Debt management from the home

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Debt management from the residence

With the current monetary crunch, a lot of people feel the burden. Prices regarding basic commodities have gone up and in comparison most of their inventory portfolios have been down in value because of the stock market problems. Due to this, life is harder plus some people who have loans may feel it is harder to make payments than before.

But although it is difficult, it is not impossible. And also you dont really need an expert to do that. You can always practice useful saving and debt management work that can save you at least some money for the rainy day. Below are a few of the simple ways that you can manage your debt without truly having to pay for an expert’s advice.

1. Prioritize debt repayments.

Remember that you are not just paying for the money you have loaned, you are furthermore paying for the interest you have incurred. This can be an further burden for you as well as the hard part is actually, you did not even got to use those charges. They are just addons to the debt you have.
If you have extra money, fund your debts. Look at the financial obligations that you have and pay for the ones with the highest interest rates. Some experts suggest that you set aside a percentage of your income to debt repayment to ensure that you will be gradually chipping away the bank notes.

2. Save on utilities and other expenses
Cut down on the things that you can cut down. Including utilities such as electrical energy, gas, water, services like plumbing as well as gardening and other household expenses. You may not realize it but you are actually investing in more than the average family members size usually will need because of wastage. Turn off the lights and the TV if you are not with them. The same goes with the h2o. If you can walk, do not take on the car. These simple areas can help you save a lot, which you can use to pay for the money you owe.

3. Cut the credit
Dont get yourself a loan anymore. If you don’t have money, next practice saving and not spending! Don’t use from other people. Of course, if you have to borrow because of emergency expenses, make sure that you negotiate for reduce interest rates or absolutely no interest rates at all.

For those who have a credit card, dispose these or leave it at home and only use it regarding emergency situations such as when you need to pay for healthcare bills or drugs. Otherwise, leave it in your own home. That way, you will simply no be tempted to spend greater than you should.

4. Make a grocery store list
Going to the grocery store or to any store with a set of products that you will need to buy can be a proven effective way to minimize spending. With an currently set items to acquire, you will not be tempted to get things that you do not absolutely need. This is especially true if you are some of those people who have the habit associated with unconsciously spending money about products that are not essential. And even if you get all of them, the item not being inside your list will make you quit and think about the obtain before you make them.

These may be simple techniques towards debt management and you may sure that they are effective!

Comments: 49

  1. Camilla April 2, 2013 at 12:26 pm Reply

    I don’t have enough equity on my home, so I cannot get a home equity loan.

  2. See April 17, 2013 at 7:00 pm Reply

    If a large amount of raw land in a prime location is going to be marketed with cap rate scenarios (resort hotel, mobile home park, storage units, campground, shopping center, business offices, etc.), how could I find information on each of these scenarios? This information would have to include a rough estimate of building costs, loan information, rents, taxes, etc. Is there any way to get this information more easily than spending countless hours on dead ends? PLEASE HELP!
    The information would be to help potential investors decide what to do with the property.

  3. Belia May 2, 2013 at 5:01 am Reply

    Can I get an IVA without losing my property?
    My wife and I have about £40K debt and we are now using a debt management company to pay a much reduced amount monthly. Trouble is with our debt, it is going to take about 16 years to complete at this rate. I am thinking of an IVA which will make us free in 5 years but we also have about 3 properties including where we live at the moment. Just wondering if that can affect our home.

  4. Norberto June 3, 2013 at 10:22 am Reply

    I currently have around 10,000.00 dollars of credit card debt on three different cards. I am paying 29.99% on two of them, and 22.99% on the other one.

    I have tried to get a card with a better rate to transfer my balances to, but the issuers won’t give me one because I am using so much of my available credit now. I have not had any late payments on my credit accounts, tho.

    Should I try to get a home equity loan to pay off the cards, or is that a bad idea, too?

    I know that I got myself in this situation, and I am wholly responsible. I do not feel right about declaring bankruptcy, but really want to get out of debt somehow.

    If I am unable to get a lower rate, then I don’t see a way to rid myself of the debt. Any advice?

  5. Sidney June 19, 2013 at 7:20 pm Reply

    I have been enrolled in a debt management program that has helped me in that the creditors have dropped my interest rates down to 6% on my 2 Chase accounts and Discover is at 9.9%. Still this is far better than the nearly 30% I was paying before I started the program. However I am trying to buy a home with my VA loan entitlement and the few late payments I had with the creditors prior to my program enrollment are not allowing me to do so. The VA won’t allow any late payments within the past year. The worst part is that I am not even sure they will ever count me as up to date even though they are paid a monthly amount which they agreed to along with the reduced interest rate. I am going to speak directly with my creditors about this in the next few days as I am in the process of relocating due to military orders in the next few weeks. However I feel that I have leverage with them since I have enrolled in the program and a home purchase is a necessity in my mind.

  6. Weldon July 6, 2013 at 11:16 am Reply

    I recently had to defer my salary at my job for an extended period and cannot afford to pay my credit card debt. What should I do? A friend advised me to not make the next payments and negotiate with credit card companies on the debt. Is this wise? Would you advise I do something else? Thank you.

  7. Elmira July 30, 2013 at 9:28 pm Reply

    I recently had a creditor, (General revenue corporation) Call my work to find me, Is this legal?, it really burns me that they would bother me at work to collect a debt. Can I do anything to stop them from doing this in the future?

  8. Katharina August 9, 2013 at 10:14 am Reply

    I have a second home that I was renting out but recently lost the renter. I can’t afford to pay the second mortgage because I was laid off. Up until this point my credit has been great. I might be a able to rent it out if I offer cheap rent but I dont think the bank will lower the mortgage payment with out asking for fee.

  9. Jessika September 22, 2013 at 5:51 pm Reply

    Is it really possible to reduce ALL debt? Or to obtain a REAL personal consolidation LOAN without having a large amount of home equity?

    I am already in a Debt Management Program, that does not leave me enough money to even put gas in my car or food on the table. I am still searching for another full-time job in addition to the 8-10 hours a day I already work.

  10. Rufus October 8, 2013 at 7:12 pm Reply

    Right now my monthly payments on all my bills total more than what I earn and bring home each month. I make ends meet with my payments usually being late, etc. I have an appointment in a couple weeks to go talk to someone at Consumer Credit Counseling Services about a debt management plan. Does anyone know if they will even be able to help me since my payments are more than my salary? Bankruptcy is not something I’m willing to consider because I work at a bank and would probably lose my job.

  11. Glayds October 8, 2013 at 8:22 pm Reply

    i am currently thinking about bankruptcy because i am still struggling to pay this all off. but, i live at home and i am also trying to get an apartment. should i stay in the debt management or should i file for bankruptcy? regardless im still going to have a bad credit score. i am just trying to weigh the pros and cons.

  12. Quiana November 1, 2013 at 7:47 am Reply

    I need help to keep from loosing my home and business. Are there Gov. grants or loans available for people with active bankruptcies?

  13. Leonor November 27, 2013 at 3:05 am Reply

    I am trying to help my parents refinance thier home and i am as clueless as they are.

  14. Rosario December 16, 2013 at 7:16 am Reply

    thinking of going bankrupt. we have researched all the credit implications and iva routes along with debt management. long story short, the wifes hours have been slashed and we simply cant afford iva’s or everlasting debt management. we have done our research but can we sign goods over? or should we put them in the attic/garage?

  15. Sebastian December 23, 2013 at 10:58 am Reply

    I keep getting calls which are automated and a voice says stuff about debt management etc. I have no loans and no credit issues and I am 100% certain I have never given them my details. The most recent call has been from 08448 733 571. I have no idea how these companies get my number. How can I stop these calls in the UK? My phone provider is Talk Talk. I always try to keep my home landline number as private as possible.

  16. Rey December 23, 2013 at 11:53 pm Reply

    I am 2 out of 3 years into a debt management plan and have a credit score of 740. I have the money to pay it off completely now. If I do, how long will I have to wait to get a home mortgage?

  17. Marlyn January 17, 2014 at 1:24 pm Reply

    I have fallen over 60 days behind on a lot of my accounts and I have a couple things in collections. I do not own a home, but I really need to consolidate but I am afraid because of all the scams going on right now. Any suggestions?

  18. Norberto January 30, 2014 at 5:59 pm Reply

    This concersn credit card debt.

  19. Lou February 2, 2014 at 6:38 am Reply

    I’m abour 5000 in debt and my fiance comes home in less than 6 months and we plan on getting a place together. I want to have all my credit cards paid off by then. I make about 1000 a month and i have a car payment cell phone bill and car insurance that runs me about 550 a month alone. Whats the easiest and quickest way to get all my credit cards paid off by then?

  20. Jonah February 15, 2014 at 3:39 pm Reply

    I am told that I should immediately stop paying my credit card bills to get the attention of the lenders, so they will be more open to negotiations. And I should refer all contact to the debt settlement company. Is this normal?
    I’m not behind on any bills right now, but it’s looking likely that I will be in a short time.

  21. Eilene February 15, 2014 at 6:11 pm Reply

    i’m thinking of using a debt manager, but will this hurt my chances of refinancing my mortgage in 6 months? We currently have an arm that changes interest next July, I want to to a rate and term refi to lower interest rate

  22. Scarlett February 18, 2014 at 6:37 pm Reply

    My wife has £33,000 of debt in her name that i have just been told about….lucky me eh!…been to Citizens advice and they have put the wheels in motion for having the intrest frozen and paying back £500 a month!…Thats the best they come up with and is gonna be no good,just wont be able to pay the morgage.Can she sign the motgage over to me, as its in both our names, and declare herself bankrupt ? what happens when you are….they cant take what you dont own??
    any suggestions?????????
    Ive spoken to some people and everyone seems to know somebody that been in the crap and “declared themselves bankrupt or only pays back a pound a month” …seems bull to me.
    She wasnt funding a rock n roll lifestyle or new shoes every day,just the day to day things and it seems to have spiraled out of control with the store cards that she got to cover birthdays and christmas plus all the extras like kids wanting a wii ….all that crap that should be saved for!!!
    Oh well its only life,nobody gets out of it alive anyway.
    See if i can remorgage…….and its my birthday tomorrow!
    the cards are alllll in her name!

  23. Latia February 21, 2014 at 1:46 am Reply

    Our credit rating is good+ but We’re struggling. And most likely will get worse. (lost good healthcare). I hear Debt Management Programs can help but will mess up your credit. Is that true? Most people who use them don’t care because their behind anyway. Lenders aren’t lending for dept consolidations or 2nd mortgages also. We have 2 homes, renovating 1 to move into, want to sell the other (we live in) when we can move in the other. Both are mortgaged. We have another house (3rd) that we are the note holders on and get monthly income. We tried to sell the note but can’t find a bank willing to buy a private mortgage. Any ideas or suggestions?
    Thanks

  24. Kecia February 22, 2014 at 12:20 am Reply

    I just entered a debt management program to get control over my credit card debt. I have done this seperate from my husband. Only my credit is affected. Just after I entered into the program, my husband started showing interest in a home equity loan to consolidate our debt (his credit card and vehicles) and do home improvements. In our marriage I am responsible for my own debts, but I am wondering if being in the DMP will affect the chances of us obtaining the Home eq. Loan. Serious educated replies will be very much appreciated.

  25. Lynnette February 22, 2014 at 2:59 am Reply

    If i call one of those debt places to get my credit card bills paid off, does that go on your credit report or make it hard to get new credit cards?

  26. Adrian February 22, 2014 at 3:59 am Reply

    About $7K in credit card debt. my credit score is very poor around 450. I cannot get approved for a consolidation loan, i dont own a home to take out a 2nd, im living pay check to pay check. I really wanna consolidate with loan. please help, how do i get the loan to consolidate if my credit is so horrible i cant get approved?? Anyone know of any places?? i dont qualify for cash call cause you have to be 21 and im only 20…someone?? anyone??

  27. Porter February 22, 2014 at 6:14 am Reply

    I was in a debt Management Plan and stupid let my payments fall (due to circumnstances and unexpected treatment that i had to have) and now they have teminated my plan. Where do I go from here??

  28. Ismael February 22, 2014 at 6:15 am Reply

    because i want to reduce my credit card payment every month due of some changes at work. less hrs. work.

  29. Hiram February 22, 2014 at 6:36 am Reply

    I am looking into a debt management plan. We tried a home equity loan but our credit has gone down to far for it. The one that I just applied for said they save on average $125 a month….that won’t cut it. Anyone have been success than that? I don’t need lectures…unfortunate health circumstances put us here. We just want a better life. I would love to hear success stories!

  30. Shelton February 22, 2014 at 8:18 am Reply

    Ok so first i was wondering in there were any debt management websites that can help me pay it off. I only have one job and i dont make very much. I am only about 2500 under so im not in deep trouble yet but enough to ruin my credit score. im not good at paying anything off alone. what should i do?
    is there a debt management website i can go to. Or should i call one of the debt management poeple you see on tv all the time. Is there a good one who will work with me even though i dont owe as much as others?

  31. Brandon February 22, 2014 at 9:00 am Reply

    I am looking into using this company to pay off some major credit card debt. Has anyone used this particular company? What was your experience with them? Would you recommend them? Was there a “catch” or hidden cost or anything you ran into after you started working with them? Are you debt free now?

  32. Hollie February 23, 2014 at 5:50 pm Reply

    I’m trying to figure out which route to take with my financial situation. Are there any other options for a person who is still current with all payments but on the verge of possible financial ruin?

  33. Alene February 24, 2014 at 6:47 am Reply

    Here is the situation… I currently have a garnishment on my wages, my checking account was just drained from another collector and my mortgage is about to have a lien on it.

    I know I should have done something before it got this bad but it is now too late for that. What is the best course of action at this point?

  34. Franklin February 25, 2014 at 4:15 am Reply

    The lease was signed by tenant and property management company. Property management company sued after home owner did. Who has the right to the lawsuit? home owner or property management company?
    This was for a property. Unpaid rent, damages.

  35. Maria February 25, 2014 at 4:16 am Reply

    Please suggest a Consumer Credit Debt Consolidation (Non Profit ) preferably as we want to get rid 15k credit card debts

  36. Willy March 2, 2014 at 7:51 pm Reply

    I am a mother of 5 children, and because of everyday living cost is so high I used my creditcards to buy groceries, etc., while working part-time. I just started working full-time and the interest rate went up on the creditcards and they would not lower their rates but they did when I joined a debt management program. Will this harm my credit more, I have no other avenues. I can’t file bankruptcy. I am really trying but it is very hard.

  37. Chana March 5, 2014 at 3:42 pm Reply

    I share a home mortgage of a house that I am not considering to short-sale if I don’t find a solution. Recently we have modified the monthly payment with the bank but, the payment is still high due that I do not have any type of income after losing my unemployment benefits due to being placed on bed-rest because I am carrying a high risk pregnancy.
    I am very behind on my payments, I have been trying my best but I have found myself paying LATE fees every month because I pay as I come up with money, some of my bills are more than a month late and one credit card I can’t even make their minimum payment; I tried making arrangements with them but it was an unsuccessful intent.
    I made a research about the three options I would have to deal with my debts. So, far after learning a little bet of the three, I thought bankruptcy would be my best option because either way my credit history will be damaged, I do not plan on adding the house on the bankruptcy, I have a debt with the state (which I now I have to pay that on my own).
    I do not know if after the baby is born that I will have an stable income. And if I do, I wonder how far behind on payments I will be.
    Does any of you have better understanding about those 3 options and if you consider that for my case, bankruptcy is the best option (even though there are 2 types of bankruptcy)??

  38. Kindra March 8, 2014 at 6:24 pm Reply

    i am just hopefully going to go on a d.m.plan could any one let me know do they work for piece of mind thanks

  39. Margie March 11, 2014 at 3:24 pm Reply

    I want to consolidate my debt I don’t hae a lot, like less than $5k but I keep hearing that it’s like a step above/below bankruptcy? should I just try to do it on my own.

    Also what website can I go to where I can breakdown of income, expenses and then leftover amount if any INSTANTLY without having to wait for someone to get back tome?

    I know some are saying do a budget but those websites go a step further and suggest how much I should be paying to get the debts paid off faster.

  40. Gale May 23, 2014 at 7:44 am Reply

    I had previously anticipated cost of living adjustments (COSA’s) for both the VA disability (I’m a disabled veteran) and Social Security disability. Thanks to the economy, my projections have been laid waste as the government has friezed those adjustments the last three years. Where I once projected having an extra $400 a month, I’m now finding myself short $45 a month and I’ve been borrowing against my credit cards to make all my debt payments. Keep in mind that non-credit card creditors don’t care that I haven’t been getting the COSA’s and these bills (utilities, groceries, security, insurance, etc) keep increasing, not just annually, but some have increased monthly.
    I have three credit cards: two of them charge around 21% interest and the third around 30%. I’ve tried to get the interest reduced and have succeeded in some cases, but after a period of time the rates go right back to what they were before. I’ve tried debt consolidation with my commercial banks (the bank I hold my mortgage with and the bank my checking account is with), but have been denied help by both.

    So, I’m hurting.
    My question is … Is there a debt management program that you can recommend that would help me out? One that won’t hurt my credit?

    Or am I better off declaring bankruptcy?
    I really want to pay all my bills and don’t want to leave my creditors holding the bag, so bankruptcy would be the last option if there were any other way.
    If it helps, I’m a disabled vet (certified 100% thirteen years ago).

  41. Brigette May 24, 2014 at 12:53 am Reply

    Thanks, just intriqued as I know someone who has gone into Debt management 5 years ago.

  42. Fabian May 26, 2014 at 6:26 pm Reply

    We are 33, 000 in debt with credit cards..most at 20%..In speaking with “pro corp’, they say they can reduce it to just over 17,000…payments now-1100.00 per month to 520.00 per month, and out of debt in 36 months.. has any one ever taken this route ?
    If so, what are the draw backs .. thank you

  43. Annis May 28, 2014 at 2:16 pm Reply

    I have a loan with my bank which is almost payed off, can i leave this out of the plan so that I dont have to bother changing bank accounts? it just seems like a lot of hassle changing everything over to a new bank account.

  44. Rosaline May 29, 2014 at 1:16 am Reply

    I have a debt totalling £5000 with credit cards, I haven’t paid the minimum payment since November 2008 as I was made redundant. I am now with a debt management programme, I found them much more convenient, at the moment they are still in the process of negotiating with my creditors so hopefully next month, payments could be paid out to each creditor of mine. I got a message on my mobile from impact debt collection on the 2nd of feb 2009, they said they’ll be calling at my home on the 3rd, i was scared!! since I live with my parents I wouldn’t want them to see me going through this. But they never showed up, are they just threatening me or will they really turn up at my house?? I have about 6 cards, the limit is £700 and I’m behind with 4 months payment, would debt collectors really turn up on my doorstep? Or should I contact the debt management company I’m with and tell them to contact the debt collectors to notify them about my situation? Please help.

  45. Vernon May 29, 2014 at 1:17 am Reply

    I have a bunch of credit card debt and am looking to consolidate it. I don’t use my credit cards anymore and i have a perfect payment history on all my accounts on my credit report. Never one late payment on anything. I am looking for some way to consolidate the credit cards to one loan with a reasonable interest rate since some of my cards are very high interest( over 21% for one of them). The problem is being in a lot of debt i dont get enough credit when i apply anywhere to transfer the balances. I have some equity in my home but not nearly enough to tap into it or i could risk being “upside down in it” Does anyone have any suggestions how someone with a perfect payment history but hight debt to available credit ratio can consolidate?
    It is nice for people to try to help but i dont even know if the person who replied read what i said. I dont need my credit repaired i have a perfect credit history just lots of debt.

  46. Donita June 7, 2014 at 8:07 pm Reply

    My husband and I got really far behind on some debts and obviously ruined our credit when he lost his job and was only able to find one making about half what he had been making. He has recently started a new job making better money and my first goals are to improve our credit scores, pay off our debts, and build a savings account. We kept up the payments that we could but others went to collections. Would it reflect better on my credit bureau if I settled with our creditors or if I paid the full balance? What is a good method to pay off debts quickly but also put money in savings? Any suggestions?

    Thanks for any and all help.

  47. Lucia June 8, 2014 at 12:13 am Reply

    in the context of the theory of capital structure.

  48. Johnnie June 8, 2014 at 1:57 am Reply

    I was laid off my job two years ago and went back to school, our credit is so bad I can’t even get a checking account! My husband and I lost our home due to foreclosure and we still owe close to 10K in credit card and hospital bills. Since our credit is already ruined will bankruptcy hurt us any more? My husband and I are scared of Debt Management Companies, his aunt went through one that took ALL of her money every paycheck! We have three children and I know that Debt Mang. companies don’t figure in baseball fees, boy scout trips and football cleats into their figures. Am I being selfish to want my children to be able to participate in extracurricular activities?

  49. Kecia June 8, 2014 at 10:09 pm Reply

    I am self employed in small transportation business and used to earn 10,000-00 per month. But now, due to some problems I earn less, about 2,000-00 to 3,000-00 per month.

    My monthly payment as follows

    House – 2000-00
    Car – 1000-00
    Credit card – 4000-00 ( whole amount 88,000-00)

    Tried to sell the car for 60,000-00 as the loan balance is 59,000-00 but to no avail as the market value is 40,000-00 only.

    Tried to sell the house for 300,000-00 as the loan balance is 299,000-00 but no one is interested as there are much better houses being developed in the neighbourhood with much lower price.

    I have used my savings for the company and to pay the monthly payment.Not much left.

    Only 15,000-00 in my pocket.

    I really need help, really in huge debt. Clueless.

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