Money Minute – Tuesday 7 January

Debts that spiral out of control can leave a person feeling depressed and scared. Therefore it is important to consider an IVA (Individual Voluntary Arrangement) service to help consolidate debts into easy monthly payments. This article describes how an IVA service can help to consolidate debts payments on an on-going basis.

Car loans, housing loans, personal loans, credit cards – it’s hard to get away from debt. Sometimes, they are inevitable, especially when emergencies strike. But the cost of debt is high. Not only are interest rates and finance charges expensive, but as debts balloon, we lose peace of mind and even our personal lives can be affected.

If you now have a renewed focus of debt reduction as many Australians now do, here are some great tips in managing to reduce your home loan quicker than you ever thought was possible. With additional repayments to your home loan saving you considerably in interest and therefore time, you will be amazed at how quickly you can reduce you mortgage by only changing a few small things that you normally do!

Telephone calls and visits by debt collectors and bailiffs are extremely stressful and scary experiences to go through. It will help though if you know your rights beforehand.

Even though bad credit card debt affects half of the world no one looks forward to dealing with it. Such credit card debts are both a financial as well as an emotional burden for all. People facing this problem have a very strained life with your debt payments becoming a permanent bother. The only way of dealing with this problem is by taking it head on. This approach can help you improve and gradually eliminate your debt problems. This is the only way which will help you see a light at the end of the debt tunnel. Here in this article we will discuss a few steps which will help you achieve this.

Before and after the recession in the U.S. and all over the world, everyone would have noticed two important changes. One was unemployment and the other was price rise. We should have observed that petroleum and its byproducts shot up like never before and this created a chain reaction to the prices of all other commodities mainly due to transportation.

If you are over your head and swimming in debt, the chances are good that you are not alone. Traditionally, when faced with the burdens of a heavy debt load, Canadians had to decide between bankruptcy and other options of debt help such as debt consolidation loans. The main issue with debt consolidation is that essentially it just creates more debt.

Debt consolidation is increasingly becoming an alternative for many people who have fallen on hard times, especially in this economy to improve their credit rating. It works by the debt consolidation company sending a proposal of payment to your creditors, which is simply just a letter, detailing how much you can pay.

Whether it is a personal debt, student debt or a business debt, a debt is a debt and if you are unable to get yourself out of that rut in the soonest time possible, you will discover that the grip of debt is a downward spiral that would keep on pulling you until you realize that you are in far more financial trouble than you can actually handle. Today, it is not at all surprising to find people who are under debt because times are hard. With employees getting laid off left and right, companies downsizing and even closing, people are struggling financially and for a lot, there comes a point when they have no choice but to be under debt in order to meet their basic needs.

Because of the way the financial system works in this world, most people get into debt at some point of time or the other. In this article, you would get tips on how to find the best debt management companies to help reduce your debt and the interest rates.

How many of you have a debt of more than $1000 on it? Did you know that a small debt such as that could take 14 years to pay off if you choose to only pay the minimum amount required which is typically 2% of the balance? In that time, you will also pay another $1,122.78 in interest on top of that.

As per the current reports from a leading credit rating agency, Experian, an average American has an outstanding balance of more than $ 4200 on their credit cards which includes cards like Visa, MasterCard, American Express and Discover card. This figure shows that there has been a 4% reduction in the credit card debt. However, in certain cities the average card debt of certain cities is much higher than the rest.