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Debt consolidation: Simplify your finances!

Debt consolidation: Simplify your finances!

To get to grips with soaring inflation, interest rates are soaring by leaps and bounds affecting people from all walks of life. Every day people are trying to find some way out to ease their debts and get back on track financially. With ever increasing inflation rates and never ending financial instabilities life has turned upside down. If even you are struggling with your debts, like many of us, and looking for a way to pay off your debts then debt consolidation can help you in getting out of red. Debt consolidation is consolidating your debt by taking another loan to pay off other debts. Let’s see the bigger picture of debt consolidation by getting a bit deeper. The ideas behind debt consolidation- Faster pay off and lower payments! The basic idea about debt consolidation is, combining several high interest rates into a single lower interest debt. This can benefit you in several ways, two of which are: One, if you have lower interest rates then you could apply interest savings to the principle of loans and two, with lower interest rates you can lower the monthly installments. It is one way of getting rid of your debts quickly and easily. It is important because people are paying too much interest on their debts which is leaving them empty handed at the end of the month. Investigate all your options: Three popular ways to consolidate your debt Take advantage of credit card balance transfers. This is transferring your money from high interest credit card to low or 0% interest rate credit card. This means you aren’t charged any interest rates for...

Consumer Debt is Increasing Steadily in the UK

Should you choose IVA over bankruptcy Consumer debt is increasing steadily in the U.K as the country attempts to combat ec onomic contraction. The austere fiscal measures implemented by the government have failed to produce any significa nt result till now. A survey by KPMG, a renowned accounting firm, reveals that almost 45,000 people resorted to IVA in 2010 in order to wipe out their debts. Bryan Jackson, an executive of PFK international, says that the figure is supposed to increase in the years to come because of the long term effect of the global economic meltdown. Statistics provided by the department of Trade and Industry one in five adults in the U.K has debt amounting to £10,000 or more. Incredible isn’t it? Under the circumstance, a huge n umber of debt stricken people in the U.K are looking for debt relief options. However, many debtors get confused when it comes to choosing between IVA and bankruptcy. Which is the better option for you? IVA: an overview IVA or Individual voluntary arrangement was introduced almost 20 years back to provide the consumers a better alternative to bankruptcy. With IVA, a debtor can contact his creditors for settlement of debt. This is a legally binding agreement on both parties. In most cases, people who opt for IVA owe more than £52,000 to his creditors. You should understand that IVA deals mostly with unsecured debts like credit card debt and setting up an IVA will cost you anywhere between £7,000 and £10,000. The minimum monthly payment in case of an IVA is usually £200. You would need to approach the creditors...