debt consolidation pains

As you all read, I am seeking a tax lawyer this year because my financial situation is a complicated mess, split ups do that to you...

Anyway, it looks like I am also in need of a debt consolidation loan so that I don't get buried from an avalanche of credit bills. Maybe you could say that all this is the result of some type of mid-life crisis? So wish me luck on my debt help, it isn't like I have bad credit, but believe it or not I am still paying on my student loans. My advice to the young geeks out there; keep your debt low and your finance situation in order at all times. Bad credit will catch up with you and it takes years to clean up.

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A Life out of Debt With a Debt Consolidation Loan - Are you trapped in credit card debt? Do you spend sleepless night because of debt stress?

Well! You are not alone who is facing this kind of scenario. To keep pace with today’s expensive life; most of us fall into the trap of credit card debt, sometimes even unknowingly. Most of the borrowers tend to think that this debt trap is the end of all financial roads. However, the reality is far from truth. Leading a debt free might seem impossible initially, but if you follow some simple steps, it is as easy as anything.

1. Think before you purchase a product. Ask yourself: Do I need this product? How important this product is for me? Try to avoid impulse buying.

2. Make a list of the things you want urgently and the things that you can do without. Make sure to precede all your expenses with a budget.

3. Pay all your bills on time. If you are facing any difficult in paying off the bills, talk to your lenders about it. Honesty always pays. Your lenders will understand your situation and will accordingly plan out a way that will be beneficial for both of you.

Apart from following all these steps, you should also consider applying for a Debt Consolidation Loan. A Debt Consolidation Loan helps you to consolidate all your existing debts into a single loan. It is specifically designed to help you consolidate debts of various kinds, leaving you with a single low cost monthly payment.

A Debt Consolidation Loan can broadly be classified into two types: Secured and Unsecured. A secured Debt Consolidation Loan necessitates collateral against the loan taken whereas; an Unsecured Debt Consolidation Loan doesn’t require any collateral. You can choose the type of Debt Consolidation Loan based on your requirements and financial circumstances. A wide number of sources are available for Debt Consolidation Loans, such as, banks, financial institutions, brokers, lenders et al.

A Debt Consolidation Loans can act as a best solution for those who think that coming out of their debt problem is almost impossible. A Debt Consolidation Loan will help you get your debt under control so that you have a single payment to make.

Paras Shah

A penny saved is a penny earned

Paras Shah : Debt Consolidation Loans - Debt Consolidation - Consolidate Debts - Credit Card Debt - This old adage is not true! The reason is is not true is due to the effect of marginal income taxes. Marginal meaning the amount of tax you would pay on the next dollar you earn. We have all experienced receiving a raise or a bonus only to be disappointed with the size after taxes. Assuming a marginal tax rate of 30%, you would need to earn an extra $142.86 to come out with an extra $100 after taxes! Keep in mind that if you plan on spending that $100 on an item with 8% sales tax, you could only buy something that costs $92.60. To purchase an item that costs $100 assuming 8% sales tax and 30% marginal tax rate, you would need to earn an extra $154.29!

A $100 saved is worth at least $150 earned.

This fact adds to the power to using credit counseling to lower your debt payments. By reducing your monthly expenses up to several hundred dollars per month, debt consolidation can offer a fresh start on the road to more healthy personal finances.