Robert shemin - Don’t Wait – Act! Debt Management For Dummies!

ROBERT SHEMIN DON’T WAIT – ACT! DEBT MANAGEMENT FOR DUMMIES!

TRUST IS GOOD – ACTION IS BETTER! THE AVERAGE HOUSEHOLD HAS IS OVER $80 000 IN EXCESSIVE DEBT. ASIDE FROM THE OBVIOUS PROBLEM OF THIS DILEMMA, IT STIFLES OUR ECONOMY BY PUTTING US IN A “TIGHTEN THE BELT AND SAVE OUR PENNIES” FRAME OF MIND. WHO’S GOING TO GO BUY A NEW CAR WHEN THE BILLS ARE CRUSHING OUR MAILBOX?

RENEGOTIATE BANKS ARE DESPERATE TOO. DON’T UNDERESTIMATE THEIR WILLINGNESS TO GET SOME MONEY NOW AS OPPOSED TO NONE OR SOMETIME IN THE UNFORESEEABLE FUTURE. IF YOU ARE IN TRUE ;INANCIAL HARDSHIP MOST BANKS WILL CONSIDER A SUBSTANTIAL REDUCTION, WHICH GOES FOR ALL KINDS OF DEBT, INCLUDING CREDIT CARD DEBT.

BANKRUPTCY THIS SHOULD BE YOUR LAST RESORT, BUT IF YOU ARE SO FAR DOWN (OR UPSIDE DOWN) THAT THERE IS NO REASONABLE CHANCE YOU WILL MAKE IT OUT THROUGH DILIGENCE THIS MIGHT BE THE SAVING GRACE. IF IT IS, IT’S BETTER TO GET THE PROCESS STARTED NOW. AS THEY SAY: “THE ONLY WAY OUT IS THROUGH IT”.

LOWER THE INTEREST RATE WE ARE BACK TO NEGOTIATING. IF A REDUCTION OF THE DEBT PRINCIPAL IS NOT AN OPTION, TRY FOR A REDUCTION OF INTEREST RATE. FIND A DECISION MAKER AND EXPLAIN TO THEM THAT YOU DO WANT TO PAY YOUR DEBT, BUT WITH SOME HELP FROM THEIR END. AGAIN, AT THIS POINT EVEN THE ;INANCIAL INSTITUTIONS ARE IN TROUBLE AND THE LAST THING THEY NEED IS YOU DECLARING BANKRUPTCY. GET THEM ON YOUR SIDE.

EXTEND THE TERM ANOTHER OPTION IS TO EXTEND THE TERM OF PAYMENT. FOR EXAMPLE TAKE A 20‐YEAR LOAN AND MAKE IT 30 YEARS TO LOWER THE PAYMENT. YOU MIGHT HEAR SEVERAL NO’S TO GET A YES BUT NO ONE SAID IT WOULD BE EASY.

THANK YOU FOR WATCHING