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Struggling With Debt?

 During your lifetime you are more than likely to experience some form of debt. With student loans, mortgages, credit cards and financing your car, it is a real possibility that during some period of your life you will owe someone else money. Over the last 10 years it has become increasingly more common to borrow money. This is of no surprise as the cost of living has increased dramatically in this period. It isn't all bad news. Yes, debt can be tough. With that being said, there is information and tools out there to help you manage your debt. And you've come to the right place. Firstly, let's identify the various sources of debt. How Debt Arises It is important to identify where the debt is coming from, and are you paying it off. I touched on a number of possibilities earlier, however it is not limited to these. As mentioned you may be paying off student loans, mortgages, credit card debt, or paying off your vehicle. It may also be medical bills, a gambling addiction, p

3 Common Myths About Debt Relief

 When we owe a lot of money, we often lose our peace of mind and sleep , as we are constantly worried about paying back the money that we have borrowed. When the borrowed amount is small and it is borrowed from friends or family, we have the opportunity of paying them back at our own discretion, but when the money has been borrowed from financial institutions like banks, we do not have the advantage of paying back at our convenience. When we borrow money from the banks in the form of loans and credit cards , we need to pay the money back in a given period of time and if we don't our debt amount increases. Thus, people always try to find ways through which they can get relief from debt. There are lot of misconceptions and myths associated with debt relief. Here we will try to bust 3 of the common myths about debt relief. Myth no 1 - Only home owners can get a consolidation loan Many people believe that in order to qualify for consolidation loans, they need to be home owners or else

What Filing For Bankruptcy Does to Your Credit Score

 Contrary to popular belief and what the big banks and credit card companies tell you , filing bankruptcy improves credit. The reason is simple, when we eliminate the debt owed, essentially we're clearing out all the debt and when the debt is gone, the credit score goes up. Now, the actual filing of the bankruptcy case itself might cost a few points on the credit score, but it's usually offset by wiping out the debt. Like most folks today, you've done your share of research on the internet, yet you're still not entirely certain how a bankruptcy case affects your credit. My guess is that the answers you find depends on who is doing the talking. Creditors and banks will tell you that filing bankruptcy is the worst thing for your credit and they'll convince you to do everything you can to avoid it, but why are they telling you that? Consider the fact that those same banks were "too big to fail" during the Great Recession of 2008. It's also the big banks