Top 5 Tips For Managing Debts

1. Top 5 Tips For Managing Debts

2. The Veterans Administration Guaranteed Loan Program has helped provide home loans for veterans and active duty military for decades.

3. However, the purchase of a home requires a good credit record and a demonstrated ability to handle your expenses.

4. Managing debt is a critical part of being able to afford a home, as well as other financial goals.

5. Here are some tips from experts on smart ways to manage debt:

6. 1 -Figure Out What You Owe

7. Many individuals who have significant debt don’t have a clear idea of how much they owe and how it is impacting their financial lives.

8. Experts recommend sitting down to do an honest accounting of all your debt, so that you know exactly where you are financially and what you will have to do reduce the debt.

9. 2 - Pay Off High Interest Debt First

10. Financial experts also recommend paying off your high-interest credit card first.

11. This measure will allow you to have more money available for paying other debts, as you gradually decrease your debt load.

12. High-interest debt is usually credit card debt, car loans and student loan debt.

13. You may be able to re-negotiate these to a lower interest rate that will help you to pay them off sooner.

14. 3 - Budget Your Money Carefully

15. An important part of managing debt is to keep a careful eye on your regular living expenses.

16. Most households can trim their spending without feeling too deprived, by eating at home instead of getting takeout, watching movies at home instead of going to the theater or buying at consignment stores instead of regular retail stores.

17. You may be able to find other ways to trim your expenses to pay off debt, such as making your coffee at home and carrying it to work instead of buying it, bringing a lunch to work or cutting some or all of the extras out on your cable bill.

18. Many people are surprised by the amount of money they can save each month by eliminating these extra expenses.

19. 4 - Work For “Paid in Full” Status

20. Once you start getting control of your debt, you feel an enormous sense of control and accomplishment.

21. Tackle each debt, one after another, and stay focused on reducing the balance, until you reach the “paid in full” status.

22. Then, begin working on the next debt balance.

23. 5 – Seek Legal Help If Necessary

24. A lawyer may be able to help you to re-negotiate terms of your indebtedness or other legal matters.

25. Although bankruptcy is not a pleasant experience, this measure may be necessary to help you to get square with the world and start over in your financial life.

26. Chapter 7 bankruptcies require the selling of assets to pay off debt. Chapter 13 bankruptcy involves payment of outstanding debts under an agreed upon repayment plan.

27. Bankruptcy will not always disqualify you from getting a home loan through the VA. However, a waiting period after bankruptcy will apply.

28. VA loan applicants must wait two years after a Chapter 7 bankruptcy ruling, and one year after a Chapter 13 filing.

29. If owning a home is one of your goals for the future, start your plan for good debt management today.

30. It will help you secure your dreams for you and your family’s future.

31. Our VA Loan Specialist helps veterans obtain the loans they are entitled to.

32. He served in the United States Marine Corps, and now devotes himself to the Veteran home buyer in the Phoenix area, fulfilling a passion of his while at the same time helping others achieve home ownership.

33. Be a proud homeowner today.

34. For more details call 480-351-5904 or visit the site www.valoansforvets.com

35. VA Loans for Vets 7702 E. Doubletree Ranch Road, Suite 220 Scottsdale, AZ 85258 Phone: (480) 351-5904 Email: jimmyv@fcbmtg.com