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Managing Bad Debt Expense: The Extras Will Kill You
from: Do you deal with bad debt expense with every monthly payment that you have? This would be any additional fees, interest and costs added to your account that increase the balance for you even though you did not really spend anything. Many people deal with this type of bad debt expense on a regular basis and it is often what keeps them from being caught up with the debts they have, too. If you are dealing with this type of situation, what options do you have? Here are some to consider.Getting The Fees To Stop
There are a number of fees that continue to add on to your financial state and create bad debt expense for you. For many people at their highest debt point and have maxed out credit cards, this expense comes in the form of over the limit fees. For others, the high interest rates, which are near 29 percent in some situations, are just as worrisome to them. For others, there are additional fees like membership fees, annual fees and even one time application fees that may be causing the problem. On top of this, there may be a variety of charges made for credit protection or other such programs that are added to your credit account each month. When these are added to your already high credit limit, the problems will worsen.
To get out of this type of situation, you can do several things. You do not have to let the bad debt expense continue to pile on.
• Consider debt consolidation. If you have home equity, use it to pay off your debts. Or, if you qualify for debt consolidation loans, use those services to help you pay off the debt into one larger payment. This will stop all of these expenses.
• Consider a debt consolidation program such as credit counseling. These services help by stopping the charges, dropping the interest rates considerably and allowing you to pay all of your debts included in one monthly payment to a third party.
• Call your lenders and talk to them. In many situations, they are willing to make the additional costs on your loan stop or improve if you work with them.
• Consider debt settlement which is a onetime payment arranged usually by a third party that will settle the debt in full for less than the amount you owe.
When it comes to bad debt expense, many problems could happen, but making the right financial decisions now can help you get out and stay out of financial trouble down the road.
Bad Debt News
Reversal of bad debt lifts FirstRand profit - Business Day
 Reuters South Africa | Reversal of bad debt lifts FirstRand profit Business Day The retail banking businesses should benefit from lower interest and inflation rates, but bad debts in the corporate and commercial banking operations may ... FirstRand: bouncing off the bottom Bad debt eats into FirstRand earnings FirstRand sees business subdued after H1 profit drops |
Rock writes off £1bn in bad debts - The Press Association
 The Guardian | Rock writes off £1bn in bad debts The Press Association Losses on bad debts reached £1.04 billion during the year, a 17% rise on the amount it wrote off in 2008. The group blamed the high level of bad debt on ... Northern Rock Shrinks Losses, Arrears Rise Northern Rock still in red, reports loss |
Bad debt crippling small businesses - Simply Business knowledge
Bad debt crippling small businesses Simply Business knowledge The figures, compiled by CreditPal, suggest that 43 per cent of small and medium sized enterprises (SMEs) have suffered at the hands of bad debt over the ... |
Lower credit card debt traced mainly to charge-offs - USA Today
Lower credit card debt traced mainly to charge-offs USA Today The study found that 90% of the $93.2 billion decrease in credit card debt was attributable to bad debt being written off the books. ... Declining Debt from Charge-Offs, Not Pay-Offs PhillyDeals: Maxed out? Uncertain future is in the cards Steep drops in credit-card balances driven by companies charging off bad debt |
Carrizo Oil & Gas, Inc. Announces Record Production in Fourth Quarter and ... - MarketWatch (press release)
Carrizo Oil & Gas, Inc. Announces Record Production in Fourth Quarter and ... MarketWatch (press release) ... of $1.0 million associated with the amortization of the equity premium on the Company's convertible notes, and (5) bad debt expense of $0.3 million. ... |