Debt Relief Options - The Inside Story - PowerPoint PPT Presentation

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Debt Relief Options - The Inside Story

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Are you overwhelmed by debt? In these uncertain economic times, it wouldn’t be surprising. More and more people are looking for help to get their finances back on track. – PowerPoint PPT presentation

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Title: Debt Relief Options - The Inside Story


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Debt Relief Options The Inside Story
2
This information is brought to you by Planting
Dollars.net
3
Are you overwhelmed by debt?
4
In these uncertain economic times, it wouldnt be
surprising.
5
More and more people are looking for help to get
their finances back on track.
6
There are debt relief options available and help
may be closer than you think.
7
Studies show that excessive debt is a heavy
burden for people to bear.
8
The negative impact it has on our minds and
bodies is huge.
9
So what can you do to get some relief
10
from the debt thats sucking all the joy out of
your life?
11
There are 3 main debt relief options available,
credit card balance transfers,
12
debt consolidation loans, and credit counseling
services.
13
They are all there to help you, but like anything
in life,
14
you have to know the potential negatives of the
situation.
15
Credit card companies offer one option for debt
relief.
16
They will often let you transfer the balances of
your
17
other credit cards to their card and offer you a
much lower rate.
18
Up front this all looks great, but read the fine
print.
19
The lower rate is often only for a short time,
then the rate goes up.
20
If the new rate is still lower than what you were
paying
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to start with, that could be a good deal.
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In some cases the rate will actually be higher
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than what you were paying before.
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Sometimes a lot higher! So read the fine print
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and know what you are agreeing to before you sign.
26
You may be able to get a debt consolidation loan
through your bank.
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By consolidating some of the debt you have
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into one monthly payment you could lower
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your cash outgo by quite a bit.
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Once again, be careful of what youre getting
into.
31
Rather than just focusing on the amount per
month,
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you also need to consider what the new loan
33
will cost you over the long haul.
34
It could be that they stretch the loan out
longer
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making the monthly amount you pay lower,
36
but at an astronomical interest rate.
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In this case you will end up paying back far more
38
than if you had just paid off what you had to
begin with.
39
Credit counseling companies can also be very
helpful
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when you are bogged down in debt.
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They will help you by working directly with your
creditors on your behalf.
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The will negotiate for you and get your monthly
payment amount adjusted,
43
sometimes get you a better interest rate,
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and they may even be able to get the amount you
owe adjusted.
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You would make one payment a month to the agency
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and it would be disbursed to your creditors.
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If you choose to use a credit counseling agency,
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be aware that they do get a fee for their
services.
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In some cases you would have to pay,
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in others the lenders pay the fee.
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Make sure you know which type of agency it is
before signing any contract.
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And lastly, dont let the situation youre in get
the best of you.
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Decide which of the debt relief options
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you feel most comfortable with and get the ball
rolling.
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Soon you will be in a better financial place.
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