Information on consolidating your dept

15-Jul-2016 15:57 by 10 Comments

Information on consolidating your dept - Adul chattin

The first step toward taking control of your financial situation is to do a realistic assessment of how much money you take in and how much money you spend. Then, list your "fixed" expenses — those that are the same each month — like mortgage payments or rent, car payments, and insurance premiums.Next, list the expenses that vary — like groceries, entertainment, and clothing.

Computer software programs can be useful tools for developing and maintaining a budget, balancing your checkbook, and creating plans to save money and pay down your debt.

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Contact your creditors immediately if you’re having trouble making ends meet.

Tell them why it’s difficult for you, and try to work out a modified payment plan that reduces your payments to a more manageable level.

Don’t wait until your accounts have been turned over to a debt collector.

At that point, your creditors have given up on you.

If you can't do this, the creditor may sell the car.

If you see default approaching, you may be better off selling the car yourself and paying off the debt: You'll avoid the added costs of repossession and a negative entry on your credit report.

Writing down all your expenses, even those that seem insignificant, is a helpful way to track your spending patterns, identify necessary expenses, and prioritize the rest.

The goal is to make sure you can make ends meet on the basics: housing, food, health care, insurance, and education.

Federal law dictates how and when a debt collector may contact you: not before 8 a.m., after 9 p.m., or while you’re at work if the collector knows that your employer doesn’t approve of the calls.