There is a lot of talk about debt and debt management these days. That may muddy the waters a bit.
The real topic here is Money Management.
Income and its sources. Debt, its causes, amounts and disposition. Physical Assets, its value in today's market. Can it or should it be sold, loaned or leased. What is its value as collateral. Psychological impact on the owners, their family or business. Retirement or business management transition.
The scope of this article cannot begin to cover all these topics, but each broad topic influences our lives.
If there is sufficient income to support the physical assets. What happens to the service on any debt?
Do you make payments, pay it off?
What is the impact on taxes?
In spite of the massive volumes that have been written about economics, economies of entire nations are collapsing under the weight of debt experts said was good debt or good investments.
It would appear the experts are in fact expert at explaining what happened, but not expert enough to have prevented the problem.
Now, here you sit wallowing in debts the banks said you could afford.
Mortgages, credit cards, student loans and so forth.
What do you do?
Are you current on your bills? Are you current but struggling to make the payments? Are you a little behind, robbing Peter to pay Paul?
Ok, first know this is all fixable. There are no quick fixes though.
Understand there are scams thriving all over the place. They are easy to spot if you look.
There is NO Obama debt relief program, not for credit cards, not for student loans or mortgages. 100% of those are pure deception to take your money. Simply ignore them. Reworking a mortgage seems to be more doable these days. You will have to bite the bullet on the student loans. There is no practical way to change them. They pretty much need to be paid as designed. Credit card debt does have some flexibility. Though you need to determine your goals here.
- Do you want to pay it off?
- Is the interest rate a problem?
- Or is it the size of the overall payment?
Earlier I said there were no quick fixes and that statement is still true.
- If you expect to need credit in the future, or need credit for business, travel and emergencies.
- If you prefer not to ruin your credit. (Some people don't care about theirs)
- If you understand this process will be measured in years, 4-5 tops.
Then what you want is a professional Debt Management Program.
· A DMP is a method that is very effective in reducing interest rates on credit cards.
· In a DMP you do not need to put all your accounts in it. That will allow you access to credit for business, travel etc while you are in the program.
· It helps you maintain or rebuild your credit while your debt is coming down much more rapidly than any other method.
· You can get even a mortgage while on the program.
In sum mary finance is not a mystery. Take it slow and deliberate. The road is littered with the results of rash decisions. Your road may look that way now. It can change. The road in front of is wide open.
Hope that helps a little.
For more information contact us at http://www.debtsynergy.com/index.html or call us at 800-810-5250
BBB Rating Here, http://www.seflorida.bbb.org/Business-Report/Accelerated-Debt-Consolidation-Inc-%20%2026001690
No comments:
Post a Comment