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18 Hot PiggyBob’s Debt Consolidation Tips

PiggyBob’s advice to debt consolidation and reduction:

1. Face to face: Free debt consolidation counselors talk directly with you, helping find ways for you to pay off your debt while saving you money.

2. Pay later: Remember, while debt consolidation quotes may be free, the costs for these services often aren’t mentioned until the cash is practically in hand.

3. You have options: Three top strategies for debt consolidation: consolidate to a single low-or-no-interest card, get a low-interest loan, or tap into home equity.

4. Use home equity: Consider consolidating debt by getting online quotes for a Home Equity Line of Credit-which often feature lower rates than other debts.

5. Sleep better: Avoid collection calls, liens and lawsuits by consulting a professional debt reduction company; they can often eliminate debt for pennies on the dollar.

6. Read the fine print: The term “debt consolidation” may be used interchangeably by several companies offering very, very different types of services and end results.

7. Consolidate carefully: 70% of Americans taking a consolidation loan to pay off debt end up with the same or higher debt load within two years.

8. Notify lenders: The single most important thing to do if you find yourself struggling with debt is to notify your creditors as soon as possible.

9. Caveat emptor: Even if a particular credit counseling organization claims nonprofit status, there’s no guarantee that its services are free, affordable, or even legitimate.

10. Check certifications: To help ensure you’re working with a reputable debt consolidation firm, search for one certified by the National Institute for Financial Counseling Education.

11. Proceed with caution: Debt consolidation loans encourage tendencies already leading to financial challenges. By taking on yet another creditor, you’re adding fuel to the fire.

12. Last resort: Considering signing up for a debt consolidation program ONLY after a certified credit counselor has spent time carefully reviewing your financial situation.

13. Easy quotes: Debt consolidation quotes are simple online; most sites just require filling out a few fields before matching you with a debt-relief firm.

14. Research firms: Check out any company offering debt consolidation services with your local consumer protection agency and the Better Business Bureau in the company’s location.

15. Think long-term: Paying debts can improve your credit report, but delinquent and charged off accounts can still be reported for up to seven years.

16. Why consolidate? Unless you’re offered a compelling, lower interest rate for consolidating multiple credit cards, the savings might not justify the effort and hassle.

17. Get going: One primary key to consolidating debt is to have a clear plan of action for making payments and reducing monthly interest charges.

18. Choose wisely: Some reputable debt-settlement firms (search several online) can often reduce your debt as much as 75% or more-without a credit check.

18 Hot PiggyBob’s Debt Consolidation Tips / Tadas Talaikis

Article by Nakagava Ltd., creator of PiggyBob™, the first truly user friendly personal finance software with free calendar. PiggyBob™ is an extremely convenient tool to help you keep track of your personal budget.

The Perils of Payday Loans

We’ve all seen the commercials on TV or have passed by the ever growing number of store fronts that seem to be popping up on every corner advertising instant payday loans. But what are these loans really all about and are they a good idea?

These types of loans go by so many different names that it can be very confusing to the consumer:

Payday Loans
No Fax Instant Cash Loans
Faxless Cash Loans
Instant Loans

Take your pick, there’s probably a variation of those words on some sign over a loan store right now.

What these loans really are are short term high interest rate loans usually secured by your next paycheck and are intended for emergencies and to be used for short term financial needs only.

The payday loan businesses will say that the interest and fees they charge are less than what you would have to pay if you had late charges on your credit card or bounced check fees.

But is this really true? For a typical loan of $100 to $500 you can expect to pay anywhere from $15 to $30 or more for each $100 you borrow and this can add up to an annual rate of over 300%!

No wonder they are so eager to lend you money against your paycheck. They can’t lose. In fact, it’s almost like owning your own casino and explains why there are so many of these payday loan stores popping up everywhere. It’s almost like having a machine to print money!

Now what happens is a person making $300 a week borrows $100 from one of these places and then realizes that in a week or two they are going to have to pay that back from their paycheck. Take out the interest and the week you must pay the loan back leaves you with less than $200 in your pocket to live on.

Since many people need more money than that to survive what do they do? They extend the loan or take out another loan and in effect push the dreaded day of reckoning out further and further all the while making the payday loan companies rich.

This viscous circle has trapped many people and once they’re sucked in it can be very hard to get out of the borrowing cycle because they can’t face the day when they have to pay the money back permanently.

Payday loans are a double edged sword. They can provide for a quick fix of emergency cash but you really need to plan ahead for the day when you must pay the money back and use these types of loans responsibly or you too will find yourself stuck in the payday loan web.

The Perils of Payday Loans / Mike Taylor

For more information on emergency cash loans visit us at http://www.learnaboutpaydayloans.com/.