Monday, July 28, 2008

Ingenuity of debt management

Ingenuity is useful in personal finance as well in business. Anyone with complicated personal financial situation must face the fact and come up with a contingency plan to resolve problems and move ahead. Just like a business seeking out unique way of financing, fore example, asset-based borrowing, an individual, whether a homeowner or not, can find just as many sources of wholesome financing as ways of getting into debt. I remember my own situation, when I started my own business while still working for someone else. It all seemed fine and working out swimmingly. My employer was a small, moderately successful business. My own business was somewhat successful, enough to provide an extra dispensable income, which afforded me and my family a chance to invest or buy quality luxuries. Everything was fine until the takeover craze came on scene. A large, international beer company with no experience in running industrial operation leveraged a hostile takeover of my employer, and merged it with other two small outfits into the beer company's newly formed automotive products division. Just as unexpectedly most people were fired. I had rather tough time, since my supervisor was a laid off and seeking jobs through the same headhunter. That meant my references were suddenly unimpressive. I had bills to pay, two car notes, family expenses, and, not to forget my business, debt incurred through the line of credit. That was the start of the black streak. publications, and always talked to my creditors' The time was immediately before the advent of Internet. I searched for any ways, and any information on broadening my possibilities. I used all sorts of newsletters, inside knowledgecollections departments and it was from them that I learned a lot about financial solutions. I learned and used debt consolidation, loan re-issue, credit card rollover centralization, and payment rescheduling on all of my outstanding debts. Through straightforward communication and taking responsibility I was able to ask for repayment on my own terms, that means that the periodicity and the amount of payment I set myself. With my mortgage company, I was able to delay the start of repayment. After a year or two, unnoticed, my mortgage company had problems of their own and got bought out and I found myself with a mortgage refinanced at even better terms. All things considered, things worked themselves out. I could have saved myself a lot of grief, worry-filled nights and on telephone bills if Internet was on the scene and there was a site that had all the information and paths to solution within a click. I could think of one site that is like that, which I found to check the state of my finances, where I ran the Bills IQ test on my current situation. The test is fun and interactive. On one page I accessed all the info I once spent months gathering: mortgage solutions, debt help, insurance, bill consolidation, loans and credit solutions. The site is