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Debt Management

Top Tips For Managing Your Debts

Having financial problems? Follow our simple tips to manage your debt now.

Recently the credit crunch has never been out of the news, and rising domestic bills are putting more and more pressure on household finances. It’s not all doom and gloom though, there are a number of way in which you can take control of your debts and effectively manage your money in the future:

1.        Control Your Credit Cards – If you owe a lot of money on one or more credit cards then it’s a good idea to tryand reduce the amount of interest you’re paying each month. You can do this by looking for a card with a 0% balance transfer rate. If you choose to go down this route it’s vital that you cut up and cancel your old cards as soon as possible in order to remove the temptation to start spending on them again, which will only lead to a vicious circle of debt.

2.        Don’t Keep Borrowing – With consumer credit so readily available it can be tempting to borrow a little bit extra from another source to help pay off your existing debts. This is one of the worst things you can do and while it may work as a quick fix, it invariably leads to long term financial headaches and problems trying to keep up with the interest and loan repayments.

3.        Take Responsibility –   Burying your head in the sand and hoping your debt problems will disappear on their own will only make matters worse. Open every piece of mail you receive and if you are not able to pay that particular bill then call the company directly or ask to do it for you to explain your situation to them rather than waiting for them to start chasing you. With over 14 million UK households relying on their overdrafts to get by each month, you’re not alone and your creditors will usually try to deal with your situation sympathetically.

4.        Review Your Monthly Outgoings – Regardless of your current level of debt, it pays to have a thorough review of your personal finances every so often to keep track of what’s coming in and out and establish where you can make savings. Shopping around every time you buy a product or service can save you a considerable sum of money over the course of a year and often you can find things cheaper online than in the shops.

5.        Seek Professional Advice – Living with spiralling debt can be extremely stressful and it may often seem like there’s no way out. There are a number of options specifically designed to help people become debt free such as debt consolidation, debt management plans and Individual Voluntary Arrangements (IVA’s).

Here at our expert advisors can talk you through all of your available options to find out which one is best suited to your own circumstances.

Give us a call now on 0800 043 4747 to find out if we can help you take control of your debts. Chris Pracy is Marketing Manager for Accuma Group Plc. Chris manages a number of debt management and debt advice related websites including and

Steve Lawton is IT Support Manager for Accuma Group Plc. Steve manages a number of debt management and debt advice related websites including , and
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I Need Help to Manage My Debts

Debt is one of the fastest growing social problems in the developed world and can affect the overall health and well-being of everyone with money worries but there are ways to end this situation. One way out of the predicament is the use of lenders that specialize in emergency debt relief by consolidating loans into one much more manageable loan. These companies can help almost anyone experiencing this problem because there is only one debt to pay which will usually be less than the combined debts previously.
This domino effect of financial worries needs to be addressed quickly lest bills snowball into an ugly bankruptcy situation, forever destroying your credit. this may be the result of a long term problem which has just got out-of-hand. Although there are occasions where the rise in interest rates cause the problems, which then of course are outside the control of the person in debt.
There are emergency debt relief programs available to help people who find themselves in this predicament of having loans and credit cards they can no longer pay. You can get involved in educational program services that will teach you how to both manage your expenses wisely and set realistic financial goals. Counsellors who work on debt relief programs are usually able to act as an intermediary and arrange for the loans or credit cards to be paid and stop any further interest rate rises.
Personal information security is always a concern but there should be no cause for concern as each individual’s personal data is protected by state laws. No-one in this situation should view emergency debt relief as a quick get out of debt measure but with some lessons learned the financial worries should come to an end. if possible, a person should discipline themselves to pay cash for their purchases instead of using plastic. One of the first things to do is arrange a lower interest rate credit card and learn to pay for goods and services with cash as this is a sure way to see just how much money is leaving a bank account.
Paying more than the minimum required can be done by carefully examining where your money is spent each month so it should be possible to find a little extra to help pay off outstanding amounts,not forgetting to pay bills early and not until the last minute. One of the hardest but most sensible things to do is cancel all but one of the credit cards as only one is actually needed and will save a great deal each month on interest payments. This situation can take anything up to five years to clear but can be reduced if you are meticulous in your desire to end the debt problem and rebuild your credit history thereby putting an end to being in debt.

Find out <a href=" “>“> debt management plan, , <a href=" “>”> debt management service/counselling and more at Debt Management Guide or visit
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Debt Settlement Vs. Debt Consolidation – Which Option Is Better?

Both debt settlement and debt consolidation can reduce and eliminate your debt. But each will have different consequences on your credit score and future financial options. Before choosing either option, educate yourself on the pros and cons of each.The Benefits Of Debt SettlementDebt settlement means that part of your debt is immediately wiped out by your creditor. You will find instant financial relief in your monthly budget. And the rest of your debt payments are much more manageable.You will also find that you can start rebuilding your credit from this point on. Instead of juggling late payments, high debt loads, and other factors, you can focus on managing your credit better.The Downside Of Debt SettlementThere are a few downside to debt settlement. The biggest one is the immediate affect on your credit score. Debt settlement is seen much like a foreclosure; your score will be 500 or lower. And while you can improve your score, for the next two years you will have to work with sub prime lenders.You will also have to deal with the tax implication of a write off. The IRS sees debt settlement like receiving a cash gift or income. Depending on where you live, you may also have to pay additional state taxes.The Benefits Of Debt ConsolidationDebt consolidation can also help you get out of debt. With consolidation, a company negotiates lower rates with your creditors. You make one monthly payment to the debt consolidation company, and they handle paying all your accounts.They also deal with any paperwork hassles, canceling fees, and closing accounts. Usually, you can be out of short term debt in five years or less.The Downside Of Debt ConsolidationDebt consolidation will have less of an impact on your credit score. Most lenders will temporarily put a hold on extending you more credit until they see you are making regular payments. You need to still monitor your accounts to be sure the debt consolidation company is making on time payments.Picking The Right OneThere is no perfect solution for getting out of debt. Debt settlement can help you see an instant improvement in your finances, but at the cost of your credit score. Debt consolidation simplifies the process with minimum affect on your credit, however it does take time.

Debt Management Tips To Help You Get Out Of Debt

When you’re paying back debts, a little strategy can make a difference of hundreds or even thousands of dollars. The best strategy is simple, but effective.

List Your Debts.

Write down a list of every debt you have, how much it is, and what the interest rate is. You might have trouble finding this information, but it’s worth getting it all together in one place and writing it down. You can’t manage your situation strategically if you don’t even know it, can you?

Remember to include your credit cards (with the different rates and balances for purchases and cash advances), other cards, loans, mortgages, and even money you’ve borrowed from friends and family. Every bit of debt counts and you’re trying to get it down to absolute zero.

Bad Debts and Good Debts.

Go through your debts and mark them ‘good’ or ‘bad’. You might think this is odd, but some kinds of debt are nowhere near as bad as others. A mortgage, for example, is an investment in a house, paid over a fixed term – there’s no real risk of paying a ridiculous amount of interest or never getting it paid off, like you could with a credit card.

Good debts: mortgages, student loans, car loans.
Bad debts: credit cards, store cards.

As a rule, good debts are for a fixed amount of time and allow you to buy something valuable that you cannot afford, while bad debts are ‘revolving’ and are just used instead of cash.

Time to Prioritize.

Cross your good debts off your list, for now – you shouldn’t think about paying them off more quickly until you’ve got all your bad debts out of the way.

Now, arrange your debts in order of interest rate, with the highest interest rate at the top. The chances are that the debt at the top will be a store card or credit card, which could have a really huge interest rate. Try to transfer as much money as you can from the high-interest cards down the list to the lower-interest ones.

Once you’ve done that, focus all your energy on repaying the new top debt. Pay the minimum on everything else, and throw as much money as you can find at the problem. If you have any non-essential monthly commitments, consider cancelling them for a while, and putting that money towards your payments. Stop saving, just for a while and try keeping track of where your money goes, just for a month – you might find that you’re spending loads on something you don’t even want or need.

Do your best to give up any expensive habits you might have. You’ll be shocked how fast your debts can go down if you put the money you’d usually spent on smoking, drinking or gambling towards them! I’m not trying to spoil your fun here. You’re just making some small sacrifices for a while, and your life will be so much better for it in the long run.

You have to be aggressive against that top debt, and determined to defeat it. This is a war, you’re on the attack, and you want to win against your debt. Don’t you?

Good Debt Management Will Help You With Debt

Just when you are about to buy a car, or request a mortgage for your house, is not the time to find out that you have bad credit. If you have been behind in paying many of your bills, or if you have never checked your credit report and there are some negative things on it, this may be the case. Usually bad credit results from failure to pay off your credit card bills on time. Everyone has to realize that once you have high debts on your credit card, and you can only afford to pay the minimum, you have to stop using them and start paying them down. Otherwise, watch your credit rating sink. There is one way to improve your credit, and that is through a debt consolidation loan.
A debt consolidation loan company will do two important things for you. First they will negotiate with your creditors to lower interest rates so you can better afford to pay the monthly bill. Then they will put all of the bills onto one larger bill so that you only have to face one total, lower payment.
There is a big benefit to having only one bill. It is very stressful to have to face all of those bills piling up on your desk each month. With a debt consolidation loan, you pay the one big bill on time, and, since you will be able to pay that bill on time, you will cancel all of the negative marks on your credit report over time. Once you are viewed as a good credit risk, you will no longer have the same problems getting a loan of any type and at a good interest rate.
Doesn’t make sense to you? Are you asking “How do I take out a loan for a loan?” A debt consolidation company does, indeed give you a loan, totaling more than your total credit card debt. From the proceeds of that loan, you pay off all of the credit cards, There are many types of debt consolidation loans. As a homeowner, you may want to consider an equity loan on your home in order to consolidate all of your other debt.
As with any financial decision, you should make sure you check all the facts completely on a debt consolidation loan. Make sure you understand the interest rate, the repayment terms and make sure that they are actually better than the situation you are in now.
One of the fastest and easiest ways to consolidate your debt is to do it online. There are those who are not familiar with the concept of debt consolidation loans, and may spend a lot of time and money searching all over for a good loan. Meanwhile, with the use of the internet, they could be searching hundreds, if not thousands of places that offer debt consolidation loans. And they never have to leave their desks.
If you have decided to consolidate your debt, there are plenty of sites to help you, and they are just a click away. No matter how or why you have decided to consolidate your debt, be it using your home as equity, be it to assist in the educational goals of you or your children, you can find a debt consolidation counselor. A debt consolidation counselor will assess all of your needs, your income and expenses, your assets and liabilities and then find the best program and rates based on your personal circumstances.
These specialists will also help you form a budget so that you can stay within your goals and continue to pay your debt on time. There are many different types of debt consolidator specialists, ranging from credit report analysts, financial education specialists, housing advisers, debt management services and personal credit card counselors.

The Uniform Debt-management Services Act

New legislation targeting debt counseling and settlement services seeks to protect consumers from fraud. Industry and consumer groups have split opinions on the law’s usefulness.

Understanding the ins and outs of the Uniform Debt-Management Services Act (UDMSA) is like learning how to survive on twigs and berries when lost in the woods—undoubtedly useful expertise, but something you hope you’ll never need.

The UDMSA is legislation that covers debt settlement and credit counseling services, which helps people who may be in need of debt consolidation programs. Currently, these services are regulated at the state level, which means debt-ridden consumers in California who seek help are probably treated differently than their counterparts in Maine. It also means that there’s no national oversight of credit counselors, debt consolidation programs, and debt settlement companies. The National Conference of Commissioners on Uniform State Laws (NCCUSL) believes consumers stand to benefit from a more consistent approach to the regulation of these services. For this reason, the NCCUSL is asking state governments to adopt the UDMSA. Understanding UDMSA

The UDMSA has three main sections: registration, agreements, and enforcement. Provisions include:

Debt Management UK Gives Control to Debt Bring Out

Many people are in debt because of the many loans they have. These can be a car loan, house loan, school loan, etc. Many people end up way over their head in debt. When you have this many loans, go see a debt reduction counselor or credit counselor to help you consolidate these debts and hence start your way to debt reduction. Debt management UK is an altogether different and more radical technique of tackling debt.

By entering into a program of debt management UK, you are handing over the day to day management of your debt with a company who specialises in negotiating with people’s creditors. This management of debt through a company contacts everyone you owe money to, and try to negotiate lower repayments by rearrangement your debt, freezing interest, or even canceling past charges and fees.Debt management UK takes a number of forms; either as the conversion of multiple unsecured loans into a new, unsecured loan, or debts can be consolidated into a secured loan against an asset, most often a property, which be used as collateral. Because a secured loan offers less risk to the creditor, the interest rate can be lower, and hence a consolidated loan can be cheaper. The risk to you the debtor is that you could lose your home if you fail to keep up repayments.

There are thousands of sites on the internet offering the helps and advices of debt management UK, sometimes as a free debt service, but often as a commercial venture which you will have to pay for in one way or another. With this entire information overload, how can you even get started on deciding how debt management UK to handle your debts?

Celeste Parker has been associated with Debt Consolidation Management. Having completed her Masters in Finance from Cranfield School of Management. She provide useful advice through her articles that have been found very useful. To find Debt Management UK, Debt Management, Debt Consolidation, Debt Management Services visit
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Control Your Debts With Debt Management

Without doubt getting your creditors to agree to reduce monthly payments can be hard as the creditors are often attached to the word no and ofcourse to their profit margins. But to make your creditors agree is not impossible. A Debt management solution through a good debt management company can often help. The advisor at a good debt management company will take time and trouble to convince the creditor that there are valid reasons why you are unable to make full repayments and that you are trying to control your debts with good debt management.
The following are ways by which a good debt management company can help you :-
1. Go through your income and expenditure completing a full fact find.
2. Agree an affordable payment with you that is comfortable to make each month.
3. Prepare a financial statement for your creditors, which is then sent to them so that they are fully aware of your situation.
4. Negotiate payment rates with your creditors so that those who are initially uncooperative are brought on side.
5. Negotiate for interest charges and late payment fees to be frozen.
6. Distribute payments on your behalf.
One more thing you may remember while taking debt management solution is that you can cancel the agreement and be entitled to a full refund of money however this is only if the cancellation written notice is received within 7 days of making the agreement. This is known as cooling off period after which normal debt management solution terms apply.
Once the debt management solution programme is under way you can stop the agreement any time and no penalty is added to it. As such there is no minimum or maximum time contract. The service can be used as long as you want until you feel confident to deal with your creditors again.
Of course no debt is small if you cannot afford it. But debt management solution is helpful for those who have debt amounts typically in excess of two thousand pounds with more than one creditor. Debt management solution is applied to unsecured debts and not to secured loans or utilities, CCJs, mortgages etc which you continue to pay. In not maintaining payments at the agreed level and on the agreed dates your creditor may with draw his support for the plan. But as said prevention is better than cure should be the motto of your clearing debts. Controlling your debts with a debt management solution not only mends your debt but also improves your credit history providing of course that you do your bit and keep up the payments each month.

Geoff Hibbert has over 30 years experience at the forefront of the uk finance markets
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How to Manage Debt and Be Financially Free

Take the tried and tested ways of debt management, and fuse it with financial techniques and advanced mathematics.  This is how you eliminate debt effectively, pay off your mortgage, and consumer debt and become financially free.

Here’s how:

Eliminate your mortgage and all consumer debt. Cancel interest and thereby pay off your mortgage faster. Find out what debt you can eliminate using our our advanced methodologies and applied math.  You can actually eliminate interest on your loans.  You can then use the cash flow to pay off debt fast than you ever thought possible.

Think like a bank and take charge of your mortgage.

Fast track your finances. Pay off your remaining debts in the least possible time. We attack the finances of your household to create cash flow.  You can start paying off smaller amounts of debts and then work your way up. We typically can eliminate debt in 5-7 years on average.

Increase your wealth! With debt out of the way, or reduced to manageable levels, you can learn to accumulate wealth. We show you that no matter what your financial goals are, you can achieve them. Save and invest, the extra money you have at the end of each month and watch your wealth grow once you are debt free.

Work with professionals. Dave Burke, the Real Talk Network of professionals and coaches have eliminated debt for thousands of American familes.  Admittedly, the processes can be a little daunting at first so working with professionals you can get a feel of our methodologies and very quickly be one your own and living a debt free life.

Who we are:

The Real Talk Network of professionals is dedicated to changing the social economics of our country. We are a coaching network that provides critical financial education to families across the country.

What we do:

Our primary mission is to help families get out of debt rapidly, using advanced financial techniques. We provide ongoing coaching support to ensure our techniques are understood and provide a lifetime of empowerment.

How we do it:

* Nationwide events to educate the public
* Group Coaching
* One on One Coaching at each event
* Ongoing access to our network of coaches

We provide free workshops where our listeners can come and receive valuable information and take the next step in their journey towards becoming debt free and building wealth.
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Do You Believe Any of These Top 10 Myths About Debt Consolidation?

Most people facing growing debt and limited resources have probably looked around for financial solutions and heard a little bit about debt consolidation. Debt consolidation is a great financial option to overcome overwhelming debt, but it is not right for everyone. But before you can figure out if it is right for you, you have to realize that some of what you may have thought about debt consolidation … is wrong.

Of all the financial plans available for people dealing with overwhelming debt, debt consolidation is probably the most valuable and the least understood. In fact, you may already believe some of these common myths about debt consolidation. Find out the truth!

Myth #1 Debt consolidation is the same or similar to debt management, debt settlement, and bankruptcy.

Truth Debt consolidation is nothing like those other programs. In truth, it is not so much a “program” (you can even do it on your own, if you know enough) but more of a strategic approach.

In debt consolidation, you lump all of your debts together and repackage them. Debt settlement and debt management typically involve dealing with a company or counselor and the object is to reduce the amount you owe. Bankruptcy is a legal proceeding that involves a date with a judge.

Myth #2 Debt consolidation reduces your debt.

Truth No, it doesn’t. If you owe a total of $80,000 on several credit cards and loans and you consolidate that debt, you still owe $80,000.

Debt consolidation does not re-negotiate, settle, write off, or reduce any of your debt. What possible advantage is re-organizing your debt like that?

If you have a lot of loans at high interest rates, repackaging those higher-interest debts into one larger loan at a lower rate reduces your interest and the amount you have to pay. This means you can either pay less a month or (even better) pay the same amount but get the debt paid off sooner.

Myth #3 Debt consolidation will hurt my credit score.

Truth Done properly, debt consolidation will not impact your credit score or credit report negatively. In fact, debt consolidation may even improve your credit score! That’s because you’ll be paying off a bunch of smaller loans and any time a loan is paid in full, that helps your credit score.

Myth #4 Debt consolidation requires getting help from an outside agency or a lawyer.

Truth While there are companies that specialize in debt consolidation programs, you do not have to use them to consolidate your debt.

Of course, if you want to consolidate your debt on your own, you have to know a bit about how to do it and what the options are. But it can definitely be a do-it-yourself project for people good with money (or who are willing to learn enough to get good with money).

Debt consolidation is also not necessarily visible to outsiders. Your bank, the credit bureau, and other parties may not even be aware that you have consolidated debt.

Myth #5 Debt consolidation is something for financial losers and lightweights, not for people who know how to manage money.

Truth This is the most far-out myth about debt consolidation. Debt consolidation is a principle that is used in business and by the super-wealthy all of the time. It is a way of organizing and structuring your debts in a way that is most advantageous to you.

Myth #6 Debt consolidation is just robbing Peter to pay Paul; you’re just getting more debt!

Truth Debt consolidation is indeed a way for you to pay off one debt by getting another debt. But not all debts are equal.

As an example, let’s say that you owe $10,000 and the loan is set up so that you have to pay 22% interest. For example, let’s suppose that I go to my credit union and work out a deal to borrow $10,000 at 12% interest. While both debts are still in the amount of $10,000, the debt at 12% interest is a better deal for me. I won’t have to pay as much per month or, if I make the biggest payments I can, I can pay it off sooner.

Myth #7 Debt consolidation requires you to be a homeowner.

Truth There is a grain of truth to this, in that owning a home definitely offers an advantage to anyone who wants to consolidate debt. (It doesn’t matter if your home is paid for or not, but you do need some home equity.) However, you can consolidate debt without owning a home, too.

Myth #8 Debt consolidation will make it harder for me to get future loans.

Truth In most cases, it is unlikely that anyone but a forensic accountant could figure out that you consolidated your debt (unless you go through a debt consolidation companythat might leave a paper trail).

If you borrow money in one loan and then take out another, more advantageous loan to pay off the first one, you’re more likely to leave a paper trail of somebody who pays off debt responsibly. It is more likely to make you a desirable creditor.

Myth #9 People who consolidate debt just wind up digging themselves in deeper in debt!

Truth It is absolutely possible to consolidate your debt and then keep spending and get yourself in a big mess. That’s why you need good information and a plan to pay off your existing debt, manage your finances now, and start planning for your financial future.

There is no reason that debt consolidation cannot work to get you out of debt for good, but you have to have a plan.

Myth #10 Debt consolidation will allow me to write off some of my debts and it will stop bill collectors from calling.

Truth Let’s take these one at a time.

Unlike bankruptcy, debt consolidation will not allow you to write off any of your debtnot a penny of it. Whatever you owed as a debt before debt consolidation is the amount you’ll owe after debt consolidation.

The advantage is just that you structure it in a more favorable loan. You do not get existing debts cancelled or decreased! Now it’s true you can work that out in other debt management solutions (debt settlement lets you reduce debt, bankruptcy will let you write some debt off) but they come at a very high price. Both of these approaches will have a negative impact on your credit score, will make it hard for you to get future loans, and stay on your record for quite a while. Bankruptcy, in particular, is an extreme solution that involves an actual court proceeding and a judge who has the authority to make certain decisions about your financial situation (including forcing you to sell some items to pay off debts).

Debt consolidation can only stop bill collectors indirectly. Here’s how: let’s say you have six debts and you’re getting calls all of the time. If you consolidate your six debts into one large debt consolidation loan at more favorable terms, you’ll pay off all of those debts. Bye-bye, bill collectors!

However, if you don’t pay off your new debt consolidaiton loan on time, the bill collectors will start calling again.

For thorough and objective information about debt consolidation options, click on .
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