For Consumers Unable to Declare Bankruptcy Under New Federal Law, Debt Reduction Software Provides Alternative to Debt Counseling
When The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 takes effect in six months?which it's expected to do after President Bush signs it this week?it will prevent consumers who do not meet new tougher means-testing standards from declaring bankruptcy.
Instead, they will have to undergo debt counseling and pay back their debts over time.
Because the practices of some debt counseling agencies are under fire from Congressional investigators, consumers will seek alternatives.
One debt reduction tool for consumers ineligible to declare bankruptcy is DebtBlaster, an inexpensive software program that enables consumers to figure out the most effective yet affordable way to work themselves out of debt (www.debtblaster.com).
Available from the same firm, ZilchWorks, is Credit Card Math, a free software program that reveals the true hidden costs associated with credit card debt and helps users develop a personal debt reduction plan."It all started when I helped a friend who had 21 credit cards," says Michael J.
Riley, retired U.S. Marine and inventor of DebtBlaster.
"He needed a plan to help him pay them down, so I developed software that does all the calculations with a few clicks.
Now I help others do the same so they don't have to bring anyone else in on their problems."DebtBlaster software helps the consumer create a month-by-month debt management plan in the privacy and comfort of home, avoiding the embarrassment of disclosing finances to a stranger and the high fees often charged by debt counselors.
The consumer enters the annual percentage rates, monthly payments, and outstanding balances for up to 30 loans and credit cards into DebtBlaster, which automatically calculates when each debt will be paid.
It creates a personalized payment schedule, offers a choice of seven different payoff strategies, and makes it easy to pay down a unique collection of debts with interest charges as low as possible."When a consumer looks at her bills, all she normally sees is payments and balances," says Riley.
"My software shows exactly when each debt will be gone.
Sometimes just knowing there is a definite finish line ahead is enough incentive to follow the plan."DebtBlaster is available from ZilchWorks for $39.95 at www.debtblaster.com, which also offers the free Credit Card Math program as well as free information on budgets, credit card ratings, automobile loans, and inflation.????Contact: Michael J. RileyZilchWorks 30 Camelback Rd.Marstons Mills, MA 02648508-776-4825e-mail protected from spam bots.
Christmas Will Lead to Record Debt Problems, Say Debt Counsellors
(ContentDesk) December 11, 2005 -- As the festive season gets into full swing and shoppers fill the High Street, the Debt Counsellors warn that overspending for a Merry Christmas this December could lead to a very unhappy New Year, and are predicting record levels of debt problems for 2006.Personal debt is already over ?1 trillion in the UK and latest research shows that around three million people owe more than ?10,000 on credit cards, loans and overdrafts.But with millions using credit to fund their Christmas spending this year, John Porter, a senior counsellor with the Debt Counsellors, believes that the UKs debt problem will suffer a sharp rise in the New Year. People feel under increasing pressure to spend more than they can afford at this time of year, says Porter. Unfortunately, that means using their plastic or taking out a loan or upping their overdraft. The credit...
Christmas Will Lead to Record Debt Problems, Say Debt Counsellors
Bankruptcy > Christmas Will Lead to Record Debt Problems, Say Debt Counsellors
How to Tell When it?s Time to Declare Bankruptcy
With passage of the Bankruptcy Abuse Prevention and Consumer Protection Act virtually assured, many experts believe financially-strapped consumers will rush to their local bankruptcy court to file before the bill becomes law. This raises the question: Is bankruptcy right for you if you're struggling to make ends meet each month?The answer, according to consumer advocate Paula Langguth Ryan, isn't always clear cut. In fact, depending on how old your debts are, your payment history and your personal situation, bankruptcy may actually hurt you more than doing nothing."If you haven't paid anything on your outstanding debts in four or five years, and there's no chance you're going to be able to pay anything on them in the next few years," says Ryan, "you'll have a clean slate in two to three years when those debts fall off your credit report." Compare that to having a bankruptcy listed on your credit report for another 10 years and bankruptcy doesn't look like your best option, unless you...
How to Tell When it?s Time to Declare Bankruptcy
Bankruptcy > How to Tell When it?s Time to Declare Bankruptcy