Live A Debt Free Life At the present time, in which financial collapse is so common, we present some “ways” to transform your debt problems into solutions. In the United States, consumer debt has reached the highest levels because in the past 10 years credit debt has doubled itself.

According to the Federal Reserve Board, consumer debt reached $1.98 trillion in October 2003, while in 2000; the debt reached only $1.5 trillion. Because unsecured credit delinquencies are always high, American citizens spend in bank’s interest rates more than $65 billion dollars a year.

The total US credit card debt in 2002 was $60 billion; the average consumer debt was $8562; debt increased from 82 million in 1990 to 144 million in 2003.

Thanks to the different option consumers have, being a debt free person is now a lot easier.

The following programs have been extremely successful in repairing consumers’ credit history.

Debt Consolidation: In 2004, thousands of consumers beneficiated thru debt consolidation programs. A Debt consolidation program consolidates your whole loan in a single amount and withdraws your late fees. To deepen this info visit: (www.bill-consolidation-and-debt-negotiation.com)

Bankruptcy: The Administrative Office of US Courts showed that bankruptcy fillings diminished by 1% during 2003. Still bankruptcy fillings remain high as ever, showing historic increases, chapter 7 and chapter 13. (www.personal-bankruptcy-avoidance.com)

Debt settlement is a program in which a third party consultant makes a negotiation with your creditors to decrease your debt. That is, debt settlement agencies negotiate with creditors to minimize your debts from as much as 50 % to 75%. For instance, lets suppose you have accumulated $20, 000 in credit card debts; you owe $10000 to a credit card company, another $6000 to any other credit company, and last but not least, you owe $4000 more to a third company. You settle your debt with a 5 year plan, paying only $250 a month to the Debt Settlement Company; you end up paying a total of $15000. In the end, this tactic not only saved you $5000, but also helped you in becoming a debt free person in just five years. (ww.curadebt.com/…)

Debt Management Programs: Last year, 3 million people or more got in contact with a credit counseling company to obtain help with debt issues. Credit counselors collected $7 billion last year with debt management plans; these plans bring about an opportunity to customers to settle their debts in 4 to 5 years with low interest rates. Clients that successfully finished the program felt that the these types of payment plans were extremely beneficial; nearly 85% felt that paying the debt was had a positive outcome and 55% felt that subscribing to a debt management plan stopped collectors calls.

Statistics demonstrate that 38% of this selected population has agreed that the plan cleared their credit history, and that 51% felt it enhanced their financial situations.

Credit counseling: Credit counseling companies help you get out of debt, but they don’t consolidate your debt; they negotiate a payment plan with low interest rates and over the limit fees for your debts. Settlement companies are an intermediate between the consumers and the creditors in which both the parties end up maximizing their gains and minimizing the losses. Almost 9 million, people consult credit counseling agencies each year.

Budgeting: This subject matter is exceptionally important in the process of a debt solution plan. Recent statistics show that a household allocates 33% of total income in housing, 13% in food, 5% in apparel 19% transportation, 5% in health care, 5% in entertainment, 9% personal insurance and pensions, 1% in life insurance and 10% for others.

Get a deep insight about the above mentioned programs in the subsequent links:

http://www.bill-consolidation-and-debt-negotiation.com/consumer-credit-counseling/FL-Florida/Consumer-Credit-Counseling-FL-Florida.shtml

http://www.bill-consolidation-and-debt-negotiation.com/consumer-credit-counseling/TX-Texas/Consumer-Credit-Counseling-TX-Texas.shtml

http://www.bill-consolidation-and-debt-negotiation.com/consumer-credit-counseling/CA-California/Consumer-Credit-Counseling-CA-California.shtml

Nancy Smith is a contributing writer to http://www.bill-consolidation-and-debt-negotiation.com, and is currently writing some special articles to orient business on how to manage debt and avoid bankruptcy.

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