Settle credit card debt

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Single moms often find themselves with a considerable amount of debt. In many cases, they must start from scratch after a divorce. The debt quickly adds up, as they begin a new chapter in their life. However, there are options for debt relief for single moms.

If you are a single mom drowning in debt, it is important that you have a full understanding of how much debt you exactly have. In order to find relief from debt, be sure that you sit down and make a compiled list of all of your current debt. Once you have an accurate list, then you can more effectively work to eliminate it.

Many single moms do not have equity in a home. However, if you do, then you may want to consider a home equity loan that can be used for debt consolidation. With consolidation, you compile all of your debt into one larger debt. Although you are compiling the debt into a larger debt, over time you will save a considerable amount of money. Since you will only be paying one single interest rate, you will be able to save the amount of money you are paying towards interest.

If you do not currently have a home or do not have equity in your current home, you can look at obtaining a personal loan. With a personal loan, you can pay off your other debt, just like with a home equity loan. Debt settlement is one of the quickest and easiest ways to get out of debt, without filing for bankruptcy.

A debt settlement company will help to negotiate and lower your overall debt with your creditors. Your creditor will agree to accept a single payment to pay off your debt. Once the creditor accepts the single payment, they will then report to the credit bureaus that you have fulfilled your debt obligation. They will report to the bureau that you have either “paid” off your debt, “settled” or “settled for less than full amount”. When in financial hardships, creditors are generally willing to accept a lower amount than you actually owe. They do this because they realize if you file bankruptcy, they may receive nothing.

Credit counseling can also help with debt relief. Credit counselors can work with you to reduce your monthly payments and/or create a debt repayment plan. Though it may take longer to pay off your overall debt, you will be left with more money each month to pay other bills. Make sure that you choose a reputable counseling service. You can ask family and friends for recommendations or check with the Better Business Bureau.

In some instances, it may be necessary to file bankruptcy. By doing so, you can begin with a fresh start. There are two basic types of bankruptcy, Chapter 7 and Chapter 13. With Chapter 7, you will need to sell off your non-exempt assets in order to make an attempt to repay your creditors. However, with Chapter 13, you will make a repayment plan through the bankruptcy courts.

Debt relief for single moms may be easier than you once thought. There are a variety of steps that you can take in order to bring you one step closer to financial freedom. Most importantly, once you have reached a point that you are free from debt, that you stay at that point.

By: Lee Beattie

Debt resolution is a hot topic these days. Debt affects more households now than ever before. Currently, the average United States household carries a credit card debt over $9,000! Consumer debt is nearing a record 2.5 trillion dollars. Most economists are in agreement this trend of high debt is bad for the country and feel people need to develop financial awareness and a sound debt resolution program. But many people don’t even know where to begin to resolve their debt. The important thing is to take action, some kind of action. We will look at 5 ways you can begin to resolve your debt today.

1. Get a Free Credit Report. Knowing where you stand with creditors is probably the first step to debt resolution. Being able to know how creditors view your credit worthiness affects everything from getting credit when you need it most, to receiving the most competitive interest rates available.

2. Monitor your Credit. This action item coincides with and should be a follow up to getting a free credit report. Many negative marks unknowingly occur on people’s credit daily. You should take action and avoid becoming one of those victims. It is a very straightforward process, simply sign up for a credit monitoring system with any reputable company. Many offer a free 30-day trial period as well as a free credit report to start. A trial period will allow you to see first hand, the benefits of a reliable monitoring system.

3. Clean up your Credit Rating. You might see a trend with this article. Although some of these things may seem obvious. You would probably be surprised at how many people leave their credit in shambles. Then, when they want to purchase a high ticket item such as a car, boat, or even a mortgage, they are denied because of bad credit. After you get a free credit report and set up a monitoring system, begin to clean your credit up tackling each blemish one at a time.

4. Reduce the interest of your credit. Many people pay 15%, 20%, and even 25% interest rates on their credit cards. This is unfortunate because many can pay much less with a little bit of due diligence. Lowering your interest rate can save hundreds and even thousands of dollars every year on interest charges! Many credit cards charge unacceptable rates. This is a fact. You can fight back by getting a credit card with a much lower interest rate. Better yet, negotiate with your current credit card company for a lower rate. This in itself is a great way to way to reducing your debt.

5. Stop Paying Penalty Fees. Again, this is obvious, but many people succumb to needless penalty fees on a regular basis. Simply pay your bills on time. You will be surprised how much you can save.

Well, there you have it. At least 5 ways you can start reducing your debt and on your way to a debt resolution plan. Don’t wait until tomorrow, begin today to plan for your future.

By: Dan DeRoeck