In an unregulated sector, getting impartial, unbiased debt advice can seem like an impossible task. Many of the advertisements you'll see, particularly online, where there is little in the way of regulation, say things like ‘National Debt Advice Line', ‘Government Solution' or ‘Clear Your Debts'. These are often commercial debt advice businesses that are seeking to ‘borrow' credibility by making unsubstantiated or...more
Can debt counseling services offer a solution to your debt problems? To be able to answer this, we need to understand the debt counseling services and how they function. Well, debt counseling services are firms that are mostly sponsored by your creditors. Almost all of these service providers are non-profit organizations, though you may come across a few which function on their own. Having a source of income is an important...more
The U.S. Bureau of Labor Statistics registered a 9.6% unemployment rate for August 2010. If you are one of the those who is unemployed, whether you can't find a job, you can't work (due to special circumstances—temporarily or permanently), or have recently been let go by your company, this article would explore with you, some options to reduce or eliminate your unsecured debt. But first, a brief background on your debt. What is unsecured debt? Unsecured debt, is money you borrowed, that is not tied to any property (as collateral). It could be a loan or your credit card bill. The amount extended by the lender or creditor depends on the borrower's earnings. The interest rate slapped on borrowings depends on the borrower's credit standing. The poorer it is, the higher the interest rate, and the likelier the chances of never getting out of the debt cycle. There are even some cases in which theamount of the interest accrued, is greater than the actual amount borrowed, which leaves the borrower feeling victimized by an undefined evil. But evil is not undefined--it's the non-transparent and unfair creditor practices, which the Obama administration has already...more
You may be at the end of your wits and considering filing for bankruptcy, or you may have decided that the only way out is a radical debt management plan. But before you consider one of those, think about using a good, reliable debt settlement company. A Debt Settlement Company will help you maintain some financial health while you go...more
A recent study shows that debt collection is big business and a staggering 20 million cases, worth a total of £12.7 billion, were passed to debt collectors last year alone. It is estimated that debt collectors typically earn between 10 percent and 50 percent of the money collected.The debt collection practice is becoming more...more
The debt can be handled and cleared easily with out repaying the entire loan amount. Yes, this is true and economic slow down has brought this change. This will not be the permanent effect. The day economy will come out from the recession the debt settlement will also vanish. The settlement process has come up as the need of time. The unsecured loans are the one which are giving rise to the negotiation between the creditors and debtors. Prior to negotiation it is favorable for the customer to get all the information from all possible sources. The FTC is helping lot to the costumers. You should know the reasons why creditors are giving the rebate for your outstanding amount and till what extent you can get the rebate. If you are interested in the settlement then you should know about the new debt settlement laws. The minimum amount which you should have as unsecured loan for the settlement is ten thousand dollars. New debt settlement laws made it possible for the common man to clear the unsecured liabilities without opting for the bankruptcy. My personal opinion is that we should never use bankruptcy as the solution for various reasons. You should get all the...more
Federal Trade Commission has really cracked down on the debt settlement. The intention of the FTC is to help all those people that have been misguided by some fraud financial firms. FTC is not intending to help those who have got...more
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What is debt? Debt is defined as money, goods, or services owed as a product of cash provided to the borrower upon credit. It means that the borrower has the obligation to pay it back in a specific time. An example of this is credit...more
Debt settlement, also referred to as debt negotiation, is a way to reduce debt wherein both parties (debtor and creditor) agree on a reduced amount that will be considered as payment in full. On the other hand, creditors will not concur...more
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