Top 5 Tips For Managing Debts

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Top 5 Tips For Managing Debts
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The Veterans Administration Guaranteed Loan
Program has helped provide home loans for
veterans and active duty military for decades.
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However, the purchase of a home requires a good
credit record and a demonstrated ability to
handle your expenses.
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Managing debt is a critical part of being able to
afford a home, as well as other financial goals.
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Here are some tips from experts on smart ways to
manage debt
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1 -Figure Out What You Owe
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Many individuals who have significant debt dont
have a clear idea of how much they owe and how it
is impacting their financial lives.
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Experts recommend sitting down to do an honest
accounting of all your debt, so that you know
exactly where you are financially and what you
will have to do reduce the debt.
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2 - Pay Off High Interest Debt First
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Financial experts also recommend paying off your
high-interest credit card first.
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This measure will allow you to have more money
available for paying other debts, as you
gradually decrease your debt load.
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High-interest debt is usually credit card debt,
car loans and student loan debt.
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You may be able to re-negotiate these to a lower
interest rate that will help you to pay them off
sooner.
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3 - Budget Your Money Carefully
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An important part of managing debt is to keep a
careful eye on your regular living expenses.
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Most households can trim their spending without
feeling too deprived, by eating at home instead
of getting takeout, watching movies at home
instead of going to the theater or buying at
consignment stores instead of regular retail
stores.
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You may be able to find other ways to trim your
expenses to pay off debt, such as making your
coffee at home and carrying it to work instead of
buying it, bringing a lunch to work or cutting
some or all of the extras out on your cable bill.
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Many people are surprised by the amount of money
they can save each month by eliminating these
extra expenses.
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4 - Work For Paid in Full Status
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Once you start getting control of your debt, you
feel an enormous sense of control and
accomplishment.
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Tackle each debt, one after another, and stay
focused on reducing the balance, until you reach
the paid in full status.
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Then, begin working on the next debt balance.
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5 Seek Legal Help If Necessary
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A lawyer may be able to help you to re-negotiate
terms of your indebtedness or other legal matters.
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Although bankruptcy is not a pleasant experience,
this measure may be necessary to help you to get
square with the world and start over in your
financial life.
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Chapter 7 bankruptcies require the selling of
assets to pay off debt. Chapter 13 bankruptcy
involves payment of outstanding debts under an
agreed upon repayment plan.
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Bankruptcy will not always disqualify you from
getting a home loan through the VA. However, a
waiting period after bankruptcy will apply.
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VA loan applicants must wait two years after a
Chapter 7 bankruptcy ruling, and one year after a
Chapter 13 filing.
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If owning a home is one of your goals for the
future, start your plan for good debt management
today.
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It will help you secure your dreams for you and
your familys future.
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Our VA Loan Specialist helps veterans obtain the
loans they are entitled to.
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He served in the United States Marine Corps, and
now devotes himself to the Veteran home buyer in
the Phoenix area, fulfilling a passion of his
while at the same time helping others achieve
home ownership.
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Be a proud homeowner today.
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For more details call 480-351-5904 or visit the
site www.valoansforvets.com
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VA Loans for Vets 7702 E. Doubletree Ranch Road,
Suite 220 Scottsdale, AZ 85258 Phone (480)
351-5904 Email jimmyv_at_fcbmtg.com