Bogus credit counseling, credit card and debt consolidation services around - credit card debt horror stories

Thousands of companies are everyday stealing money right from people who need it the most! Illegitimate companies offer to set up debt consolidation assets and suggest credit counseling, but many are stealing from people just like you. For this reason a blog has been set up which is updated daily with tips and essentials, it can be found at http://www.getdebtconsolidationonline.com/

Personal loans do keep accumulating over time especially with such loans as school loans, vehicle debt and of course we must not forget the credit card payments! One of the first debt advice I normally give to anyone talking to me is to try to manage your income and assign a chunk of it for your debt. For example you may take 35% of your income to go towards your loans, read more about this on http://www.getdebtconsolidationonline.com/

Many pay try to pay the larger loans first, this is normally an error because the larger loans for example home or house loans normally have a smaller interest rate than their counterparts such as credit card debt and other unsecured loans such as appliances or vehicular loans, so I always tell debtors to start paying off the loans with more interest on them. This way your payments are more effective and thus avoiding the accumulation of more interest fees.

Others do the error of paying too much for their loans, in the course of my years consulting on credit I met with many people who even paid around 80% of their total income and in the process they fight with their spouses due to the fact that they do not have enough to live on. Whilst I always say that the more you pay the better, I would definitely not suggest to anyone to pay more than 40% of his income towards a loan. It would be rather crazy to pay more than this as then your lifestyle would suffer too much and it’s better to pay some more interest over time then to live like a vagabond!

If on the other hand your situation is very difficult and you cannot manage your loan payments on your own then there are professional debt management agencies and consultants around.

For more information : http://www.getdebtconsolidationonline.com/

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