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Tuesday, 25-May-2010 12:00 Email | Share | | Bookmark
Bills Consolidation - A Better Understanding


There are only minimal percentages of people who manage to pay off their debts fully. Most of them do not service their debts and are absolutely clueless about the payments. The borrowers spend beyond their credit limit and are compelled to incur additional loans to pay off the existing loans and other dues. Unwise spending and excessive spending can ruin the lives and may even lead to bankruptcy. Bills consolidation can act as a solution in the short run and the borrowers can avail the option of getting a new loan to pay off all the existing loans. The multiple loans are now turned in to a single account loan and the monthly installments are very much within the budget.

The primary objective of bills consolidation is to pay off the loan amounts in a priority order. This prevents further accruing of the interest amount. The debt consolidation agencies are companies which offer consultation and help people to come out of their problems. They derive a plan for an effective debt settlement. There are some people who would file bankruptcy as their last chance to escape from the mounting financial pressure and to avoid the harassment from the creditors. This option will allow the debtor not to pay any of the existing loan amounts. The creditors will waive off the entire loan but this will have a negative impact on the credit history of the borrower. This affects the reputation of the individual but he might be allowed to start a new lease of financial life.

One of the best solutions for bills consolidation is to approach a debt relief agency. They act as mediator between the debtor and the creditor. They act in favor of the debtor and negotiate hard with the lenders to reduce the loan amount or to reach liaise on settling a lump sum amount. They try to reduce the interest rates and might be the beacon of hope for people those who are on the threshold of bankruptcy. There are several agencies offer this service. The consumers have to be very careful while choosing a bill consolidation agency and have to check for their credibility, past performance, and their reputation. A bad payment history means a bad credit history which can be revamped through this service.

Tips On Consolidating The Bills

When there are huge numbers of bills piled up, effective solution must be worked out and here are some effective tips to be followed.

>> Start repaying the most troublesome loan amounts. This comprises of loans that have very high interest rates like the credit card payments.

>> If all the credit card payments cannot be done at once, device a plan and negotiate with the lender and ask for a reduction of interest amount. This may save few hundreds of dollars.

>> Start repaying the other loans which have lower interest amount.

>> Do not fall prey for companies that offer cheap interest rates without any security and scrutinize their annual reports for any scams reported against them.

>> Engage in an open conversation with the dealers and fund managers. Lower interest rates do not mean they are better. Look out for various other fees and hidden charges included. It is good to be a bit skeptical about the lenders.

>> Most of the credit card bills consolidation agencies will be in a position to explain their services. They do not have any back door activities to hide from the borrowers.

>> Do the head hunting process well and know about the company and their reputation.

>> As much as 75% of amount can be saved per month if a proper bills consolidation agency is picked up.

It is always a miserable state to see the pending bills getting piled up and paying a lot of amount as interests. It becomes very challenging to come out of this situation and certainly lenders will make the situation worse as they need to gain some money out of it. Bill consolidation is nothing but a third party debt consolidation loan which allows the borrower to come out of the debt situation and merges multiple bills in to a single bill. An agreed amount is paid every month as amortization. This activity not only refers to compensating all other loans but also restructuring the entire fiscal situation wisely. It will help in building a good reputation and also improves the credit score gradually.



Saturday, 15-May-2010 12:00 Email | Share | | Bookmark
Military Debt Consolidation Program For Army Personnel And Their


Military debt consolidation is very much like the normal consolidation of loans. The borrowers use this approach to consolidate all their existing loan amounts to a single loan or monthly payments. The loan is approved for an extended period of time with lower amortization charges. This can be arranged by third party financial institutions on liaise between the debtor and the creditor. Some of the characteristic features are

>> Extended period of term
>> Lower interest rates
>> Lower monthly payments
>> Debtor's property is made collateral
>> Single existing loan

Military debt consolidation loans are offered to the family members of military personnel who are on duty and also for the retired officials. Agencies that favor these kinds of loans are Military Debt Management Services, Military Debt Management Agency, and AAFES. The lending institutions offer better help to such officials and assist them to sail through the troubled waters. Financial institutions lend their hands in assisting military debt consolidation by arranging services to convert their loans to an affordable monthly payment. They offer debt settlement services and negotiate with the creditors to lower the interest rates. There are certain lending companies which are dedicated to the military debt consolidation services. The government is very keen in these kinds of programs after all these persons have dedicated their life for the security of the country.

The borrower must be aware of all the rules in the financial repayment mode and must do the proceedings. They might increase the interest rate if any of the monthly installments are not paid. The main objective of this program is to allow military. It helps in speedy recover of the personnel as fast as 60 to 90% than without having debt consolidation. All the problems can be sorted out by offering a lump sum amount that is agreeable to both parties. The third party credits agencies will try to establish liaise and get adequate time to repay the loan amount. There are umpteen services like debt reduction service, debt relief and debt elimination but ultimately the goal of these services is the same. Military debt consolidation will take care of any kind of loan such as credit cards, personal loans, auto loan etc.

There are lots of advantages reaped because of these programs. It gives them the freedom to start a new lease of financial life and might find adequate funds to cope up with the monthly expenditure. American military debt management service will help them to improve the credit score in the long run and gives back their valuable assets in the future. The borrowers can now make a timely payment without any hindrance. The offering rates must be compared and the best lending institution must be chosen. Currently there are 2 forms of debt consolidation in the market. In the first case, the home equity loan is obtained by mortgaging the property. The second form is to avail cash through credit cards.

Generally military debt consolidation is done by mortgaging the property where in they are eligible for tax deductions. The interest amount paid comes under the tax deductible amount. The loan will be awarded based on the market price of the property. The borrower can have his own obligations to the lenders based on the price of his asset. The credit card companies offer zero or single digit interest rate. All the previous and default payments are accrued and made into a single payment. However, if the borrower does not meet the monthly requirements and payments, the interest rate might shoot up dramatically. So, one has to be very careful regarding the credit card payments as the failure rate is high.

It is always better to do the homework properly before applying for the military debt consolidation. There may be several alternatives available and the best option should be chosen. First, the interest rate has to be checked. The revise in the interest rates is an option available in all forms of loan consolidation. Ensure that the loan agency is a credited agency and is legally functioning. Make sure that enough cash flow is created with the availability of loan and the monthly payments should be made to prevent losing the property. This might pave way for a brighter financial future. Wiser spending habits and a strict schedule can allow the individuals to set the right path for attaining financial independence.



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