Consumer Debt Relief - What are the Options to Eliminate Debt?

Debt relief does not need to be a hassle. There are two popular methods that can be used easily to eliminate debt.

Government debt relief loans and grants

The first option involves applying for a government debt relief loan to eliminate or decrease debt. Approval is guaranteed if an individual can prove the inability to pay debts. As with any other loan, the ratio of income to debt is compared. Based on this information you may qualify for funding that does require repayment.

Government money is available but may not be easy to find. The US federal government has a website where this information may be available and how to apply for debt relief grants and loans. This type of funding is easier to receive than the typical bank loan that can be a time consuming process.

Related to government loans, the federal government also considers the ability to repay the loan if approved. Government loans and grants are usually unsecured. They are a good source to prevent bankruptcy filing. Take the help if it’s available, there are many loan and grants opportunities. Use your imagination and find money from the government for many purposes.

Debt consolidation services

Finding a company that provides consumer debt relief services is also a good option. Debt consolidation companies work with creditors to decrease the payment and lower the interest rate.

This is also another easy method compared to applying for a loan. Debt consolidation companies also have requirements that an individual must meet. Many companies have a minimum debt of $4,000 but some companies it can be as high as $10,000.

Using a debt consolidation company can help to reduce the monthly payment and payoff the debt quickly or eliminate the debt completely.

As you can see both options are good and do not create hassle or havoc to find. No fretting or worries about your debts.

How to Improve your Credit Score?

In this day and age having a decent credit rating can open many doors and also allow for cheaper financing for your various projects, whether it is buying a car or embarking on purchasing your first home. Unfortunately many do not know the fact that if your credit rating is poor you Will be penalized by many a financial institution by paying a higher rate of interest for the financial products that you are vying for.

These are some important pointers to help you go in the right direction and to put matter straight about ways to improve your credit score and rating which will help alleviate a lot of the misconceptions and confusion that surrounds getting a good credit rating.

1. If you are late on your monthly credit payment make sure you never exceed a thirty day limit as over a third of your credit score is assessed through late payments so if for example you don't pay your credit card bill within the thirty day grace period that will affect your credit score.

2. Never cancel your credit cards, even if you never use them any more as they count towards your credit history so keeping them, even not in use works to your benefit. Your credit history determines approximately 15% of your credit score so this is a point to remember.

3. Even if you are a cash buying sort of person, try to have at least one credit card under our belt that you use occasionally, even if you pay off the balance as this gives Lenders the ability to assess you as a future client. If you have never had credit then there is no yard stick in which to assess you so this will work in your favor.

4. DO NOT go to the other extreme by applying for a plethora of credit simultaneously as this will ring alarm bells and will make it seem like you are going through a financial crisis and need bailing out through borrowing. This will have a really negative effect on your ability to get future credit for the items you really need.

5. If you have children try to get them into a habit of managing money by issuing them with a prepaid debit or credit card and get them to learn to budget early as this will help them for when they will need to be even more responsible during adulthood.

6. Only get your credit score through the main government credit bureaus as there are many scam programs online offering you a free credit report when they are NOT at all free.

7. Do not wit hold information about your credit or try to make falsify anything that may be related to your credit rating as you can actually be penalized with court action as it is an illegal activity.

Keeping these few tips in mind can perhaps save you thousands of dollars in the future when you apply for credit for larger items.

Ways to Avoid Small Business Lending Disasters

When a small business owner wishes to get hold of some extra funding through lending sources it can be quite a tricky and costly process and there are many pitfalls which one must try to avoid in order to get the cheapest and most efficient funding for one’s business. There are some pitfalls to look out for which if avoided can really help you benefit in the Short and long term running of your day to day business affairs.
By taking the time necessary in securing the best loan terms possible for financing your small business operations you can perhaps avert many disasters that could really affect the day to day running and future growth of your business so this needs to be looked at with great care and no rush decisions should be implemented.

Two things that need to be considered at this point are the following:

1.Are you in need of a long term loan or do you just want a short term loan to bail you out of a crisis? This will indeed determine the type of loan that you will require for the running of your business. There are many loan types available and you need to look into what your resources are and what your needs are so that you can focus on the repayment amount for the loan intended.

2. Do not go this alone. Unless you yourself are a financial expert it is much more practical and it will give you also that much greater ease of mind if you consult an independent Financial Advisor who has access to all the ins and outs of different commercial and business loan rates available on the market. Of course you should also take a peek online and look at what is available so that you can have a rough idea as to what it is all about once you do make up your mind to consult with a Financial Advisor in your area or online.

3. Do not just go for the first loan that you find offered to you. Make sure you exhaust all possibilities before making the final choice as rush jobs can make you pay heavy penalty as many people hit the Panic Button and never bother to read the fine print as to what is being offered. Make sure you go over each loan thoroughly with an expert and ask questions about early repayment penalties etc or is it better to go for a line of credit? Financial Advisors are there for this purpose so you shouldn’t feel guilty to ask the relevant questions in order to secure the most economical loan for your business needs.

Top 4 Mortgage Types in UK

The UK mortgage market has a variety of loan programs for consumers to choose from. Each option comes along with distinct features and benefits which one needs to understand in order to select the right offer. Out of all options available, the 4 widely popular options are listed below:

Variable rate mortgage or ARM:
Variable rate mortgages are loans in which the interest rates vary from time to time. Lenders offering variable rate loans or ARMs (as these are known in US) fix the mortgage rate at 1%-2% above the Standard Variable Rate (SVR) which is based on the benchmark interest rate set by the Bank of England.

Fixed rate loans:
Fixed rate mortgages are those in which the interest rate is fixed for a certain period of time, say 2, 3 or 5 years after which the lender may convert the rate into a Standard Variable Rate for the remaining loan term. The Standard Variable Rate can be higher than the fixed rate you were offered initially. Fixed rate mortgages are available both as an interest-only or repayment loans.

Capped rate mortgage:
Capped rate loans have features of fixed and variable rate mortgages or Adjustable Rate Mortgage. The lender charges an interest rate pretty close to the prevailing rates and offers the guarantee that rate won’t go beyond a certain limit. The best thing about such loans is that the borrower’s mortgage rate can fall but there’s a limit beyond which it will never be raised, no matter how much the prevailing rates go up.

Discount rate mortgage:
Discount rate loans are those in which you get a discount off the Standard Variable Rate. The discounted rate is usually set at few percentage points below the Standard Variable Rate. In case of a Stepped discount mortgage, one gets a rate discount, say 2% in the first year, and 1% in the second year.

The best way to select from any of the above programs is to collect information on how these loans work and what you need to pay. Then compare the offers and take the right decision keeping in mind your affordability.

How to File Bankruptcy

Filing for Bankruptcy can be a traumatic experience and it it not to be taken lightly. Before even considering this route you must first see the alternatives as they may save you a lot of hassle and expenses and also be better for your reputation although Bankruptcies are sometimes the only choice left.

1. First see if your Bank can assist you with debt reduction or consolidation loans that are cheap but if this fails then you can look at a debt management agency to take over all your debts and bring the debts down considerable. Here you can then pay your debts off at a discounted rate with a monthly payment you can afford.

2. If the above isn't possible then it is best to seek some legal advice on the matter, depending on the laws in your country. Usually if you want to file a bankruptcy you have to file it through the courts and there are usually two types of bankruptcies.

One is a total liquidation of assets bankruptcy and the other is a paying off your debts kind of bankruptcy which is the one that most of the times you are granted. Even though a lawyer costs money it is advisable to get one as the whole process is quite a long winded affair with all and sundry probing into your life and your assets or lack of them. After filing what is known as a Debtor's Petition you will then be investigated and so all your answers must be as accurate and true as possible and this is where the lawyer really comes in handy.

Make sure that before you decide to file for bankruptcy that you know the full cost of the court plus solicitor's fees so you know exactly what you are getting involved with.

Unsecured Wedding Loans

A wedding is supposed to be filled with laughter and joy and is meant to be one of the most pleasant life experiences that people go through at one stage in their lives. With this great happiness comes also a great expense and nerve wracking situation as preparations for the Big Day can become quite stressful if not planned out in time.

Not everyone has the economic clout or capacity to pay for the wedding expenses out right so have to resort to taking out a loan to cover the costs. Also if you have no collateral to take out a secured loan you would have to opt out for an unsecured loan.

Where is the best place to apply for an unsecured wedding loan you may be asking yourself? There are a few alternatives available at present. The first and most obvious place to seek financial help would be your local bank and if they seem helpful then that could be your problem solved. Otherwise looking via the Internet could be a way where you could apply for a wedding loan and get a really good rate of interest as there are many competitors in the Market looking for your business.

There are also many loan comparison sites on the Internet which could also be a good place to get an idea of what companies and rates are available and where you can get the best deals.

A good way to get an estimate of the cost of the wedding is to write down all the items you need the loan for and then take it from there as to how much you are likely to need to borrow and then start applying for online unsecured wedding loans where you can spread the payments over a longer period of time.

Bankruptcy vs Debt Consolidation

There may come a time in your life where you will have to take drastic decisions to take back control of your life and to sort out your financial hiccups. Going down the bankruptcy route or opting for Debt Consolidation instead are both daunting decisions to make and not to be made likely. Here are the pros and cons of going for either one which will hopefully assist you into making a valid and sound decision based on your current financial needs and status.

Debt Consolidation by far seems the most popular of the two by Public Opinion and here we list the advantages.

1) A debt management or consolidation program is a partnership between you and a debt management agency who work out an affordable monthly sum to pay all your creditors.

2) The headache of mounting bills is taken away as you just issue one check a month to the agency and they take on all the hassle of communicating with creditors on your behalf for a small monthly fee.

3) You get to pay less of what you owe over all as the Agency bargains with your creditors in order to get the debts decreased, rather than them not getting any payments from you at all.

4) All transactions are conducted in a private manner and your privacy rights are respected.as you are going through difficult times.

For many people Bankruptcy is the only way out and so often they opt for this way out. Here are the advantages.

1) All legal proceedings being made against you have to stop at the point you file for bankruptcy. No one at this time can take you to court.

2) You have to declare your wages and expenses but even in acute cases you are probably allowed to keep your main hoe and car.

3) The big advantage of declaring bankruptcy is that it gives you a fresh chance to turn over a new leaf and you can walk away from your past debts and difficult situation.

In either case it is always wise to seek legal advice before taking any one of the two decisions at your disposal.

Disadvantages of Payday Loans

Now a day Payday loan is a very common word in the financial market and very popular between the borrowers in all the present loans because of its benefits like fast processing, less requirement and fully online process etc. But payday loan also have some drawbacks and you can get the benefit by knowing these drawbacks before applying the payday loan. In this article we discuss all the drawbacks of payday loan.

One of the biggest drawbacks is the high interest rates on payday loan applied by the payday lenders. These lenders often make big profits by charging high interest rates on the borrower. Some times these interest rates go up to $40 per $100. If you are going to apply for the payday loan then must enquiry about the competitive lender before applying. You must negotiate with the lender on the interest rates of payday loan and also compare the interest rates with other lenders online.

Harassment of the borrower by the lender in case of non-payment is another drawback of payday loan. The amount that you take from the lenders must be paid back in time. Companies also provide the pay back plan on additional fees. If you are not able to pay the loan or your payback is returned due to insufficient cash then companies will call you at home and office regularly. Some companies also meet your family members and neighbors to harass you. Many companies make this legal under Fair Debt collection Act.

You can not borrow more than $1500 is another drawback of payday loan. Even to get the payday loan your salary must be $1000. If you take the payday loan first time then you can not borrow more than $300 to $600. If your salary is more than $1500 and you are stable with your job past 6 months and fulfill the basic requirements of loans then you get more than $600. These are some requirements of the lenders.

Finally we can say that Payday loans are not the permanent solution for the long term financial need or big instant cash need. If you are living on your monthly salary and have the need of instant cash then payday loan increase the burden on you instead of help you. It is important that you realize these drawbacks and look for other alternatives to fulfill your needs or avoid serious financial problems or bankruptcy.

Tips to Choose Best Mortgage Lender

Trying to locate the right mortgage lender for all your house buying and selling needs may be one of those very confusing and daunting processes but that needn't be the case. If you follow some guide lines step by step then you can successfully do all your real estate transactions in not only a shorter term but without too much hassle as well.

1. Decide on the type of service you require and what type of mortgage you wish to apply for as there are different types of mortgages. You ca find out online what types of mortgages are offered in the region in which you reside. Are you looking to buy your first property to get up the property Ladder? Or are you buying a buy to let property which you wish to buy as an investment property? So this is what needs to be determined first. Also check out all the mortgage jargon so at a later date once you come up face to face with your prospective Lender your mind doesn't boggle with confusion.

2. Secondly after you have determined what type of property and mortgage you wish to apply for then you need to know what is available in your area or even who can give you the best offer and term available. This you can do easily and even from your own home computer by logging onto a mortgage comparison site. These sites give you lots of useful information and can also give you free quotes when you put in some generic information as to what you are looking for. There are so many companies that can provide you with the same service but what you want is to find the one that can offer you the BEST in terms of value and service and this is why a mortgage comparison site is necessary to eliminate hours of hunting and confusion. The other benefits include an inexpensive approach to eliminating companies that may not fit your criteria so you don't have to waste time and money on long phone calls.

3. Once you have found two or three companies that you may wish to get in contact with credit bureaus to check your credit rating as a poor credit rating may affect the cost of your mortgage and can have a great impact on what you will pay out in the long term. With the results and this in mind you can then go ahead and seek advice from the few that you have narrowed down and then you will be able to get the better value loan to go with the directives you have chosen in your real estate activities.

4. Arrange an appointment with the Lender and then see if their advice matches up to the due diligence and information hunting that you have done prior to contacting them as this will alleviate any unnecessary confusion and will be able to set things in motion far quicker than having too much mortgage jargon thrown at you if you are a lay person or if this is your first time in purchasing property.

Credit Card Consolidation for Students

Often most of the college students have the credit cards and only pay the monthly minimum balance on his credit card because they have the limited funds. It is common that only pay the minimum balance can produce the high interest accumulation. In that case you pay more than that you charged. The credit card company earns billions by the interest rate charged per month. Since you are the college student, own some credit cards and want to payment then you use credit card consolidation technique.

Credit card consolidation is a process done by the consolidation lender to lower your monthly payments. It is the main benefit of credit card consolidation. By consolidation, your all credit card balance turns in one payment and that are very less than that you pay combined in monthly installment. Credit card consolidation helps you to reduce the debt and monthly payment. By consolidation, you save the money and use it in various college expenses like books, room rent and assignments. Credit card consolidation is the best option to lower down credit card balance for a college student.

Choosing the credit card consolidation provider is another considerable thing for college student. If you go to search for consolidation lender on google search, you will find 3,59,000 results for “lender for credit card consolidation” phrase. From my point of view, you first negotiate with his personal loan because if you have the good credit and a working account then you can apply the personal loan to pay the credit card debt. By this, you can still keep your account open and also improve your credit reports because closing a credit account may affect your credit report. Another option is go for a debt consolidation company for your debt. It is the best option for college student who have the large amount of credit card debt.

Before going to take the service of consolidation for your credit card-check your plan that means you can not use credit card because of no credit balance. You must be sure that your credit report will not be affected. If you have the right reason and right plan than credit card consolidation is the best way for college student to pay his credit card debt.

Some Myth About Debt Relief

Some debt relief myth are mentioned in this article that will be really helpful for you. People say when you are in debt it is not possible to increase the credit score, some says without collateral it is not possible to get loans. It is also not true. And some says it is must to pay debt full. It is also not true. You can settle your debt with the creditors or get help from the debt relief company for debt relief settlement.

Below are the details given about the debt relief myth and its solutions. These points will help you getting ideas to settle your debt and also how to increase the credit rating and how to apply for the loans :

a) If you are in debt and unable to pay to it then talk to your creditor for the settlement of the debt. You can also get debt relief help from the debt relief company. The bankruptcy is not the permanent solution. You will not apply for any loan in the future if you file bankruptcy. So better, talk to your creditor and settle it.

b) A bad creditor can even apply for the loan. It is even risky to offer loans for the bad creditors and there is also some difficulty for the bad creditors to get loans or loans on high interest rates. If your credit history is not good then take small amount of loan and pay the amount in the time and get some credit points. By this way, you can improve your bad credit history.

c) If you have no collateral then also you can apply for the loans. The interest rates are very high because these type of loans are unsecured. The unsecured loans are very risky for the lenders and no guarantee of return. The loan is provided by the lender on faith or promise only. So they charges high interest rates. Means without collateral, you can get loan and return back with high interest rates.

Read more about debt relief settlement and how and where get debt relief here : http://www.debtrelief-assistance.com/

Same Day Payday Loans - Unsecured Quick Loan

Same day payday loans are the usecured loans that can be available in your checking account within hours. It is the best and risk-free high interest payday loans for the financial assistance. No need to place any collateral as security for the cash advance. These loans are quick because there is no need of faxing and documents and collateral as security.

The same day payday loans are the best choice of everyone looking for the payday loans, even bad creditors also apply for the cash advance loan online. Only lender verify whether the borrower has been employee for year or not.

Requirements for Payday Loans :

The urgent cash loan is unsecure loan so no need of any security, but you must be employer and have checking account in the bank and your age should be 18 or more. These are few requirements for the same day payday unsecure loans.

Payday Loan Amount :

Its all depends on the salary of the borrower. But you can easily get between $1000 to $1500 if your salary is more than $1000. The payday loans are short-term loans for next payday. The interest rate is very high, so pay the amount in time.

Payday Loan Interest Rate :

It is unsecure quick loans and for the bad creditors also so the lender charge high interest rate. The interest rate is upto $25-30 per $100. You must compare interest rates of the different lenders then choose the lender offers low interest rate loans.

Secured Loans - Pay Low Interest Rates

Secured loans are beneficial if you are looking for the loans. In the secured loans, you keep your property as collateral. You can get secured loans at low interest rates and you can get large amount of cash depending on the value of your property. The lender calculates the value of the property and offer you large amount. In case of non-repayment, he will recover it from your property. In this case, lender is also not in any risk and you will easily get loan to fulfill your requirements of money. You can pay monthly installments in a year or two if you earn. good.

The secure loans are offering at low interest rates because the lender not feel any risk. The lender know in case of non-repayment, he will recover the loan amount from the property. This is a big advantage of secured loan.