People in debt 'go without food' BBC News
Lone parents had an average debt of £19 for every £1 they earned, up from £14 five years ago.
The average level of debt for 16-24-year olds has almost doubled since 2004, the organisation said.
Two in five of those people surveyed said they had to go without food or fuel to pay debts, and one third said they have had to borrow money from family or friends.
About a quarter of those asked said they had to take out a loan in order to pay off another loan.
CAS, the umbrella body for citizens advice bureaux around Scotland, said creditors were being more aggressive in pursuing debtors.
It called for politicians to help people who are in debt by creating stricter regulation of lenders, offering more affordable sources of credit and providing a budget to create good-quality debt advice groups.
'Broken economy'
Kaliani Lyle, Cas chief executive, said: "What these figures reveal is a picture of real misery for many people. Large numbers of our population are struggling just to get by.
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Does anyone know of a good website that offers free advice on how to settle your own debts & collections?
I am looking for how to advice on how to settle old debts and collections that are on my credit report.
Try these...
If your employer came to you today and told you " I know I owe you 500.00 on your paycheck this week. I've decided though, that I'm only going to pay you 300.00." You would have a fit and call the state labor board.
There is absolutely NO reason you should not pay your bills in full. You claimed when you opened what ever services that you haven't paid, that you would pay them.
Why make yourself a liar and cheat? Be honest and pay your bills in full.
I can't apply for scholarships because I have dropped out of school due to debts from school. Any advice?
I am not 25 yet to become independent. I don't qualifiy for any kind of aid. I am not in school to qualify to submit for the majority of scholarships. I don't have a co-signer to take out loans to pay my school debt off.
Debts out of control need financial advice?
I am constandly being called by debt collectors, I owe a few credit cards and bills from mistakes that I made i the past, not really my mistakes but life threw me a couple of bad turns and I am trying to make good for what i owe, I am currently paying back two student loans religiously every month and that takes a chunk of my monthly income, with rent and my other bills I just have a enough to make it, a friend was talking about filing for bankrupty I heard both good and bad things about doing that, another friend said debt consolid. is the way to go... but be wary of scams by companies saying they will help but steal your money. I live in New York and the cost of living is high, I want to do the right thing, but could only do what I can do...I would like to get some serious advice from people who had to battle debt themselves? Bankrupty sounds good I know that will not cover the student loans but if they was the only past debt i had to pay till got on feet would help. Any advice ?
Is there a reason you can't get a deferment on your student loans?
If you can, take the money you send them each month and start to apply them to the credit cards. Make a list of all your credit cards in order from lowest balance to highest and start paying off the card with the lowest balance first, imagine what you will feel like when you pay even one off! Make sure you make at least the minimum payments on the larger cards but start to send a little extra each month to the smallest card, get it paid off, then take that money and apply it to the next highest balance and work your way up, next thing you know you will be making huge payments to your card with the highest balance.
Once all of your credit cards are paid off, you can go back to knocking out your student load debt.
Good luck....
Make a budget. List your income (after taxes...etc) your take home pay. Then list all bills (balance, interest rate, minimum monthly payment, due date each month). This will help you organize your weekly or bi-weekly paycheck so you can pay what needs to go out. If you have already done this, great!
Based on your take home income subtract all the minimum payments you have listed (house, rent, cars, student loans, food, gas, utilities, child care, any regular monthly expense)...do you have money left? If yes...
Never pay more that the minimum payment on any bill except your highest interest rate. The interest is normally what kills everyone, so you want to attack those accounts first. Pay off the highest rate bills, and as you pay one off move to the next highest rate, always putting any extra you have on it, bonuses, overtime, tax return, xmas or birthday money......
Now if you answered NO....you have 2 choices. 1st contact a consumer credit counceling service in your area...they should be in the phone book. They can contact the companies to try and get them to freeze late fees and interest (in most cases) giving you a smaller payment and a plan to get thru this. If they can not help you, the the Bankruptsy is the only way. You can 're-affirm' on any secured account. This means that if you have a car....you have a secured loan and you can tell the Bankruptsy Judge you wish to keep the car and continue the payments, the student loans will also have to be repaid, but this will help you keep and re-establish some credit. The credit cards and other misc. stuff will be wiped out and it will affect your credit.
Good luck!
Where do you go to find debt advice?
We all know that debt advice should be impartial. Other then government organisations, who do you trust to give you reliable debt advice?
Go to the public library and read a few books on getting out of debt. You can solve your own problems without spending money you don't have on "credit counseling." This is a very empowering option and you will use your new-found financial management skills for the rest of your life.
There are no "government organizations" offering financial services, debt counseling, etc.
There are non-profit counseling organizations, but be careful as many organizations claiming to help people become "debt free" or manage your credit card debt are organized as "non-profit organizations" but are expensive and hazardous to your financial health. There are too many and new ones crop up too frequently to track their names and too many ways to scam people to begin to list them all.
He has a web site,
www.daveramsey.com
and a couple of books
"The Total Money Makeover"
i am facing lot of financial difficulties and debts plz advice any remieds to clear all debts and get buss?
My DOB is 19/09/1974 and time 2.25am POB Hyderbad Ap India
If you love to help others and interested in meeting new friends who are serious about their life goals then i have one thing that can really change your life in positive way. All your financial difficulties will resolve therafter and also it will teach you how to use your money effectively so that in future you will never face any money problem as i personally feel by proper guidance only one can save and invest money in proper way - Do AMWAY wholeheartedly.
Astrology is a science being misused by the pundits and so called "astrologers", having faith is good being blind in faith is bad.
Focus on what you did wrong, to lead you to the financial mess you are in, and try to sort out the problem at its source. I think the top reason for financial trouble is speculation/ gambling, in cards or stock markets.
http://www.arup.invest300.com/
those are illegal in australia but I guess anything goes on line
I have a REAL business opportunity for you to look at This is a legitimate work from home business however its one I am involved in so naturally you will think I am biased. I am not going to give you my "pitch"
my website is www.wealthnabundance.com
it shows some testimonials of how well people are doing with this business. Its all over the world too so it doesnt matter where you live
If you want more info leave your details and I will call you to see if you qualify. If you do then I will give you acess to the business overveiw and all the information you need.
It costs you absolutely nothing to look and the decision is yours .I dont chase people mainly because i dont need to but also if someone needs to be chased then they are probably not going to be very dedicated anyway.
when you say "legitimate" always remember there are some just straight out fraud stuff out there, but there are alot of things that people fail at due to lack of committment etc then its just easy to blame the company not themselves. Any business requires research,marketing investment and capitol and above all dedication.
hope it helps and good luck with your search
If you wish to clear your debts the answer is to start paying off the ones that charge you the most interest first, as high interest loans are designed for quick payback, but too often people think its only a few quid and concentrate more on trying to pay off longer term loans instead.
Soon enough your smaller loans will be gone, giving you more spare cash to start paying off your longer term, and cheaper interest rate, loans.
As for business, which business are you interested in. As with any business be clear with your objective and take control of your actions, when possible. If that advice ties in with any movements in the heavens than all is good
Whatever come to u u have double mind to do this or to do that..
This is the cutting edge, u will have to choose only one path, so be strong to take hard decision and cross the ocean of uncertainty.
advice on paying debts please?
i have quite a few debts that need paying off i the form of court fines and other debts
what i would like advice on is before buying anything else should i start drastically reducing these bills for example out of £200 assign £150 to debts my reason for asking is i know and accept that these need paying but there are other things that i would like to and need to buy so should go by what i have said or can i just pay off approximately £100 per month on debts and spend the rest on what i want with any extra spare money after buying what i want going towards the debts
If you owe court fines etc, I think you'll find there's a date by which they must be paid, or the amount you owe will go up. You will have to agree a payment plan if you're unable/unwilling to pay in full, and the court decide if this is acceptable, not you.
I would advise paying off as much as you can as soon as you can, or you'll just end up owing more. Balance this against the things you want to buy - are they essential or just things you'd like?
What is the best way to increase FICA score after paying off current and delinquent debts?
We have very low FICA scores. We have payed off all of our deliquent debts and have no current credit card debts (all paid). Now we have the ability to put aside almost $600 to $700 aside every month for savings. We want to work on increasing our FICA score. What is the best way. We want to start putting funds in our saving account but we have heard that the best way to increase our FICA score is get a significant loan, such as a car loan, and start servicing that debt. Your advice would be helpful.
The accessibility of credit reports is made possible by the Fair and Accurate Credit Transactions Act (FACT), a bill which was passed on December 4, 2003 by the US Congress. This act, which is sanctioned by the Federal Trade Commission or FTC, allows every consumer to obtain a free credit report once in a period of twelve months. Similarly, the FACT also ensures the privacy and accuracy of the information that the various credit reporting companies hold. Under this act, the FTC, together with the three credit reporting companies namely Experian, TransUnion, and Equifax, have set up a website where people can log on to check out their annual credit scores.
According to the FTC, there are three ways a consumer can obtain his credit report. The first one is by visiting the FTC's authorized website, AnnualCreditReport.com, and providing all the information needed to access the credit report. This is generally the fastest way to obtain one's credit report. Consumers have to be cautious, however, of the supposedly free credit reports they see offered on unauthorized websites. More often than not, the services offered on these sites are not entirely for free. Those who want to get credit reports should keep in mind that they can only get them for free from the website FTC provided. Read more about it at: http://www.credit-card-gallery.com/article/164,How_To_Get_Your_Credit_Score_For_Free
Where can I get free legal advice regarding credit card debt?
I'm searching for a web site or phone number to get free legal advice for credit card debt. I need a place that will give me an immediate answer. Thanks for your help.
In most areas, attorneys will give you a free consultation. As this is a credit card debt, you may want to look for someone who does collection work for companies, as they are more experienced in debt law. A lot of "general practice" lawyers have not impressed me on their knowledge.
Need Advice on Crippling Debts?
I am 'maxed' out on two credit cards and up to overdraft limit in three bank accounts. I know I'm stupid for letting this happen, but I've got two jobs now and I'm working 16 hours a day some days, but I just can't seem to get these debts down, especially when there are bills/food/petrol & ex-wife's child support money to pay. Is there anything else I can do i.e. see a debt counsellor?
Who would I see for general financial and debt repayment advice?
I just graduated college and very soon I have to pay back my school loans. I want to look into consolidation, but I don't know if it's a good option and how to even consolidate. I want to know my options. I also want advice about future education investments as I'm going to further my education. Besides that, I just want general financial advice about how to manage my assets, being a recent college grad with a temporary job.
Who would I see about that? What's their title? What do I look up in the yellowpages?
Please do not consolidate. It is not free, they will lower your payments by increasing the length of time until you are debt free, and you will take a hit on your credit score. There is a better way.
A. Have a garage sale and sell anything that you no longer need or want.
B.Get a temporary part time job, if you have one, get another. The holidays are coming and there will be plenty of temporary jobs available. It is better to have a no fun year or two than a no fun decade.
Here is a plan that can help you. If you work the plan, the plan will work for you:
1. Make a budget. Make the budget a week before you get paid. A budget is not a punishment! It is a tool which will free you from ever having to worry about money again. Put everything in your budget. Especially those annual, biannual, or quarterly bills like car registration, insurance, etc. Give every dollar you are going to bring home the name of where it is going. Add an "emergency fund" category to your budget for 25 dollars and save up until you have 1000-1250 dollars. Your emergency fund will help keep you from getting into new debt because of an emergency. If you can, set up a direct transfer to a savings account for your emergency fund. That way it moves automatically and you don't even have to worry about it. You must cut your spending and live on less than you make.
2.First get current on all of you debts and make no more late payments. Stop using your credit cards immediately. Do not take on any more debt. Credit cards are like quicksand only the death is much slower. Make a list of all of your debts in order of highest interest rate to lowest interest. Use cash only for your spending from now on.
3.Pay the minimum due on all of your debts and then put your extra money towards paying off the highest interest one first. After you get that one paid off, you put the money you were paying on debt #1 (the minimum payment and the extra payment) towards debt #2. That will pay debt #2 off faster. When that is paid off, you put all three payments towards card #3 and that one will be paid off pretty quickly. As an example:
To start :
Debt #1 (highest interest): minimum payment+ extra payment
Debt #2 (middle interest): minimum payment
Debt #3(lowest interest): minimum payment
Debt #1: paid off
Debt #2: minimum payment from Debt #1+ Minimum payment from Debt #2 +extra payment
Debt #3: minimum payment
Debt #1: paid off
Debt #2: paid off
Debt #3:Mimimum payment from card #1+ minimum payment from Debt #2+ minimum payment from Debt #3+ extra payment.
That way, you will get them all paid off, on time, and pay the least interest. It will also help towards rebuilding your credit since you will no longer have any late payments. This works no matter how many different debts you may have.
4. After you get all of your debts paid off, add to your emergency fund until you have 6-12 months of income saved up. Put that emergency fund money into a liquid money market fund or into a Bank of America no-risk CD so that if you need the money you can take it out without penalty.
5a. When you have your emergency fund in place, add a category for "fun" to your budget. Save for a holiday, a vacation, a big screen, or dinners out, whatever goal you want. Remember to enjoy your life.
5b. When you have your emergency fund in place, start saving for your retirement. Join the 401(k) plan at work and contribute the maximum. Your employer probably matches at least part of your contribution so why give up free money? Open a Roth IRA and contribute the maximum on a monthly basis. If you start saving for your retirement now, you will probably retire a millionaire.
5c. When you have your emergency fund in place, start saving for your next car. Only buy cars, or other things that depreciate, with cash. Save up for a nicer car. That way you get the interest instead of paying the interest.
You can do it and it isn't as hard as you think. Just follow the plan.
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