Fears that bad mortgage debt could rise this autumn PRLog.Org (press release)
PRLog (Press Release) – Sep 07, 2010 – September 7 2010 - The number of house repossessions continues to fall, according to latest figures from the Council of Mortgage Lenders (CML) - but this could just be a smokescreen, warns national debt advisor Payplan.CML’s forecast for 2010 repossessions has been revised from 53,000 to 39,000 while mortgage arrears in the first half of the year dropped by 5%.
But these positive figures could be painting a false picture and the autumn could see a return to bad debt mortgage, says John Fairhurst, managing director at free debt advice provider Payplan.
“Low interest rates have driven down mortgage repayments but this bubble will burst and the prospect of higher interest rates is inevitable. Combine this with a rise in both the cost of living and unemployment and it could be a rocky time ahead.”
Mortgages debt continues to be a growing concern for debt advice providers such as Payplan with
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has any one ever had to deal with affordable debt solutions, inc. what was your experience? would you recommed?
recommend
Please do not do a Debt Consolidation. It shows on your credit report like a bankruptcy. It is not free to do and it will take you longer to become debt free and it will cost you more money.
Here is a plan that can help you. If you work the plan, the plan will work for you. Get all of the debt paid off as soon as possible, that will enable you to start building real wealth.
A. Have a garage sale and sell whatever you don't use or need and use that money to pay down your debt.
B. Consider getting a temporary part time job and use all of that salary to pay off your debt quicker. It is better to have a no fun year
than a no fun decade.
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, if you are not already, and make no more late payments, if you have had any. 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: minimum 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? The Human resources Department will have the forms for you to fill out. 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. Start learning about investments. Do some reading. I like "The Lies About Money" by Ric Edelman, "Ready, Set, Retire" by Ray Lucia, and anything by Ed Slott. They are very good books and each has a little different perspective so you can decide your own comfort level with your investments. Or you can go with the "timed" mutual funds offered by your company 401(k). If you plan to retire in 2040 or 2045 you can choose that plan.
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.
Check here for an NFCC member near you: http://www.nfcc.org/. These are legit, non-profit companies that offer debt management programs for a nominal fee. They don't settle your debt. They negotiate lower interest and payments so you can pay off your debt.
Whle in the program, it is noted on your credit file. However, upon completion that notation is removed and you have decent credit.
Absolutely stay away from debt settlement companies. They typically take your money, let all your accounts go 90 dyas past due. Then offer lowball settlements. Not only does this trash your credit, but most credit card companies refuse to play and will immediately sue you.
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UND officials make pitch for funds - Grand Forks Herald UND officials make pitch for funds UND President Robert Kelley said his top priority is to ensure tuition is affordable. If the university gets the funding it needs, tuition would increase by |
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M&A Activity in the Debt Collection and ARM Industry Exceeds $2 ... - InsideARM M&A Activity in the Debt Collection and ARM Industry Exceeds $2 The year’s five major transactions included NCO Group’s acquisition of Outsourcing Solutions, Inc. for US$325 million – a deal that combined the two largest |
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