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All About Secured Debt: An Issue Companies Like Jkb Financial, Inc. Handle
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It’s rather troubling to know that despite boasting a First World economy, the U.S. has an enormous debt consumers have to shoulder regardless. As of September 2014, Americans owe a total of $11.63 trillion in consumer debt. Mortgage payments make up the largest portion of this amount, contributing about $8.07 trillion at the very least.
In other words, more Americans need reliable debt solutions than ever. Companies like JKB Financial, Inc. (doing business as American Debt Solutions) can point them toward the right direction. However, it’s arguably an even better idea for people to manage their debts beforehand so they can spare themselves the hassles of filing for bankruptcy, negotiating a settlement with their creditors, and the like. As anyone can gather from reading a JKB Financial, Inc. review, it would be wise to undertake the following:
Develop a budget.
This is probably the easiest way people can avoid debt, but in practice, not everyone knows how to budget their income properly. It is best to start by listing all sources of income before itemizing expenses, being careful to distinguish ‘fixed’ expenses (like rent) from ‘flexible ones (like groceries). The Federal Trade Commission provides online references to help households develop a budget. Debt relief services also include this form of assistance.
Manage loan payments.
Borrowers who foresee a great deal of difficulty in meeting their future loan payments might want to enter a compromise with their lenders. When it comes to mortgages, for instance, homeowners who are willing to refinance their loans can look forward to shortening the life of their loans and/or lowering their interest rates. As for auto loans, car owners would do well to sell off any vehicles they can no longer afford to pay for, rather than let creditors repossess these assets.
Create a debt management plan.
A debt management plan (DMP) is essentially a roadmap that shows how one can eventually pay off all existing debts. However, any helpful JKB Financial, Inc. review will tell you that a DMP should ideally be created with the help of a credit counsellor. For more information, visit consumer.ftc.gov/articles/0150-coping-debt#bankruptcy.
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