Considering Debt Consolidation?
- Create a debt elimination plan
- Reduce the stress in your life
- Create a budget to get on track
- Rebuild your credit & secure your future
Welcome To The Debt Sage
The Debt Sage provides a community to empower consumers, and help people get out of debt. The Debt Sage will provide you with the answers and financial tools to get your life back on track. Using the Debt Sage's tools you can accurately assess your financial situation, and then learn of options that you may wish to pursue in order to regain control. Before you do anything else, please become a Debt Sage member today to gain access to our budget and debt calculators which can give you a personal assessment of your financial situation.
What Are Your Options?
There are many different approaches to handling your debts. When considering your options, it is important to remember that each approach has advantages and disadvantages. You must consider your own specific financial situation when researching which approach you will take to get out of debt. Below you will find descriptions of some options which you may want to pursue.
Self Help / Do It Yourself
Do It Yourself! This is the best option for the vast majority of consumers. Your debt problem is a result of your bad habits. If you can learn to make financially sound decisions, you will not only stop the financial bleeding, but this option could quite possibly get you out of debt in the fastest time period. It's not easy though.
Debt Consolidation
Debt consolidation, more properly referred to as a debt consolidation loan, is a process by which all of your debts are consolidated into one loan at a better interest rate. This approach is effective, but there are several disadvantages to consolidating unsecured debt into a secured loan.
Debt Settlement
Debt Settlement is a process by which you stop paying your creditors a monthly payment. Instead, you save this money and then use it to negotiate a lump sum payment which is often less than the original balance. This approach is more extreme, but it is an excellent alternative to bankruptcy.
Credit Counseling
Credit Counseling services usually focus on negotiating lower interest rates for consumers. You still make monthly payments to your creditors, but at a lower amount because of the better terms that the credit counseling agency has arranged for you. This option may be perfect for your situation if you are less than $5,000 in debt.
Debt Sage Member Resources
You may be asking yourself what a Free Debt Sage Membership entails. The Debt Sage has built web based financial tools which will help you get back on track. The core of the member services is built around your budget and debt pages. The Debt Sage combines your financial stats to give you the full picture.
- My Budget List your monthly income and expenses to see where your money is going. Calculate your available dollars or put together a proposed budget which will get you back on track.
- My Debt List your unsecured debts(credit card debt) and secured debts / assets (Mortgage, Auto Loans, etc.) to see your debt load consolidated in one place.
- Debt-To-Income Calculation This key statistic gives you insight into your debt load. This indicator may be just as important as your credit score.
