Effective Ways to Avoid Credit Card Debt Consolidation Woes

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Debt consolidation is a feasible option to eliminate your financial woes much faster without blemishing your credit report unlike other debt relief programs. When you consolidate your debts, you can manage your multiple bills into a single monthly payment. But you need to show perseverance as well as patience in order to achieve a debt free life. Most of the people enroll in a credit card debt consolidation program. Some of the consolidation companies may claim to eliminate debts of their clients within a fortnight. However, this claim is too good to be true. In reality, it’s not possible to eliminate debt within few days. Well, the financial industry is cramped with unethical and fraudulent companies. But it’s really difficult to decipher an authentic company from a fraudulent one. These tricksters take advantage of the vulnerable debtors to extract money from them. If you want to avoid getting associated with the frauds, you need to keep the following points in mind.

Here are some of the important points you need to consider when you look for a legitimate debt consolidation company:

  • Get information from the website: Before you enroll in a debt consolidation program, make sure that you thoroughly check the website. Generally, authentic companies provide their contact information. The websites place the postal address as well as email address of the company. Therefore, if you do not find required information from the website, avoid this type of company.
  • Verify the BBB accreditation: You need to check whether the company is accredited with Better Business Bureau. You can check with the BBB whether any complaint has been lodged against the company. Try to verify regarding the authenticity of the company from your State’s Attorney General’s Office.
  • Check whether the counselors are certified: Make sure you check whether the counselors associated with the company are certified. If the counselors of the company are not certified, then avoid working with these types of companies.
  • Review the feedback of past clients: When you plan to work with a debt consolidation company, make sure you check the feed back of the past clients. You can check the testimonial of the clients in order to find more information on service the company provides.

Therefore, you need to keep the above mentioned points in mind when you plan to enroll in a debt consolidation program. If you keep the above mentioned tips in mind, then you can effortlessly avoid getting associated with a fraudulent company.

4 Awesome Tips for Getting Out of Debt Fast

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Are you drowning in debt and can’t see any way out? This is a common problem in 2013, as many people have been struggling financially over the last few years.

The good news is that there is a way out! Despite how many credit cards, payday loans, and personal loans you have stacked up against your name, you can always find a way to get yourself on the road to financial freedom.

It’s not always an easy path though. In other words, you are not going to become debt free overnight. You need discipline and a willingness to follow through on a consistent basis to start seeing positive results.

If you can do that then you will get out of debt faster than you could have ever imagined. The toughest time is always at the beginning, but once you start to make some progress things become much more simple.

Here are 4 awesome tips on how to get out of debt fast:

Get rid of credit cardsget out of debt

If your goal is to get out of debt, then having credit cards around is usually too much of a temptation. It’s all to easy just to put a few purchases on your card, but this kind of thinking usually spirals out of control.

At the end of the day, you should be working on getting rid of your doubt, not adding to it, which is why using credit cards is not the best thing to do.

Get rid of your overdraft

As with credit cards, having an overdraft is just another temptation that screams “spend money you don’t have.”

Instead, simply set-up a small overdraft that is there for financial emergencies only. Hopefully though, you will never have to use it.

Increase your income

In order to start paying off those credit cards, payday loans and personal loans, you need to starting earning more income each month so that you can become financially free faster.

Consider getting a second job in the evenings or on the weekends. You can even start a little home business on the internet. Basically, anything that can bring in a few extra hundred dollars a month.

Cut your expenses

As well as increasing your income, you should also look at ways that you can cut your expenses. Common areas to focus on include your household bills, grocery shopping, and luxury items.

You might be surprised at just how much money can be saved, which can then be used to help you get out of debt fast.

This post is courtesy of Phil Marsh a financial blogger for WhiteLoans.co.uk and several other finance related sites.

Get Yourself Free

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If you long for the freedom to travel, this will take money. It needn’t take a lot of money, but it will necessitate at least a certain amount of credit and, better still, some plan for how you will be able to cope financially on your travels and on your return.

So a lot will depend on your personal circumstances of course, but if you’ve read this far, it’s likely that you need at least some financial assistance.

You see a lot of people today living very high on the hog. People with good salaries often spend a lot and give the impression of wealth, but the reality is that they’re tied to their jobs. This is great if they enjoy their work, but a fairly hollow existence if not. And how do many people try to fill the void – by “treating” themselves of course, thereby creating a vicious circle of endless debt.


But most of this is an illusion. The truth is that the average UK household pays more than £3,000 a year in interest on debts today – NOT including mortgage debt, so it’s easy to see why debt management services have become such big business. This figure is over 12% of the average gross salary.

In fact, total credit card debt is approaching £60 billion, and 3.4 million cardholders regularly make only the minimum repayment, thereby maximising their interest charges. It’s crazy, but it’s particularly mad for those who long to be free of the nine-to-five so they can travel and see the world , but continue to spend for the short term distraction it brings.

The reality is that people who earn high incomes and spend it all – and sometimes more – are really wage slaves. If their income dried up, so would the lifestyle.

Real wealth, on the other hand, brings financial freedom. And freedom from debt is the key to building assets and getting yourself free. Some debt may be necessary or even financially advantageous, such as a mortgage, student debt, or a business loan, but generally speaking, debt is not good on anyone’s credit report or mind! So work to free yourself from debt. As you do so, you’re taking the same steps which – if you continue to take them through life – will eventually set you completely free.