Properly Managing Debt Allows Smart Consumers To Avoid Bankruptcy
Released on = March 14, 2006, 3:49 pm
Press Release Author = NetSmart Publishing
Industry = Small Business
Press Release Summary = In 2005, 1.7 million Americans filed for bankruptcy. Bankruptcies have consistently risen over the past 10 years. This rise in bankruptcy is due largely to consumers not properly managing their debt.
Press Release Body = FOR IMMEDIATE RELEASE 3/14/2006
Properly Managing Debt Allows Smart Consumers To Avoid Bankruptcy
In 2005, 1.7 million Americans filed for bankruptcy. Bankruptcies have consistently risen over the past 10 years. This rise in bankruptcy is due largely to consumers not properly managing their debt.
Johnson City, TN - March 14, 2006 - Bankruptcy normally occurs when an individual has become overwhelmed with debt cannot pay their bills. We usually think that a person has become poor when they are bankrupt however that is usually not the case. Typically, they have become \"overextended\" meaning their monthly bills exceed their monthly income. Numerous steps can be taken to ensure you never have to declare bankruptcy.
The first step to avoiding bankruptcy is staying on top of your credit score. An excellent credit report has a credit score that is between 700 and 800 which is the where your credit score starts. The average has a score of 650 and lower. These low credit scores are what keep many people from getting approved for credit cards, mortgage loans and car loans. Many credit bureaus offer credit monitoring services for a low monthly cost. These subscription based products also protect against identity theft. For more information visit http://www.equifax.com.
If you already have bad credit and a lot of debt like most of the people in the country, it may seem that there is no hope for you. Don't worry because there may be a light at the end of your tunnel. You might want to consider debt consolidation services to help you with your credit repair efforts. Many times this process eliminates stressful payments and helps get consumers out of debt at the same time.
Credit Repair can be an answer to a prayer for many people; particularly those who are hoping to buy their first home or a new car. Finding the right company to trust with this process may be a difficult challenge, but with the help of a professional debt counselor and a little bit of research, you should be able to find a company to represent you well.
The next step that you have to take is to gather up all of your debt information. You can start by asking yourself some of these questions: How many credit cards do you have? How much are your minimum payments each month? Questions like these will be important information for you to share with the representative who will handle your transactions. After you find a trustworthy company and begin sharing your information, you will be quoted a monthly fee. The rest is up to the consolidation company.
Another option may be credit counseling agencies. These companies can help you draft a debt repayment plan. A debt repayment plan outlines what needs to be done in order to clear all of your outstanding balances. These companies calculate your income, along with unforeseen financial setbacks (such as medical expenses) to give you a balanced debt repayment plan.
Regardless of how dismal your current financial situation may be there are options available to you. Taking action and devising a plan to resolve your present situation will allow you to avoid bankruptcy. Remember, bankruptcies stay on your credit for a minimum of seven years, so you should take every precaution to avoid becoming one of the 1.7 million Americans that filed for bankruptcy in 2005.
Please visit http://www.avoidbankruptcyhome.com for articles on avoiding bankruptcy.
Web Site = http://www.avoidbankruptcyhome.com
Contact Details = Brandon Hall 1811 W Lakeview Drive No. C3 Johnson City , 37601 $$country
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