Debt Help Services

Archive for the ‘Debt Payments’ Category

Excel Budget Spreadsheet

Question: Pay off high interest or lowest balance first?

I’ve heard a lot of conflicting information regarding paying off credit card debt. Is is easiest to get credit card debt paid off faster by paying off your highest interest credit cards first, or your lowest balances first?

Curious to know if anyone has tried either of these methods and how it worked for you?

Answer: I would agree with the first answerer when he says that mathematically, it makes sense to pay of the highest interest first. However, math doesn’t always work. Getting out of debt is more about psychology and behavior rather than math. Paying off smaller accounts first creates mental momentum. Getting a quick success makes you hungry for more. Plus it frees up monthly money which you can roll over onto bigger accounts.

‘This Week’ Transcript: Geithner

Transcript of ‘This Week’ interview with Treasury Secretary Timothy Geithner United States Secretary of the Treasury – Timothy Geithner – Government – United States – Finance

Reducing Credit Card Debt Using The Snowball Method

Question: Who is best professional to advise on how to clean up old and neglected consumer credit?

I have a friend that needs to clean up debt. Before charging off to be a hero and completely opening a can of worms on her poor soul by referring her to any joe shmo I wanted to ask. I need to ask because cleaning up credit debt that has lay dormant for years is a tricky situation. The debts have been sold off and as soon as you make contact with the collection agencies all of a sudden the clock starts again and all he// breaks loose.

So…we have BK lawyers, credit counselors, financial advisers,etc so which ones are going to truly assist credit debt payoff strategy and report cleanup with my friend’s best interest at heart?
Thanks for that…but I disagree. Clearly I am the person to help initially by researching who the best person to go to for advise would be – and then forwarding said information to friend for review. You appear more knowledgeable on the subject than me – great. But you still didn’t answer the question.

Answer: Certainly you are clearly not the one to help because you haven’t a clue with statements like “starts the clock over” without saying what you mean by the statement. Certainly if you agree to make a payment, in some states, that does start the collection SOL again but the reporting length with the Credit Bureaus is 7 years from deliquency.

There is nothing tricky at all, you pay the debt and then wait while the negative slowly fades away. You can try and make deals with the creditors to take less than face value of the debt and then that will hurt too.

How to Answer 5 Common Questions Homeowners Have About Default

RISMEDIA, July 7, 2010—With so many homeowners facing tough decisions about their mortgages in or approaching default, questions abound about how to best handle the complex situation with the bank lenders they’re indebted to. To help clarify such confusion and…

Debt Reduction

Question: Quick (LEGAL) ways to eliminate debt?

Now, I have this credit card debt…it is not like a huge amount, but my husband is really after me to pay it off. So, any ideas on how to quickly pay off roughly $5000.00 in debt? Looking for new ideas that are easy to do. Thanks!

Answer: I think you are looking at it wrong. The issue isn’t “quick” or “easy” the issue is getting rid of the debt. Stop adding anything at all to the cards. Attack the balance with as much as you can possibly afford to put toward them, month after month, until it is gone. 5K is easily manageable but it will never go away if you don’t stop adding new debt onto it.

White Gold: War in Paradise – Walkthrough

White Gold: War in Paradise (PC) White Gold: War in Paradise, Xenus 2

A quick fix for the economy and pay off national debt instantly.

State moves ahead to refinance debt

Jefferson City — A July 7 state board meeting has been scheduled to accept bids on a plan for refinancing Missouri’s debt that is projected to save $15 million over the next couple of decades.

Higher Fees Higher Debt: McGuinty’s Reaching Higher Plan