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Help to Get Out of Debt


Debt Help is the stepping stone to debt elimination and financial recovery. Debt help analysis guides you to save thousands of dollars in interest charges. Consolidation of your credit card debts and other unsecured bills will allow you to get out of debt as quickly as possible, save money on interest and late fees, stop creditor harassment, save your good credit rating or begin immediately to repair bad credit or negatives on your credit report.

In a recent survey it was reported that almost 58% clients vouched for Debt Management Plan as the best way to settle their debts. Another 42% client had filed bankruptcy since dropping off a Debt Management Plan or DMP.

Debt Management plans can reduce your monthly payments, interest charges, penalties and some times even the repayment period. Even if bankruptcy seems like your only solution, it may not be the right debt help solution and may cost you for many years to come. The loss of a job, divorce, credit card spending and family medical emergencies among other life style matters can cause negative money issues. Statistics released by the administrative office of U.S. Courts show that a total of 388,864 new non-business bankruptcy filing in the United States during the quarter, ended on September 30, 2004. This included 274,196 chapter 7 filings and 114,454 chapter 13 filings.

Most economists consider a ratio of unsecured debt to annual income of 40-50% percent or more, as being a strong indicator to bankruptcy. This is taken as a '?thumb rule' in most of the cases. So in order to protect himself from such crisis one should keep his unsecured debt to annual income ratio lower than 40 to 50%. For example if someone has an annual income of $5000, he should keep his annual debt minimum $2000 to $2500 in order to avoid his bankruptcy.

36% or less: This is a healthy debt load to carry for most people. 37%-42%: Not bad, but starts to restructure your debt now before you get into real trouble.

43%-49%: Financial difficulties are likely to occur unless you take immediate action.

50% or more: Get professional help from debt counselor to aggressively reduce debt.

You should also control from having a large amount of unpaid outstanding credit or using more than 80% of your available credit (which causes a high debt to income ratio).

It is better to have a debt free life without having a savings rather than maintaining debts along with savings. The reason is simple. As the return on short term investment i.e. savings is lower than the interest payable on accumulated debt, it is always advisable to pay the debt first rather than go for the short term investment. Because a repayment of single debt instantaneously may save a lot of money in future. In other word, One dollar payment is better than one dollar saving.

From the Consumer Debt so published by Federal Reserve Statistical Release, it is found that each and every year total consumer debt (both revolving and non-revolving) has an increasing trend. In 2000 and 2001, total consumer debt has a rising trend by 11.42% and 8.04% with respect to the year 1999.

However, in 2002 and 2003, total consumer debt increased to 4.45% and 4.52% respectively, at a decreasing rate with respect to just previous year's total consumer debt. As there is no specific trend in total consumer debt we may conclude that in 2005 also, the total consumer debt will have an increasing trend of 4.49% which signifies that at the end of 2005 total consumer debt will reach about $2109.85 Billion.

For better insight in this topic please view:

http://www.debtconsolidationcare.com/getoutofdebt.html
http://www.debtconsolidationcare.com/debt-solution.html

Janet Williams is a contributingwriter to http://www.debtconsolidationcare.com/and is currently working on a special section in the site called do it yourself where you can eliminate your debts and become debt free...


MORE RESOURCES:

Debt Releif - Google News

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UN body wants debt relief for hurricane-ravaged Caribbean countries - Jamaica Observer


Jamaica Observer

UN body wants debt relief for hurricane-ravaged Caribbean countries
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Feds sue nation's largest debt-relief provider - Jackson Clarion Ledger


Jackson Clarion Ledger

Feds sue nation's largest debt-relief provider
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The Consumer Financial Protection Bureau has sued the nation's largest provider of debt-settlement services, alleging that Freedom Debt Relief deceived and misled consumers about its services and fees. The agency announced the lawsuit Wednesday in a ...

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Freedom Debt Relief Suggests 8 Steps to Aid Financial Recovery From Disasters - PR Newswire (press release)


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China makes no offer of debt relief for Venezuela - ABC News


China makes no offer of debt relief for Venezuela
ABC News
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The Trump Administration Has Yet to Approve a Single Student Debt Relief Claim - Mother Jones


Mother Jones

The Trump Administration Has Yet to Approve a Single Student Debt Relief Claim
Mother Jones
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Russia Offers Venezuela Debt Relief -- Update - Fox Business


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"Reducing the debt burden to the republic from the restructuring of liabilities will allow the funds that have been freed up to be allocated to the country's economic development, to improve the liquidity of the debtor, and to increase the chances of ...

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Freedom Debt Relief: CFPB “fundamentally misunderstands” debt settlement process - HousingWire


HousingWire

Freedom Debt Relief: CFPB “fundamentally misunderstands” debt settlement process
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Last week, the Consumer Financial Protection Bureau sued Freedom Debt Relief, the nation's largest debt settlement services provider, claiming that the company repeatedly lied to its customers about the company's ability to negotiate debt settlements.
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US consumer agency sues Freedom Debt Relief for misleading consumers - Reuters


insideARM.com

US consumer agency sues Freedom Debt Relief for misleading consumers
Reuters
WASHINGTON (Reuters) - The U.S. Consumer Financial Protection Bureau said on Wednesday it filed a lawsuit against Freedom Debt Relief, the largest U.S. debt-settlement services provider, and its co-Chief Executive Andrew Housser, alleging that they ...
CFPB Sues Largest Debt Relief Company, Freedom Financial insideARM.com
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