Solve Your Debt Problems and Think of Getting Mortgage Later

April 15, 2012 by  Filed under: Loans 

People have different problems and a financial situation of one may not be the same with other people. If you don’t have debt concerns and your finances are well managed then you are a financial success. However, not all people are in this situation and a good percentage of them are probably having financial concerns. The worldwide downturn of the economy is aggravating this situation and many people are having debt problems. If you are in this situation you need to have a strategy on how to tackle your debt problems and devise mechanisms to solve this.

Probably your first strategy will be to determine the kinds of debts that you have and consolidate these. Through this strategy you can have a priority plan on which debt kinds to pay first. Credit card debts should be the first in the priority because they charge higher percentage rates for past due accounts. Utility bills are also priorities because probably you cannot live without electricity and water or your phones will stop ringing. It is important that you plan your debts and do not just jump on buying anything because you have your credit card with you. It may turn out that you do not need that something very badly after all.

If you have multiple credit card debts that are already past due and you are paying on installments, it may turn out that you are paying more interest rates than should be. It may be better to consolidate all these and borrow one time to pay all these debts. You may end up not paying for the higher rates of all the cards and pay only this one loan. You may also negotiate for a longer repaying period for this only loan you have. It may give you a higher total loan repayment amount but you will not also be hard up with your monthly amortizations.

There are debt consolidation loans that you can avail of to pay off your multiple debts at one time. There are even credit cards that will allow you to transfer all your credit card balances into this one card. In the process you will only be paying this single card. If you have debts that are already transferred to a collection agency it may be better to have a reconciliation appointment with them to know if you are really indebted with the amount they are collecting. After reconciling everything ask them for a debt settlement agreement where it will not be hard for you to oblige also.

If you are in all these situations it may be better to consult a professional to help you with your debt problems. There are consultants where you can seek professional help for all your debt concerns. If you can manage well these concerns without them, then it will be good for you and you can think later if you will still plan to have a mortgage. However, if you cannot then their help will be an advantage and they can even advice you whether seeking another mortgage will be good for you.

Jim Oneil is a writer with a special interest in debt issues and personal finance. He has written for small local newspapers in the past and now devotes part of his time writing about consolidation loans as well as UK based financial products.

Article Source:
http://EzineArticles.com/?expert=Jim_Oneil

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