Archive for the tag: Credit

Debt Settlement vs Bankruptcy vs Debt Management Plan (credit counseling): A Comparison

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Debt Settlement vs Bankruptcy vs Debt Management Plan (credit counseling): A Comparison

Easily compare debt settlement, bankruptcy and debt management plans for what it will cost you, how long it takes, and how long it hurts your access to credit.

I have a heavy-hitting resource you can read through here:

Credit Reports and Scores – How Debt Resolution Programs Hurt You


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Best Debt Relief Solution Options – An Overview

I answer all questions in the comments section daily.

Michael Bovee started CRN in 2004 with a mission to provide people in need with detailed credit and debt help. The DebtBytes Channel is an extension of the CRN blog, and is dedicated to finding the debt relief option or strategy that works best for you.
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How to Rebuild Your Credit (Debt Management 1/4)

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How to Rebuild Your Credit (Debt Management 1/4)

In this video, you’ll learn exactly how to rebuild or build your credit score using secured credit cards! This method works even for those who have previously filed bankruptcy!

Secured credit card recommendations:

Next video:

More of a text based learner? See the transcript and citations here:
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Learn more here:
Download the eBook here:

This video explains the Top 10 Debt Management Strategies available to Australians through an in-depth case study. Discover how clever decisions around debt structuring can save hundreds of thousands of dollars in interest, fees and tax. We highlight the costly mistakes a good majority of Australians make when structuring and managing their debt.

Learn how carefully-managed debt can become a powerful force in building long-term wealth.

Ph: 1300 473 347
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How to Get Out of Credit Card Debt: The Basics (Debt Management 2/4)

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In this video, you’ll learn exactly how to get out of credit card debt using balance transfer credit cards! We cover what they are, how to use them, and the steps you should take before using them (like negotiating with your credit card company).

Watch the next video:
Watch the previous video:

See our MoneyCoach Balance Transfer Card Recommendations:

More of a text based learner? See the transcripts and citations here:

For thousands of years, people have borrowed money to buy things. It’s how the banking business started. Debt is not necessarily bad, but if you’re not reducing debt faster than you’re accumulating it, then debt can be a disaster to your financial health. Here’s a question: how much is too much debt for you? Banks evaluate your creditworthiness by calculating your total debt-to-income ratio. 36% is acceptable. Over 40% is a red flag for potential danger. Under 30% is where you want to be. Do your own calculations to see if you are “debt-heavy.” Here are some warning signs of carrying too much debt: you spend more than you earn each month; you skip payments on some bills in order to pay others; you make the minimum payments on your credit cards; you’re maxed out on your credit card limits; you’re receiving late payment notices. If you think you have too much debt, you probably do. Let’s talk about a plan to better manage and minimize your debts. First, create a realistic budget and follow it. Only 39% of American set a monthly budget and stick to it. That’s probably why the majority of Americans spent more than they earned last year. Have a debt reduction plan. It’s smart to pay down the debts with the highest interest rate. Some people prefer to pay off their smallest debts first. Do whatever works for you, as long as you’re constantly reducing what you owe. Adjust your lifestyle. Sometimes the single best strategy is to live more simply. Drive a less expensive car. Sell your house and get a smaller mortgage. Find ways to cut back, spend less, and save more. Earn more money. Look into your options for a higher-paying job, or get a second part-time job to increase your monthly income. Start saving. Make saving part of your monthly budget. It takes commitment and discipline, but most “money-smart” people save at least 15% of their income every month. Talk directly with your creditors. Many will work out a revised payment schedule. If they know you’re committed to paying off your obligation, they sometimes reduce their fees, or won’t report you to a credit bureau. Debt is not the problem – being responsible about it is. Minimizing your debt and managing your cash flow is crucial to your financial health. You can’t get ahead if you’re falling behind, and you want to get ahead.
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