Credit Card Debt Horror Stories
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!
(PRWEB) December 27, 2009 -- Thousands of companies are stealing money right from people who need it the
most! Illegitimate companies offer to set up debt consolidation assets and suggest credit counseling to people who
are in debt. Many are stealing from ordinary people. For this reason a blog has been set up which is updated
daily with tips and other up to the minute information and can be found at : www.sandboxarticles.com
One of the first debt advice which a legitimate loan counsellor will suggest is to try to manage the household
income and assign chunks towards repaying debt. For example a good idea is to take around 35% of the
household income and use it to repay loans.
Many 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 debtors should start paying off the loans that have the
most interest. This way payments are more effective and debtors avoid accumulation of more interest fees.
Others do the error of paying too much for their loans, some people 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 money for everyday
chores. Credit counsellors 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.
Credit counsellors can help someone who cannot cope with his debt.
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