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Debt Consolidation Facts

1. If you spend more than 50% of your credit limit every month, this indicates to the Credit Bureau that you do NOT have enough cash on hand to meet your monthly expenses. This will identify you as a high credit risk and will actually reduce your credit score by 60 - 70 points overnight (Fair Isaac).

2. If you miss 1 or 2 payments on your credit card debt, the issuing company will skyrocket your interest rate to a whopping 27% - 30%!

3. Out of a random sample of 3 million American consumers (included in Experian's National Score Index), 51% of them have at least 2 credit cards and 14% of them have 10 or more credit cards.

Categorized Debt Consolidation Articles

» How to Negotiate Debt Obligations with Creditors
Offer a lump sum payment to settle the debt and ask the creditor to remove the negative entry from your credit report. For example, if you owe $10,000 of credit card debt and offer to settle for 65%, you would pay the creditor $6500 and he would remove the negative entry from your credit report...

» Fair Debt Collection Practices Act (FDCPA) - Consumer Credit Protection Act (CCPA)
The Fair Debt Collection Practices Act (FDCPA) was initiated in 1978 as a statute of law under the Consumer Credit Protection Act (CCPA). It was voted as Law by the Congress to protect consumers from harassment by debt collectors. When original creditors sell their accounts receivable to debt collectors, it is often reported that consumers are harassed to an extreme extent by debt collectors. Harassing phone calls to their homes, workplaces as well as on their cell phones was the case.

» How to Create a Debt Consolidation Plan
If you owe various different creditors small to huge sums of money and find it difficult to keep track of each minimum monthly payment and interest rates, it would be in your best interests to consolidate under a debt consolidation loan that offers lower monthly interest rate and lower monthly payments. Instead of having to pay for example 5 different creditors, you will have to focus on making 1 monthly payment each month and reduce your debt.

» 4 Ways to Successfully Control Debt
If your credit card company charges you an interest rate in the 13% - 15% range, shop for other credit card companies that offer lower interest rates. If you have been a loyal customer to your credit card company for many years but have not seen a reduction in the interest rates charged, try to negotiate a deal with them to lower interest rates. Advise them that you have been a loyal customer to them for many years, but what are you getting from this loyalty?

» Credit Cards Can Help Make You Fat
You probably think that's a rhetorical statement but it's true, credit and debit cards can help in making you fat. Most Americans know that high calorie fast foods can cause weight gains pretty quickly, infact 30% of Americans are considered obese. What's more, when you hop into the nearest McDonalds and have a bunch of credit cards in your wallet, it's easy to stick out the plastic to purchase those fries and burgers.

» Top 10 Causes of Debt
3DebtConsolidation.com would NOT exist if there were no such thing as consumer debt. Peoples' lives would be a lot less stressful and we would have less bankruptcies every year. In this article, we will describe the top 10 causes of debt that if avoided, will help you live a debt & stress free life and achieve your American dream.

» When does Debt Collection Turn into Harassment?
I have a problem with debt collection agencies. Debt Collection agency #1 calls me claiming i owe them $200, so i dispute that debt and ask for a debt validation letter. They do not respond to my debt validation request, instead sell my debt to Debt Collection agency #2 and this whole pattern repeats itself. Every 5-6 months, i have to send out a debt validation letter to each of these collection agencies costing me lots of money and time. Is this called debt harassment and what can I do to put a stop to it?

» Carnival of Do It Yourself Debt Consolidation 2
Welcome to the June 30th, 2007 edition of the Carnival of Debt Consolidation. In this post, we highlight 14 superb blog posts related to Debt & Credit, Finance & Investments & Personal Finance.

» Good Credit Scores Can Save Money on Mortgages, Home Equity Line of Credit & Auto Loans
"What if you could invest that money in a simple mutual fund that covered the entire stock market and left it until you were approaching retirement?" Historically these funds have earned on average 10 percent per year. Investing even $100 per month of money saved, thanks to a better score, over the course of 40 years adds up to over $559,500."

» Credit Scores - Determining Your CreditWorthiness
These days, it's not just loan lenders that check your Credit Score. Employers look at their potential employees' credit scores in the pre-screening process. Even landlords and insurance companies have got in the habit of checking Credit scores of their potential customers. If you have a low credit score, you are considered a high risk to lenders and have lesser chances of being granted credit. If you are indeed granted credit, you will have to pay higher fees, higher interest rates, etc.

» 10 Big Bankruptcy Bloopers
Failure to Disclose any Past Bankruptcies: When you're going through the court proceedings, be sure to disclose any previous bankruptcies you may have declared. If you don't, the Judge will check the US Bankruptcies Database and easily find out that you have previously declared it, and this will make matters even worse for you.

» Carnival of Do It Yourself Debt Consolidation 1
Welcome to the June 16th, 2007 edition of the Carnival of Debt Consolidation. In this post, we highlight 9 superb blog posts related to Debt & Credit, Retirement, Loans & other Personal Finance issues.

» Credit Card Balance Transfers Checklist
If you would like to transfer your credit card debt from one card to another (also known as credit card balance transfer) but do not know how to go about it, use the following checklist to help you make a smooth transition without having to pay any hefty fees or interest. Firstly, get a copy of your old credit card's most recent bill and agreement, as well as the new credit card's agreement form.

» When Is Your Credit Card Debt Too High?
You know your credit card debt is too high when you have to spend more than 20% of your take-home pay towards paying off the interest + original principal balances on your credit cards. You must think of it in terms of your take-home pay, because that is the amount you actually have to spend (after paying off taxes). John Ventura, a Principal at Center for Consumer Law (University of Houston Law School) quotes, "If you are not able to pay a credit card off within 12 months, which means making a lot more than the minimum payment, then you are not financially sound in your financial dealings. You have too much debt."

» The Dark Sides of Debt Consolidation
With the lowest record interest rates seen in decades, it is economically feasible for a person deep in debt to consolidate all of his debts into 1 single monthly payment at a lower interest rate. This is what debt consolidation essentially does. However, that is NOT all you need to be debt free, you have to do a lot more. You have to focus on saving up more money by lowering your monthly expenses and accelerating the debt repayment process.

» Can Debt Negotiation Ruin Your Credit?
Beware of any debt negotiation companies that promise to reduce your debts by "50%" by negotiating lower interest rates and lower monthly payments from creditors. This is because most of these debt negotiation companies will charge you enormously high fees and will ruin your credit just to get their job done. What's more, any settlement that you receive on your debts (any debt forgiveness) will also become taxable income for you!

» Differentiate Between Good Debt and Bad Debt
About 40% of people in America are renters. Now here's what's surprising. Bach says, "The average renter has a median net worth of $4,000, and the average homeowner has a median net worth of about $150,000." And what's the best time to borrow a mortgage loan? Now! Why? Because of low interest mortgage loans (5% - 6%, 25 year fixed mortgages) or home refinance loans using your home equity line of credit.

» Should I Tear Apart My $300 Limit Credit Card - The Worst Credit Card Ever?
I was in a financial crisis in the earlier stages of my life that pretty much ruined my credit. In an effort to rebuild my credit history, i took out a $300 limit credit card that has a $6.50 monthly fee and an Annual usage fee of $150. The interest rate charged on this credit card was a whopping 25%! I want to cancel this credit card immediately, but if I do this, my credit score will be negatively impacted? Remember, the point of me taking out this credit card is to rebuild my credit history! My question therefore is, should I cancel the card immediately, or wait till its fully paid off and then cancel this?

» Should I Pay Off my Debt or Save Up for a Down Payment on a House?
My spouse and myself are working very hard to pay off our current credit card debt by atleast 80% and then build up a good solid down payment for the purchase of our first home. We currently owe over $25,000 in credit card debt, student loans and auto loan debt. My question to you is, should we focus on paying off this big debt first before buying our house, or should we just make the minimum monthly payments on the debt and build up a larger down payment?

» Risks of Debt Consolidation, Types of Debt Consolidation Loans, Pros & Cons & Zero Percent Debt Consolidation Loans
Over the last decade, we have seen very low interest rates that entice many consumers to take on many different forms of debt consolidation loans (see below) to pay off their existing debt. These types of debt consolidation loans range from Home Equity Lines of credit to Zero Percent Credit Card debt etc. The goal of these debt consolidation loans is to take multiple monthly payments that have high interest rates into 1 low monthly payment with a lower interest rate.

» 2 Ways to Achieve Debt Elimination - Debt SnowBall Elimination Method
Dave Ramsey introduces the idea of a Debt SnowBall Elimination Method in his book, The Total Money MakeOver. With the Debt SnowBall method, you ignore the Annual Percentage Rates (APRs) on your debts when determining which debt to pay off. Instead, you sort your debts from the lowest to the highest, an example is shown below:

» Fastest Way to Eliminate Credit Card Debt - No It's Not Debt Consolidation
The fastest way for you to eliminate credit card debt is to eliminate the big profit generator for credit card companies, and that is, late credit card payment fees and over-the-limit fees. Yes that's right, did you know that in the fiscal year 2006, 31% of the the credit card industry's profits or operating income came from late payment fees and over-the-limit credit card fees?

» 9 Mistakes Not to Commit when Dealing with Debt Collection Agencies
Debt collectors are nasty when it comes to collection of debts. They will call you late at night or at work, will send you unpleasant letters and make your life a living hell. You can make this even more worse by committing any of the following mistakes:

» Do It Yourself Debt Reduction
If you are committed to reducing your debts and are willing to cut down on unnecessary expenses, it is indeed very possible to succeed in what's called a "Do It Yourself Debt Reduction" plan. Why do you need to go out and pay debt counselors or credit counselors big hefty fees when you can reduce your debts on your own? In this page, we will articulate the steps required for a successful debt reduction plan:

» 12 Important Credit Card Terms or Terminology You Need to Know
When you sign up for a new credit card, the issuer will make you sign pages and pages of documents with sophisticated financial and credit card jargon that you probably have no idea about. Don't worry, in this page, we will define 13 common credit card terms that you will find in almost any credit card agreement. Therefore, before you sign that next credit card agreement, do read all the fine print and ask questions if you do not understand a term!

» 10 Crucial Debt Reduction Mistakes
Humans beings are impatient. Just like the process of losing weight, many people try to rush through their tasks of debt reduction and make costly crucial mistakes that ruin their entire debt reduction or debt management plan. In this article, we will explain those 10 debt reduction mistakes that you should avoid:

» 15 Signs Indicating You Need Credit Counseling or Debt Help
Just like losing weight, some people will be successful in debt reduction all by themselves. However, there's many other people who need the help of a personal trainer, or a professional credit counselor to be precise. Here are 15 signs indicating you need help from a professional credit counseling firm:

» How to Improve Your Credit Score - 4 Basic Things
To get good mortgage loan terms, you need to have a credit score in the 700 - 720 range. The expected national average is 723 according to Fair Isaac. What's the best way to increase your credit score in the short term? The best way is to pay off any high debt balances on your credit cards which could increase your credit score by a whopping 60 - 80 points overnight!

» Paying Off Your Student Loans Early: Is It Worth It?
"If a student borrower who has received a loan described in subparagraph (A) or (B) of section 428(a)(1) dies or becomes permanently and totally disabled (as determined in accordance with regulations of the Secretary), then the Secretary shall discharge the borrower’s liability on the loan by repaying the amount owed on the loan."

» Using Your Home Equity Line of Credit
Using the equity built up in your home, you can get lots of credit made available to you from many lenders, in whatever possible way you want to use it. Furthermore, the interest rate at which you achieve this home equity line of credit is usually a lot lower than credit card debt & other sources of financing. Also, the interest payments that you make are tax-deductible under certain circumstances.

» Good Faith Estimate of all Closing Costs in Mortgage Loan Applications
Your debt lender is required to provide you with a good faith estimate of all the closing costs you will have to pay for within 3 days of your initial mortgage or other loan application. Here is a list of the type of fees you will have to incur upon closing of your mortgage loan application:

» 15 Hidden Traps Debt Lenders Use to Rip You Off & How to Avoid Them
The PrePayment Penalty: This penalty applies if you pay off a large portion of your loan (the principal amount) or the entire loan, within a short period of time. Many borrowers like to pay off their loans with minimum interest paid, but lenders obviously want their own interest revenue as well.

» Importance of Your Credit Rating & FICO Score
Upon borrowing money and taking out credit, you are promising to pay back to the lender the original principal you borrowed + some interest fees after a certain period of time. How likely is it that you will pay back this debt you owe? To determine this, the FICO score was developed.

» Make Money & Repair Your Credit History by Suing Credit Bureaus & Debt Collectors
In the table that follows, we list the type of collection agencies or credit bureaus that you can sue, why you can sue them, the appropriate supporting law and the monetary value of the punishment $$$.

» Realities of Debt Settlement, Advice & Tips, Debt Validation & Tips on Debt Negotiation
Thus when negotiating a debt settlement, do NOT offer more than 20% of the original debt owed.

» Borrowing a Payday Loan v/s Borrowing from a Line of Credit v/s Cash Advance on a Credit Card
Have you ever wondered what the difference between these 3 items is? Which one is the cheapest option, and which one is the most expensive? We will compare the total costs of borrowing from each of these 3 sources.

» Payday Loan Fees, Charges
These service fees cost 10-35% of the original loan amount or $10-35 for every $100 borrowed. Therefore, a $500 payday loan could result in $50-175 in service fees.

» InDepth Look at Payday Loans (Quick Cash Advances)
A quick cash advance (also known as a payday loan) is a short-term loan borrowed that will help you cover your short term cash flow problems while you wait for your paycheck at the end of the month.

» Statute of Limitations on Debt Collection
Statute of Limitations on Debt Collection is the amount of time that lenders have to collect their debts by suing you in court and by other legal methods.

» Refinance Your Mortgage for Debt Consolidation
The interest rate you will be charged on your mortgage refinance on your debt consolidation will be much cheaper than the APR charged on credit cards.

» Tips for a Successful Debt Consolidation Plan
If you have a huge credit card debt bill on which you are paying high interest rates, you should consider using the equity built up in your home to finance a debt consolidation loan.

» Bad Credit Debt Consolidation
It is hard to find a lender who will finance your debt consolidation loan. This is because debt consolidation loans are high risk loans due to the fact that most borrowers go deep in debt after their first consolidation.

» Statute of Limitations for Secured & Unsecured Debt
For example, if you owe American Express $5000 and its been 3 years since they last contacted you, then the legal amount of time that Amex has to sue you is over. However, you still owe that $5000 debt and Amex has other means of recovering debt owed.