Face Your Debts Head On With A Rock Solid Debt Management Plan
Released on = October 18, 2006, 1:13 pm
Press Release Author = Out Of Debt 4 Good
Industry = Financial
Press Release Summary = Debt Management is an ever increasing priority in this country. Credit has never been easier to get and millions of American's are finding themselves in a downward spiral of debt. In order to regain your financial stability and control increasing debts before they get out of hand, you need to implement a solid debt management plan.
Press Release Body = Debt Management is an ever increasing priority in this country. Credit has never been easier to get and millions of American's are finding themselves in a downward spiral of debt. In order to regain your financial stability and control increasing debts before they get out of hand, you need to implement a solid debt management plan.
Debt management begins with understanding and evaluation. Debt is a complex, but when used intelligently debt can actually be a vital tool to build wealth. It is imperative that you know the difference between good and bad debt before you devise your debt management plan.
Bad debt is when you buy something and its value immediately goes down. Buying disposable goods using high-interest credit cards and not paying the balance off is bad debt management.
Good debt is an investment debt that creates value; student loans, real estate, home mortgages and business loans. Taking out tax-deductible loans such as a home equity loan is another example of good debt management.
If the majority of your outstanding debts are bad debts such as credit cards, gas cards and auto loans you need to initiate step three of the debt management process.
Step three is to consolidate credit card debt and begin to rebuild your wealth. If you have more than 2 or three credit cards, its time to consolidate. Good credit card debt management begins by consolidating low-balance cards and closing out the accounts. Next, transfer remaining balances to the card with the lowest interest rate. Diligently pay it off before you add anymore debt to it. If you truly want to get out of debt, you must utilize this opportunity to put all your credit card debt in one place, use the extra money to concentrate on paying it off and immediately cancel the cards you don\'t need.
If you are in bad credit card debt and struggling just to pay your minimum monthly balances, it may be time to move toward step 4 of your debt management plan; calling a financial expert to help you evaluate your situation.
Enlisting the help of a qualified Debt Management Program will help you develop a budget, give you the discipline needed to make monthly payments on time, pay down your debts and close out high-interest rate accounts. A Debt Management company will evaluate every aspect of your finances with you, advise you of all your options and help you construct an easy, effective debt repayment plan that you can comfortably live with.
Millions of families that cannot qualify for low-interest consolidation loans are turning to debt management services to help them consolidate debt and get back on their feet again.
Get a detailed report about the benefits of Debt Management and find out why Debt Management Programs are the most cost effective method of credit card debt consolidation available to consumers seeking debt relief at www.Outofdebt4good.com.
Web Site = http://outofdebt4good.com/debt-management.htm
Contact Details = Jennifer L. Wilson 174 Jeepers Drive Naples , 34112 $$country
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