Are you facing outstanding debt obligation now? Have you taken any initiative to overcome this problem? It is indeed important for you to look for ways to solve the financial issue as soon as possible because your credit score will be affected in future if you don't handle your debt properly.
For people who are considering debt settlement as their solution, here are some important tips for them to select the right company through internet. While you are in the process of searching for information online, ask yourself the following questions which assist you to reach the right decision:
•Do the online companies set any minimum requirement for the applicants?
In order to determine whether the companies are practicing their business ethically, you need to check whether they set any minimum requirement for their clients. For companies who just want to grab businesses, they don't really care the financial needs of their clients. They never inquire about your financial situation and your debt accounts to determine whether you are really suitable for the program.
•How much is the cost of the settlement program?
You need to be very clear how far the service providers can offer to negotiate the settlement amount with your creditors. In addition, you must find out how much the service fee is. Knowing the cost of the program at the first place will help you to prepare your budget.
•What is the duration for completing the program?
In general, a settlement program takes about 2-3 years to complete. If a company offers less than 1 year to complete the process, it is definitely a scam.
•How much money do the online service providers claim they can save for their clients?
The majority of the online settlement companies offer that they have the ability to save 40-60% of the total debt for their clients. Bear in mind, it is not 40-60% saving on your total cost. You need to calculate carefully by including the service fee.
•Are these online companies the members of Better Business Bureau or the Trade Association of Settlement Companies?
Do the searching thoroughly. Never skip this step as checking is indeed essential.
To sum up, you should consider the factors mentioned above before making your final decision. The settlement process takes at least 2 years. If you make the wrong decision, you will be suffering then.
Tuesday, October 20, 2009
The Time To Consolidate Your Student Loans Is Now By Tim Knox
I don't know if you're a fan of financial guru and radio show host Dave Ramsey, but I certainly am.
I listen to Ramsey every day and find his advice to be based on common sense principles for getting out of debt and building wealth.
One thing that Ramsey recommends is that if you have high interest student loans, you should refinance and consolidate them now to lock in a reduced interest rate and lower your monthly payments.
Other financial pundits agree. Most agree with Ramsey that the sooner you consolidate and refinance old high interest student loans, the better off you will be.
I don't have student loans (no college would have me :o), but many of my friends do.
I live in a very high tech area with lots of degreed engineers and programmers and scientists, many of whom owe tens of thousands of dollars in old school loan debt.
If you have student loans the time to think about refinancing is now.
Federal student loan interest rates are at an all time low, but that can't last forever.
By refinancing your student loans now, you lock in the interest rate for the duration of the consolidation loan.
The first thing you need to do is find out if you are eligible for student loan consolidation.
On a referral from a friend, I found one online organization that offers a free survey that will tell if you are eligible for a federal student loan consolidation.
This organization says their average customer saves $150 a month or $1,800 annually. That can add up to one heck of a savings over the life of a 5 to 10 year loan.
Simply complete the online survey found at the link below to see if you are eligible to consolidate your student loans.
Resource: http://www.isnare.com/?aid=28985&ca=Finances
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