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  #1  
Old 07-26-2013, 04:10 AM
isaac.t isaac.t is offline
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Default Financial Advice

Can anyone on here assist with giving some financial advice with multiple debts, I really want a 2nd opinion on how to eliminate debt quicker.
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Old 07-26-2013, 10:51 AM
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DavidBibby DavidBibby is offline
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Default Re: Financial Advice

Isaac,

I'll be glad to help... please list your debts here (using generic names like CreditCard 1, Car Loan 1, etc.)

We'd need balances, interest rates, minimum payments, etc.
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Old 07-30-2013, 12:03 PM
marvin@bwma.com marvin@bwma.com is offline
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Default Re: Financial Advice

Isaac it depends on the type of debt you have but will give an example.
1. restructure your debt from making monthly payments (which maximizes the benefits to the lenders) to making a 1/2 a payment every 2 weeks.
2. Organize debt in order of those charging the highest rate first. Payments are made biweekly with all principal payments applied to the first loan in the line up etc til all debt is paid off.

This rolldown structure can have debt scheduled to be paid in 30 years reduced to only 10 years.
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Old 08-11-2013, 08:07 AM
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jamescruz jamescruz is offline
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Default Re: Financial Advice

Debt negotiation program is extensively in use by the people today because it is easy and provides quick relief. For multiple loans, debt consolidation is another effective solution.
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Old 10-01-2013, 10:55 AM
danielhermann danielhermann is offline
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Default Re: Financial Advice

List all your debts according to your priorities which needs to be cleared first, it may be that interest rate is low but that should be cleared first depending upon the pressure from the creditors. There are many options available in the market which will provide you relief from your debts. Better seek advice from financial advisers.
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Old 10-05-2013, 03:29 AM
subramanian subramanian is offline
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Default Re: Financial Advice

Financial advisers- typically provide clients/customers with financial products and services, depending on the licenses they hold and the training they have. For example, an insurance agent may be qualified to sell both life insurance and variable annuities. A broker may also be a financial planner.
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Old 12-19-2013, 01:08 AM
rowan147 rowan147 is offline
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Default Re: Financial Advice

These are some ways to eliminate Debt Quickly

-Put yourself on a bare-bones budget
-Delay purchases
-Stop impulse-buying
-Use common sense
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Old 01-10-2014, 08:54 PM
BrianWeatherdonCFP BrianWeatherdonCFP is offline
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Default Re: Financial Advice

Quote:
Originally Posted by isaac.t View Post
Can anyone on here assist with giving some financial advice with multiple debts, I really want a 2nd opinion on how to eliminate debt quicker.
A possible help is in the book, "Protecting Life, Loved Ones, and Future Dreams". A chapter there focuses on getting control over your debts, and other areas of the book potentially help free up a lot of money too.

Consider: (a) hammer down the higher interest debts first. (b) consolidate some debts where it makes sense to do so. (c) what savings might you have sitting around doing nothing that, if not needed for emergency purposes, could help you eliminate some of the highest interest debt. (d) what expenses can you reduce, even marginally, to ease your burden greatly over the coming months. (e) what additional earning could you establish by extra work or service that you can dedicate to clearing a chunk of your current debt. A number of ideas are posed in the book mentioned above, which is available inexpensively on amazon or as an e-book at kindle. Best wishes; every step you take to fix this will build the freedom and peace of mind you're seeking!
BW
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Old 01-21-2014, 03:17 AM
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kathytmanson kathytmanson is offline
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Default Re: Financial Advice

Professional adviser offering financial guidance. Few financial advisers charge a fee and earn commissions on the products they recommend to implement their advice.
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Old 01-29-2014, 08:54 PM
mira mira is offline
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Default Re: Financial Advice

Pay off the debt with highest interest first, cut down your expenses and find some extra sources of income.
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Old 01-30-2014, 12:55 PM
SarahGeen SarahGeen is offline
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Default Re: Financial Advice

Can you list your debts?
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Old 06-21-2014, 06:30 AM
fifo capital fifo capital is offline
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Default Re: Financial Advice

If you are struggling with multiple sources of debt, it can be easy to get bogged down by all the payments you have to make every month.Prioritize your payments by order of importance.Look at your monthly budget. What can you cut out and throw at your debt?It might not just be little things that you have to cut out of your budge.You might have to start considering whether or not your lifestyle matches your means.If you have multiple credit cards, there’s an easy solution transfer everything onto the card with the lowest interest rate. Alternately, you can consider transferring your debt onto a zero-interest card.
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Old 07-03-2014, 08:13 AM
oscargoff73 oscargoff73 is offline
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Default Re: Financial Advice

Good advice!
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Old 07-10-2014, 01:35 AM
johnt78 johnt78 is offline
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Default Re: Financial Advice

The right kind of financial advice can really make a big difference. Financial advice can give you confidence that your future plans are achievable. If you're not on track to achieving your goals, it can help you put the right strategies in place, or come up with more realistic goals.Set and achieve your financial goals.Make the most of your money.Get any government assistance you're entitled to.Feel more in control of your finances and your life.Avoid expensive mistakes.Protect your assets.
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  #15  
Old 07-17-2014, 05:28 AM
CrispMoney CrispMoney is offline
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Default Re: Financial Advice

If your multiple debts are from credit cards, the best known methods of paying them off are the debt-snowball method and the highest-interest method. Both have pros and cons.


The debt-snowball method is to prioritize the smallest balance first and pay the minimum amount on others, and then move onto the next smallest balance. The debt-snowball method warrants that your first debt will be reach in the shortest amount of time, giving you a sequence of small, quick victories in which you can build your repayment momentum and confidence. However, since the card with smallest balance is not usually the card with the biggest interest rate, the debt-snowball method will eventually cost you more than the highest-interest method.



The highest-interest method, which most experts suggest, is to prioritize the balance with the biggest annual interest rate first and paying the minimum on the other card debts. When that one is fully paid, move onto the debt with the next biggest interest rate. However, since the debt with the highest interest usually needs a long time to be paid off, it gives you a psychological disadvantage. You may feel discouraged to continue because you’ll think that the number of credits cards you’re paying is still the same for months.
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