non profit debt consolidation companies help people out of their financial misfortune without charging any costs. Their services are absolutely free while at the same time they are as worthy as the other companies.
You can find the best of these companies on the net. All the details and the information about them are available online. So you don’t have to even step outside your home to look out for the solution to your economic worries. Another benefit is that you can easily compare one free non profit debt consolidation quote with another. On the web every company provides this facility to the viewers- that is they can ask for free quotes. These quotes help the viewers to choose the best debt consolidation company for their needs. Apart from looking for a free non profit debt consolidation quote you should also see if the company is located within your reach, that is, whether you can actually meet its executives and discuss your financial problems with them. Solely a virtual connection is not a good idea if you are seeking to improve your lot.
Plus Points Of A Non Profit Organisation
The non profit companies are also good at offering free credit counselling. They discuss ways of managing life within your budget limits, building good credit ratings and debt and finance management. On your behalf they also talk to your lenders and discuss your debt situation. If need be, they negotiate on terms and rates of interest and sometimes even convince the lenders to lower the total amount due. In return you get benefited in two ways- the experience at counselling sessions teaches you ways to fight debt and your credit with erstwhile threatening proportions seems within manageable limits again.
Then anyone can ask for the services of non profit organizations. In fact it is a given that people who approach them are facing financial crisis, with some needing help with bad credit too. The motive of such debt consolidation organizations is to suggest people ways of becoming debt free as soon as possible. Also they guide them to steer clear of another huge credit in the future. This way the clients are able to live and keep stress free throughout their lives.
Debt consolidation credit help is a boon for someone who is trying hard to make some sense out of his hopeless credit situation. You get a loan here too, albeit this time it is to manage your outstanding amount. If it is the never-ending credit card bills that are troubling you, then seek credit card debt consolidation help. There is always a solution to every problem. You just need to find it. Right now it is free non profit debt consolidation quote that should do for you.
Friday, September 21, 2007
Find Out How to do College Loan Consolidation
For the good majority of those that have attended college, there are debts to be paid off after you’ve graduated. Tuition costs continue to rise and sometimes it takes more than one loan to pay for those additional costs.
When you’ve had your graduation ceremony, have or have not gotten a job, and six months have gone by you will be expected to start paying those loans back. A college loan consolidation can make that repayment easier on you and your bank account.
There are many companies and banks that offer student loan consolidations. These will take all loans that you have taken during your time in college and combine them into one lump sum. That lump sum will be given one interest rate that will often be less than the interest rate that you’ll get from the loan repayment plan you’re given when you’re close to graduation. You will be able to make smaller payments and work toward the ultimate goal of paying off your student loans.
As you are looking for a student loan consolidation company, be fully aware that there can be huge differences in how their program operates. Be sure to compare costs and interest rates especially. Also be on the lookout for those companies who charge a fee for early pre-payment of the loan they give you, which only serves to lock in the interest that they will be collecting from you on this loan.
Most of the loan consolidation companies will offer an interest rate that is preferable to the one you are paying. If you have more than one student loan, you are paying that interest rate more than one time every month. When it comes right down to it you may end up paying far more than the amount you borrowed if paid over a long period of time.
The consolidation loan will give you the benefit of only paying an interest charge one time per month. This interest rate may be 4 or 5% whereas the student loans that you will be starting to pay back at the end of your six month grace period may be 7 or 8%. Many of the consolidation companies will not have a penalty for early payment, but some of them might. Be sure to find out if this is a penalty before you agree to the consolidation. Be well aware of the details of your payback agreement before you sign the papers for the loan.
Each student loan consolidation company will offer something to appeal to you as a way to earn your business. Find the one that will work the best with your needs and will charge you the least amount of interest. This can save you thousands in the long run and make the payback of your student loan as simple and pain free as possible. Since your goal is to pay off your student loan, the last thing you want to do is rob Peter to pay Paul with another loan, which leaves you in the same situation you are now!
When you’ve had your graduation ceremony, have or have not gotten a job, and six months have gone by you will be expected to start paying those loans back. A college loan consolidation can make that repayment easier on you and your bank account.
There are many companies and banks that offer student loan consolidations. These will take all loans that you have taken during your time in college and combine them into one lump sum. That lump sum will be given one interest rate that will often be less than the interest rate that you’ll get from the loan repayment plan you’re given when you’re close to graduation. You will be able to make smaller payments and work toward the ultimate goal of paying off your student loans.
As you are looking for a student loan consolidation company, be fully aware that there can be huge differences in how their program operates. Be sure to compare costs and interest rates especially. Also be on the lookout for those companies who charge a fee for early pre-payment of the loan they give you, which only serves to lock in the interest that they will be collecting from you on this loan.
Most of the loan consolidation companies will offer an interest rate that is preferable to the one you are paying. If you have more than one student loan, you are paying that interest rate more than one time every month. When it comes right down to it you may end up paying far more than the amount you borrowed if paid over a long period of time.
The consolidation loan will give you the benefit of only paying an interest charge one time per month. This interest rate may be 4 or 5% whereas the student loans that you will be starting to pay back at the end of your six month grace period may be 7 or 8%. Many of the consolidation companies will not have a penalty for early payment, but some of them might. Be sure to find out if this is a penalty before you agree to the consolidation. Be well aware of the details of your payback agreement before you sign the papers for the loan.
Each student loan consolidation company will offer something to appeal to you as a way to earn your business. Find the one that will work the best with your needs and will charge you the least amount of interest. This can save you thousands in the long run and make the payback of your student loan as simple and pain free as possible. Since your goal is to pay off your student loan, the last thing you want to do is rob Peter to pay Paul with another loan, which leaves you in the same situation you are now!
Debt Consolidation Services - How Best To Control Debt Collectors
Debt collectors ringing your telephone off the receiver and sending abusive letters can fray anyone's nerves, nonetheless you have various types of protection and many techniques available to you to deal with them.
Your options for dealing with debt collectors.
The Fair Debt Collection Practices Act sets guidelines for what debt collectors might or may not legally do when trying to collect a debt, they can not, for example call prior to 8:00am or after 9:00pm nor can they threaten to garnish money in states in which it's illegal or harass you with constant telephone calls if you tell them to stop, for more information you may access the Act at the FTC website.
As a result, you have considerable alternatives, you may simply refuse to accept the call, many modern answering machines allow screening of your calls before picking up and if you have telephone caller ID/call blocking you might be able to screen the telephone call out altogether. Should you elect to take the telephone call, you can demand that you not be contacted again in the future, and the agency is legally obligated to quit telephone calling, Should you've sent a Cease and Desist Letter.
Firstly, you should consider paying the debt, If you can and If you actually owe it, you took on the loan in good faith and the creditor is entitled to be paid, notwithstanding, If you are seriously short of funds, you may couple this with negotiating for a reduced rate. Should you adhere to the commitment, the phone calls will cease, debt collectors, despite their sometimes bad attitude, are just performing a service for which they get paid they may move on to others, once the agreement is in place.
Importantly, be sure you keep a diary of any telephone calls made or accepted, and note any different terms agreed to, note down if you've demanded they quit telephone calling you, especially should you have been telephone called at work, you may tape the call should that be legal in your state, sometimes it requires notifying the other person that you are doing so. Very few debt collectors will make any statement that's out of line, Should they know they're being voice taped, that recording or diary are often especially important, Should you have negotiated a reduction in the debt.
Most debt collectors have the ability to accept substantially less than they're asking for, naturally, since they receive payment a percentage of what they collect, they're going to try to keep the total amount as close to the initial total amount as possible, notwithstanding they may accept less should you press the point, a large majority of debt collectors know that 40% of $1,000 is better than 100% of nothing. Part of the agreement should include a commitment on the debt collector's part not to put any additional black marks on top of what could already be on your credit report. You should take that one step similarly and insist they report instantly any payments you do make and to adjust any total amount owed.
Acquire in writing the agreement prior to you sending anything more than a token good faith payment, it's ok to forward a little money to demonstrate the seriousness of your commitment to the agreement, forward too much and they have little incentive to make the effort to comply with the terms binding them.
Your options for dealing with debt collectors.
The Fair Debt Collection Practices Act sets guidelines for what debt collectors might or may not legally do when trying to collect a debt, they can not, for example call prior to 8:00am or after 9:00pm nor can they threaten to garnish money in states in which it's illegal or harass you with constant telephone calls if you tell them to stop, for more information you may access the Act at the FTC website.
As a result, you have considerable alternatives, you may simply refuse to accept the call, many modern answering machines allow screening of your calls before picking up and if you have telephone caller ID/call blocking you might be able to screen the telephone call out altogether. Should you elect to take the telephone call, you can demand that you not be contacted again in the future, and the agency is legally obligated to quit telephone calling, Should you've sent a Cease and Desist Letter.
Firstly, you should consider paying the debt, If you can and If you actually owe it, you took on the loan in good faith and the creditor is entitled to be paid, notwithstanding, If you are seriously short of funds, you may couple this with negotiating for a reduced rate. Should you adhere to the commitment, the phone calls will cease, debt collectors, despite their sometimes bad attitude, are just performing a service for which they get paid they may move on to others, once the agreement is in place.
Importantly, be sure you keep a diary of any telephone calls made or accepted, and note any different terms agreed to, note down if you've demanded they quit telephone calling you, especially should you have been telephone called at work, you may tape the call should that be legal in your state, sometimes it requires notifying the other person that you are doing so. Very few debt collectors will make any statement that's out of line, Should they know they're being voice taped, that recording or diary are often especially important, Should you have negotiated a reduction in the debt.
Most debt collectors have the ability to accept substantially less than they're asking for, naturally, since they receive payment a percentage of what they collect, they're going to try to keep the total amount as close to the initial total amount as possible, notwithstanding they may accept less should you press the point, a large majority of debt collectors know that 40% of $1,000 is better than 100% of nothing. Part of the agreement should include a commitment on the debt collector's part not to put any additional black marks on top of what could already be on your credit report. You should take that one step similarly and insist they report instantly any payments you do make and to adjust any total amount owed.
Acquire in writing the agreement prior to you sending anything more than a token good faith payment, it's ok to forward a little money to demonstrate the seriousness of your commitment to the agreement, forward too much and they have little incentive to make the effort to comply with the terms binding them.
Debt Consolidation - Understanding Credit And Debt
Debt consolidation involves transferring the balances from multiple accounts with relatively high interest rates to one account with lower interest. A debt consolidation loan does not reduce debt so much as restructure it in beneficial ways.
Debts are either secured or unsecured. Secured debts are tied to a tangible asset like a car for a car loan or a house for a mortgage. If a borrower stops making payments, lenders can repossess the car or foreclose on the house. Unsecured debts are not tied to an asset. The most common types include credit cards, medical bills and signature loans.
Debt and Credit
Most people get into debt difficulties because credit is easy to get and hard to control. Here are some warning signs that debt may be getting out of hand:
- you can only make the minimum payments on your loans and other debts each month.
- you apply for new credit cards to pay off old ones, thus rotating, but not retiring, your debt.
- you are near the limit on all your cards and accounts.
- you are being denied new loans because of your bad credit history.
- you have had to resort to bad credit financing.
The rule of thumb when using credit is known as the 20/10 Rule: Don’t borrow more than 20% of your annual net income and don’t let your loan monthly payments get higher than 10% of your monthly net income. For example, if you take home $4,000 a month, your total payments on credit debt should be no higher than $400 (excluding your mortgage and second mortgage).
Learn more about other steps you can take, in addition to debt consolidation, by visiting www.badcreditsecondmortgagenow.com. There, you can also get a free quote on a debt consolidation loan to see if it could be a step in the right direction for you.
Debts are either secured or unsecured. Secured debts are tied to a tangible asset like a car for a car loan or a house for a mortgage. If a borrower stops making payments, lenders can repossess the car or foreclose on the house. Unsecured debts are not tied to an asset. The most common types include credit cards, medical bills and signature loans.
Debt and Credit
Most people get into debt difficulties because credit is easy to get and hard to control. Here are some warning signs that debt may be getting out of hand:
- you can only make the minimum payments on your loans and other debts each month.
- you apply for new credit cards to pay off old ones, thus rotating, but not retiring, your debt.
- you are near the limit on all your cards and accounts.
- you are being denied new loans because of your bad credit history.
- you have had to resort to bad credit financing.
The rule of thumb when using credit is known as the 20/10 Rule: Don’t borrow more than 20% of your annual net income and don’t let your loan monthly payments get higher than 10% of your monthly net income. For example, if you take home $4,000 a month, your total payments on credit debt should be no higher than $400 (excluding your mortgage and second mortgage).
Learn more about other steps you can take, in addition to debt consolidation, by visiting www.badcreditsecondmortgagenow.com. There, you can also get a free quote on a debt consolidation loan to see if it could be a step in the right direction for you.
Thursday, September 13, 2007
Global Crossing announces 2002 milestones, 2003 outlook - Business
Global Crossing announced that it reached several significant corporate milestones in 2002 and is poised to capture market share as it finalizes its restructuring and emerges as a revitalized, healthy business. Global Crossing reported achieving key financial, operational, network, customer and service milestones, while offering an outlook for 2003.
Global Crossing's makeover has been marked by a greatly improved financial performance in a difficult environment. Global Crossing met performance targets in 2002 for cash in bank accounts, Service Revenue, Service EBITDA and maintenance and operating expenses. The performance targets were established for Global Crossing (excluding Asia Global Crossing) in the operating plan presented to its creditors in March 2002. These financial results are preliminary and unaudited.
Achievements include:
- A healthy cash position throughout 2002. Global Crossing ended the year with $782 million of cash in bank accounts, well above the $611 million targeted in its operating plan. Approximately $393 million of the December2002 cash in bank accounts was unrestricted cash.
- Service Revenue of $2,878 million in 2002, $160 million over the operating plan.
- Service EBITDA for 2002 at $(243) million, an improvement of $12 million on the operating plan.
- Operating expenses, including third-party maintenance costs, of $1,074 million for the year, an improvement of $8 million relative to operating plan targets.
- A significant reduction in operating expenses, excluding third party maintenance, from an estimated $1.5 billion in 2001 to $916 million in 2002.
- An even more dramatic reduction in cash paid for capital expenses, from approximately $3.2 billion spent in 2001 to an estimated $89 million for new commitments in 2002.
- Workforce reductions in 2002 that saved Global Crossing an estimated $215 million in payroll. Global Crossing ended the year with approximately 4,300 employees, compared to approximately 8,000 employees in January 2002.
- Closure and consolidation of 279 facilities during the year, shedding more than four million square feet for an annualized cost savings of $130 million.
Key 2002 network milestones include:
- Network availability remained at 99.999 percent, the highest industry standard.
- Global Crossing's VoIP (Voice over IP) platform, considered the largest in the world, steadily broke its own records, carrying a total of 8.2 billion minutes for the year.
- The amount of traffic running over Global Crossing's IP network, excluding VoIP, grew 200 percent for the year.
- IP traffic volume increased from 10 Gbps to 30 Gbps.
- Global Crossing helped set a new Internet speed record by transferring 625 Mbps of data 7,800 miles in 13 seconds - 7,000 times fast than dial-up - in May 2002.
- Global Crossing's advanced network enables customers in Europe, Asia and North America to implement IPv6, the next generation of IP protocol.
- Global Crossing was ranked among the industry's most innovative IT users by InformationWeek magazine.
Global Crossing focused on customer retention throughout 2002, while bringing new customers onto the network. In 2002, Global Crossing served more than 75,000 customers worldwide, including approximately 40 percent of Fortune 1,000 companies, and the majority of the world's largest telecommunications camers. Six thousand of those customers engaged Global Crossing for IP services.
2003 Outlook
Having successfully met many challenges in 2002, Global Crossing is now firmly focused on emerging from bankruptcy, growing its business and increasing revenues while sticking to its newly streamlined cost structure, and continuing to leverage its next-generation global network. Upon emergence, Global Crossing will have a substantially reduced long-term debt load.
Sorrento Launches Restructuring
Sorrento Networks, supplier of intelligent optical networking solutions for metro and regional applications, announced the execution of the definitive restructuring agreement with its convertible debenture holders and the Series A preferred stockholders of its optical networking subsidiary, Sorrento Networks Inc. (SNI). The Company also announced that it filed a preliminary proxy statement with the Securities and Exchange Commission (SEC) for shareholder approval of the capital restructuring, its reincorporation as a Delaware corporation, and anew employee equity incentive plan.
Highlights of the Definitive Agreement
The terms of the definitive agreement with the debenture and Series A holders are substantially similar to the terms previously announced by the Company in December 2002. The Company's $32.2 million in convertible bonds will be converted into common shares of the Company and into a portion of $12.5 million in secured convertible debentures that pay interest of 7.5% per annum and mature in August 2007. In addition, all Series A preferred shares will be converted into common shares of the Company and into a portion of the $12.5 million in secured convertible debentures. The outstanding Series A "put" of $48.8 million against SNI will be withdrawn. Certain Series A preferred stockholders will also receive a total of $600,000 in additional convertible debentures to pay certain legal fees.
Global Crossing's makeover has been marked by a greatly improved financial performance in a difficult environment. Global Crossing met performance targets in 2002 for cash in bank accounts, Service Revenue, Service EBITDA and maintenance and operating expenses. The performance targets were established for Global Crossing (excluding Asia Global Crossing) in the operating plan presented to its creditors in March 2002. These financial results are preliminary and unaudited.
Achievements include:
- A healthy cash position throughout 2002. Global Crossing ended the year with $782 million of cash in bank accounts, well above the $611 million targeted in its operating plan. Approximately $393 million of the December2002 cash in bank accounts was unrestricted cash.
- Service Revenue of $2,878 million in 2002, $160 million over the operating plan.
- Service EBITDA for 2002 at $(243) million, an improvement of $12 million on the operating plan.
- Operating expenses, including third-party maintenance costs, of $1,074 million for the year, an improvement of $8 million relative to operating plan targets.
- A significant reduction in operating expenses, excluding third party maintenance, from an estimated $1.5 billion in 2001 to $916 million in 2002.
- An even more dramatic reduction in cash paid for capital expenses, from approximately $3.2 billion spent in 2001 to an estimated $89 million for new commitments in 2002.
- Workforce reductions in 2002 that saved Global Crossing an estimated $215 million in payroll. Global Crossing ended the year with approximately 4,300 employees, compared to approximately 8,000 employees in January 2002.
- Closure and consolidation of 279 facilities during the year, shedding more than four million square feet for an annualized cost savings of $130 million.
Key 2002 network milestones include:
- Network availability remained at 99.999 percent, the highest industry standard.
- Global Crossing's VoIP (Voice over IP) platform, considered the largest in the world, steadily broke its own records, carrying a total of 8.2 billion minutes for the year.
- The amount of traffic running over Global Crossing's IP network, excluding VoIP, grew 200 percent for the year.
- IP traffic volume increased from 10 Gbps to 30 Gbps.
- Global Crossing helped set a new Internet speed record by transferring 625 Mbps of data 7,800 miles in 13 seconds - 7,000 times fast than dial-up - in May 2002.
- Global Crossing's advanced network enables customers in Europe, Asia and North America to implement IPv6, the next generation of IP protocol.
- Global Crossing was ranked among the industry's most innovative IT users by InformationWeek magazine.
Global Crossing focused on customer retention throughout 2002, while bringing new customers onto the network. In 2002, Global Crossing served more than 75,000 customers worldwide, including approximately 40 percent of Fortune 1,000 companies, and the majority of the world's largest telecommunications camers. Six thousand of those customers engaged Global Crossing for IP services.
2003 Outlook
Having successfully met many challenges in 2002, Global Crossing is now firmly focused on emerging from bankruptcy, growing its business and increasing revenues while sticking to its newly streamlined cost structure, and continuing to leverage its next-generation global network. Upon emergence, Global Crossing will have a substantially reduced long-term debt load.
Sorrento Launches Restructuring
Sorrento Networks, supplier of intelligent optical networking solutions for metro and regional applications, announced the execution of the definitive restructuring agreement with its convertible debenture holders and the Series A preferred stockholders of its optical networking subsidiary, Sorrento Networks Inc. (SNI). The Company also announced that it filed a preliminary proxy statement with the Securities and Exchange Commission (SEC) for shareholder approval of the capital restructuring, its reincorporation as a Delaware corporation, and anew employee equity incentive plan.
Highlights of the Definitive Agreement
The terms of the definitive agreement with the debenture and Series A holders are substantially similar to the terms previously announced by the Company in December 2002. The Company's $32.2 million in convertible bonds will be converted into common shares of the Company and into a portion of $12.5 million in secured convertible debentures that pay interest of 7.5% per annum and mature in August 2007. In addition, all Series A preferred shares will be converted into common shares of the Company and into a portion of the $12.5 million in secured convertible debentures. The outstanding Series A "put" of $48.8 million against SNI will be withdrawn. Certain Series A preferred stockholders will also receive a total of $600,000 in additional convertible debentures to pay certain legal fees.
Rent-Way, continuing breakneck - consolidation activity - Consumer Electronics
Rent-Way, continuing breakneck pace of consolidation in rent-to-own (RTO) industry, agreed last week to buy Daytona-based Champion Rent;als for $70 million plus assumption of S18-million debt. Rent-Way said deal, expected to close by Feb. 1, will add immediately to earnings and will be financed by loan, although agreement hasn't been finalized.
Acquisition will give Rent-Way access to new markets in Ala., Ark., Ga. Chain shares markets with Champion in Fla. where latter has 33 stores and competes with Rent-Way in Jacksonville as well as Va. and Ohio. Rent-Way plans to keep Champion's 145 stopes, including 25 outlets opened in 1997, in expanding base to 382 front 187. Champion purchase, combined with acquisition of 50-store Ace TV that's expected to close this week, will increase chain's RTD market share to 4% from 2.5%, spokeswoman said. Rent-Way plans to continue acquisition binge with goal of achieving 6-10% market share by 2000, spokeswoman said.
Acquisition will give Rent-Way access to new markets in Ala., Ark., Ga. Chain shares markets with Champion in Fla. where latter has 33 stores and competes with Rent-Way in Jacksonville as well as Va. and Ohio. Rent-Way plans to keep Champion's 145 stopes, including 25 outlets opened in 1997, in expanding base to 382 front 187. Champion purchase, combined with acquisition of 50-store Ace TV that's expected to close this week, will increase chain's RTD market share to 4% from 2.5%, spokeswoman said. Rent-Way plans to continue acquisition binge with goal of achieving 6-10% market share by 2000, spokeswoman said.
Tuesday, September 11, 2007
Debt Consolidation Quotes - Look For The Best Before Taking The Plunge
A research on debt consolidation quotes is extremely necessary before you begin with your debt consolidation program. With credit card debt reaching an all time high, debt consolidation has become an industry in itself. You will find that you have thousands of options available for you if you really do want to begin with a suitable credit card debt consolidation scheme. Most firms will offer you a free debt consolidation program. They will offer you debt consolidation counseling and guide you through the entire process of rediscovering your financial well-being with debt consolidation. However, you must find the best debt consolidation program that will suit your needs. Being wary of firms that are not qualified, enough to guide you through the process is extremely important otherwise in your bid to consolidate your credit card debt you could end up worsening your financial condition.
What Are Debt Consolidation Quotes?
As you have read, debt consolidation is fast becoming an industry by itself. The reason probably lies in the fact that with a huge number of credit card companies coming into the market the number of people using credit cards and often-owning more than three credit cards each has gone up exponentially. Most people use credit cards without really realizing that the money they spend using credit cards may not immediately show on their monetary accounts but once they start showing they also begin incurring an incredibly high rates of interest. With free debt consolidation programs, you can figure out the best debt consolidation quotes available in the market. These debt consolidation quotes are issued by a number of companies that buy off debts from credit card companies and then offer to accept money from clients to settle their debt at rates that are much lower than the money that they actually owe the credit card companies. Your debt consolidation counseling is sure to guide you through the entire process.
How To Find The Best Debt Consolidation Quotes
You credit card debt consolidation counseling service is bound to help you out with this one. You must look for the best debt consolidation program so that you can get to know about the best debt consolidation quotes. It would also be a useful think to look over the internet for the best options that you can avail. You might be able to get a better offer online than those that you are finding otherwise. It is extremely important for you to find the best debt consolidation quotes so that you can embark successfully on your journey towards debt elimination.
What Are Debt Consolidation Quotes?
As you have read, debt consolidation is fast becoming an industry by itself. The reason probably lies in the fact that with a huge number of credit card companies coming into the market the number of people using credit cards and often-owning more than three credit cards each has gone up exponentially. Most people use credit cards without really realizing that the money they spend using credit cards may not immediately show on their monetary accounts but once they start showing they also begin incurring an incredibly high rates of interest. With free debt consolidation programs, you can figure out the best debt consolidation quotes available in the market. These debt consolidation quotes are issued by a number of companies that buy off debts from credit card companies and then offer to accept money from clients to settle their debt at rates that are much lower than the money that they actually owe the credit card companies. Your debt consolidation counseling is sure to guide you through the entire process.
How To Find The Best Debt Consolidation Quotes
You credit card debt consolidation counseling service is bound to help you out with this one. You must look for the best debt consolidation program so that you can get to know about the best debt consolidation quotes. It would also be a useful think to look over the internet for the best options that you can avail. You might be able to get a better offer online than those that you are finding otherwise. It is extremely important for you to find the best debt consolidation quotes so that you can embark successfully on your journey towards debt elimination.
Debt Consolidation - Understanding Credit And Debt
Debt consolidation involves transferring the balances from multiple accounts with relatively high interest rates to one account with lower interest. A debt consolidation loan does not reduce debt so much as restructure it in beneficial ways.
Debts are either secured or unsecured. Secured debts are tied to a tangible asset like a car for a car loan or a house for a mortgage. If a borrower stops making payments, lenders can repossess the car or foreclose on the house. Unsecured debts are not tied to an asset. The most common types include credit cards, medical bills and signature loans.
Debt and Credit
Most people get into debt difficulties because credit is easy to get and hard to control. Here are some warning signs that debt may be getting out of hand:
- you can only make the minimum payments on your loans and other debts each month.
- you apply for new credit cards to pay off old ones, thus rotating, but not retiring, your debt.
- you are near the limit on all your cards and accounts.
- you are being denied new loans because of your bad credit history.
- you have had to resort to bad credit financing.
Debts are either secured or unsecured. Secured debts are tied to a tangible asset like a car for a car loan or a house for a mortgage. If a borrower stops making payments, lenders can repossess the car or foreclose on the house. Unsecured debts are not tied to an asset. The most common types include credit cards, medical bills and signature loans.
Debt and Credit
Most people get into debt difficulties because credit is easy to get and hard to control. Here are some warning signs that debt may be getting out of hand:
- you can only make the minimum payments on your loans and other debts each month.
- you apply for new credit cards to pay off old ones, thus rotating, but not retiring, your debt.
- you are near the limit on all your cards and accounts.
- you are being denied new loans because of your bad credit history.
- you have had to resort to bad credit financing.
Sunday, September 9, 2007
Credit Card Debt Consolidation
You have enjoyed using your credit card. Now its time to get serious and pay up!
There are two choices when tackling credit card debt.
• Pay first the balance with the highest annual interest rate. Most financial experts recommend this strategy. It does not matter if the principal is lesser than the other cards. Your principal does not change but if you continue to pay a high interest without making a substantial dent in the principal amount, then you are just wasting money.
• Continue to pay minimum on the other credit card debts even as you pay that priority card to avoid surcharges. When you are done with the first card, move on to the next one using the same method.
• Aggressively attack your credit card debt. Double or triple your minimum payments. Or better yet, if you do have the money for it, pay all your balances in one swoop and get it out of your life, fast!
• An alternative plan is to pay the lowest balance first regardless of how much the interest rate is. This is preferred by some because it knocks off a few bills off the list in a shorter time. Another reason is that the debtors feel more gratified and motivated to see that they are making a quick progress. However, this is not widely advised because although you remove a few debts, the interest will still pile up on your other balances.
Most credit cards charge around 12% to 18%. At this rate, you are better off paying your balances in full every month. You are just prolonging your agony every time you pay the minimum. Be smart and pay up!
Once you start paying your credit card debt, do not compromise. Stay with your plan and watch your balance inch down to zero. Read your bill statements thoroughly and understand how your interest rate is calculated.
Tips on getting the best deal out of your credit cards:
• If you decide to transfer your balance to a new card with an introductory offer of low interest, make sure you pay all your balances before the offer expires. When that period lapses, the interest can shoot up the roof and you will soon be paying for more than what you actually bargained for.
• Be punctual with your payments. Some card companies will charge you with the regular interest rate if you do not pay on time. This drawback will put you further behind your repayments. Also, find out if that low interest applies to both your old balance and new purchases.
• Some cards have a grace period or the amount of days you have to pay your balance before your interest starts accruing. If that is the case, then it is best to pay your full balance within this period and actually save money. • Fees you need to know about before signing up for a card.
• Annual fee – avoid the credit card that charges this if you always pay your balance in full.
• Closure fee – some cards will charge you for closing your account.
• Late fees – pay your bill on time. You can get charged for paying a date late. The interest rate can also increase as a penalty.
Credit cards can build up your credit rating and can come in handy during emergencies. As long as you do not use it excessively, there should be no problems.
Everything you do with your credit card shows up on your credit report. So if something goes wrong and you miss a payment or if you pay less than the minimum, it will show on your credit report. Pay your balances in full and on time. You want to build up your credit standing, not mess it up.
Helpful tips for credit card use:
• Use only one credit card. Choose one that has a low interest rate and a sensible grace period.
• Ask yourself before purchasing with a credit card: Do I really need it? How long will it take me to pay it and is it worth the hassle in the end? What is the actual cost of the item when the interest amount is added?
• Pay the entire balance on time. The balance should not exceed 20% of monthly income. If you cannot pay it in full, then you probably should not have used it for purchasing in the first place.
• Curb your expenses. Cut off expenses that you can do without. Only use your card during real emergencies.
• For every card transaction, subtract the amount from your budget so you can pay your bill when it arrives.
• Never lend your credit card or leave them where anybody can access it. Report it immediately if you find that it is missing.
• Think beyond today. Plan for obligations that might come up in the future so you will be prepared.
There are two choices when tackling credit card debt.
• Pay first the balance with the highest annual interest rate. Most financial experts recommend this strategy. It does not matter if the principal is lesser than the other cards. Your principal does not change but if you continue to pay a high interest without making a substantial dent in the principal amount, then you are just wasting money.
• Continue to pay minimum on the other credit card debts even as you pay that priority card to avoid surcharges. When you are done with the first card, move on to the next one using the same method.
• Aggressively attack your credit card debt. Double or triple your minimum payments. Or better yet, if you do have the money for it, pay all your balances in one swoop and get it out of your life, fast!
• An alternative plan is to pay the lowest balance first regardless of how much the interest rate is. This is preferred by some because it knocks off a few bills off the list in a shorter time. Another reason is that the debtors feel more gratified and motivated to see that they are making a quick progress. However, this is not widely advised because although you remove a few debts, the interest will still pile up on your other balances.
Most credit cards charge around 12% to 18%. At this rate, you are better off paying your balances in full every month. You are just prolonging your agony every time you pay the minimum. Be smart and pay up!
Once you start paying your credit card debt, do not compromise. Stay with your plan and watch your balance inch down to zero. Read your bill statements thoroughly and understand how your interest rate is calculated.
Tips on getting the best deal out of your credit cards:
• If you decide to transfer your balance to a new card with an introductory offer of low interest, make sure you pay all your balances before the offer expires. When that period lapses, the interest can shoot up the roof and you will soon be paying for more than what you actually bargained for.
• Be punctual with your payments. Some card companies will charge you with the regular interest rate if you do not pay on time. This drawback will put you further behind your repayments. Also, find out if that low interest applies to both your old balance and new purchases.
• Some cards have a grace period or the amount of days you have to pay your balance before your interest starts accruing. If that is the case, then it is best to pay your full balance within this period and actually save money. • Fees you need to know about before signing up for a card.
• Annual fee – avoid the credit card that charges this if you always pay your balance in full.
• Closure fee – some cards will charge you for closing your account.
• Late fees – pay your bill on time. You can get charged for paying a date late. The interest rate can also increase as a penalty.
Credit cards can build up your credit rating and can come in handy during emergencies. As long as you do not use it excessively, there should be no problems.
Everything you do with your credit card shows up on your credit report. So if something goes wrong and you miss a payment or if you pay less than the minimum, it will show on your credit report. Pay your balances in full and on time. You want to build up your credit standing, not mess it up.
Helpful tips for credit card use:
• Use only one credit card. Choose one that has a low interest rate and a sensible grace period.
• Ask yourself before purchasing with a credit card: Do I really need it? How long will it take me to pay it and is it worth the hassle in the end? What is the actual cost of the item when the interest amount is added?
• Pay the entire balance on time. The balance should not exceed 20% of monthly income. If you cannot pay it in full, then you probably should not have used it for purchasing in the first place.
• Curb your expenses. Cut off expenses that you can do without. Only use your card during real emergencies.
• For every card transaction, subtract the amount from your budget so you can pay your bill when it arrives.
• Never lend your credit card or leave them where anybody can access it. Report it immediately if you find that it is missing.
• Think beyond today. Plan for obligations that might come up in the future so you will be prepared.
Debt Consolidation A Common Sense Solution to Your Financial Headaches
Debt consolidation loans might be the solution to your financial woes.
Do you have difficulties paying your bills on time? Can you barely cope with your increasing debt problems? Many people like you have credit problems and get help solving them. Securing a debt consolidation loan is often the perfect solution.
Don’t feel intimidated by the title; Debt consolidation is a fairly easy and simple process. When a consumer like you has become overwhelmed by bills, he or she decides to merge all debts into one single loan. People usually pay much less interest when they combine everything they owe onto one bill.
If your debt comes mostly from high interest credit card use, debt consolidation might be a good option for you. Many department store credit cards have interest rates of over 20%! Debt consolidation loans normally charge significantly lower interest.
Lower interest rates translates for most folks into lower payments. This has a positive snowball effect. You can begin to balance your budget, satisfy creditors, and begin to repair your credit standing. Here are some simple tips – beyond a debt consolidation loan -- to managing your debt.
First, organize your finances. Find out exactly what your monthly income and expenses are. This step, as tedious as it might seem, Although this can be a depressing and tedious work, you have to do it in order for you to construct a better budget. Your debt problems will not go away if you ignore them. Be completely honest with yourself so you can accurately analyze your financial picture. You will then be able to make the right economic decisions.
Second, after you organize your finances, check to see if your expenditures include non-essentials. Decide what you can live without, and apply the extra cash to paying down your debt.
Third, agree not to secure any more credit. Credit sounds positive, and your spending power will be temporarily enhanced. Unless you plan on leveraging the new line of credit on money-making opportunities, more credit will simply overload you more.
Fourth, build up your savings. It may be difficult to save money if you have debt problems. Try saving a little money out of each paycheck. Money in savings means you aren’t drowning in debt. You will have options for paying off your bills, and you will be working toward financial independence.
Consolidating high interest rate loans might be in your best, well, interest. Every loan payment has two parts. The first part is the principal amount and the other is the interest on the loan. Understand that paying minimum fees due will cause you to pay a lot more in the long run. In a debt consolidation loan, you can have lesser and lower interest rates and cut down quickly the principal. This means your overall indebtedness decreases quickly.
Do you have difficulties paying your bills on time? Can you barely cope with your increasing debt problems? Many people like you have credit problems and get help solving them. Securing a debt consolidation loan is often the perfect solution.
Don’t feel intimidated by the title; Debt consolidation is a fairly easy and simple process. When a consumer like you has become overwhelmed by bills, he or she decides to merge all debts into one single loan. People usually pay much less interest when they combine everything they owe onto one bill.
If your debt comes mostly from high interest credit card use, debt consolidation might be a good option for you. Many department store credit cards have interest rates of over 20%! Debt consolidation loans normally charge significantly lower interest.
Lower interest rates translates for most folks into lower payments. This has a positive snowball effect. You can begin to balance your budget, satisfy creditors, and begin to repair your credit standing. Here are some simple tips – beyond a debt consolidation loan -- to managing your debt.
First, organize your finances. Find out exactly what your monthly income and expenses are. This step, as tedious as it might seem, Although this can be a depressing and tedious work, you have to do it in order for you to construct a better budget. Your debt problems will not go away if you ignore them. Be completely honest with yourself so you can accurately analyze your financial picture. You will then be able to make the right economic decisions.
Second, after you organize your finances, check to see if your expenditures include non-essentials. Decide what you can live without, and apply the extra cash to paying down your debt.
Third, agree not to secure any more credit. Credit sounds positive, and your spending power will be temporarily enhanced. Unless you plan on leveraging the new line of credit on money-making opportunities, more credit will simply overload you more.
Fourth, build up your savings. It may be difficult to save money if you have debt problems. Try saving a little money out of each paycheck. Money in savings means you aren’t drowning in debt. You will have options for paying off your bills, and you will be working toward financial independence.
Consolidating high interest rate loans might be in your best, well, interest. Every loan payment has two parts. The first part is the principal amount and the other is the interest on the loan. Understand that paying minimum fees due will cause you to pay a lot more in the long run. In a debt consolidation loan, you can have lesser and lower interest rates and cut down quickly the principal. This means your overall indebtedness decreases quickly.
Saturday, September 8, 2007
Finding The Best Student Loan Consolidation Program
Many college graduates come out of school with several loans to pay off. This means that after the six month grace period there will be payments for each of your loans. Each of those loans will have their own interest rate which will make the loans themselves difficult to pay off completely. Finding the best student loan consolidation program can help you pay less each month and put an end date to those student loans as well.
The first priority will be to find the best student loan consolidation program. Each program will have its own perks and its own drawbacks. One of the most important details to the loan consolidation payback will be the interest rate that is charged each month. If you presently have two loans that charge 8% each you should consider the fact that each month you are paying 16% on your entire student loan. That means that you will be paying thousands on top of the thousands that you borrowed. When you consolidate those loans into one you’ll want to find the best interest rate which you will only be charged once each month.
When you’ve found the best interest rate, you’ll want to make sure that this loan also has the best terms for payback. In other words, be sure that the date set for the termination of the loan is reasonable. If you say that you’ll have your loan paid off in five years, be sure that this is feasible. Of course we can’t predict everything that will happen, but you should have a good idea of the amount that you’ll be able to afford over time. If ten years is more workable, find the best student loan consolidation program that has a good interest rate and the best payback terms.
A flexible loan payback program can be most helpful. There are those times in everyone’s life that money is tight. In those times it may be helpful to put your loan into forbearance. Be sure that the loan you decide to go back is willing to agree on a forbearance or restricted payback amount for a certain period of time while you get your finances back in order.
The loan’s interest rate should not be flexible however. The last thing you need is a large increase in your monthly payment because the interest rate fluctuated. Making sure the interest rate is fixed will also ensure that your payment will always be something that you can live with. When you know the payment that you’ll have to pay each month you’ll find that you can budget effectively.
If possible, make sure there is no penalty for making early payments or for paying the loan off early. If you get a windfall of cash from somewhere, you may want to pay off this student consolidation loan completely, so you want to make sure that is possible.
A consolidation loan can save you thousands. You will pay less each month yet your payment will be more effective. Your loans will have a definite paid date which is not ages into the future. Finding that loan may be easier than you think and certainly worth the trouble.
The first priority will be to find the best student loan consolidation program. Each program will have its own perks and its own drawbacks. One of the most important details to the loan consolidation payback will be the interest rate that is charged each month. If you presently have two loans that charge 8% each you should consider the fact that each month you are paying 16% on your entire student loan. That means that you will be paying thousands on top of the thousands that you borrowed. When you consolidate those loans into one you’ll want to find the best interest rate which you will only be charged once each month.
When you’ve found the best interest rate, you’ll want to make sure that this loan also has the best terms for payback. In other words, be sure that the date set for the termination of the loan is reasonable. If you say that you’ll have your loan paid off in five years, be sure that this is feasible. Of course we can’t predict everything that will happen, but you should have a good idea of the amount that you’ll be able to afford over time. If ten years is more workable, find the best student loan consolidation program that has a good interest rate and the best payback terms.
A flexible loan payback program can be most helpful. There are those times in everyone’s life that money is tight. In those times it may be helpful to put your loan into forbearance. Be sure that the loan you decide to go back is willing to agree on a forbearance or restricted payback amount for a certain period of time while you get your finances back in order.
The loan’s interest rate should not be flexible however. The last thing you need is a large increase in your monthly payment because the interest rate fluctuated. Making sure the interest rate is fixed will also ensure that your payment will always be something that you can live with. When you know the payment that you’ll have to pay each month you’ll find that you can budget effectively.
If possible, make sure there is no penalty for making early payments or for paying the loan off early. If you get a windfall of cash from somewhere, you may want to pay off this student consolidation loan completely, so you want to make sure that is possible.
A consolidation loan can save you thousands. You will pay less each month yet your payment will be more effective. Your loans will have a definite paid date which is not ages into the future. Finding that loan may be easier than you think and certainly worth the trouble.
Debt Consolidation
Debt consolidation means combining all your several debts, usually unsecured debts into just one account resulting in one payment each month instead of several payments. This goes to the debt Consolidation Company who will disburse it among your creditors.
The debt Consolidation Company’s goal is to reach an agreement with your creditors in your behalf so the interest rates or any other late fees can be reduced or scrapped altogether, resulting in lower monthly payments. If your funds are very limited, your creditors may even agree to reduce the principal to an amount you can afford to pay.
The purpose of a debt consolidation company is to work out a program that will benefit both you and your creditors. Your creditors naturally want to see their money paid back and you want to be relieved of your debts in the most painless way possible. Of course, you can negotiate with your creditors yourself but creditors are generally more receptive to negotiating with professionals who are more likely to consider all angles of the situation.
The extent by which the interest rate or the principal amount of your debt is reduced is dependent on your capacity to pay. Before any agreement can be reached, your income and expenses are assessed by the debt Consolidation Company. The result of this assessment is submitted to your creditors as proof. This will become the basis for the terms of agreement.
A debt consolidation program will allow you to pay off your debts in a shorter period, say 4-6 years instead of 10 years, depending on how big your debt is. Another benefit is that your creditors will stop harassing you with telephone calls or letters demanding repayment for your debts. This will take some stress of you and will let you focus.
Common unsecured debts allowed in a debt consolidation program:
• Credit card debt – unpaid credit card balances
• Department store debt – unpaid balance on department store credit cards.
• Student loans – unpaid balance on loans used in pursuing college education.
• Tax debt – arrears on income taxes
• Medical or legal bills – unpaid balance incurred for medical or legal services.
• Personal loans – unpaid balance on personal bank loans or any other financial institutions
• Utility bills – unpaid bills from utility companies such as cable, telephone, gas, heating, electrical or home insurance services.
• Collection agencies – unpaid debt on bills that have been referred to a collection agency for repayment.
Choosing the right debt consolidation firm is important. Consolidating your debts will cost you money so find out what the fees are, whether you afford it with your current financial situation and any hidden or additional fees. Find out as much as you can so you do not end up with a dishonest company who does not have your best interest in mind.
When you enter a debt consolidation program, there are several conditions you have to adhere to, namely: to give the complete monthly payment on time every time until your debts are settled and to stop using your credit card or acquiring more debts.
Benefits of debt consolidation
• Lower monthly payments – this lessens the time you are required to pay your debt and ensure that you will be able to meet daily living expenses and still save for emergencies.
• Accrued interest on loans are reduced or eliminated altogether. For example, if you have been defaulting on paying a $2000 loan for a long time and your accrued interest and late fees amount to $1500, the Consolidation Company can negotiate for the interest and late charges to be written off so you only owe $2000. Therefore, you will be able to pay your debt easily and in a shorter timeframe, accelerating your debt-free life.
• Only one monthly payment. You only need to remember one payment date reducing the probability that you will miss paying it.
• Improve credit – unpaid or late payments can reflect badly on your credit report and lower your credit score. Once you start paying, your credit will gradually improve. After your debts are paid in full, it is possible to get your credit account reported in your favor.
• Avoid harassing telephone calls from creditors – your creditors will subsequently deal with the Consolidation Company instead of you.
• Budget tips – your new repayment plan generally includes budgeting tips to help you save for emergencies, in effect there will be no need for you to borrow money again and you can start building your finances again.
Debt consolidation is often confused with debt consolidation loan. The difference is that debt consolidation means rolling multiple debts into one resulting in a single monthly payment while debt consolidation loan means taking out a loan, usually secured on any valuable assets you may have, such as your home, to cover all your current debts.
The debt Consolidation Company’s goal is to reach an agreement with your creditors in your behalf so the interest rates or any other late fees can be reduced or scrapped altogether, resulting in lower monthly payments. If your funds are very limited, your creditors may even agree to reduce the principal to an amount you can afford to pay.
The purpose of a debt consolidation company is to work out a program that will benefit both you and your creditors. Your creditors naturally want to see their money paid back and you want to be relieved of your debts in the most painless way possible. Of course, you can negotiate with your creditors yourself but creditors are generally more receptive to negotiating with professionals who are more likely to consider all angles of the situation.
The extent by which the interest rate or the principal amount of your debt is reduced is dependent on your capacity to pay. Before any agreement can be reached, your income and expenses are assessed by the debt Consolidation Company. The result of this assessment is submitted to your creditors as proof. This will become the basis for the terms of agreement.
A debt consolidation program will allow you to pay off your debts in a shorter period, say 4-6 years instead of 10 years, depending on how big your debt is. Another benefit is that your creditors will stop harassing you with telephone calls or letters demanding repayment for your debts. This will take some stress of you and will let you focus.
Common unsecured debts allowed in a debt consolidation program:
• Credit card debt – unpaid credit card balances
• Department store debt – unpaid balance on department store credit cards.
• Student loans – unpaid balance on loans used in pursuing college education.
• Tax debt – arrears on income taxes
• Medical or legal bills – unpaid balance incurred for medical or legal services.
• Personal loans – unpaid balance on personal bank loans or any other financial institutions
• Utility bills – unpaid bills from utility companies such as cable, telephone, gas, heating, electrical or home insurance services.
• Collection agencies – unpaid debt on bills that have been referred to a collection agency for repayment.
Choosing the right debt consolidation firm is important. Consolidating your debts will cost you money so find out what the fees are, whether you afford it with your current financial situation and any hidden or additional fees. Find out as much as you can so you do not end up with a dishonest company who does not have your best interest in mind.
When you enter a debt consolidation program, there are several conditions you have to adhere to, namely: to give the complete monthly payment on time every time until your debts are settled and to stop using your credit card or acquiring more debts.
Benefits of debt consolidation
• Lower monthly payments – this lessens the time you are required to pay your debt and ensure that you will be able to meet daily living expenses and still save for emergencies.
• Accrued interest on loans are reduced or eliminated altogether. For example, if you have been defaulting on paying a $2000 loan for a long time and your accrued interest and late fees amount to $1500, the Consolidation Company can negotiate for the interest and late charges to be written off so you only owe $2000. Therefore, you will be able to pay your debt easily and in a shorter timeframe, accelerating your debt-free life.
• Only one monthly payment. You only need to remember one payment date reducing the probability that you will miss paying it.
• Improve credit – unpaid or late payments can reflect badly on your credit report and lower your credit score. Once you start paying, your credit will gradually improve. After your debts are paid in full, it is possible to get your credit account reported in your favor.
• Avoid harassing telephone calls from creditors – your creditors will subsequently deal with the Consolidation Company instead of you.
• Budget tips – your new repayment plan generally includes budgeting tips to help you save for emergencies, in effect there will be no need for you to borrow money again and you can start building your finances again.
Debt consolidation is often confused with debt consolidation loan. The difference is that debt consolidation means rolling multiple debts into one resulting in a single monthly payment while debt consolidation loan means taking out a loan, usually secured on any valuable assets you may have, such as your home, to cover all your current debts.
Debt Consolidation Help - What You should Consider Prior to Filing Bankruptcy
Some people regard bankruptcy as a simple method to offload a killing debt problem, and it is sometimes the first system they reach for, well it might relieve the problem, however it is far from simple and had better be the very last action you use to achieve debt relief.
Whilst the law has made it relatively simple to actually file papers, the system like any other legal proceeding is far from effortless, you will still have to justify your filing, revealing all your financial history to a judge and opening it to objections by creditors, should you actually owe the cash, they are unlikely to settle easily for 10 or 15 cents or in many cases less, on the dollar.
Even if you are successful, there are multiple long term impacts that you will want to consider carefully before taking such a drastic step.
You may lose any credit cards that have remaining balances, and others could elect to close your accounts, you will also find it difficult to get a home loan or other considerable credit line , except possibly at the kind of ruinous interest rates that most probably led, in part to your current debt problem, also, not all debts are covered even by a bankruptcy filing, student loans, back taxes within the past three years and a range of other debts are typically exempt from bankruptcy protection.
This situation will persist for up to 10 years, during which time you may need to maintain a near perfect credit history in order to build your way back to an effective level of trust, potential creditors will regard any bankruptcy as the worst criterion on any credit report, even additionally to a low FICO total score, as well as the credit impact, you might genuinely be forced to forfeit real assets such as high-priced jewelery, a boat and other items depending on when they were acquired, most states offer an exception for the principal residence and your vehicle, nonetheless if you have secondary property, this might not be protected.
In conclusion, the bankruptcy action itself is not without cost the courts always have required charges and should you need to use an attorney this too will most likely cost you, which can add the last straw to an already very poor financial problem.
On a positive note, you will acquire relief from debt collection efforts, provided they obtain notification, your income can not be garnished and any foreclosure proceedings may be stopped, by participating in proceedings sooner rather than later, you may start to build a new credit history this more often than not better than the past one. Since you will not have access to new credit cards, this can genuinely be an advantage, there are some people who simply shouldn't have access to simple credit, until and unless he or she may find a method to change their habits.
Whilst the law has made it relatively simple to actually file papers, the system like any other legal proceeding is far from effortless, you will still have to justify your filing, revealing all your financial history to a judge and opening it to objections by creditors, should you actually owe the cash, they are unlikely to settle easily for 10 or 15 cents or in many cases less, on the dollar.
Even if you are successful, there are multiple long term impacts that you will want to consider carefully before taking such a drastic step.
You may lose any credit cards that have remaining balances, and others could elect to close your accounts, you will also find it difficult to get a home loan or other considerable credit line , except possibly at the kind of ruinous interest rates that most probably led, in part to your current debt problem, also, not all debts are covered even by a bankruptcy filing, student loans, back taxes within the past three years and a range of other debts are typically exempt from bankruptcy protection.
This situation will persist for up to 10 years, during which time you may need to maintain a near perfect credit history in order to build your way back to an effective level of trust, potential creditors will regard any bankruptcy as the worst criterion on any credit report, even additionally to a low FICO total score, as well as the credit impact, you might genuinely be forced to forfeit real assets such as high-priced jewelery, a boat and other items depending on when they were acquired, most states offer an exception for the principal residence and your vehicle, nonetheless if you have secondary property, this might not be protected.
In conclusion, the bankruptcy action itself is not without cost the courts always have required charges and should you need to use an attorney this too will most likely cost you, which can add the last straw to an already very poor financial problem.
On a positive note, you will acquire relief from debt collection efforts, provided they obtain notification, your income can not be garnished and any foreclosure proceedings may be stopped, by participating in proceedings sooner rather than later, you may start to build a new credit history this more often than not better than the past one. Since you will not have access to new credit cards, this can genuinely be an advantage, there are some people who simply shouldn't have access to simple credit, until and unless he or she may find a method to change their habits.
Friday, September 7, 2007
Free Credit Card Consolidation Quotes
If you are drowning in credit card debt, a debt consolidation loan can keep you from filing for bankruptcy and having bad credit. A free online credit card debt consolidation quote can be obtained to get you going in the right direction.
Regaining Your Good Credit
Taking control of your credit now is important if you ever want to have anything in life. Having bad credit will make it hard for you to find a place to rent and will affect your chances of getting a loan, possibly for a much needed car. A debt consolidation company is a good choice for helping you out of financial ruins if you get the right company.
Look for a Company who Gives Free Quotes
Any reputable debt consolidation company will make a free online debt consolidation offer to you. Most good companies are more interested in showing you what they can do for you to gain you as a long term customer rather than charge you a fee upfront.
Do Your Research On Debt Consolidation Companies
Many companies offer a free online debt consolidation quote. Do your research before working with any company as some may require for you to put up some of your assets, like your house, up for collateral on the loan.
How to Choose the Right Consolidation Loan
Make sure you get your free debt consolidation quotes from at least 3 reputable companies to compare rates and terms they have offered you. Make sure to ask the companies the total monthly payment that would be required of you and for how long the repayment schedule is so that you can figure out which debt consolidation company is offering you the best deal.
Don’t pay an upfront fee to any debt consolidation company before they do a service for you. Most companies who require a fee will be trying to scam you out of your initial funds and never deliver a debt consolidation loan to help you out of your situation. Only pay after you have researched the company you are choosing carefully.
Regaining Your Good Credit
Taking control of your credit now is important if you ever want to have anything in life. Having bad credit will make it hard for you to find a place to rent and will affect your chances of getting a loan, possibly for a much needed car. A debt consolidation company is a good choice for helping you out of financial ruins if you get the right company.
Look for a Company who Gives Free Quotes
Any reputable debt consolidation company will make a free online debt consolidation offer to you. Most good companies are more interested in showing you what they can do for you to gain you as a long term customer rather than charge you a fee upfront.
Do Your Research On Debt Consolidation Companies
Many companies offer a free online debt consolidation quote. Do your research before working with any company as some may require for you to put up some of your assets, like your house, up for collateral on the loan.
How to Choose the Right Consolidation Loan
Make sure you get your free debt consolidation quotes from at least 3 reputable companies to compare rates and terms they have offered you. Make sure to ask the companies the total monthly payment that would be required of you and for how long the repayment schedule is so that you can figure out which debt consolidation company is offering you the best deal.
Don’t pay an upfront fee to any debt consolidation company before they do a service for you. Most companies who require a fee will be trying to scam you out of your initial funds and never deliver a debt consolidation loan to help you out of your situation. Only pay after you have researched the company you are choosing carefully.
Secured Debt Consolidation Loan Will Remove Debts at Low Rate
To remove your debts, you will need some money so that you can pay off them completely. This money is available to you as a debt consolidation loan. To lower the rate, the best you can do is pledge collateral for it and borrow a secured debt consolidation loan.
A secured debt consolidation loan will help the borrowers in paying off their debts to the creditors and removing them completely. The debt worries of a borrower are all solved by taking up secured debt consolidation loan which is available at a low rate of interest.
To avail a secured debt consolidation loan, the borrower has to pledge any of his assets with the lender as collateral for the loan. The asset of the borrower should have a high equity in the market so that the borrower can get a lower rate of interest. The asset of the borrower is in safe hands of the lender of the secured debt consolidation loan. It just works as a security in case of non-repayment of the loan which is a very rare happening.
The secured debt consolidation loan will be equal in amount to all the debts totaled up. This loan will repay all the debts of the borrower and reduces his burden of multiple debts and lenders. Now to repay the secured debt consolidation loan, he just has to repay one monthly installment and that too at a lower rate of interest.
Bad credit borrowers can also borrow secured debt consolidation loan to remove their debts. It is in fact the best way to lower the rates of interest for bad credit borrowers. They can get suitable deals by proper research that is conducted for the secured debt consolidation loan.
Online research and application for secured debt consolidation loan can help the borrowers in availing low rates of interest. The processing is fast and the accessibility is also great.
Secured debt consolidation loan is a deal for the borrowers which can help solve all problems caused due to multiple debts and release him of all financial pressures.
A secured debt consolidation loan will help the borrowers in paying off their debts to the creditors and removing them completely. The debt worries of a borrower are all solved by taking up secured debt consolidation loan which is available at a low rate of interest.
To avail a secured debt consolidation loan, the borrower has to pledge any of his assets with the lender as collateral for the loan. The asset of the borrower should have a high equity in the market so that the borrower can get a lower rate of interest. The asset of the borrower is in safe hands of the lender of the secured debt consolidation loan. It just works as a security in case of non-repayment of the loan which is a very rare happening.
The secured debt consolidation loan will be equal in amount to all the debts totaled up. This loan will repay all the debts of the borrower and reduces his burden of multiple debts and lenders. Now to repay the secured debt consolidation loan, he just has to repay one monthly installment and that too at a lower rate of interest.
Bad credit borrowers can also borrow secured debt consolidation loan to remove their debts. It is in fact the best way to lower the rates of interest for bad credit borrowers. They can get suitable deals by proper research that is conducted for the secured debt consolidation loan.
Online research and application for secured debt consolidation loan can help the borrowers in availing low rates of interest. The processing is fast and the accessibility is also great.
Secured debt consolidation loan is a deal for the borrowers which can help solve all problems caused due to multiple debts and release him of all financial pressures.
Debt Consolidation Can Help You Repair Your Credit Score As Well
The apparent benefit of bad credit debt consolidation is that it helps you to manage your debts in a better way and to become debt free in some time.
Every individual has a credit rating and this rating decides the credit worthiness of that individual in the market. Your credit report is the most important document, which enables you to pay for expenses and make purchases in the market as well as secure loans, personal or commercial. It should be your greatest endeavor to keep it clean and high. A small remark, a missed payment or bouncing of a check can start the irrevocable process of bad credit which may lead you to a debt hole. When you are neck deep in debt, your credit score starts a southward journey. This could be very harmful for your future financial prospects. However, with many options of bad credit debt consolidation available, you can not only reduce the debt burden but also improve your credit score.
Take Help of A Debt Consolidation Company
A little maneuvering on your part can help you to mend your inability completely or at least start the process of credit repair with the help of an appropriate debt consolidation program.
You have to devise a step-by-step plan to start the process of credit restoration. All you need to do is to stick to your debt consolidation program as suggested by the credit counselors of the debt consolidation company.
Before you approach a credit repair or a debt consolidation company, do some homework. Try to go through your credit report reading every minute detail and report any misleading or wrong information to the credit bureaus immediately to recover lost ground. The bureaus will provide you all help in investigating and rectifying the error in the report. Beware of ID theft, as it can ruin your credit report within minutes. Report loss of card, or suspicion of fraud immediately, to the authorities concerned.
Another way of credit repair or improve your credit rating is to delete entries that are obsolete or delinquent and are still being shown on your credit report. Such entries spoil your rating unnecessarily by creating doubts and suspicion and hurt your credit score. You get all the services you need when you approach a debt consolidation company to devise a plan for you to pay off your creditors and come out with a single monthly payment plan for you.
When you are considering a debt consolidation program for credit repair, it pays to remember a few important points.
# Correct information cannot be removed from your credit report. If your credit report displays a report on bankruptcy then nobody can claim to remove it.
# You cannot open another credit file while one is already open. You cannot have two credit files or two social security numbers even if claimed to the contrary.
# Do not make any advance payments to the bad credit debt consolidation or credit Repair Company, as you have to pay only after the plan is over.
# Check your APR; it should be at least 50% lower than the average rate of interest you were paying earlier.
# The monthly installment and the term of the debt consolidation program should suit you and your current income after accommodating for your personal expenses every month.
Every individual has a credit rating and this rating decides the credit worthiness of that individual in the market. Your credit report is the most important document, which enables you to pay for expenses and make purchases in the market as well as secure loans, personal or commercial. It should be your greatest endeavor to keep it clean and high. A small remark, a missed payment or bouncing of a check can start the irrevocable process of bad credit which may lead you to a debt hole. When you are neck deep in debt, your credit score starts a southward journey. This could be very harmful for your future financial prospects. However, with many options of bad credit debt consolidation available, you can not only reduce the debt burden but also improve your credit score.
Take Help of A Debt Consolidation Company
A little maneuvering on your part can help you to mend your inability completely or at least start the process of credit repair with the help of an appropriate debt consolidation program.
You have to devise a step-by-step plan to start the process of credit restoration. All you need to do is to stick to your debt consolidation program as suggested by the credit counselors of the debt consolidation company.
Before you approach a credit repair or a debt consolidation company, do some homework. Try to go through your credit report reading every minute detail and report any misleading or wrong information to the credit bureaus immediately to recover lost ground. The bureaus will provide you all help in investigating and rectifying the error in the report. Beware of ID theft, as it can ruin your credit report within minutes. Report loss of card, or suspicion of fraud immediately, to the authorities concerned.
Another way of credit repair or improve your credit rating is to delete entries that are obsolete or delinquent and are still being shown on your credit report. Such entries spoil your rating unnecessarily by creating doubts and suspicion and hurt your credit score. You get all the services you need when you approach a debt consolidation company to devise a plan for you to pay off your creditors and come out with a single monthly payment plan for you.
When you are considering a debt consolidation program for credit repair, it pays to remember a few important points.
# Correct information cannot be removed from your credit report. If your credit report displays a report on bankruptcy then nobody can claim to remove it.
# You cannot open another credit file while one is already open. You cannot have two credit files or two social security numbers even if claimed to the contrary.
# Do not make any advance payments to the bad credit debt consolidation or credit Repair Company, as you have to pay only after the plan is over.
# Check your APR; it should be at least 50% lower than the average rate of interest you were paying earlier.
# The monthly installment and the term of the debt consolidation program should suit you and your current income after accommodating for your personal expenses every month.
Thursday, September 6, 2007
Emerge Out Of Crisis with Online Debt Management Program
The basic motive of offering debts to the individuals is to uplift them financially, to make them enable so that they can meet their day to day requirements. But, at times due to some mistakes we end up in all the more troublesome position because of these financial aids. Let us take an example here, if you have taken up some loan in order to finance the education of your child, or to purchase some vehicle but fail to make timely repayment of that particular loan amount. As a result of this, you may incur defaults or arrears in your credit record in the form of bad credit. The next time you need a loan amount and you approach some lender, there is a high possibility that he may either refuse or charge very high interest rates from you. An only way to emerge from such situation is to opt for an online debt management program. Let us find out what kind of online debt management program is present in the market, how to search for it and find the best one for you.
Online mode is stressed upon in case of debt management program for it offers you a large number of benefits. It acts like a middle man in between you and your creditors. With the help of debt management service that an online program offers, you can turn your several debts in a single debt. For such service, you have to give a commission.
Online application of online debt management program saves time and effort, as you will come across a large number of lenders at one particular place. You can also compare among so many programs and find the one which suits your needs in the best possible manner.
Online mode is stressed upon in case of debt management program for it offers you a large number of benefits. It acts like a middle man in between you and your creditors. With the help of debt management service that an online program offers, you can turn your several debts in a single debt. For such service, you have to give a commission.
Online application of online debt management program saves time and effort, as you will come across a large number of lenders at one particular place. You can also compare among so many programs and find the one which suits your needs in the best possible manner.
How To Use Individual Voluntary Agreements As Part Of Your Debt Consolidation Solution
In the United Kingdom there's a formal name, IVA, for the agreement between a debtor and a creditor to alter debt conditions, in the U.S. they do not employ the same name, but the idea is basically similar, it's a method for agreeing to settle a remaining debt, usually one that is overdue and which the debtor can not pay.
What is an Individual Voluntary Agreement (IVA) and how you can work with it as part of your debt consolidation solution.
The United Kingdom has a much more formal structure for such agreements, and they often include Licensed Insolvency Practitioners, the USA doesn't have a recognized profession by this name, however financial advisers, debt counselors some attorneys and others may at times provide a similar task. In the United Kingdom, an IVA is a formal arrangement made through the courts, in the USA it is often nothing more than a signed letter containing the terms of the agreement, nonetheless it should be, at a minimum, put in writing by the creditor, this gives the debtor a legally binding agreement that they may use as a reference and for any legal protection.
The IVA agreement is by no means ideal for either party but, as with any compromise, it's better than a complete loss on either side such agreements include outlining terms for repayment, frequently with the creditor accepting a lower total than the original debt, at times the interest rate is lowered, however sometimes it is not, each agreement is "individual" just as the conditions says. The advantages to the debtor are fairly obvious they gain relief from any legal proceedings such as garnishment of money, home foreclosure, asset seizure etc, there is always psychological benefits, since presumably the arrangement involves conditions the debtor can genuinely meet, once in place, a very unpleasant episode moves into a new period.
However, the creditor benefits as well, the lender won't usually obtain the complete expected total amount, nevertheless such agreements may lengthen the terms of the initial loan, and even at a lower rate of interest may bring in more money in the long term, more often than not, the debtor agrees to repay a good proportion of the original total amount, how much varies, notwithstanding this figures as low as 40% to 50% aren't unknown and 75% is very general.
This doesn't sound like a great deal for a creditor, nonetheless should the debtor demonstrates that the lower amount is really all they can afford and the alternative is the debtor filing bankruptcy or the creditor incurring legal costs to sue, it is often seen as the better available option for everyone. One of the clear rewards to a debtor isn't just a lower amount of debt to repay or even a lowered monthly payment, nonetheless what does not occur maybe the best result, avoiding bankruptcy is a major benefit for you. Bankruptcy, whilst a good number of people could see it as a simple way out, destroys your credit for many years.
As a result of filing bankruptcy, auto loans will be hard to acquire at anything near a good rate, it can be nearly impossible to acquire a home loan for 10 years, credit cards of any kind other than those with ruinous interest rates or those that are just disguised debit cards will be a memory, in today's world this means very restricted online shopping, problems booking airline reservations and a range of other inconveniences.
What is an Individual Voluntary Agreement (IVA) and how you can work with it as part of your debt consolidation solution.
The United Kingdom has a much more formal structure for such agreements, and they often include Licensed Insolvency Practitioners, the USA doesn't have a recognized profession by this name, however financial advisers, debt counselors some attorneys and others may at times provide a similar task. In the United Kingdom, an IVA is a formal arrangement made through the courts, in the USA it is often nothing more than a signed letter containing the terms of the agreement, nonetheless it should be, at a minimum, put in writing by the creditor, this gives the debtor a legally binding agreement that they may use as a reference and for any legal protection.
The IVA agreement is by no means ideal for either party but, as with any compromise, it's better than a complete loss on either side such agreements include outlining terms for repayment, frequently with the creditor accepting a lower total than the original debt, at times the interest rate is lowered, however sometimes it is not, each agreement is "individual" just as the conditions says. The advantages to the debtor are fairly obvious they gain relief from any legal proceedings such as garnishment of money, home foreclosure, asset seizure etc, there is always psychological benefits, since presumably the arrangement involves conditions the debtor can genuinely meet, once in place, a very unpleasant episode moves into a new period.
However, the creditor benefits as well, the lender won't usually obtain the complete expected total amount, nevertheless such agreements may lengthen the terms of the initial loan, and even at a lower rate of interest may bring in more money in the long term, more often than not, the debtor agrees to repay a good proportion of the original total amount, how much varies, notwithstanding this figures as low as 40% to 50% aren't unknown and 75% is very general.
This doesn't sound like a great deal for a creditor, nonetheless should the debtor demonstrates that the lower amount is really all they can afford and the alternative is the debtor filing bankruptcy or the creditor incurring legal costs to sue, it is often seen as the better available option for everyone. One of the clear rewards to a debtor isn't just a lower amount of debt to repay or even a lowered monthly payment, nonetheless what does not occur maybe the best result, avoiding bankruptcy is a major benefit for you. Bankruptcy, whilst a good number of people could see it as a simple way out, destroys your credit for many years.
As a result of filing bankruptcy, auto loans will be hard to acquire at anything near a good rate, it can be nearly impossible to acquire a home loan for 10 years, credit cards of any kind other than those with ruinous interest rates or those that are just disguised debit cards will be a memory, in today's world this means very restricted online shopping, problems booking airline reservations and a range of other inconveniences.
Consolidation Debt
Having too many bills to pay at a certain time is too tasking. It is also confusing and nerve-wrecking especially if you are too busy with other stuff like earning money to pay for these bills. Additional fact is that it is also tiring especially if you have to pay through different channels just to meet the deadline.
If this is the case then it is time to consolidate your debts. Debt consolidation is when previous loans are combined to avail for a new loan which has lower interest rate and with longer span of time for payment.
Debt consolidation is one of the solutions to be debt-free. It is said to be one of the easiest and the best way to earn freedom from debt.
Here are some of the advantages and disadvantages of consolidation debt. As said earlier, consolidation debts have lower interest rates. If previous interests for your bills range from 10 to 15%, with the consolidation debt it can only range from 5-10%. The interest is based on the company where you plan to consolidate your debt. It is also dependent on the span of time for the payment.
The interest rate will also rely on what type of consolidation debt you will apply for. Types of consolidation debt can either be secured or non-secured. Secured loans are those which require collateral for the loan. It has a lower interest. Secured loan also has a higher loan amount because of the collateral.
Non-secure type of loan is where there is no need for collateral for the requested loan. The amount of loan is lower compared with that of the secured loans. It also has higher interest rate and shorter span for payment.
Another advantage for a consolidation debt is paying one loan in place of the numerous loans. It is easier to manage because you don't have to go to different places for the payment. In addition, you will only have to worry for one due date.
And lastly, since you have already paid for your other loans, consolidation of debt with give you a chance to start all over again. You will only have to think of one loan and start from that.
As for the disadvantages, consolidation debt has a definite span of time for payment. Since it is pre-computed, you have to pay accordingly.
Another disadvantage is the fact that it is difficult to find for a company which can give an interest rate which is lower than usual.
Lately, there have been some companies that refute the claims of consolidation debt regarding its advantages. Some say that consolidation debt does not totally cure the cause instead it just works on the symptoms. Even if you have already worked on the leading cause it doesn't work all way throughout the budget.
The symptom in this case is the loan and the cause is overspending and under saving. To be fully debt-free, one should work on this cause. A person should have a game plan regarding his or her spending. In case of emergency, the person if s/he hasn't saved yet has still the tendency to get from the loan or use the credit card again.
In terms of payment, it will take longer time if you just pay the minimum amount. Instead it should be doubled or even tripled if you have an extra amount of money.
To help further in solving your debt, here are some actions which you might want to consider from time to time.
Be cautious in borrowing money. You should not shop more than you can earn. Once the bill goes up and compiles, you might not be able to pay it anymore.
If you already have a financial problem, act on it. Ask advice and search for the best solution that you can work out. Talk with the creditor and inform them of your situation.
Prioritize the bills with highest interest and save whatever you can save to meet the demands of payment.
Make the best of your income. Earn as much as you can and try to limit expenses as much as possible. Make sure that every adult in the house can help with the expenses.
Consolidation debt is not the only chance to pay a debt. There are others which you can choose from. There is one best solution that suits you and your needs. Make the best of it to start a debt-free life.
If this is the case then it is time to consolidate your debts. Debt consolidation is when previous loans are combined to avail for a new loan which has lower interest rate and with longer span of time for payment.
Debt consolidation is one of the solutions to be debt-free. It is said to be one of the easiest and the best way to earn freedom from debt.
Here are some of the advantages and disadvantages of consolidation debt. As said earlier, consolidation debts have lower interest rates. If previous interests for your bills range from 10 to 15%, with the consolidation debt it can only range from 5-10%. The interest is based on the company where you plan to consolidate your debt. It is also dependent on the span of time for the payment.
The interest rate will also rely on what type of consolidation debt you will apply for. Types of consolidation debt can either be secured or non-secured. Secured loans are those which require collateral for the loan. It has a lower interest. Secured loan also has a higher loan amount because of the collateral.
Non-secure type of loan is where there is no need for collateral for the requested loan. The amount of loan is lower compared with that of the secured loans. It also has higher interest rate and shorter span for payment.
Another advantage for a consolidation debt is paying one loan in place of the numerous loans. It is easier to manage because you don't have to go to different places for the payment. In addition, you will only have to worry for one due date.
And lastly, since you have already paid for your other loans, consolidation of debt with give you a chance to start all over again. You will only have to think of one loan and start from that.
As for the disadvantages, consolidation debt has a definite span of time for payment. Since it is pre-computed, you have to pay accordingly.
Another disadvantage is the fact that it is difficult to find for a company which can give an interest rate which is lower than usual.
Lately, there have been some companies that refute the claims of consolidation debt regarding its advantages. Some say that consolidation debt does not totally cure the cause instead it just works on the symptoms. Even if you have already worked on the leading cause it doesn't work all way throughout the budget.
The symptom in this case is the loan and the cause is overspending and under saving. To be fully debt-free, one should work on this cause. A person should have a game plan regarding his or her spending. In case of emergency, the person if s/he hasn't saved yet has still the tendency to get from the loan or use the credit card again.
In terms of payment, it will take longer time if you just pay the minimum amount. Instead it should be doubled or even tripled if you have an extra amount of money.
To help further in solving your debt, here are some actions which you might want to consider from time to time.
Be cautious in borrowing money. You should not shop more than you can earn. Once the bill goes up and compiles, you might not be able to pay it anymore.
If you already have a financial problem, act on it. Ask advice and search for the best solution that you can work out. Talk with the creditor and inform them of your situation.
Prioritize the bills with highest interest and save whatever you can save to meet the demands of payment.
Make the best of your income. Earn as much as you can and try to limit expenses as much as possible. Make sure that every adult in the house can help with the expenses.
Consolidation debt is not the only chance to pay a debt. There are others which you can choose from. There is one best solution that suits you and your needs. Make the best of it to start a debt-free life.
Monday, September 3, 2007
Consolidation Private Loans - Students
As we all are conscious about student loan schemes and programs, that the federal and government grant huge loan to aspiring students pursuing higher studies in various branches and streams of technical and non-technical sector in the assurance of proper repayment with added interest rates.
However not every scheme turns successful and most of the students are unable to pay their respective loans due to various circumstances which hinder further payments, some go bankrupt, some go on to become unemployed after spending huge amount and funding in their studies, and some need huge consolidation; so if they don’t pay it up, they fall into the list of default group.
Even if one does regular payments, and some how misses the payment during once or multiple times within deadline, he or she may be categorized as default payer and hence his payments are not properly reflected in further cases.
In this typical case, the wages and taxes are withdrawn and hold. And any additional schemes, student aid programs, incentives being usually provided cease to come underway. And once the loan scheme falls into default mode, there are very deem chances that the students will be provided with the consolidation way of repayments.
In federal loans, students are often permitted for proper payment even if they are in default scheme of things, however they become completely ineligible while dealing with private loans as they already would have provided huge price as loan amount, giving adequate no-hassle modes of payment and which is flexible depending upon the scenarios.
A default account is directly related to the personal account and hence it can even bar other source of payers from paying you, once your account has been defaulted in past.. In case of default, the entire sum of money is to be paid with applicable interest rates as soon as possible.
However not every scheme turns successful and most of the students are unable to pay their respective loans due to various circumstances which hinder further payments, some go bankrupt, some go on to become unemployed after spending huge amount and funding in their studies, and some need huge consolidation; so if they don’t pay it up, they fall into the list of default group.
Even if one does regular payments, and some how misses the payment during once or multiple times within deadline, he or she may be categorized as default payer and hence his payments are not properly reflected in further cases.
In this typical case, the wages and taxes are withdrawn and hold. And any additional schemes, student aid programs, incentives being usually provided cease to come underway. And once the loan scheme falls into default mode, there are very deem chances that the students will be provided with the consolidation way of repayments.
In federal loans, students are often permitted for proper payment even if they are in default scheme of things, however they become completely ineligible while dealing with private loans as they already would have provided huge price as loan amount, giving adequate no-hassle modes of payment and which is flexible depending upon the scenarios.
A default account is directly related to the personal account and hence it can even bar other source of payers from paying you, once your account has been defaulted in past.. In case of default, the entire sum of money is to be paid with applicable interest rates as soon as possible.
Consolidation Direct - Loans For Students
Many students who pay their educational expenses through loans to them these consolidated loans act as a great beneficial plan. But it is very unfortunate that at times the student when leaving the college after finishing his studies is indebted to a huge amount.
Their debts become so burdensome that it becomes difficult for them to repay the same amount at the desired installment rates. Moreover to exaggerate the problem many a time’s students are indebted to different investors and paying them monthly installments simultaneously. This mode of payment of loan is a very enormous problem to all students suffering and the only solution available to them is Loan consolidation
Loan consolidation is by any means accumulating all different loans to one lender so that the pressure for paying installment gets reduced. Whenever consolidation direct loan student you actually pay the actual loan from a new loan taken from only one lender and pay the rest installments to him. Both students and parents can consolidate their loans.
Benefits of Consolidation Direct Loan Student:
The rate of interest gets reduced when trying to consolidate your student loan. Hence many thousands dollar is saved by you which in future can be availed for paying remaining debts, Thus direct loan student makes the repayment easier.
When paying numerous money lenders than the minimum amount of each money lender has to be paid but after consolidating the loan the repayment has to be done to only one lender. Therefore the monthly installment is reduced considerably.
In addition there are no fees, no prepayment penalty, no any co signer nor credit check required. In addition consolidation direct loan has flexible option of repayment of installments.
When to Apply?
Particularly when you are having trouble paying your monthly installment to all various lender and you are offered a much lower rates than the previous loan , in those circumstance only you should apply for consolidation direct loan for students.
Their debts become so burdensome that it becomes difficult for them to repay the same amount at the desired installment rates. Moreover to exaggerate the problem many a time’s students are indebted to different investors and paying them monthly installments simultaneously. This mode of payment of loan is a very enormous problem to all students suffering and the only solution available to them is Loan consolidation
Loan consolidation is by any means accumulating all different loans to one lender so that the pressure for paying installment gets reduced. Whenever consolidation direct loan student you actually pay the actual loan from a new loan taken from only one lender and pay the rest installments to him. Both students and parents can consolidate their loans.
Benefits of Consolidation Direct Loan Student:
The rate of interest gets reduced when trying to consolidate your student loan. Hence many thousands dollar is saved by you which in future can be availed for paying remaining debts, Thus direct loan student makes the repayment easier.
When paying numerous money lenders than the minimum amount of each money lender has to be paid but after consolidating the loan the repayment has to be done to only one lender. Therefore the monthly installment is reduced considerably.
In addition there are no fees, no prepayment penalty, no any co signer nor credit check required. In addition consolidation direct loan has flexible option of repayment of installments.
When to Apply?
Particularly when you are having trouble paying your monthly installment to all various lender and you are offered a much lower rates than the previous loan , in those circumstance only you should apply for consolidation direct loan for students.
Consolidation - Graduate Student Loans
When anyone is blessed with a baby, the first thought that comes in the minds of the parents is the baby’s future. Education is obviously a big part of the future, which nowadays can get costly. From the school days, to college days, the graduate days can also get costlier by the day.
So, student loans are available everywhere as they pay for their colleges, universities etc. of their choice. But a fact is that even though most of middle class people lend money from different firms to go through college, the graduates and professional students borrow more money.
Graduate Student Loan:
Every student likes to have their life shaped up in way they imagine. Their parents would also wish the same. But the sad part is to face reality, and take care of your dreams. For that, graduates, who are on the verge or close to being something in life, take loans form different organizations.
The pressure, timings, and high demands of the graduate schools get to the students and evoke them to take loans and become responsible as well as it instills a sense of responsibility in them regarding the repayment of the Loan.
Grad loans are helpful as:
The loans are easy to apply for & are usually approved without much trouble It has lower interest rates or fees comparing to other loan schemes. They may be used to repay or fund past due balances.
Since interest rates are competitive, they are thus subject to dropping which makes the life of the graduate so better!
Locks in your rate of interest & makes your finances simpler.
It reduces your monthly payment responsibilities and helps in your daily finances like car bills, electricity bills etc that is good for a graduate as his expenses would be on a high naturally.
So, student loans are available everywhere as they pay for their colleges, universities etc. of their choice. But a fact is that even though most of middle class people lend money from different firms to go through college, the graduates and professional students borrow more money.
Graduate Student Loan:
Every student likes to have their life shaped up in way they imagine. Their parents would also wish the same. But the sad part is to face reality, and take care of your dreams. For that, graduates, who are on the verge or close to being something in life, take loans form different organizations.
The pressure, timings, and high demands of the graduate schools get to the students and evoke them to take loans and become responsible as well as it instills a sense of responsibility in them regarding the repayment of the Loan.
Grad loans are helpful as:
The loans are easy to apply for & are usually approved without much trouble It has lower interest rates or fees comparing to other loan schemes. They may be used to repay or fund past due balances.
Since interest rates are competitive, they are thus subject to dropping which makes the life of the graduate so better!
Locks in your rate of interest & makes your finances simpler.
It reduces your monthly payment responsibilities and helps in your daily finances like car bills, electricity bills etc that is good for a graduate as his expenses would be on a high naturally.
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