Monday, August 11, 2008

Monday August 11, 2008

The author is not a finance professional, nor does he offer any debt-reduction advice. He is a consumer just like you. The purpose of this blog is to chronicle the history of how he discovered creative ways to assist a friend, in extracting the friend and his family from their debt situation.

In any financial transaction, do consult with trained professionals, and pay their fees.

Finally, your financial situation may not be similar, or even relevant. Caveat Emptor!

Hello! I took a few days away to attend a swim meet championship. Weather was great, coffee was good, and food was plentiful!

Note: I also have a diet and weight loss blog at:
where I am describing my personal weight-loss and cholesterol reducing projects.

So, what steps have been taken to reduce my friend's debt? First, I have arranged an interview with one of the top recruiter's in the US. My friend needs a full-time job first and foremost. He has discovered that marketing his skills requires an expert in the field.

His resume was in a format no longer in use, and did not highlight his technical skills in the best way. A company representative of a potential employer, trying to find a match between the client's needs, and my friend's skill set, would have been difficult.

The new resume' format brings his skills and accomplishments to the attention of an employer by segmenting his technical skills from his accomplishments.

As far as his credit card debt, we are in contact with the card issuers, trying to get not only the interest rate reduced, but minimizing the monthly payments to provide more cash to the family from the unemployment checks.

In this way, they can begin making cash payments directly to the card issuer, lowering the balance on account, and ultimately pay off the card sooner!

We are looking for physical assets that they may be able to sell on eBay or Craigslist, Maybe a bicycle or train set that has increased in value from childhood can be marketed in this manner. Then they could apply the proceeds from these sales to pay down their credit card debt even faster.

By obtaining employment, selling non-essential items, and working with the credit card issuing companies, their debt can certainly be managed, and with careful spending habits applied in the
future, eliminate their debt entirely.

As we apply these techniques, the family's stress level will be reduced, and once on track they can even plan for a paid vacation from my friends new employer.

Let me know if you liked this post, by commenting below. If you are in debt, check out debtclear, the link is in their text to the right of this post, to see if they might be of some help to you!
Respectfully, Nicholas

No comments: