Setting Budgets For Debt Reduction: Good or Bad?Setting budgets for debt reduction may seem like a no-brainer but it actually depends on how flexible they are. Did you know that 3 out of EVERY 4 people who enter a debt relief program fail? The most common debt reduction solutions include:
Cure May Often be Worse Than the Disease!Loan consolidation sounds great but it still means you are borrowing more money to pay off what you already borrowed! Plus, just try getting a loan these days! Any debt reduction strategy that doesn’t actually reduce your initial debt is no solution—it is just delaying the inevitable. Credit Counseling: You can do anything a credit counselor can do: Negotiate lower interest rates, stop the harassing phone calls, and make repayment arrangements in exchange for an end to the late fees and over limit fees. However, you will not be in control of your own finances and may have to even agree to inflexible bi-weekly payments. Debt Settlement ultimately devastates your credit rating, doesn’t stop the harassing phone calls, and allows interest charges and late penalties to keep piling up. Plus, debt settlement companies charge you a percentage of every successful settlement saving you far less money than you first thought. Oh, and don’t forget that each settlement is contingent upon a large payoff equal to 60% or more of your debt balance! Bankruptcy is and always will be the debt reduction strategy of last resort. This means you have given up to the point of allowing a bankruptcy judge determine your fate. Bankruptcy almost always causes more damage than it relieves by forcing you to accept higher interest rates for years to come. The biggest reasons why 75% of all personal debt reduction strategies fail are inflexibility and lack of progress. Setting budgets for debt reduction is a critical ingredient but they must be flexible enough to allow for emergencies and unforeseen expenses. The Money Merge Account™ System: Flexibility AND Unprecedented Debt ReductionThe Money Merge Account system tells you when to make payments on your bills and in what amounts. This advanced software uses algorithms to help you get out of debt as fast as possible by setting budgets for debt reduction which helps you leverage payments to cancel interest—so you pay more towards your principal debt instead of interest! Instead of crawling out of debt one minimum payment at a time, the Money Merge Account system shows you how to make BIG strides towards debt freedom while saving you thousands of dollars in the process! But unlike some credit counselor who helps you arrange unchanging and rigid repayment terms—the Money Merge Account system is dynamic at setting budgets for debt reduction and changes along with your financial situation. The Money Merge Account system tells you how long it will take to pay off your debts based upon your current financial situation—whatever it happens to be! So unlike other debt relief solutions that penalize you when you miss a scheduled payment due to an emergency—the Money Merge Account system simply recalculates and provides a new payoff date. To accomplish this, the program analyzes the characteristics for all of your debts, including:
The accelerated debt reduction software then selects the best order for strategic payoff—both minimizing time and total interest paid. The software then prompts you when its time to make a payment and in what amount—but you must authorize it. If something comes up, don’t authorize and the program will recalculate your payoff dates. It isn’t voodoo it's advanced calculus: Its using the banks own practices and sophisticated software in your favor to maximize the interest you are paid for savings and minimizing the interest you pay out. To eliminate debt in record time while maintaining control of your finances, you only need:
Setting budgets for debt reduction is a great idea but having the ability to control that budget isn't realistic. If the unexpected comes up—shouldn’t your debt reduction solution be able to handle that while still getting you out of debt in the shortest time possible? Get your complimentary analysis by a budgeting tool that has dynamic capabilities.
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