bill consolidation loan scams Article
Below, you'll find extensive information on leading bill consolidation loan scams articles and products to help you on your way to success.
Which Type Of Debt Are You In
By Paul Escobedo
If youre looking into debt consolidation, first you need to figure out what kind of debt youre in. This will help you to make an informed decision as to which direction to go, as well as learn what options may be available to you.
Many people have no clue how to even begin figuring out how much debt they have. Im surprised by this, because everyone in America did have to have at least 11 years out of 12 of math. Still, this probably explains why many people are in financial difficulty; not only are we not taught the proper math we need to know, but were also not taught the financial skills we need as we progress through real life.
Lets start with this fact; your minimum amount due isnt indicative of what your debt really is, although if you add all of those up its a pretty good indicator of if you can at least pay all of your bills. If youre only paying the minimum amount on your card, you could be paying on your balance for years, sometimes close to 10 years, and thats if you stop spending. That has to be scary for almost everyone, especially if you have more than one card.
Dont believe me? Do you know how to use Excel? Even if you dont, follow the down and dirty Im going to give you now and see it for
yourself.
1. Pet the outstanding amount of your credit card in A1.
2. In A2, put in the amount of your APR, multiplied by 12. If your APR is 15.9%, it will look like this: (+.159*12).
3. In A3, type this: (+A1*B1).
4. In A4, type (+A1+C1). This is your new balance, which, at 15.9%, is $506.63.
5. In A5, put in your minimum monthly payment amount.
6. In A6, (+C1-D1); this shows the new balance, minus your payment.
7. Drop down one line. In A2, type +F1. This copies the amount as in A6.
8. Highlight all the other entries in the first row, select copy (Edit Copy at the top is easiest if you dont know the program), go to B2 and do (Edit Paste).
9. Highlight the entire B-line, then go to A3 and drag your mouse all the way down to at least A100, and paste.
10. Count every 12 lines as a year, and go down until you see a negative balance in the last column. That determines how many years itll take you at a minimum payment to pay off your bill. If, at 100, its still not a credit balances, drag further.
Thats what you need to do, for each credit card, or any other bill you have that has an APR. At least then youll know what youre in for long term.
Search Debt Consolidation Section, debt scams and debtconsolidationsection.com/debt-counseling-services/2009/04/">debt consolidation services today!
How Using Credit Card Debt Consolidation Can Benefit Debt Management By Daniel MajorCredit card debt consolidation is an option of debt management used by countless people as sometimes, the control of many credit card accounts can become extremely difficult; not only can it be a Read more...
|
Debt Settlement Information By Justin narinWhat Is Debt Settlement? Debt settlement, also called debt negotiation, is a process by which your lenders agree to forgive a part of your balance, saving you up to 60% of what you owe. You then Read more...
|
4 Online Dollar Store Success Tips By Bob HamiltonThe Internet world has brought an almost endless variety of business opportunities to entrepreneurs around the world. Its possible to bring your new idea and build an online business around it. Read more...
|
We strive to provide only quality articles, so if there is a specific topic related to loan consolidation that you would like us to cover, please contact us at any time.
And again, thank you to those contributing daily to our bill consolidation loan scams website.
