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I am Charles King(27). At Finance Classic I want to share my financial knowledge with the world. Here you can also find some good financial videos which are very interesting and very informative. If you would like to share your thoughts and knowledge with me and my visitors then please comment here or contact me at: charls413 [at] gmail [dot] com

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Let me share my hobbies with you. I like to play, wondering around. Another thing that I want to tell you is that, I want to be honest and I like honest people.

Know about Debt and Bill Consolidation Loans

Is there any difference between debt and bill consolidation loans? The answer is no. Both of them act similarly. Let’s find out how it works. Both of these loans are used to pay off outstanding debts or bills to the creditors. Now a day it can be found that debt consolidation or bill consolidation loans are becoming very popular among the US residents. We need to find out what are the advantages of debt consolidation loans have so as to become so popular or tempting people to go for it.

1) The interest rate of debt consolidation loans is much lower than the unsecured loans. The rate of interest varies according to the customer’s financial condition and the amount owed by them.

2) As the debt consolidation program combines all your unsecured debts or bill in a single monthly payment so the customers don’t have to deal to all their creditors simultaneously. With the debt consolidation loan the creditors can be paid off. So here the consumers need not to worry about the harassment of the creditors or collection agency.

3) Bill consolidation loans reduce the monthly payment of the consumers. For this reason it is quite manageable for them to pay.

But before choosing any debt or bill consolidation company you have to go through the details of that company. Most of the company takes fees for their services. Fees vary according to the type of loan you take. There are also some non-profit organizations that provide debt consolidation program. Debt consolidation loans or bill consolidation loans generally don’t affect your credit score adversely. Once you have paid off and close your account then your score will be good and you will be allowed to take further loans at low interest rate.

Resources: Personal loans

Can Debt Settlement Be Bankruptcy Alternative?

Debt Settlement can be the alternatives of Bankruptcy for those who have multiple debts. When you are in multiple debts and unable to pay them off, at that point of time it is better to choose debt settlement program rather than bankruptcy filing. Because you will face problems in future especially regarding loans. Your credit report will show the case of filing bankruptcy for several years and with this negative credit report it will be hard to get further loans. The lenders will certainly check your credit report before granting any loans. So think twice before filing bankruptcy.

How the program works?

If you opt for the service of debt settlement then settlement companies offer you to set up an account with them and send monthly payments there. The monthly payment will be according to your convenience. This is for to build up a fund which can be used to settle debt with creditors. When the accumulated money rose in such an amount which is feasible to deal with creditors, the settlement company tries to contact the creditors to settle debt with lower amount.

The Debt Settlement companies have highly trained negotiators and have experience in settling debts with creditors; have great idea of Federal Laws and current financial matters.

Benefits of Debt Settlement:

1) Debt Settlement companies offer services like stopping collection harassment. Some of the companies act so professionally that they ask the creditors or collections agencies not to call the customer but to call them. This service is very popular to the consumers.

2) Your credit report which can be negative by filing bankruptcy will be better. So in future you will not face difficulties for further loans.

So, it is always better to go for Debt Settlement but to Bankruptcy.

Great Financial Advice

I had gone through an article of Liz Pulliam Weston in MSN about how you can be healthy in finance. This is a great article written by her.

Let me share some good points with my visitors.

1) First and foremost important matter to be healthy in finance is to have the habit of saving, it’s not a matter how little and how much you save but the ultimate thing is to make a habit of it. You never be rich if you can’t save.

2) You must know the difference between “need” and “want”. More of less we all know the difference, still let me explain it with an easy example, food is our need and a latest mobile is our want. Because without food we can’t live but without mobile we can easily live.

3) “Live within your means” – this is very important. It can be easily described as; if your expense exceeds your income then you will be in a downfall. So be careful about your expenses.

4) For the first 10 years of your earning, save as much as you can. This is important because after that there is a maximum probability of having an increase in your expenses column.

5) Always you should make a budget for the new financial year. Without making a proper budget it will be tough for you to have a successful financial career.

6) Be careful when you are going for a loan. Think about the repayment plan of the loan that you are going to take.

7) If you are already in debt think how you can get relief from it. And if the things are beyond your control don’t hesitate to consult with a professional. He may advice you for debt consolidation plan or debt settlement plan according to your financial condition demands.

8)Last of all; try to make more and more money and wealth. This is the ultimate solution of all your financial problems. Don’t waste your time when you are able to work. Devote as much time as possible for earning.

You can get details analysis in this article.