Money Minute – Monday 24 February

Some people have personal debt that can reach thousands, even tens of thousands. This can be difficult to manage and worrying to deal with.

The economy’s condition has pushed people to a worse financial situation where their income is only enough or sometimes never enough to meet the daily cost of living. For this reason, it is important to have an understanding of a debt management plan.

It’s all over the news these days the American Debt Crisis. Will the Democrats, Republicans & Obama ever agree to raise the debt ceiling in time before the US goes into default on paying its own debt? What will happen?

Hiring a debt collection agency lets you get income that is due without the stress of chasing your clients. They know exactly what to say and do to get your debtors to settle their accounts legally and immediately.

There are many repercussions that can ensue from the death of a family member but there is one that can really cut deeply into the sensitivities of survivors. Here are a few things that you should know about the responsibility for debts owed by a person who has died.

Receiving a collection letter in your mailbox is never a welcome event but you should never close your eyes to reality if you find one in your hand. What is most important is that you don’t ignore collection letters. At the same time, don’t panic and try to think clearly.

When people have debt problems they always ask, “How can I turn my debt problems around”? The truth is that it depends on the persons personal and financial problems. The level of debt, amount of disposable income and how quickly they would like to turn their debt around will all factor into the right debt solution.

Because of the economic recession and fewer available jobs, more and more debt collection agency services are willing to accept settlements. Find out how to deal effectively with a debt collector when they come knocking on your door.

Credit damage is a destructive force in the lives of many people in our society. This force is not only an act performed on a victim of circumstance, but may indeed have a basis in self-destructive tendencies, and in turn may find the solution to credit repair in a different viewpoint. This psychological perspective in better understanding a deeper nature to poor credit may very well be the path needed to change our financial future. In this article, I hope to share this link between psychological factors and the steps needed to truly repair bad credit.

Spend, Spend! Is this the norm for you? Are you spendthrift that does not realize that your spending is driving you closer and closer to a huge pile of debt? Has realisation struck and you’re now faced with financial despair. How could I ever repay these debts you ponder? Well believe it or not the answers lie within the creditors themselves.

If you’re struggling with your finances and you think you need a break from your debt management plan, contact your debt management service or debt adviser as soon as you become aware of this. They will discuss your situation with you, as well as the likely impact a payment break may have on the concessionary arrangements agreed with your lenders. Proof of your additional expense is likely to be required, so it’s helpful to have this available.

Student borrowers should go through money management trainings and learn about various debt management tips. A lot of college students are studying with the aid of student loans. Even those who started without student grants end up borrowing money and having debts because of increasing tuition fees, expenses for board and lodging, and other necessities that are directly hit by inflation.