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People are living on credit. The culture of taking out loans and improving the standard of living, which started in the twentieth century, has flourished in the twenty first century. The total amount of outstanding debt in the UK has reached ₤1,148. 83% of this is in the form of mortgages and 4.9% is in the form of credit card debt. The number of people filing for bankruptcy has also increased in 2005. Over 50% Britons used credit cards and store cards for Christmas shopping.

People have no idea how they are going to repay their debt when they take out a loan or use credit cards. Initially, borrowers find it difficult to keep up with their monthly payments. Then a situation comes when they start missing out on payments. This is where the problem must be tackled otherwise the situation may lead to default or even bankruptcy. Constant harassment by creditors can be very embarrassing. It may even lead to family problems.

If you default, the lender may initiate legal proceedings against you to recover his money. In case of a secured loan , the lender may repossess your property. To avoid this, you may go for bankruptcy or debt management. Bankruptcy will discharge you from all your debt obligations. However, once you are declared bankrupt, you might not be able to take out a fresh loan for a very long time. A better option is to go for debt management. The first step is to close down all your unused credit cards accounts. After this, you can talk to your creditor and apprise him of the situation. He might come out with a solution which will help you repay your loan.

Debt management also includes debt consolidation. You can take out a loan to consolidate your debt. This will help you consolidate all your high rate outstanding loans and unpaid credit card bills into a single loan. A debt consolidation loan carries an interest rate lower than existing loans and credit card dues. There are several types of debt consolidation loans . A homeowner loan can be used to repay your existing loans. You can also use a personal loan to carry out debt consolidation.

About the Author

The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Shakespeare Finance as a finance specialist. for more information visit our site http://www.shakespearefinance.co.uk -

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Debt consolidation loans are specially designed for all those individuals who are under severs debt grip. Debt consolidation loans give you funds so that you pay off all your existing debts and consolidate them into one single loan.

We all have to depend on loans for our personal expenditure. We borrow loans from different creditors for our basic needs and fail to keep a control on our borrowing habits. Hence debt problems arise. Debt consolidation loans are of great help at such critical times. They consolidate all your debts and give you a comfortable life.

Debt consolidation loans sum up all your multiple payments in to one manageable payment. All your hassles paying to various creditors every month will be sorted out. Beside this a lot of money can be saved which you were paying for high interest. Debt consolidation loan is also available for the people with bad credit record. Earlier these people were turned down by the creditors and were granted no help.

However things have consequently changed, with the advancement of time people with bad credit are also granted consolidation loans. Bad credit debt consolidation loan is meant for people with such background.

Debt consolidation loans reduce all your outstanding loans and credit card bills. You no more need to make different payments. One single payment will be sufficient. You are also accountable to only one creditor. However to avoid debts, one must not depend upon credit cards which unnecessarily invite huge debt burden.

To locate lenders for debt consolidation loan, one should make a thorough research of all financial websites. In order to save your time you can also apply online.

About the Author

The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting adverse credit consolidation.co.uk as a finance specialist.

For more information please visit our site: http://www.adverse-credit-debt-consolidation.co.uk -

Annie Jennings
PRWeb - Consumers are Using Credit Repair to Fix Their Credit Reports and Optimize Their Credit Scores Credit repair is being used more and more on consumers credit reports to correct errors, which intern raises credit scores and qualifies consumers for loans

Some advertisers preying on Hispanics
TriCities.com - Surf participants also found credit-related ads offering credit repair and guaranteed credit. Following the surf, the FTC sent educational letters to 166 advertisers and 77 media outlets warning them that their advertisements targeting Hispanics may

Online Press Release
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Texas AG Suing Austin Credit Doctor
KXAN - The attorney general’s office is suing a credit repair company claiming its fraudulent and ripping you off. Is this a frivolous lawsuit or one that could save you money? The AG’s office said it was illegally posted signs on telephone poles that

Spend wisely, says rap mogul Simmons
Baltimore Sun - to about 1,500 attendees at Morris Brown College on Saturday. A 182-page booklet, half in English and half in Spanish, was given out in a gift bag to everyone who attended the summit. The book included the importance of home ownership, credit repair

Business Licenses
Charlotte Observer - Real Credit Repair Solutions; Cresit Repair Services; Mercedes Valdez; 704-618-5401; 2113 Canter Wood Drive; 28213. Roberts Auto Repair; Mobile Auto Repair; Robert Wilson Jr.; 704-547-9553; 10014 Red Bluff Court; 282698381. Rushing Construction;

Debt Management Services (DMS) are services provided by some agencies and companies to protect the financial interests of taxpayers. Those agencies attain this goal by a Debt Management Plan.

They offer solutions depending upon the kind and amount of your debt. Most of these credit counseling agencies are reputable non-profit companies known as Consumer Credit Counseling Services (CCCS), affiliated with the National Foundation for Credit Counseling (NFCC). They provide services for unsecured debt such as credit cards. These services may not be free of cost. The agencies charge a reasonable amount for counseling, as well as a one-time set-up fee. Some even charge a membership fee, an application fee and/or a per-creditor fee in addition to the monthly maintenance.

Debt management services offer several options. One option is that a single monthly payment to the agency will be redirected automatically to your creditors, thereby eliminating the need to make individual payments to each creditor. Another option is an automatic deposit service. With this program, the agency that deals with the debt plan will be able to deduct your monthly deposit from your savings account. This ensures that payments are disbursed on time.

These agencies also offer counseling programs in order to make sure that the debtors clearly understand the plan and its details. In most of the companies, the counselors are available 24 hours a day, seven days a week, to answer your questions. There are customer service centers monitoring clients and providing detailed information about their individual programs. Nowadays, online counseling is also available. These companies guarantee that your identity and information are held strictly confidential.

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American Indian farmers, ranchers charge loan discrimination; still
WBBM - MANDAREE, N.D. (AP) American Indian rancher Keith Mandan says he could double the size of his black Angus herd if he had the money or if he were white. Mandan, 53, and his wife, Claryca, 52, say they’ve struggled financially to keep their ranch in

Fitch Rates CWMBS’ $998.49MM Mtge P-T Ctfs Series 2006-16
Forbes - Loan Group 1 consists primarily of 30-year conventional, fully amortizing mortgage loans totaling $499,996,196 as of the cut-off date (Sept. 1, 2006), secured by first liens on one-to four- family residential properties. The mortgage pool, as of the

Meeting on loan issue canceled
Sentinel & Enterprise - LEOMINSTER — Officials canceled Wednesday night’s special City Council meeting regarding the allocation of $1.3 million for unexpected library building expenses. The meeting will occur tonight in the City Council Chambers at City Hall. A public

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First and foremost, it should be understood what debt settlement means. It is basically a process to settle your debts with creditors. The process usually involves a third party who mediates between you and the creditor to decide upon a feasible debt settlement plan in which you have to pay a reduced debt. Depending upon the expertise of the third party and the understanding reached between you and the creditor, the debt may be reduced by as much as 25 to 50% of the original amount.

Yet, before opting for a debt settlement plan, you need to weigh your options carefully. Go in for this plan only if you are sure that you have no other option to pay your debt otherwise. Also, consider filing for bankruptcy or trying to sort out the matters yourself. Once you have decided that debt settlement is your best possible option, you need to understand how the settlement plan works.

As state above, a third party or a settlement agency mediates between you and your creditors. This agency then collects a certain decided upon amount from you on a monthly basis and puts it into an escrow account where the money accumulates over a period of time. After a decent amount is reached, the agency then contacts the creditor, negotiates the debt and begins to pay off. The cycle is repeated till the debt is paid off.

The negotiating agency, apart from charging fees for the services rendered, may also charge a monthly maintenance fee. Before zeroing on the agency, make sure that the fee is not higher than what they have decided to charge every month. This is because while accumulating money to pay off your debts, you are also accumulating late fees and interest charges as well.

About the Author

Settlements provides detailed information on Cash For Structured Settlements , Debt Settlements, Injury Settlements, Insurance Settlements and more. Settlements is affliated with Buyer Of Structured Settlements. -
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Many credit counseling groups claim they are in it just to help you and not make a profit as indicated by their charitable organization status. The IRS is not happy.

IRS Crushes Credit Counseling Groups Claiming Non-Profit Status

For the last five years, the IRS has been taking a much closer look at businesses claiming to be non-profit organizations. Given the reduction of tax loopholes over the years, the agency has taken note of the fact that many high-end tax strategies now involve some kind of charitable organization. In performing the analysis, the IRS has found no worse a collection of abusive businesses than the credit counseling industry.

Beginning in 2004, the IRS audited 63 credit counseling groups claiming non-profit status. These “charitable organizations” receive over fifty percent of all the revenues in the credit counseling industry, to wit, we are talking a major audit initiative. Well, guess what the IRS found?

To date, the IRS has completed 41 of the audits. Of these 41 audits, every single credit counseling business has had their non-profit status revoked, proposed for revocation or outright termination. Yes, every single entity has bitten the dust! Can anyone think of a bigger scam?

In crushing these bad apples, the IRS found a couple of amazing things. The primary reason for revocation was the groups provided insufficient public benefit. They offered little or no counseling or education to individuals. Instead, they were primarily motivated by profit according to the IRS. To top things off, the IRS found most of the businesses had “unique” dealings with for profit companies that just happened to be owned by the same interested parties. Imagine that! Shocking, I tell you.

It must be admitted that these rotten apples only represent roughly forty to fifty percent of the credit counseling industry. The rest of the industry that has not been audited might be entirely legitimate. The IRS does not seem to think so. In fact, it has sent out audit notices to every single company that has not yet been audited. I suspect the blood bath is just going to get worse.

In truth, not all credit counseling agencies are dubiously claiming non-profit status. The IRS, in fact, has noted it approved a whopping three applications for non-profit status out of 100 since 2003! Unfortunately, the IRS hasn’t indicated the identity of the three.

About the Author

Richard A. Chapo is with BusinessTaxRecovery.com - providing information on taxes. Visit us to get more tax help.

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It is true that marriages are made in heaven. But everything falls flat on their butt once a marriage hits the rocks. Every bit of reconciliation fails and divorce seems to be the only way out. If everything - both financial and other aspects - is settled before parting ways, then we can say - all is well that ends well. But if the separation is not so amicable and there is some sourness left somewhere in terms of an unsettled financial debt, things can turn both ugly and complex.

One such difficult situation arises when one of the partners incur a credit card debt, and the credit card debt after divorce assumes the form of a Damocles sword in the form of collection people, constantly nagging either of the ex-spouses to settle the due. The situation is a bit tricky here because whether the person who incurred the debt or the other ex-spouse has the real responsibility of making the payment is still not defined clearly by the law. The situation gets more complex when it comes to joint accounts. But let us see the credit card debt after divorce now.

Credit Card debt after divorce - mostly in joint credit cards - is generally seen by the creditors as the joint responsibility of the couple. Actually the spouse who didn’t incur the amount is not liable to pay, but the credit card company may seek payment from both the parties as they care only about the money due to them. What settlement had been reached after divorce is of little interest to these people.

One may feel that closing out credit card accounts (joint) is a solution to all these problems. If you have a responsible spouse, well this will work. But the fact is that the account does not cancel itself until somebody makes the payment. Also, after divorce, it is legally not practical to divide the debts. Hence these are some practical solution, from best to worst.

- Sell any joint asset (say, home) and pay the debt and close the account. It is a classic example of killing two birds with a stone.

- Separate credit cards can be a better option in such a situation. After applying, get the dues transferred into individual cards, divided according to your own logic or the way you spent.

- In this regard, if one of the spouses is not qualified to get a card, get one of the relatives to cosign the card before transferring the share of balance.

But, rather than being through this ordeal, the best option is to get yourself everything settled before divorce. It is always a pain to go behind all these joint issues when you are about to start a new life. Take Care!

About the Author

Jakob Jelling is the founder of Cashbazar.com. Please visit http://www.cashbazar.com/credit-cards.shtml and learn all about credit cards. -

Adjustable-mortgage holders in for a shock
Lexington Herald-Leader - For many, the solution will be to refinance into another type of mortgage that better suits their finances. But beware: Option ARMs often carry prepayment penalties, said Neil Sweren, president of Allymac Mortgage in Owings Mills, Md. Borrowers

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Lodi News-Sentinel - If you have good income and good credit you can probably refinance the mortgage to obtain the cash to buy him out. The new Robert Bruss special report, “Five Easy Ways to Buy Your Home and Investment Property for Nothing Down,” is now available for $5

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MSN MoneyCentral - reorganization and restructuring; the ability of the Company to reduce corporate overhead costs; the ability of management to manage growth and successfully compete in new businesses; and the ability of the Company to restructure or refinance its

Loan for bad debtors- it is not an illusion but it is a reality. These days, loans are also offered for those people, who are suffering from bad debt. It is an opportunity for them to solve their debt difficulties.

As a bad debtor, one can be involved in the following cases,

? CCJ?s (Country court judgement)
? Arrears
? Defaults & late payments
? Bankruptcy
? IVAs

Generally, these people have bad credit score. Here we need to know what credit score is. Mainly credit score is the estimation of a person?s credit worthiness. Normally, credit scores that are above 580 consider as good credit score. But, if it is below 580, then it is labeled as bad credit score.

However, it is a common belief among bad debtors that they can not opt for any loans. But it is completely wrong. Some loans are also made for people with bad debt and these loans are easily available in loan market nowadays. A Borrower can borrow the loan both in secured and unsecured form and get the amount ranged from ₤5000 to ₤75000. Although before providing these loans, lenders will check the borrower?s credit score and repayment capacity.

Bad debtor?s loans offering an opportunity to come out of bad debt tag. These loans can be used for various purposes like debt consolidation, home improvement and so on. But, lenders offer these loans at comparatively higher rate of interest to cover the risk of lending money to such borrowers. Apart from that, borrowers may have to pay down payment that could be from 10-20%.

Nevertheless, with bad debt loans, one can improve their credit history and stop them from getting negative impact on credit report. The new loan will begin to make positive reports so long as borrowers make their payments on time and keep it up to date.

Now the question is availability these loans. These days, getting such kind of loans is not so tough. Many traditional lenders like banks, financial institutions and lending companies provide loans for people with bad credit history. Besides, online is a good source to avail these loans. This process is less time consuming as borrowers just need to fill up an online application form. After that the lender will contact them automatically. At the same time, all borrowers are advised to compare different loan quotes before obtaining for a deal.

It is said that only iron can cut an iron. Loans for bad debtors have same functions. These loans are the best alternative for bad debt labeled people to overcome their cash-crisis and erase their bad debt tag.

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Typically people seek credit counseling when they are unable to manage the credit they have taken from credit card companies. There are several non-profit organizations in the business of credit counseling. Their primary objective is to help consumers get out of debt and regain their financial stability.

Typically the first session is free and the counselors create a plan that assesses the financial situation of the client, develops a reasonable spending plan, sets financial goals and then helps put these into action. Counselors can advise people that simply cannot get out of debt with their current income and therefore must declare bankruptcy. Sometimes, they will know of options that the average person in debt does not, and use it to their advantage.

Most of the counseling is done over the phone but the client is required to fill out worksheets and provide tax returns so that the counselor can get a clear picture of their financial resources. Once a debt to income ratio is created, the counselor is better able to determine the best way to continue servicing the debt until it’s paid off.

Many Web sites offer consumers self-help tools and calculators so that they can get the same information on their own. However, making such a plan requires skills that many consumers do not have and therefore counselors are can be an extraordinary amount of help when creating a debt management plan.

In addition to providing planning assistance, many counseling services can help consumers consolidate their debt by leveraging their relationship with credit card companies and banks. When such negotiation takes place the counseling agency takes an active role in continued debt resolution with follow-up sessions and in some cases, becoming a payment intermediary.

It is mandatory under the legal guidelines, that an agency follows AICCCA (Association of Independent Consumer Credit Counseling Agencies) standards to make sure that the customer gets the best quality of service. The agencies are typically non-profit organization with licenses and certified counselors working for them.

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Financial Services Doesn’t Necessarily Mean Loans or Brokers

Many times we don’t see the signs that indicate the need to secure financial services until it’s too late. Financial crisis doesn’t occur overnight, and there are several warning signs that indicate your debt problems may be getting out of control. Seeking financial services does not necessarily mean that you’re taking out a loan or seeking a broker. Financial services could be any company offering financial guidance. Below are some questions that will help determine if you’re in future financial danger and in need of financial services.

Do you find yourself exhausting savings as a way of supporting your debts? The purpose of a savings account is to have funds available for unexpected situations that may require additional financial resources. If you are exhausting savings to keep up with your bills, it may be an indication that you are spending more than your income can support and in need of financial services guidance.

Do you pay only minimum payments on your credit cards? If you can only afford minimum payments or not much more than minimum payments, you are overextended. It is important at this point to analyze and properly adjust your financial budget and spending behavior. It is very likely if thrown into a situation that requires additional financial resources, your current monetary situation will be unmanageable.

Click here for your free debt consolidation quote now!

Have you been declined credit or credit line increase? Being declined for credit is a clear indication that you need to re-evaluate your current financial situation. Creditors utilize guidelines that determine credit worthiness . I you’ve been “declined”, it means that your creditors feel that your finances exhibit signs of trouble. Related article: Credit Reports & Credit Repair Scams

After you pay your monthly credit card bills, do you accumulate as much or additional debt the following month? This may be a sign that you are dependent on credit cards to maintain your life style or, to supplement day-to-day living expenses such as gas, meals, or food.

Do you avoid adding up the total of your outstanding debt? It’s important to be aware of where and what monies are owed to your creditors, and in order to do this, you must confront your spending behavior head on. Implementing a better repayment program and seeking financial services assistance and guidance before the situation becomes unmanageable is the first step to financial freedom.

Are your cards nearing or over your available line of credit? If the answer is yes, here’s another sign that you are in financial trouble and in need of financial services guidance. If you were aware of your finances, and understood how high your balance is your current situation could have been avoided.

Are you dependent on cash advances to pay on other credit obligations? If your answer is yes, your current income cannot support your style of life. You need to immediately stop to analyze your budget and make the necessary adjustments. Outside financial services assistance may be needed for guidance and structuring a payment program.

Do you float or bounce checks? Floating checks is a practice of issuing a check in hopes that by the time the check has cleared, money will be available in your account. Floating or bouncing checks is a clear indication that you’re living paycheck-to-paycheck and your finances are in trouble.

Do you get collection calls from creditors? Collection calls are a definite sign that you are behind on your credit obligations. Don’t avoid the problem. Start planning to become current again.

http://www.kimberlycredit.com

About the Author

Been in the debt consolidation business for over 9 years asssiting people with debt conoslidation. Need help with credit card debt or Debt management we can help. -

Confused by all the Mortgage Options? Here’s Help 
(ARA) - Fixed rate. Adjustable rate. Interest Only. Flex. All of the different types of home loans that are available these days can puzzle many homebuyers. But, say mortgage experts, virtually every home loan is one of two types: a fixed rate loan or an adjustable rate loan.

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Managerless Millwall are set to sign teenage Ipswich striker Danny Haynes on loan.

BD Nationwide Mortgage Introduces a Second Mortgage and Home Equity Loan Compatible with the Controversial “Pick a  
(PRWEB) September 24, 2006 — BD Nationwide Mortgage introduces a break-through second mortgage loan that is compatible with payment option first mortgages featuring options for fixed rate, interest only, and the controversial negative amortization.

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Middlesbrough Football Club ace Jonathan Woodgate looks set to earn a recall to the England squad. The former Leeds United and Newcastle United defender is on a season long loan at the Riverside Stadium from Real Madrid, and his performances so far have been impressive.

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We face financial crunches time and time again and therefore take loans to help us get through the situation. However, many a time we make a mountain out of a mole hill - making a small economic snag seems like an impossible accomplishment and so … we take loans again! In UK especially, taking a personal or consolidation loan has become a part of life. Often, misjudging our circumstances, we fall further and further into debt. And since we’ve always been told that there’s a solution to every problem, here is another concept that we have created, that has survived over time, it’s called Debt Management UK.

Sometimes, while in the process of paying up umpteen loans, the varying high interest rates, innumerable monthly payments to be sent out to different lenders and demands of everyday life begin to take their toll on us. This is why most of us fail to keep up with our regular payments. Result: constant harassing calls from our lenders, incessant collection visits and reminders and finally, legal notices. This is where Debt Management UK is commonly suggested. Debt Management UK is a process which involves informal negotiations with your creditors so as to achieve either a reduction in the interest, a reduction in the complete contractual payment or waiver of any additional charges like creditor fees, processing charges, etc.

A Debt Management process is initiated only once borrowers provide proof that they have insufficient funds to meet all the contractual niceties. This is followed by a negotiation with their creditors regarding their inability to repay the entire loan. Most lenders prefer a settlement with Debt Management UK because if they don’t, the next option for the borrower is filing for bankruptcy. No lender can get anything out of that! Most creditors understand the problem and offer solutions to make repayment easier. They may also waive off some part of the loan. Expert advice from credit counselling agencies makes the process a lot simpler. These agencies even negotiate with lenders on your behalf and help you repay your loans.

Points to remember for Debt Management: 1. Make a budget and keep to it: While making a budget, be specific and detailed with it. Try your level best to stick to it. The more you write down and record your financial transactions, the more likely you are to stay on track. You’ll be amazed at how much money you spend on things you don’t really need. Your budget should define how much money you’ll send to each of your creditors monthly, how much you need for bills, and how much is left for flexible spending. Make sure you limit the amount kept aside for flexible spending.

2. Evaluate your debt situation: Assess your financial standing - your spending and your savings. When taking your loans into consideration, remember to include the principal amount, the interest, creditor charges, etc. Include all other debt and owed amounts.

3. Clear your debts one by one: While sorting out your situation, even though you cannot make the regular payments, try to send small amounts toward all your loans. Eliminate as much debt as possible. Start by sending slightly larger amounts to clear off the larger loans. Smaller loans will get sorted out with small regular payments.

4. Take expert advice if necessary: When it comes to Debt Management UK, credit counselling agencies are the best places to turn to. Most credit counseling agencies are non-profit companies. Of course, there are fees involved. The idea is that you write one monthly payment to the agency, and they in turn distribute that money to your creditors. Credit counseling agencies are used to dealing with people with bad credit or poor credit, and can help you create a custom debt management plan (DMP) too. They can suggest money lenders that might be more willing to make a loan to someone with a lower credit rating.

When in a grave financial situation, never hesitate to consider Debt Management UK. If you don’t or if debt management UK too, fails to help you, then you will have to file for bankruptcy. Bankruptcy frees the borrower from all his debt so that he could start afresh. However, it leaves a bad impression on the credit score and the borrower will find it very difficult to obtain a fresh loan for many years.

Debt Management UK may be able to lower your monthly payments by 30-50%, stop the late fees and over limit charges, improve you overall credit and put an end to life full of debt. Get the help you need through Debt Management UK today. You will walk through the process and will be on your way to being debt free.

About the Author

Marsha Claire is offering loan advice for quite some time.To find UK debt consolidation loan,debt management,debt advice visit http://www.ukdebtconsolidations.co.uk -

Advantage Credit and Ellie Mae Offer Mortgage Professionals Mortgage Loan Fraud Prevention Tools 
Advantage Credit International and Ellie Mae have partnered to target mortgage loan fraud and mortgage broker fraud. (PRWEB Sep 15, 2006) Trackback URI: http://www.prweb.com/zingpr.php/UHJvZi1QaWdnLVByb2YtWmV0YS1JbnNlLVplcm8=

More Than One in Five Mortgage Requests From HouseValues Sites Secure a Loan Within One Year, According to Real IQ 
Real IQ, an independent national marketresearch firm, has found that 22 percent of consumers who submittedmortgage loan requests from HouseValues sites subsequently secured amortgage within 12 months of their request.

Fitch Rates FFMLT $1.15B Mtge P-T Ctfs, Series 2006-FF14 
NEW YORK—-Fitch rates First Franklin Mortgage Loan Trust mortgage pass-through certificates, series 2006-FF14 as follows: $966.3 million classes A1 through A6 ‘AAA’; $37.8 million class M1 ‘AA+’; $32.5 million class M2 ‘AA’; $19.7 million class M3 ‘AA-’; $18 million class M4 ‘A+’; $16.8 million class M5 ‘A’; $15.7 million class M6 ‘A-’; $14.5 million class M7 ‘BBB+’; $7.5 million class M8

“Motivated by Oprah?s Debt Diet?”

Oprah introduces a step-by-step plan to help America get out of debt. Learn how it can help you, plus extra “Secret Sauce” to make the debt diet work for YOU!

Friday, February 17, 2006 marked the first of a multi-part series for The Oprah Winfrey Show, where Oprah challenged Americans to get out of debt. Oprah teamed up with three of the nations top financial experts to create a step-by-step action plan to show her viewers how to get out of debt. Oprah featured Jean Chatzky, Glinda Bridgforth, David Bach as her top financial experts.

Oprah compared Americas over-spending habits to our similar over-eating habits. She showed how compulsive spending is much like compulsive eating and how America doesn?t just have a high rate of obesity in our body, but obesity in our debt.

Oprah featured three families that were suffering from their high debt. First, there was the Widlund?s, who had the lowest annual income at over $75,000 and $81,000 in debt! Then there was the Eggleston?s, making about $92,000 a year and with $115,000 in debt. And the Bradley?s topped it off with over $100,000 a year income and $170,000 in debt.

The Four Steps of the Debt Diet,
WITH some Special “Secret Sauce” added… Enjoy!

Debt Diet Step 1:

How much debt do you really have?

Calculate how much debt you really have so you can begin paying it down.

Often times many people do not even know how much debt they really have. This is an important step to getting your debt under control.

It’s a good idea to run a three-in-one credit report. A three-in-one credit report is a combined credit report from each of the three credit bureaus (Experian, Equifax, and TranUnion). Whether you regularly get monthly statements or not, running this kind of credit report will show you any old debts that you still may owe, along with anything that may be being reported to the bureaus for which you may not be responsible.

Our Special “Secret Sauce” for Step 1 of the Debt Diet:
What “kind” is just as important as how much…

Knowing your “Point A”, your “current reality” or where you’re starting from IS the best place to start. If you were driving to New York, how would you know where to go if you didn’t know where you were starting from?

…But knowing how much debt you have is only one side of the coin.
The other side of the coin is knowing what kind of debt you have.

Knowing how much of each type of debt you have will make a HUGE difference in understanding which options are available to you, AND how each option will impact you.

TAKE ACTION!

Organize your debt into these categories:

? Secured Debt - This includes any debt secured by a title or asset, like a house, car, motorcycle, boat, RV, etc. This may also include dirt bikes, quads, jewelry, or furniture.

? “Qualified” Unsecured Debt - This includes all unsecured debt (debt NOT secured by a title or asset) that may qualify for debt management programs such as credit counseling, debt negotiation / settlement or other debt management programs.

Qualified unsecured debt includes credit cards, personal loans, credit unions, hospital & medical bills, collection accounts, and deficiency balances.

Some examples of unsecured debt that is not qualified for debt management programs are payday loans, cash advances, MAC tools, Military accounts (Star, Omni, etc.), public utilities, personal loans from family or friends, and student loans.

? Other Unsecured Debt - All unsecured debt “”not included”" above

? Student Loan Debt - Self explanatory.

? Tax Debt - Any debts owed to the IRS or State TAX authority.

Once you know how much of each kind of debt you have, document it and keep it handy. If your situation changes, update your info and keep it current.

Debt Diet Step 2:

Track your spending and find extra money to pay down the debt.

Cut back on daily extras and find savings where you least expect them.

Track Your Spending:

This is a multi-part step. The first part is to track your spending. Track each and every penny that you spend, whether it’s food, coffee, gum, bills, etc., track it and write it down for review.

This alone can be very powerful. It can show you just how much of your money is eaten up on the little things. This is what one of Oprah Experts refer to as the ?Latt? Factor?.? Say you buy a latt? every day? after all, it’s just $5, right? But added to the soda each day, a snack from the vending machine at work, some gum and maybe some candy, too it really starts to add up! Just $10 a day can double the minimum payment on a $10,000 credit card! That?s up to $3,600 a year!

Trim the Fat:

The next part to this step is ?trimming the fat.? Look at where you are spending your money. It’s time to make sacrifices. Try using a budget calculator to find some extra cash to pay down your debts. From cutting back to basic cable or not eating out as much to downsizing your big-screen T.V. and giving up the extra car, cutting back on these extra expenses can really cut back on your total debt!

Our Special “Secret Sauce” for Step 2 of the Debt Diet:

DID YOU KNOW That Most People Spend 10% More Than They Make?

You probably know how much money you made last month, but do you know how much money you spent? Or do you know how much money you have left to spend this month? If you don’t, you’re not alone, most people have no idea.

The fact is most of us spend 10% more per month than we make. That comes out to $431 per month based on the average American income. No wonder the average credit card debt is now at $8,500!

So why is it so difficult to track your spending? Today we live in a near “cashless” society. Using debit cards, credit cards, automatic deposits, and wire transfers, we rarely even see our money. It’s easier than ever to spend, spend, spend!

We Need A New Way To Manage Our Money

Traditionally, many people managed their money by dividing their cash into several paper envelopes. An envelope for food, entertainment, utilities etc. They then spent their money from these envelopes. They always knew how much money they had left to spend, and how long it had to last. So how can we use such a simple, effective system today, when we don’t even see most of our money?

TAKE ACTION!

? Track every penny that you spend for the next 30 days
? Create a spending plan and stick to it!

Debt Diet Step 3:

Learn to play the credit card game.

Get expert advice about how to lower creditor?s interest rates.

This, again, is a two-part step. The first step is attacking your interest rates. Many people who are deep in debt are suffering from high interest rates. Creditors may raise your interest rates if you are ever late on any payments or simply because you have too much debt.

You will want to contact each of your creditors and lower your interest rates. This is not always easy but if you follow some of these simple secrets, you may find that your results are better than you would expect!

Once you have gotten your interest rates lowered, you will want to re-assess how you use the money you have allotted to pay them off. You can also use the extra money from your budget that you uncovered to pay your cards off quicker.

Our Special “Secret Sauce” for Step 3 of the Debt Diet:
Know your options.

Making minimum payments is simply not smart. It’s purely in the best financial interests of the bank, not you. If you can afford to pay OVER the minimum payment each month, then you can use an accelerated payoff plan (AKA: “roll up” / “roll down”) to avoid paying insane amounts of interest and get out of debt faster.

You can use the Dead on Last Payment?or DOLP?? method as mentioned by David Bach or a system that pays off the highest interest rate card first, such as the debt calculator included in the Mvelopes Personal Budgeting System (saving you the most money and getting you debt free faster).

But what other options exist?

? Did you know that credit counseling could significantly reduce your interest rates and get you debt free faster?

? What about debt settlement? Did you know you could be debt free for lot less than what you owe, like 60%? …And completely eliminate interest?

? Is bankruptcy right for you?

These questions are worth looking into. In fact, they could be worth THOUSANDS of dollars to you, if you know your options and make the right choice. They could mean the difference between freeing yourself from debt in 30 years or in 30 months.
Don’t you think it would be wise to get some quality answers and truly know your options?

TAKE ACTION!

While learning to play the credit card game and getting expert advice about how to lower creditor?s interest rates is important, we think it’s more financially intelligent to take it a step further. There IS more out there and you deserve to know the truth about which options exist for you and how each option would impact you.

REMEMBER: Always beware of anyone offering only one option.
Learn about and consider all of your options before choosing what’s best for you.

Debt Diet Step 4:

Stop spending.

Teach yourself to spend less and save more every day.

This step is everlasting and can take a lot of focus and energy. For many people, they must break life-long habits in order to make this work. Creating your budget will help tremendously. At that point, you only have so much per week, or per month, to spend on any given category (groceries, entertainment, cigarettes, etc). The more to stick to the budget, the more you will begin to get comfortable with it.

Our Special “Secret Sauce” for Step 4 of the Debt Diet:

While you must control your spending in order to overcome debt, it’s good to point out that this step holds a SECRET…

Money is a highly emotionally charged subject. Spending is emotional.

So how do we deal with it?

How do we control our spending?

The secret is that our deep, emotionally driven need to spend money is actually the key to gaining control. Even better, we can harness these same emotional drives that have caused us to spend out of control to awaken our financial genius.

If you want more… but instead of being able to afford it, you go into more debt, well, that’s not very financially smart. You will need to STOP SPENDING and discipline your self to create and stick to a spending plan.

But remember what you want!

If you want to spend, that’s great! HOW CAN YOU?

More income is usually the answer. It’s critical to control spending. At the same time, it becomes the perfect motivator for you to stick to your budget and find ways to “trim the fat” AND to earn more money …so you can buy the things you want!

Having a clear, motivating goal and purpose is what you need to stick to any plan, especially a spending plan.

TAKE ACTION!

Decide what you really want and why you want it. Get committed! Then sticking to a spending plan will be possible. Along the way, controlling your spending will become freeing, fun and fulfilling.

? Think about what you really want. Define it clearly and specifically. Write it down as your goal.

? Focus on this goal whenever you meet resistance in starting or sticking to your Debt Diet.

? Realize that in order for you to have what you want, you simply must follow the steps of the debt diet.

America’s Debt Diet: “What’s for Dessert?”

Oprah?s Debt Diet has taken America by storm. Since originally aired, and reinforced with each new part of the series, millions of Americans are taking the steps necessary to begin their path to financial freedom. No matter how you decide you need to go about it, it is critical that those who need help start now!

The techniques taught in the Debt Diet are very powerful and can help a lot of America relieve the pain of their debt. It?s important to keep up these good habits no matter what you do. However, for many families out there, it just is not enough.

Many families have already ?trimmed the fat.? Anymore and they would not eat. Many families are not able to get their interest rates lower. Many families have lost income or a spouse?s income and simply can no longer afford to pay for the debt they have already accrued.

? What if these steps are not enough?

? What other options exist?

? How can you gain the advantage in a financial hardship situation?

For people in these situations, the Debt Diet just isn’t enough. It may be time to start looking for a better debt solution to help you get free from your debt.

Hopefully, you will take advantage of the special “secret sauce” we’ve shared with you here to make your debt diet more successful and enjoyable!

Cheers!

-

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How does debt consolidation work?

Debt consolidation is a simple process that involves combining all non-secured debts, such as credit cards, medical bills and insurance, and tuition bills, into one monthly payment, which is substantially-lower than the combined payments a debtor is currently making.

Debt consolidation works by allowing the consumer (the debtor) to pay a fixed amount to the consolidation company; and in turn, the consolidation company gives them the authorization to make payments to the individual creditors on your behalf. For its part, the consolidation company negotiates lower interest rates; or sometimes, an interest rate of zero.

Creditors are usually willing to make such arrangements because they are more likely to receive payments on time from a debt relief organization than from an over-burdened consumer.

In what ways does debt consolidation help?

Debt consolidation helps a debtor in various ways, the basic ones being:

*Consolidate on monthly payments *Management of debt *Helps avoid future debt *Get collection agencies off your back

Is it preferred over bankruptcy?

Yes, it is. Debt consolidation is an important step, which helps debtors avoid the much more serious step of declaring bankruptcy. In bankruptcy, your debts are canceled and your credit rating collapses completely; whereas debt consolidation is a much stable option, which gives you a better credit profile.

What are the various means of debt consolidation?

You have a few options when considering debt consolidation. You could hire a credit counselor to help negotiate a settlement with your creditors–often at a discount to the total amount due–or you can get a debt consolidation loan.

With a debt counseling company, you have the advantage of paying one bill each month for all your accounts. Debt relief organizations form relationships with thousands of creditors, giving them enough bargaining power to push creditors to forgive debt they normally would not.

With a debt consolidation loan, you will consolidate all of your unsecured debt into one single payment at a reduced interest rate. They will assist you in saving as much money as possible and will reduce your concerns and hassles.

Talbert Williams 1DebtFreedom.com All rights reserved

About the Author

Talbert Williams offers debt consolidation, debt reduction, credit card debt referrals and advice. For more information, articles, news, tools and valuable resources on debt solutions, visit this site: http://www.1debtfreedom.com -