Face Your Debt Head On, and Find Consumer Debt Relief Options That Work

In the economy that exists in America today, there are hardly any consumers who can claim that they do not have at least one debt associated to their name. In fact the structure of American society depends on the opportunity to take out credit and thus debt in one’s name in order to get ahead in areas such as a new home or new car. However, now as result of too much available credit, and not enough income, many people find themselves in serious need of consumer debt relief as the debts they have accumulated have outgrown their ability to keep up.

Consumer debt relief is a popular topic, and one that many people need to learn more information on, because there are ways to get out of debt that will clear your credit history and allow you to get back on your feet if you know how to use them. While many people choose to avoid their debt, and the bill collectors who call on a regular basis because they do not see a solution, this is actually the worst tactic you can ever employ, and will never help you to find relief.

If you want to put an end to harassing phone calls, and the empty feeling in the bottom of your stomach every time you open the mailbox, you need to start by seeking the aid of a debt reduction agency. There are many trained counselors who can offer you viable solutions, but until you put the first step forward you will never know what they can offer you. This is why it is important to seek the aid of a debt settlement attorney or counselor as soon as possible if you find yourself dealing with a massive amount of debt.

One great way to find consumer debt relief is to consider applying for a debt relief loan from the federal government. The US government places billions of dollars aside to help people just like you who are facing a massive amount of debt without the means to pay with your current income. If you can prove that you will never be able to pay off your debt with your current loan, you may be eligible for a debt relief loan which will pay off your debt forever and is the ultimate form of consumer debt relief.

However, there are several other ways you can find relief as well if you do not meet the criteria for the grant, such as a debt relief loan. Usually, you will want to consult a debt settlement attorney before securing a debt relief loan because they can negotiate with your creditors to help reduce the amount you owe and make it a more reasonable sum. The advantage you have is you can place the combined lower amount into one location and then begin paying it off over time with a low interest rate at a monthly payment rate you can manage.

For additional on additional Consumer Debt Relief options, please pay a visit to http://www.consumerdebtreliefonline.com

Saving Money For Newbies - 4 Venues For Saving Money

Saving money is basically just setting aside a percentage of current income now to create a financial hedge or surplus for use in the future.

Cash accumulation methogs come in many different forms. Additionally, there are several reasons that people choose to save. However, your method for saving should be based on what you plan to do with the money in the final analysis.

1. Petty Cash Savings Accounts. When saving for just a high ticket item or for a minimal amount of time, or to accumulate an funds as a surplus against emergencies, a passbook savings account is the best method. You should dump bloated items that steal your cash, so that you can sock away at least $1000 into what I call a Rainy Day or Lean Fund. The reason you want to put this in the bank is because it is basically liquid. You can get it very quickly without going through much trouble.

This type of account is only good for short term money savings. You have flexibility with it. You can deposit and withdraw money to your account and earn interest, based on your average daily balance. The interest gained will be very low though because it is not a wealth accumulation vehicle.

If you make a mistake and use more money then what is currently on deposit in your account the bank will charge you an insufficient funds fee as high as $40 per occurrence. The bank will sometimes forgive your error and return this fee if you ask them to. They won't do this for you every month though.

2. Checking accounts that bear interest. The best aspect of having this type of account is the ease of use it offers. You get to transact your daily business through this type of account and earn a bit of interest at the same time. That's a twofer. Generally these types of accounts come with a host of other privileges like checks, online bill payment schematics and Visa and Mastercard based debit cards.

In order for you to not be charged a monthly fee to maintain this account you typically must maintain a daily balance as high as $2,000. Should you be neglectful of this account and become delinquently overdrawn with the bank, you will be reported to ChekSystems. A report to ChekSystems will mean exclusion from having a checking account with virtually every American bank or Credit Union for up to five years or longer depending on the severity of your account abuse.

3. Secured money market accounts (MMA). These accounts are backed by the Federal Deposit Insurance Company and are not as quickly accessible as your general savings or regular petty cash savings account. If you don't need access to this money as much as the funds in your savings account then this is the way you want to go. It offers more return on your deposited dollars but you won't be able to run down to the local ATM to make a fast withdrawal as easily. You will likely have to fill out paperwork and send it in to the company to cash in shares or write one of the limited number of checks that they give you when you first establish this account. If you can allow these funds to stay socked away without regular withdrawals then an MMA is for you.

If you have a larger balance on deposit in this type of account, this means the account will accrue at a higher interest rate. Don't go to the bank for a money market account though. They usually offer considerably less than the money market accounts offered by insurance companies or other investment companies.

4. "CDs" or Certificates of Deposit. This savings venue is attached to a measurement that requires a specified amount of time. You deposit your money in the bank for 30 days up to 5 years and the bank hands you a piece of paper that will mature or be redeemable on a specified date. If you cash in your cd early, you stand to loose money and a penalty may be attached as well. The general rule is the longer you leave it alone to grow the bigger your pot will get.

Keep in mind that usually insurance companies offer better deals on interests compared to banks, so before you invest, compare rates first! However, you should avoid saving your money in a life insurance product. It is wiser to keep your savings and life insurance coverage separate. Otherwise, you will pay higher amounts for your insurance and your money will grow at little or no return for up to three years initially and for the duration of the account compared to other investment alternatives.

Remember, the savings or investment vehicle you choose to use should be based on your overall financial objective. Diversification is not just making sure that you don't put all your eggs in one basket. It also means that you have to look at whether you can afford the risk of losing your total investment.

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