Money Minute – Thursday 13 February

When it comes to qualifying for loans your debt to income ratio plays a very important role. Here are three ways to lower this very important financial ratio.

According to research by Callcredit (May 2005), 60% of consumers do not know how much they owe. 10% of men have no idea about their personal debts while women are worse, with 20% not knowing their personal debts. Where do you fit in to these statistics?

There is no easy or simple answer to the question: what happens to your debts when you die. It is true that some kinds of debts effectively die with you but it is also possible for your heirs to “inherit” some of your debts. What happens to the debts depends upon the nature of the debt and your estate planning.

Managing debt can be quite a burden on any individual or household, which is why you need a solid plan for debt management today. This is especially important in today’s economy where interest rates are high and world finance is constantly going through a lot of ups and downs.

All across Scotland, the rising cost of living and after effects of the recession are taking their toll and many more families are falling into financial difficulties. While help is available to help people repay their debts using government legislation in the form of Trust Deeds, Debt Arrangement Schemes and Sequestration undoubtedly there are a number of people who may consider their debt problem to be so severe that they should moving abroad and starting afresh.

Most people assume that all debt negotiation or settlement companies are the same. In fact, there are huge differences between these companies and many offer services that others do not. Due to such variability, choosing the right debt negotiator is very important. The problem is simply that people do not know what to look for, which questions to ask or how to decide who is best to handle their financial matters. Since being in debt is serious business, why would anyone not take the time to get informed about debt negotiation?

Consumers all over the nation are consumed with debt, and you need to get the best IVA debt help you can before committing yourself to an IVA contract. The IVA contract is one that is set up as an agreement between the consumer who owes money, and the collector. Agreed upon is the amount of money that the debtor is going to pay, and also the terms of the payments and how the money is going to be collected. Often an agreement can be made, however you want to get help IVA debt help from a trained professional to protect yourself legally and financially.

Do you have a long overdue pile of credit card bills that keep piling up, offering no end in sight? This is the currently reality for many families around the world, as the global economy continues to suffer, so do many working parents and family members. It’s harder than ever to get good credit and fair credit rates in the market right now, and many families are resigned to racking up large amounts of debt, with high interest rates that quickly accumulate. If this cycle continues on and on, then you will no longer be able to make the minimum payments, and face the heavy burden of debt, and what it can do to you and your family.

If you, like many people, are looking for ways to manage your debt, you may be surprised to know that there are many options available to you. It’s just knowing where to look, who to talk to, and making sure you deal with someone reputable who won’t take advantage of your circumstances. The end results you are effectively looking for is to either be completely debt free, or significantly reduce your monthly payments to your lenders.

People in debt are advised to seek debt management advice, but they aren’t told about the importance of a debt management calculator especially if you are only asking help from charitable organizations. They give free debt management advice, but that’s about it; unlike with commercial debt management services, there is no company that will serve as a mediator to the creditors and negotiate on the debtor’s behalf.

Now-a-days innumerable debt settlement agencies are blooming all across the world with an aim to help the debtors. Rely upon these agencies for measurable assistance and lower your anxiety level.

Credit card debt is a major problems facing people these days. With the high interest rates your balance doesn’t go down very fast and can take years to pay off. Get rid of credit cards with high interest rates and pay them all off as soon as possible.