15 Debt Elimination Tips Everybody Needs To Know

Good Morning all….Below is an article which talks about 15 debt elimination tips that everybody needs to know.  The article is pretty long, but very informative and provides some great insight if your currently trying to get out of debt.

Here’s how we have been taught to charge, charge, charge and promised Easy monthly payments by advertisers who seduce us into debt. So its no accident that the credit, finance and loan companies end up with most of our money, while we end up with all of the bills.

Debt Elimination tips shows how Millions of Americans are living on the edge of financial disaster surviving only on the hope of next week’s paycheck. The average American is dying under a load of debt, with little or nothing building in the bank or in investments.

Debt Elimination Tips, shows how we’ve been misled!

See for the first time how the entire way our economy works, is designed to make you work yourself to exhaustion–simply to accumulate wealth for the companies you do business with–Not For You.

The most staggering example of this is a home mortgage. Say you bought a home with a 30-year conventional or adjustable rate mortgage, you will pay for that loan about THREE TIMES. Just multiply out your payment times 360 months and you will see that the total is about 3 times the value of the money you borrowed.

Say you buy a $250,000 home, with a $200,000 mortgage; you will end up paying about $600,000 over 30 years. This means that you will pay nearly $400,000 dollars in interest! Just for the privilege of using their $200,000.

That means that two-thirds of that total is interest. Interest is the profit the Mortgage Company makes for lending you the money to buy the house. And they feel that you should pay them back THREE TIMES. That’s 200% interest!

Debt elimination tips — Now let these words soak into your mind and heart: You will have to work…week after week…year after year…to earn FOUR HUNDRED THOUSAND DOLLARS—Just so you can give it to the bank to make them rich!

Debt Elimination Tips, Show’s how bad it really is to use credit cards and to make only the minimum payments!

Suppose you bought $2,000 worth of furniture on a typical (19.8% interest with a $40 annual fee) credit card, and you paid only the minimum monthly payments requested by the credit card company (here’s why they only ask for a minimum payment), it will take you 31 years and 2 months to pay it off.

Plus–In addition to the original $2,000 cost of the furniture– you would have paid $8,202 in interest,(if you make the minimum payments) just for the privilege of using their $2,000! That’s five times the furniture’s value! Long after you had thrown the furniture out, you would be draining your wealth away paying for it.

Banks, finance, creditors and credit card companies have encouraged indebtedness.

According to a study by the United States Department of Health and Human Services, 96% of Americans never achieve financial independence. They end up depending on charity, family, government welfare or they’re forced to keep working just to survive!

Debt Elimination Tips, Why turn your hard-earned money over to the credit card companies? When you don’t have too. Follow a proven debt elimination plan!

A new survey by the American Bankers Association found that 45% of credit card holders with incomes between $50,000 and $100,000 never pay off their balances. Many others don’t even make the minimum payments and fall behind on the interest. (Palm Beach Post, Oct 7, 1998)

Debt elimination tips shows how the average American will make over $1,000,000 in his or her working lifetime, and will have as much as 67% to 80% of their money Legally Stolen from them in the form of many different types of federal, state, local taxes and interest on borrowed money!

Are you tired of living paycheck-to-paycheck, month-to- month, making minimum payments, with little hope of ever getting ahead?

Debt elimination tips You Can Start Using Today!

1. Begin eliminating all debts.

2. Write down everything you purchase, determining where your money is going is half the battle on your road to becoming debt free and critical to your future financial success. Seeing it in black and white can give you a new perspective.

3. Pay cash whenever possible.

4. Cut up and cancel all your credit cards, Using a debit card instead of a credit card gives you all the convenience of a credit card but withdraws money immediately from your checking account, so you can not dig yourself back into debt.

5. Never fall into the habit of making only minimum payments.

6. Pay the most you can afford.

7. Put money-saving tips into practice, when possible shop at outlet malls, wholesale clubs and take advantage of coupons.

8. Avoid the trap of thinking in monthly payments.

9. Consider the total cost of purchasing goods and services on credit and compare that with cash savings. You’ll pay cash every time.

10. Compare the interest charged on your debts with the interest earned on your savings and investments. You’ll find it makes more sense to resolve all debts before beginning a savings or investment program.

11. Debt consolidation loans: be very careful your monthly payments will be lower, but you may lose in the long run, because those lower monthly payments will be spread over a longer period of time. If you don’t change your spending habits Now, you could easily end up in worst trouble down the road!

12. Bargain for a better deal: Don’t be afraid to negotiate with your creditors many will be willing to Freeze your interest on your outstanding balances in return for automatic monthly payments.

13. Avoid the Quick-Fix companies. Many will charge you a lot of money Up Front, but very few will genuinely help you in the long run.

14. Don’t promise away your future income by cashing out part of your retirement savings early to pay down your current debt. You will have to pay Current federal and state taxes, Plus an early withdrawal penalty on that money. You are borrowing against your future, just to pay your current debts and to continue Living a lifestyle beyond your means.

15.Avoid filing for bankruptcy.

http://www.debt-elimination-program-reviews.com is run by Vincent Dail. They review and then list some of the best debt elimination, programs, software and books available online!

For More Infomation Visit: http://www.debt-elimination-program-reviews.com

Article Source: http://EzineArticles.com/?expert=Vincent_Dail

Debt Elimination Services-Can They Help Me Get Out of Debt or Not

When you drowning in debt and you are looking for some form of debt relief you may need to search for some type of debt elimination service or services. Debt elimination services are very useful many times because they focus primarily reducing your unsecured debt and the interest. Many of these services are generally available, and basically exist to help the average buyer like yourself. However, the key with any debt elimination service is to find the one that fits your need and lifestyle.

Typically, most debt elimination services are non profit entities and work on some form of debt consolidation plan. They gather all your credit card bills and unsecured debt, and ball them up into one payment. Of course that’s after talking to the creditors to arrange a lower or no interest fee and payment. The great thing is many of these services they offer you are free.

By this point you can be thinking, “What’s the catch? Why would debt elimination services help me for free?

Here’s the kicker! Debt elimination companies are usually working for the credit card companies. It is in the best interest of the major card companies to pay back you credit card balances. Bankruptcies and judgment to the consumer provide nothing for these credit card companies. They notice that picking up some payment is much better than nothing. So with the help of these debt elimination services are prepared to lower your rates, even lower your bills to recoup some of their losses.

In all it’s ultimately a win-win situation for you. Also, bankruptcy is no longer a viable option for you.

You will be able to get out of debt much quicker, and paying way less in interest expense. Can you see how a debt elimination services can help you?

Some debt elimination services could also give you debt management counseling to help you stay out of debt. They will teach effective money habits that will keep out of debt? In the long run, these services will help you improve your credit and overall credit score.

Recently, there has been talk going around that enrolling in a debt elimination service will somehow harm your credit, and basically this isn’t true. Anyone who looks at your credit history will look at the fact that you are trying to get out of debt (regardless if you’re using debt elimination services) as an indicator of financial responsibility on your part. Also how can the elimination of debt, especially debt that’s unsecured be considered a bad thing?

So if your debt situation is serious, you’d be smart to think about debt elimination services. They are generally quite friendly and usually offer great customer service. They are often preferable to getting a consolidation loan ; since a consolidation loan doesn’t really cut the amount of debt you’ve got to pay in the final analysis, and will not stop your creditors from getting in touch with you.

The earlier you contact a debt elimination service, the earlier you can start to see your debt shrink instead of continuing to grow.

Debt Elimination Program- How to Choose the Best One

Debt elimination program- How to choose the best one

If you are suffering from debt and looking for a debt elimination program, you must beware of the companies that take the advantage of people’s emotions and the high pressure of debt. The main thing to realize is that they are fraud companies out there and will take you for thousands of dollars if you let them. They do this legally by charging up front fees and placing a lot of hidden costs in the contract.

While you go through the websites you will see that there are options like debt settlement and it is obvious that those who are in debt and suffering from non-repayment, will definitely like to opt that. They boast as if big companies are backing them and will promise to reduce your debt amount up to 50, 60 and 70%. They promise you guaranteed results and help you get rid of the lenders calls.

So you must look for debt elimination program that is authentic and gives you suggestions only after listening to your problem. It will provide you with debt elimination strategies and you can choose whatever suits you the best. Also they don’t charge you the full fee beforehand but ask you to pay them after the work is done.

There are companies or service providers that will not accept any money if the deal is not completed. However it is good to think about how to eliminate debt but to jump in the first option that comes in the way will be ‘penny wise pound foolish’ work. It is important to judge the authenticity of the service provider for debt elimination because it is a matter of your hard earned money after all.