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Too Much Debt - Debt Settlement Services

Date Published: 07th September 2009
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Author: Debt Settle Inc RSS Views: N/A PRINT ASK ABOUT THIS ARTICLE
Do you know why debt is a bad thing? Every American has some debt, and even Donald Trump has declared bankruptcy before, but seeing debt for what it truly is can be your first step towards financial freedom. If you make $60,000 a year and you have $10,000 in debt, that’s probably a manageable amount. However, if you’re making $25,000 a year and you have $10,000 in debt, that’s a problem.

Debt Calculator
The Federal government considers a debt burden of more than 40% of your gross income an indicator of financial distress. Think about it this way: if taxes are eating up 25% of your salary, you're saving at a healthy 15% clip, and your loan payments hit 40%, you're left with just 20% for everything else.

To figure out your debt situation, here are some steps:


• Monthly mortgage payment (including property taxes and insurance) or rent +
• Monthly home equity line of credit or loan payment +
• Monthly car payments +
• Monthly revolving credit payments (furniture, appliance loans, etc.) +
• Monthly student loan payments +
• Monthly minimum credit card payments times two +
• Other monthly loan amounts +
• Monthly child support payments =
TOTAL MONTHLY DEBT PAYMENTS

• Monthly net (take-home) pay +
• Annual bonuses and overtime, divided by 12 +
• Other annual income, divided by 12 =
TOTAL MONTHLY INCOME

Sources of Debt Problems
There are all kinds of ways to rack up debt:
• Credit Cards
• Mortgages
• Car Loans
• Boat Loans
• Student Loans

• Personal Home
• Home Equity Loan
• And More

Debt Settlement Professionals
In getting over the debts you owe, you may need a debt settlement professional to help you address your debt problems, pay down the money you owe and create a plan that will lead to financial independence. Living paycheck to paycheck is no way to live, and yet so many Americans do live that way. Losing sleep at night, heart disease, high blood pressure and more are all caused by the kinds of stress that come from having too much debt. Talking to someone who has counseled others, who has created successful plans for other people and who has seen large debts and small debts is very important.

Debt Settle Inc - Debt settlement attorney / Debt negotiation services - for more information about Debt Settlement visit debtsettleinc.com.

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Source: http://www.articlealley.com/article_1072311_19.html
About the Author
Debt Settle, Inc. specializes in the process of settling debts for our clients. Debt settlement is a relatively new form of debt relief that goes far beyond what debt consolidation and credit counseling can offer on many different fronts. In addition to the advantages offered by debt settlement, the process itself can include medical bills, department store cards, signature loans, unsecured lines of credit, and revolving debt, in addition to the debts being carried on credit cards. At Debt Settle, Inc., we’ve seen that credit card and consumer debt in all the areas mentioned can be accumulated in many different ways. Whether credit is being used wisely or not, unplanned or un-executed events can derail even those with impeccable credit reports. A sudden job loss or an illness can push monthly obligations out of reach immediately. Many people that, at one time, were planning on selling a home a catch up on outstanding balances are still waiting for that sale to happen. In any case, balances on credit cards and other accounts tend to increase while alternate solutions are being sought. If solutions take too long to materialize, the consumer ends up in cash crunch which can lead to unpaid bills and defaults on payments. It’s at this point where debt settlement becomes a very logical choice. While debt consolidation and credit counseling can never reduce principle owed by the consumer, debt settlements usually reduce the total amount owed to a client’s creditors by forty to sixty percent. Reductions of that magnitude give clients a legitimate chance of paying off their debts and getting a fresh start. Depending on how much a client can pay each month, debts can be paid off in as little as eighteen months. For clients that need an extension of time to pay off creditors, the schedule can run as long as forty eight months. Many of our clients are surprised that they can be put on schedule to eliminate their debt completely while only paying about fifty percent of what they had normally paid monthly on their consumer debt obligations. If your payments on consumer debt have become an unworkable burden, it’s time to consider your options on how to get things back in line. Call us at (866) 985 7388 or visit www.debtsettleinc.com. We’ll help you get things turned around and get you started on the path to financial freedom. Debt Settlement, Debt negotiation company, Debt negotiation companies, Debt negotiation firms, Debt settlement services, Debt Settlement company, Debt Settlement companies, Debt Settlement programs, Debt consolidation help, Bankruptcy debt settlement, Debt settlement attorney, Debt negotiation services
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