Debt consolidation loan for credit card and unsecured bills.

Debt

Turning around financial problems, to be able to save money can be an overwhelming process that could take months or years. Finding the motivation, can be as easy as reading success stories on the Internet or listening to people around you. People from all walks of life can have debt problems that need to be solved, it is not just those who may live on limited incomes.

Many times there are medical problems that cause the family finances to be depleted beyond repair, a disability, the loss of a job, or other circumstances. Things that happen can cause life to look pretty dire. When money management skills are lacking, it can only get worse, and this in turn can cause couples to fight about the finances. It can also have a negative impact on all areas of life. Financial problems that are faced soon, can lead to positive changes. It does not matter who is to blame, unless you want to be on a road to nowhere, something has to change for the better.

For some people, loosing money due to a business that failed, can cause huge amounts of debt. One big problem can result from trying to keep a company running, by charging on credit cards, only later to find the battle was lost. Trying to meet a company budget may go on for months, until someone finally decides it is not paying off, and the doors are closed. But that does not wipe out all the debt that may be owed.

There are many people who only live paycheck to paycheck every week. When there is a layoff at work, debts can get behind quickly. It becomes worse when late fees are added and bill collectors are constantly calling, thus leading to more stress. Many people keep hoping things will change, and they do not act, and being in debt deepens.

There are other people who end up in debt because they spend money wastefully and live like they are rich. It eventually catches up with them. They may be the type who must eat out all the time, buy things they desire but do not need, purchase clothes and shoes that continues to clutter closets, and try to impress their peers only to become deep in debt. Usually this includes purchasing a huge house that they can not afford, nor the utility bills to go with it. There is never enough money for the family expenses.

Savings accounts can help when the family finances needs extra money, yet many Americans do not save for emergencies. They shuffle bills when something happens and that cuts into the paycheck with added late charges. Eventually, credit scores may be damaged to the point, that getting approved for money to dig out is almost impossible.

When debts are piling up, the important thing is to turn things around as soon as possible and not months down the line. There must be some type of action, like learning to live way beneath one's means just to be able to catch up on bills that are due each month. Some people may not have the skills to get back on track. Enlisting the help of professionals to try to get debt relief can be a good step forward.

To get out of debt, some people may choose to get a second job or work over forty hours a week to get more money for debts. This can be one of the best moves to get extra money. Another option is to sell stuff at garage sales, in the newspaper, or at online auctions. It could be surprising how much money you may be able to earn toward bills.

For those who owe a few thousand in debt, they may have luck by using a self made plan, but when debts total more than $10,000, a debt counselor may be helpful. When debts are in the hundreds of thousands, a lawyer who knows about debt settlement or bankruptcy issues may need to be consulted. Whatever the debts are, there are several tried and true methods to get debt relief. There are still some basic concepts to getting finances under control, for those who do not know how, find debt help fast.

Review Disclaimer: Review information was gleaned from the website, and is neither an endorsement by us nor an confirmation of content nor a warranty of any promises made by the website. Use the review information at your sole discretion and sole liability.
 
DebtAdvice.org Review - ©2011 National Foundation for Credit Counseling

National Foundation for Credit Counseling: As the nation's largest financial counseling organization, the NFCC Member Agency Network includes over 800 community-based offices located in all 50 states and Puerto Rico. In 2010, 3.2 million consumers received financial counseling and education from NFCC Member Agencies in person, over the phone, or online. To locate an NFCC Member Agency in your area call 800-388-2227. Para ayuda en Español Ilama al 800-682-9832.

Founded in 1951, the National Foundation for Credit Counseling (NFCC), Inc., promotes the national agenda for financially responsible behavior, and builds capacity for its Members to deliver the highest-quality financial education and counseling services. The NFCC is the nation's largest and longest-serving national nonprofit credit counseling network, with nearly 100 Member Agencies and more than 800 offices in communities throughout the United States and Puerto Rico. In 2010, NFCC Members assisted 3.2 million consumers, helping many to drive down their debt and take control of their finances.

NFCC Members, often known as Consumer Credit Counseling Service (CCCS) or other names, can be identified by the NFCC member seal. This seal signifies high standards for agency accreditation, counselor certification, and policies that ensure free or low-cost confidential services. NFCC Member Agencies can be reached in person in communities nationwide, on the phone toll-free at (800) 388-2227, or online. The NFCC national office is located in Washington, DC.

Certified Consumer Credit Counselors - When you are in a financial crisis, be sure to choose a certified credit counselor with a professional background in money and credit management and the wise use of credit. To promote high standards, NFCC members require that all counselors pass a comprehensive counselor certification program administered by a third party.

It isn't always easy to talk about debts and finances. But keep in mind our Certified Consumer Credit Counselors are professionals who are here to help. They will work with you to tailor a confidential program with solutions that work best for you whether you select face-to-face, over the phone, or via Internet counseling.

Online Counseling - In order to meet the growing needs of our customers, you can also submit your financial information online for help from a Certified Consumer Credit Counselor.

All online conversations with our Member Agencies are confidential and secure through encrypted servers, meaning that communicating online to our Certified Consumer Credit Counselors is just as productive and comforting as talking to them face-to-face.

Members of the National Foundation for Credit Counseling are uniquely qualified nonprofit organizations dedicated to providing free and affordable services to consumers who need a financial lifeline to pull them out of debt. Some of our members offer free budget counseling and Debt Management Plan services, and all members who charge fees or request contributions offer these services at affordable costs to consumers.

The National Foundation for Credit Counseling (NFCC) is the most respected name in the credit counseling sector for one simple reason: for more than 50 years, our members have offered accurate information, honest advice, and fair repayment plans, all at little or no cost to the consumer.

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Marriage and Debt - Financial Mistakes Couples Make: smartmoney.com Copyright ©2011 Dow Jones & Company, Inc. All Rights Reserved

IF YOU AND YOUR partner are like most couples, chances are, you fight about money. Numerous studies have shown that money is the No. 1 reason why couples argue and many of the recently divorced say those battles were the main reason why they untied the knot.

While anyone will tell you that talking about money is the first step in resolving problems, talk alone won't do the trick.


Merging the Finances:
The Wrong Approach: United we stand, divided we bank.
The Right Approach: It's yours, mine and ours.

One of the first issues newlyweds face is how to handle their finances. "Couples struggle about this one," says Ruth Hayden, author of "For Richer, Not Poorer: The Money Book for Couples." Should you merge everything you have and earn into one joint account, or should you maintain individual accounts and open a joint one for household expenses?

SmartMoney magazine's survey found that the majority of couples (64%) put all of their money in joint accounts, while 14% kept everything in separate accounts, and 18% had both. "Married couples should try different ways of handling the money to see what works for them," says Ginita Wall, CFP and co-founder of the Women's Institute for Financial Education.

For many newlyweds, the right choice may be somewhere in the middle. "You should have some autonomy money, I should have some autonomy money, and we need to learn how to practice being a couple together with our money," says Hayden.

The advice is different when one spouse enters the marriage with a high debt load. (See our next point below.) But assuming you both have a clean bill of fiscal health, finding a way to blend finances comfortably without feeling like big brother is watching every financial move you make can dramatically cut down on fights. Over time once kids and mortgages come into play many couples find that merging all their finances is simply easier. But unless you're both comfortable with the idea, there's no need to rush things.


Dealing With Debt:
The Wrong Approach: Your debt will ruin us; you must find a way to pay it off.
The Right Approach: It's our debt: Let's decide how to pay it off together.

Of all the issues that spark a fight, debt ranked No. 1 for most (37%) of SmartMoney's survey respondents. "That's one of the places where couples have most disagreement," says Hayden. Couples often don't see eye to eye on how much debt is too much and which kind of debt is bad.

Compounding the problem: in many cases, one spouse enters the marriage with a lot more debt than the other. "We saw that more frequently than we anticipated when we began interviewing couples [for our book]," says Allvine. "It's almost unavoidable. Even if you manage to get to your 20s or 30s without debt, you hook up with a partner who's in debt."

Unfortunately, all bets are off should you get divorced. For more on that, click here. But even with separate finances, your spouse's credit score will affect your ability to get joint credit. "It's a public [credit reporting] system, and what you do will absolutely affect the other," says Hayden.

For those couples not yet married, it may be worthwhile to think about a prenup, just to make sure that assets that one spouse brings into a marriage will always be protected from the other spouse's creditors.

But those who've already tied the knot should find a way to pay down the debts as quickly as possible, and without any late payments. For help with this, visit our Debt Management center.


Keeping Spending in Check
The Wrong Approach: I'm a saver and you're a spender. That's the problem.
The Right Approach: We both spend, but on different things. Let's budget.

Your husband keeps nagging at you that you spend too much but then comes home one day with a huge smile and surprise! a 70-inch flat-screen plasma TV. He happily explains how he sealed the "terrific" deal. You're definitely not impressed.

Sound familiar? Spending is the second most common reason why couples fight, according to SmartMoney's survey. What usually happens, explains Hayden, is that one spouse gets labeled the "spender" and is blamed for skimming all the money out the checkbook. In most cases, however, that's not accurate. "Studies show that men and women spend the same, they just spend differently," she says. Women usually take care of most of the family's daily expenses: the groceries, the bills, clothes for the family while men spend on large purchases like plasma TVs, cars or computers. "If you counted up your money, you would be spending about the same," Hayden says. "But because you spend so differently, the perception is different."

The solution here is to identify the real problem, Hayden says namely, that you're both spending money on a tight budget. Then sit down and decide how much money you'll allocate to the "dailyness" of life, and how much to save for the big purchases. "What we're trying to do is get the 'Surprise!' out of it," she says.


Keeping Money Secrets
The Wrong Approach: What my spouse doesn't know will never hurt him/her.
The Right Approach: Big financial secrets can ruin a marriage.

Among Hayden's clients is a family that first came to see her when the wife found out that her husband had lost a lot of money trading commodities. The real problem? She didn't know his little secret. "It got them in horrible trouble!" Hayden says. "He's very steady, he's a fabulous doctor, he's a great dad...but he had this other part of him that's pure gambler, and it almost brought the marriage down."

Will you be shocked to hear that most couples do keep money secrets from each other? While secret trading or gambling may not be that common, our survey saw 36% of men and 40% of women confess that they had at one time or another lied to their spouse about the price of something they bought. "It's the most common secret," says Wall.

Is it a big problem? Depends on how you deal with it. "Most people also lie to themselves about what they're spending, just as they lie to themselves about how much they're eating," says "The Family CFO" author Allvine. And let's face it, if your wife saved up the extra $100 for her "only $30" Givenchy scarf from her monthly mad money, it's not that big a deal. But if your spouse has been squirreling away thousands of dollars, it may be time to seek the help of a family finance professional. "If this happened in a company," Allvine says, "they'd call it embezzlement."


Emergency Planning
The Wrong Approach: We're fine. We don't need to worry about money.
The Right Approach: Anything could happen. Let's plan for emergencies.

Even if you have a great career, earn a comfortable living and don't have to worry about debt, you could find yourself woefully unprepared for an emergency. "Couples today are under so much stress that anything could tip them," says Hayden. An unexpected pink slip, an accident, illness anything could throw you off track if you don't have an emergency savings account.

"With the couples we interviewed, we found a tendency to panic [in an unexpected emergency] that could lead to the wrong decisions," says Larson. Bottom line? All couples should have an emergency stash of three to six months' worth of living expenses held in a safe place, like a money-market fund. Simply knowing it's there can reduce stress, since you know you're not walking a fine line between comfort and catastrophe.