Epolicy Network

If you can’t pay your bills on time, tell your creditors and try to work out a new repayment schedule. When you use credit, the lender reports it to a credit agency which keeps a record of whether you paid as agreed. Other lenders decide whether to give you credit based on your payment record. […]

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Usually, a credit score is rated on a scale from around 400 to 900 – the higher the score, the better. Commonly used scoring systems view it this way …

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Debt consolidation is another popular approach to managing a burdensome debt load. When most people use the term “debt consolidation,” they mean one thing. But most of the services out there that offer debt consolidation mean something entirely different.

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The third variation on “debt consolidation” is not really consolidation at all in the true sense of the word, as described above. Instead, you are enrolled into a Consumer Credit Counseling program. You meet with a counselor who analyzes your monthly budget. The counselor then makes contact with your creditors and attempts to get them […]

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Say you owe $25,000 in credit card debts. Remember that it will take you up to 25 years to pay off those debts with minimum payments, depending on how the bank handles the interest calculations. If you go to a finance company instead, and borrow $25,000 at 12% interest, with a $400 minimum monthly payment, […]

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Another variation on “debt consolidation” is based on your ownership of real estate. If your home is worth more than you paid for it, you have equity, and many banks will gladly lend you money against it (assuming your credit report looks good enough). There is little risk to the lender, because if you default, […]

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Many consumers think that by having a pleasant conversation with a bill collector on the telephone, and disclosing the nature of their financial problem, that the bank will somehow be sympathetic to their situation. Wrong! If you’re having trouble making payments on your debts, it’simportant that you understand one thing:

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The list of questions below will help you decide whether or not you should consider debt negotiation.

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