2010

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Fixing Your Finances and Debt Consolidation Loans

 

Financial freedom, or simply put, freedom from debt can only be gained if you systematically pay off all your debts. Debts, like death and taxes are basically inescapable. Even in death, debts will remain attached to your name, forever. That is, if you don’t do anything about it.

 

Credit restoration and getting good results with debt consolidation loans are not impossible. Even the experts agree. According to Brenda Freeman, Chief Executive Officer of Brenda Freeman and Associates, a private credit counseling company in Houston:

 

"There is no credit that can't be restored. Consumers feel intimidated by their creditors and bullied by collection agencies. The truth is your creditor can be your ally.”

 

Freeman continues with:

 

“There are hardship deferments if you've lost your job, gone through a divorce, or experienced an illness or a death in your family. Some creditors will even waive interest-rate and late-charge fees while you're experiencing a financial hardship.”

 

Repayment is Hard, But Bankruptcy is Even Harder

 

Options like consolidate debt loans exist primarily to wave off the possibility of bankruptcy. In the murky economic times that we live in, bankruptcy is tantamount to erasing yourself as a freely spending economic entity.

 

How do people deal with debt? The practical way to increase one’s income is of course to get other jobs. You may choose to make it a permanent arrangement. If you have large debts to repay it is the only way to increase your monthly cash flow.

 

How Well Do You Know Your Finances

 

According to Cheryl Creuzot, CEO and president of Wealth Development Strategies L.P. in Houston:

"You need to know what's coming in, what's going out, and your assets and liabilities. Once you have this information, adjust your spending so you can focus on paying off the debt and accumulating net worth."

 

This is the same approach with debt consolidation loans. Financial consolidation will never work if you have absolutely no idea how to control your spending.

 

Your one-time fee would probably go to waste, and you will probably be hearing from your friendly neighborhood debt collectors once again. Worse, you can hear from the debt collector’s distant cousin, the friendly neighborhood lawyer. This is what precisely disappears upon acquisition of debt consolidation loans.

 

Negotiating

 

Don’t let your consultant or advisors do all the talking! You should be part of the solution, not a passive observer. If you think everything is so new to you, then it’s time to familiarize yourself with the process of credit negotiation and the like. Here are some simple ways to get good results:

 

1. Start being proactive. If there’s an imminent marital tragedy (like a divorce) that is due to explode in two months, contact your creditors. There’s a chance that the interest rates might be waived temporarily.

2. Let you creditors know that you are serious about repaying all your debts. It’s always a question of commitment, even in debt and repayment.

3. Never be rude. Don’t slam the phone; don’t cuss the other person on the line no matter how angry you are. Such actions will have repercussions.

 

 

>> Back to Consolidate Debt Loans 2010

 

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