Can Figures of Unemployment Predict the Future of Debt? Best Syndication
The information released by the Office for National Statistics is already being hailed in some circles of opinion as a further clear sign that recovery from the financial turbulence of the recession is now forthcoming. The figures from an analysis of the third quarter of 2009 document that the increase in instances of individuals experiencing unemployment was the smallest since May of last year.
While this news may provide a positive, albeit if not surprising, outlook on the economy and any pending recovery, a full analysis of the figures presented by the ONS suggests that unemployment is still an intrinsic issue within the health of the economy. If not to simply measure and judge an economy by, unemployment statistics are characteristically also a valuable factor within the gauging of the personal finance sector.
Amongst the most worrisome information provided in the report is the statistic that unemployment is becoming a prolonged issue that requires tackling. It is documented that the number of individuals experiencing unemployment for periods of time exceeding twelve months rose by a figure of 547,000 to a twelve year record high of 618,000.
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Do debt consolidation companies really help that much?
My husband and I are WAY in debt and I have been trying to talk him into doing debt consolidation cause at the rate we are going, we won't be able to buy a house until our kids are all out of the house!! The thing is, he doesn't believe they actually help all that much and that we would be better off paying it off ourselves. Is it true that they can work with credit card companies to reduce or even remove APR from the debt amount and can give you an estimate of when you can be debt free? We have four credit cards that equal about $25,000 and we've got to the point where we are making payments just so we can get food and gas. Any debt consolidation advice is greatly appreciated!
I highly recommend debt consolidation, but only through a bank. If you continue to keep paying the minimums on the cards, you will never be debt free. I went to my bank, explained my situation honestly and asked for help. They paid off all of my credit cards and bills and put it all into one payment. It freed up a great deal of money each month, as I only had one payment. Then they gave me a visa with a lower limit that I agreed to pay off each month. It's the smartest move I ever made, believe me, you will never get out of debt the way you are going....you need your bank's help, and if they won't do it, find someone who will. You will have the money to purchase a home much quicker than you think if you ask them to help you come up with a savings plan....also if the bank knows you will get your mortgage through them, they will be more willing to help you.
I need some debt advice?
I have debts of £5000 from credit and store accounts. My income in £8000 and my minimum monthly payments for both my credit and store cards are £250-300, which I cannot afford to pay.
I downloaded and completed a debt remedy form in the cccs website which I sent to my creditors along with a letter stating that I can only afford to pay £10 a month. Only one company wrote back and accepted.
Things are still getting worse as I can't keep up with all payments (arrears in some). I contacted a debt consolidation Company who said they'll negotiate with my creditors and I'll be able to pay £260 a month and will be debt free in 2 years. Is this worth it?
If I go to citizens advice bureau what difference could they make for me? Can I negotiate with the debt consolidation company and get my monthly payments down to £200? Any advice would be helpful. cheers
Debt management companies do charge for their services, and CAB are very good at sorting out a monthly payment plan but it cannot solve your problem. If your store cards and credit cards were taken out before 1 April 2007 it may be possible to get them legally cancelled, so wiping out your problem. The website www.bdebtfree.info can help you. Good luck.
the CAB can either help you themselves, or put you in touch with a debt counsellor. who should contact the companies on your behalf and follow up where you've been unable to get a reply. They know the ropes, things like the importance of writing and keeping a copy, sending by registered post etc. they should be your first port of call
I know it sounds extreme, and you should fully check out the consequences first (ie like you can never practice law or be in a position of financial responsibility). But it will write off the debt.
Do be careful of debt consolidation companies. Some are great and some are just there to make money out of people in desperate circumstances.
how do i get out of debt? i need financial advice. ?
i lost my job and i've been out of work for 6 months, all i could get was a part time minimum wage job in retail. i am in debt of about 15k, out of the 15k debt, 3k is the student loan and 8k of it is credit card at 23% interest! i don't make enough which is the frustrating part and im in too much debt for the only $400 a month pay i get each month! i can't pay the current minimum on what i owe and i even had to move into my parents home to save on rent. i feel really depressed and the credit card company is calling every hour! can they do that legally? i need free financial advice, i don't know what to do, please help me, i've been thinking i have to do something debt consolidation, or something? what are my options? any financial advice is greatly appreciated, thank you!
file for bankruptcy, and pay back your student loan slowly.
There are alot of get out of debt places that will negotiate with the credit card companies as well. You should research which one is best and give them a call.
2. you need to sit down and calculate your interests and expenses.
3. you need to do a budget to see if you can live on what you make and pay off the loan. (The student loan may be something you can put off for now).
4. You may have to go to a head hunter or other employment agency and also research on the net to look for another job that pays more.
(first - stop spending)
Pay off the small debts first... then add the amount of that monthly payment to the payment of the next smaller debt...
as each debt is paid off keep adding the accruing monthly payments to the next debt
Then, as you approach the larger debts... you monthly payment will be quite substantial.... but you will be paying the same amount each month as you do now.
It really does work if you stick with it
Edit:
Also, call your creditors and see if they will reduce your payments and stop the interest.
Even If they refuse to work with you nothing will happen if you continue to send them a monthly payment... no matter what the amount.
I would go do whatever it takes to make some money, even mowing lawns.
I would send as Much money into my debt and pay it off soon.
Another option is to get a loan with a low apr to pay off your debt, and quit spending money on food and things you dont need. best of luck.
call the company and explain to them the situation, i'm sure they would be willing to work something out with you, as long as you are trying to make the attempts to make payments.
how many hours a week are you working. did you file for unemployment during those 6 months? if you aren't working full time, you should still be able to qualify for partial unemployment depending on how much you make and the rates in your state.
it will be a long haul to get out of debt. it took me a year once i started working on it, but 10 yrs to get into debt. i'm completely free of debt (minus student loans of course), but the rest of my debt is gone. it takes hard work, but lots of talking.
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