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Debt Management |

Posts Tagged ‘debt management’

Managing Debt in Today’s Economic Crisis

Thursday, October 2nd, 2008

In times like these with economic turmoil surrounding us with higher prices for normal everyday living, we often find ourselves with more debt than we can manage on a monthly basis.  Getting deeper in debt is not the answer and in a financial crisis we may not even have that option any longer.  So what can we do to survive and salvage our credit ratings in times of trouble?

We’ve demonstrated in The Credit Robbers, you can manage your credit profile in a do-it-yourself fashion.  But that’s not always the way of wisdom when it comes to debt management in times of crisis.   Debt and Credit counseling is one solution that makes sense, but you must be cautious in choosing where you go for counseling.

As Investigations Analysts, our staff spent many hours researching the field of debt management, counseling options, and credit repair.  One of the best resources we found involves an online community effort at  Debt Consolidation Care.  It’s the internet’s first “Get Out of Debt” Community with more than 127,000 members helping one another find solutions for their debt management problems.

Visiting their forums and reviewing the many articles on debt related problems is like having your own personal library of credit and debt solutions. 

How does it work?  When and where should you go for credit counseling? How will it affect my credit score?   Can it really reduce your debt or is it just another scam to grab more of your hard earned money?  You’ll find good answers to these questions whether you’re a student with credit card debt, an overextended wage earner, or a home owner with mortgages exceeding the value of your home by visiting this valuable community at www.debtconsolidationcare.com.

Drop us an email and let us know about your experience, our research and investigations teams are always looking for the best resources to keep you on the path to financial prosperity.

Dr. Robert Miller, Ph.D.
Investigations Analyst
www.TheCreditRobbers.com

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The Credit Robbers - FICO® Credit Score | Credit Report | Credit Rating | Missing Car Payments

Saturday, February 2nd, 2008

Credit Repair + Debt Elimination = 800+ FICO® Score Credit Report

FICO® Credit Score | Credit Report | Credit Rating | Missing Car Payments

Missing your car payments can create all sorts of credit problems in many different areas. As most of us rely on a car to get us to work, it is essential to make sure you have enough money set aside to make the payments and if your budget shows that this is placing too much of a strain on your finances then you might need to downgrade to a vehicle that is more affordable. Your FICO® score on your credit report also depends on it.

Finance companies are legally entitled to repossess your car without getting a court order if you miss your payments, and they can do so without warning. When this happens, the repossession will be noted on your credit records and will remain there for the next seven and a half years so this is one area of your spending where you will need to make the appropriate decisions in advance to keep your credit rating intact.

Once your car has been repossessed the finance company will generally advertise it for auction to help recover the outstanding amount of the loan.

Unfortunately for you, the problem of your debt doesn’t stop there. If the vehicle is sold for less than the amount you still, plus the costs involved in repossession and selling the vehicle, then you will be liable to repay that deficit to the finance company.

So you will have lost the use of your car which will impact on your ability to get to work and earn a living and you are still lumbered with the debt that will need to be repaid to the finance company. Your FICO® score on your credit report will also decline with this unpaid debt.

If you are struggling to make the payments, it is better to contact the finance company in advance of any action to see whether you can refinance the vehicle over a longer period where the repayments will be a little less and more manageable.

They might also give you the opportunity to pay off any outstanding debt by coming to a suitable arrangement. This could give you enough time to sell the vehicle paying off the loan and finding a vehicle that is more suitable for your current financial position.

Bottom Line - Do not neglect those car payments, your FICO® credit score, credit report, and your credit rating depend on it.

Dr. Robert Miller, PHD
Investigations Analyst
www.TheCreditRobbers.com

Contact Us: Send a FormMail Message

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