Myths About Debt Consolidation You May Have Thought Were True

Different people have different opinions about debt consolidation, and many of those opinions are formed based upon information that isn’t necessarily accurate. Here are a few common misconceptions about debt consolidation that you should be aware of before deciding upon a debt relief strategy.

1. All debt consolidation services are fraudulent.

Debt consolidation services are perfectly valid and effective strategies for debt relief. A reputable debt consolidation service can help a wide variety of borrowers take control of their debts through strategic loans and customized monthly repayment structures.
Unfortunately, there are questionable services that prey upon people who are overcome by their debt obligations. It is critically important for find an accredited debt consolidation and management service that has a long history of successful client service.

2. You’ll just get into deeper debt with debt consolidation.

A debt consolidation loan allows borrowers to clear multiple outstanding debts (credit card, personal loans, etc.) while making a single, manageable monthly payment to the debt consolidation lender. If you take advantage of proper credit counseling and budget your funds correctly, you will be able to pay off your debt consolidation loan more quickly than you would have your previous debts, with only a minimal affect on your credit score.

3. Debt consolidation is the same thing as debt relief.

While debt consolidation is a form of debt relief, there is a wide variety of debt relief solutions that may also be effective for debt clearance. Debt consolidation is a specific form of debt relief, involving taking out one loan to pay off multiple debts, and then repaying the single loan. Other debt relief services may be:

• Debt settlement
• Debt management plans
• Debt renegotiation
• Debt reduction

The goal of debt consolidation is to ultimately pay the least possible amount in interest and fees while clearing long-held debts quickly.

Americor Funding: Delivering effective and responsible debt consolidation services to diverse borrowers.

Americor Funding provides borrowers with the advice, resources, and support they need to clear their debts as quickly as possible. If you are finding it difficult to manage your debts and need lending or debt management assistance, please contact the team at Americor Funding for information on the best debt relief strategies for your lifestyle and financial goals.

Are You Susceptible to Impulse Buying? Here’s How to Cope

Impulse buying affects a significant portion of the U.S. population, and has led many Americans to amassing oppressive credit card debt. While most of us regard ourselves as being sensible shoppers, we all have bad habits that can (and often do) lead us to spending more money than we should.

If you are struggling with significant credit card debt, it is extremely important to curb any and all bad spending habits. However, many of us don’t realize that we even have bad spending habits. Here are a few tips for combatting our worst spending impulses.

Don’t visit online retail sites just to “window shop”.

Checking our favorite shopping sites can be an enjoyable pastime, but e-commerce sites were designed to encourage purchasing, and it is very easy to become seduced by products (“I thought they discontinued that color! I need that!”) Unless you planned to purchase and need a specific item, don’t visit online retailers.

Always make shopping lists.

If you’ve struggled with impulse buying in the past, you should never enter any retail outlet without a strategy. When you’re heading to a store (or even shopping online), make a list of vetted purchases, and don’t stray from it.

Use your phone calculator for in-store shopping.

Decide what you are going to spend when you leave the house, and add up the price of the individual items as you add them to your cart. This will help put the little items into perspective --- five or six small purchases can add up to a significant dollar amount once you’re at the register.

Don’t be fooled by “free shipping with a $50 purchase”.

Remember, you’ve made a shopping list for your online purchases, too. All too often, we see that we can get free shipping after a certain dollar amount, and then we wind up spending money – far in excess of the cost of shipping – on items we don’t really need. And still we think it’s a good trade! If the price of all of the items on your shopping list does not amount to the dollar amount that qualifies you for free shipping, just pay for the shipping. If you think you’ve saved $5.99 by spending $9.99 on something you could have easily done without, you’re woefully misguided.

Americor Funding helps borrowers get their finances back under control through customized debt settlement and lending services. If you have personal debt that you are struggling to resolve, let the team at Americor Funding help. To learn more, please visit AmericorFunding.com

Avoiding Student Loan Debt Problems – 3 Ways You Can Manage Student Expenses Now

More than 50 percent of Americans with a college degree currently have outstanding student loans. Student debt is one of the most difficult burdens to overcome, which is why the current public college default rate is over 11 percent. If you want to ensure manageable finances post-graduation, here are a few tips that can help you keep any scholastic debt under control.

1. Read your loan repayment agreement – then read it again.

It is critically important that you understand the terms of your loan repayment agreement before you make your decision. You may want to opt for standard repayment, which is a fixed amount over a structured term, or an income-driven repayment, which will be a percentage of your income. Consider carefully what your earning potential will be once you enter the job market, as well as your cost of living. If you earn a bachelor’s degree in Musicology, for example, your starting salary will likely be less than if you earn a Petroleum Engineering degree, so plan your expenses accordingly.

2. Don’t over-borrow.

You may be tempted to borrow a substantial amount – enough to sustain you comfortably without the income of a part-time job – but do your best to resist. Do not commit to an amount that will only be burdensome later on.

3. Communicate with your loan servicer.

Don’t lose touch with your loan provider. If you find yourself in financial difficulties, it is important to contact your servicer in order to work out an immediate solution that preserves your credit score and possibly suspends your repayment obligation.

Student loans don’t have to be an insurmountable obstacle – Americor Funding delivers customized debt management solutions that allow you to maintain control of your finances.