From the category archives:

Debt Consolidation Loan

Debt Consolidation Loans: Beware of the Trap

by Moneyproblems TipsWed May 19, 2010 Debt Consolidation Loan

A debt consolidation loan is a loan you get to pay off other debts.  If you owe balances on three different credit cards, a debt consolidation loan combines all of your credit card balances into one loan, so you only have one monthly payment.  That’s great if it reduces the interest you pay, because it [...]

Tagged as: credit cards

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How to Deal With Overwhelming Credit Card Debts

by Moneyproblems TipsFri Feb 19, 2010 Debt Consolidation Loan

This week we have discussed the truth about credit card costs, and how to pay off your credit cards.  But what can you do if you are carrying an overwhelming amount of credit card debt?
You probably didn’t expect to have this much debt, but perhaps you got sick, or lost your job and had to [...]

Tagged as: bankruptcy, consumer proposal, credit card

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Make a Plan to Deal With Your Debts

by Moneyproblems TipsFri Jan 22, 2010 Budgeting

Today’s Tip: Make a plan to deal with your debts.
If you have more debt than you can handle, you need a plan. That plan will start with a household budget, so you know what you have to spend each month. You should then explore your other debt management options, including getting a debt consolidation [...]

Tagged as: bankruptcy, budget, consumer proposal

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Reduce Debt to Improve Your Credit Score

by Moneyproblems TipsFri Nov 27, 2009 Budgeting

The only permanent way to improve your credit report is to reduce your debts. Your household budget can help you determine if you can cut your expenses enough to free up the cash necessary to repay your debts and improve your credit score.
But what if you have more debt than you can handle, and [...]

Tagged as: credit report, credit score

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Credit Counselling as a Bankruptcy Alternative

by Moneyproblems TipsWed Nov 11, 2009 Debt Consolidation Loan

This week we are exploring bankruptcy alternatives.  We’ve discussed using a budget to fix your problems on your own, and getting a debt consolidation loan.  If you don’t qualify for a loan, your next step to consider would be a debt management plan through a credit counsellor.
Like a debt consolidation loan, in a debt management [...]

Tagged as: credit counselling, debt management plan

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Can Debt Consolidation Help You Avoid Bankruptcy?

by Moneyproblems TipsTue Nov 10, 2009 Debt Consolidation Loan

This week we are looking at tips to avoid personal bankruptcy.  Yesterday we discussed the Do It Yourself Approach to Avoiding Bankruptcy.  The next step to consider is a debt consolidation loan.
A debt consolidation loan does not reduce your debts, but it can help you save money.  If you currently owe $50,000 on five different [...]

Tagged as: Debt Consolidation Loan

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Debt Consolidation Loans: What to Do When The Bank Says “No”

by Moneyproblems TipsFri Nov 06, 2009 Debt Consolidation Loan

All of our tips this week have discussed debt consolidation loans.  They are a great option for many people with money problems, but what can you do when the bank says no?  If you have bad credit, or too much debt, it is likely that the bank will reject your application for a debt consolidation [...]

Tagged as: consumer proposal, Debt Consolidation Loan, debt consolidation loan calculator

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Beware of Debt Consolidation Loan Scams

by Moneyproblems TipsThu Nov 05, 2009 Debt Consolidation Loan

All week we have discussed the benefits of debt consolidation loans; today we talk about debt consolidation loan scams, and how to avoid them.  We discussed the hidden debt consolidation loan trap (a loan doesn’t reduce your debt; you just replace one debt for another).  That’s a trap; let’s discuss actual scams.
The most common scam [...]

Tagged as: scam

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Don’t turn unsecured debt into secured debt

by Moneyproblems TipsWed Nov 04, 2009 Debt Consolidation Loan

As we continue our week of tips on debt consolidation loans, today’s tip is to be careful not to turn unsecured debt into secured debt, unless that’s what you intended to do.
An unsecured debt is not attached to an asset; a secured debt is.  Common examples of secured debt would be a mortgage (attached to [...]

Tagged as: car loan, mortgage, secured loan, unsecured loan

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Debt Consolidation Loan Calculator

by Moneyproblems TipsTue Nov 03, 2009 Debt Consolidation Loan

Before you get a debt consolidation loan, do the math.  One of the most common mistakes people make when getting a debt consolidation loan is that they don’t do the math to determine what they will be paying with their new loan.
Here’s a common example.  You owe balances on five different credit cards, and you [...]

Tagged as: debt consolidation loan calculator

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