Money Minute: Monday 13 January

Do you really imagine you are the only one to find yourself in this overwhelming predicament of being surrounded by Creditors, all clamouring for a payment? Well…NO. Many of the most successful people you have heard about, have faced and overcome disastrous amounts of debt, and potential disgrace and failure in all that they have worked for. The keyword here is ‘overcome’. It IS possible.

For those living paycheck to paycheck, payday loans may seem like the only answer. However, these loans incredibly high interest rates and fees often simply end up pushing those already in a precarious situation into a deep hole of debt.

Carrying a loan or a debt around feels like a burden on your back, which you are struggling to get rid of, in fact people are Googling how to get rid of debt everyday! No matter how hard you try, you can’t get relief and that is what is so bad about loans and debts.

Every citizen of the US should read this article about what your government is not doing for you! Are they hurting you and your family?

Did you know that debt reduction programs can help eliminate at least 50% of your debts? In fact, elimination of the liabilities by about 50% is no big a deal. You can call that as a run of the mill performance. For a really good elimination deal, the percentage should be between 70% and 80%.

We’re all conscious that prices of essentials are increasing at a rate which far outstrips wage growth. As homeowners we are bracing ourselves for an increase in the cost of our mortgages. Many workers, especially those employed by the state, fear the prospect of redundancy in the coming months.

For most people, the notion of financial freedom is a myth. It is considered to be highly elusive by many people, but is something that a lot of individuals hope to achieve in life. READ ON….

When you are tired of chasing someone who will not pay, you will probably want to choose a debt collection agency. With so many out there, how do you choose? Considering this is an important decision and you still want to be getting your money the sooner the better, you should consider the following issues…

Not all debt collection agencies are thugs harassing for money, but the reality is they do exist. Some deceptions are not really deceptions in their own right. The company could be making a mistake. Make sure you understand your rights in your state and country.

Payment protection insurance, or PPI, is commonly sold with major loans or even with some credit cards. While it is intended to pay your loan for you in the event that you become injured, sick, or otherwise lose the ability to pay off your balance, it is in actuality one of the most controversial forms of insurance available. In fact, countless policy holders aren’t even aware that they’re currently paying for payment protection insurance.

Uncontrolled personal debt can have disastrous consequences for the individual. Many people are finding out first-hand the paralyzing effects of personal debt gone wild. Personal bankruptcies are often times not the result of incurring debt but of poor debt management on the part of the borrower.

The School of Hard Knocks has likely taught you one of the four decision-making approaches used to pay down or pay off debt. Armed with this knowledge, you are ready to fiscally lead your household or your company down a path which will only be wrong about 75 % of the time.