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• Dealing with Debt - There Are Solutions
  You're not alone. Many people face financial crises at some time in their lives. Whether the crisis is caused by personal or family illness, the loss of a job, or simple overspending, it can seem overwhelming. But often, it can be overcome. The fact is that your financial situation doesn't have to go from bad to worse.
  
  If you or someone you know is in financial hot water, consider these options: realistic budgeting, credit counseling from a reputable organization, debt consolidation, or bankruptcy. How do you know which will work best for you? It depends on your level of debt, your level of discipline, and your prospects for the future.
  
  Self-Help
  
  Developing a Budget
  
  The first step toward taking control of your financial situation is to do a realistic assessment of how much money you take in and how much money you spend. Start by listing your income from all sources. Then, list your "fixed" expenses - those that are the same each month - like mortgage payments or rent, car payments, and insurance premiums. Next, list the expenses that vary - like entertainment, recreation, and clothing. Writing down all your expenses, even those that seem insignificant, is a helpful way to track your spending patterns, identify necessary expenses, and prioritize the rest. The goal is to make sure you can make ends meet on the basics: housing, food, health care, insurance, and education.
  
  Your public library and bookstores have information about budgeting and money management techniques. In addition, computer software programs can be useful tools for developing and maintaining a budget, balancing your checkbook, and creating plans to save money and pay down your debt.
  
  Contacting Your Creditors
  
  Contact your creditors immediately if you're having trouble making ends meet. Tell them why it's difficult for you, and try to work out a modified payment plan that reduces your payments to a more manageable level. Don't wait until your accounts have been turned over to a debt collector. At that point, your creditors have given up on you.
  
  Dealing with Debt Collectors
  
  The Fair Debt Collection Practices Act is the federal law that dictates how and when a debt collector may contact you. A debt collector may not call you before 8 a.m., after 9 p.m., or while you're at work if the collector knows that your employer doesn't approve of the calls. Collectors may not harass you, lie, or use unfair practices when they try to collect a debt. And they must honor a written request from you to stop further contact.
  
  Credit Counseling
  
  If you're not disciplined enough to create a workable budget and stick to it, can't work out a repayment plan with your creditors, or can't keep track of mounting bills, consider contacting a credit counseling organization. Many credit counseling organizations are nonprofit and work with you to solve your financial problems. But be aware that just because an organization says it's "nonprofit," there's no guarantee that its services are free, affordable, or even legitimate. In fact, some credit counseling organizations charge high fees, which may be hidden, or pressure consumers to make large "voluntary" contributions that can cause more debt.
  
  Most credit counselors offer services through local offices, the Internet, or on the telephone. If possible, find an organization that offers in-person counseling. Many universities, military bases, credit unions, housing authorities, and branches of the U.S. Cooperative Extension Service operate nonprofit credit counseling programs. Your financial institution, local consumer protection agency, and friends and family also may be good sources of information and referrals.
  
  Reputable credit counseling organizations can advise you on managing your money and debts, help you develop a budget, and offer free educational materials and workshops. Their counselors are certified and trained in the areas of consumer credit, money and debt management, and budgeting. Counselors discuss your entire financial situation with you, and help you develop a personalized plan to solve your money problems. An initial counseling session typically lasts an hour, with an offer of follow-up sessions.
  

  About the Author

  Larry Westfall is the author of Penny Stocks 101 and owner of Credit Card Repair Submitted by: Super Article Submitter

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• Debt Relief Consolidation for Farm Owners
  The US government through government-assisted programs provides debt relief for farm owners by restructuring farm loans/debts including writing off agricultural debts partly or fully. Federal agriculture credit policies are geared towards maintaining the agricultural production sector, characterized mainly by small-scale family farms.
  
  In pursuance of its policies, the US Department of Agriculture through its agency The Farmers Home Administration (FmHA) provides financial assistance to farmers who are unable to obtain commercial loans at reasonable terms and interest rates. The FmHA lends financial assistance to farmers through direct loans and loans guaranteed under the Consolidated Rural Farm and Development Act, in short known as the Con Act.
  
  Direct loans are fully funded by the government and guaranteed loans are given through commercial lenders guaranteed up to 90% by the government. For obtaining a guaranteed loan, the lender must issue a certificate stating that it will not make the loan available to the farmer/farm owner without a guarantee. The interest on FmHA loans is subsidized as the loan is given at rates that are below the cost of borrowing. Commercial lenders are paid by the FmHA for lending money on farm loans at rates below their cost of borrowing.
  
  The government wants to help debt-ridden farmers to stay in the business and so offers various options of debt relief. When a borrower is unable to repay his loan, the FmHA restructures the loan allowing the borrower to repay the loan at a lower rate of interest with an extended repayment schedule. As a last resort, the farmer's debt is written off to the extent of the loan in excess of the value of his collateral. For example, if his farmland, machinery etc pledged as collateral is valued at $200,000 with his outstanding debt standing at $475,000, then the FmHA can write off $275,000. If the farmer is able to show that he can make a profit while repaying the balance $200,000, then the FmHA will help him to stay in business by providing fresh loans.
  
  According to a December 1992 report of the United States General Accounting Office (GAO) of the Comptroller General of the United States, the FmHA portfolio in June 1992 comprised of about $16 billion in direct loans and $4.5 billion in guaranteed loans. The report says that in recent times the FmHA provided approx. $7.6 billion against debt relief for delinquent farm loan borrowers. During the previous three to four years, FmHA payout to commercial lenders was to the tune of some $200,000 as coverage for guaranteed loans. In the same period, it reduced farm debts by about $1.2 billion and wrote off another $1.9 billion under the debt servicing provisions of the Agricultural Credit Act of 1987. Another $4.5 billion were written off to settle direct loan obligations of borrowers who were no longer engaged in farming.
  
  When a farm loan borrower's overall debt burden consists of various other debts like credit card dues, personal loans, home loans along with his farm loan, working with a debt consolidation and credit management company would be the best way to manage his debt situation through a suitable debt consolidation plan. These companies provide excellent debt counseling service and have specialist advisers on their panel who are trained to create suitable debt reduction plans and negotiate with lenders on behalf of the borrower. This way they help to reduce the borrower's monthly payments to bring them within manageable limits by securing smaller installments and lower rates of interest. Regular and timely repayments also help to improve credit ratings.
  

  About the Author

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