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Financially Stressed? Needing Help in Consolidating your Debts? |
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Information Debt Consolidation Consolidate vs Loan Potential Problems Benefits Other Debt Options Debt Settlement Credit Counseling Consolidated Loan Title Loan Repaying Loans Loan Consolidation Loan Deferment Loan Forbearance Lesson 1 Finding the Source Tracking Money Income Sources Expenses Who You Owe Make a Budget Lesson 2 Mental Model Report Errors Legal Rights Stick to Budget Lesson 3 Debt Free Tips 50 Ways to Save Money Management Paying for College 401k Plans FAQ Directory Resources Articles Debt Calculator |
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How Debt Can Get Out of Hand The following is an example of what can happen to bring a couple into a debt trap. Bob and Jill had some expenses come up that they were not expecting. They had a minor car accident which cost the deductible of $500. They also just previously went no a much needed trip for a week. They had to pay off the $500 as well as the expenses from their vacation. A few days later, another unexpected expense came up of their dog needing a $200 surgery. They love their dog dearly so they could not see letting their pet be put down. With this unexpected debt addition, they where forced to make the minimum payments on their credit card bill. This however would end up costing them big time in the long run. Bob and Jill continued to pay off their credit card bills but now due to those unexpected expenses, found themselves slowly falling behind and not being able to quit meet their financial obligations. They then missed a payment and were assessed a penalty. Their creditors also raised their monthly payment. With the difficulty of meeting their payments and realizing that what they are paying is barely making a dent in the overall amount that they owe, they have become trapped in a debt they cannot easily escape. If you are finding that you are only able to make the minimum payment per month, just plain are feeling overwhelmed by overdue penalties and creditor harassment or contemplating bankruptcy. You could be a prime candidate for debt bill consolidation. |
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