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Debt consolidation isn't easy, but here are some places to start
Author: Talbert Williams
The .average American household now carries nearly $10,000 in
credit card debt in addition to home loans and auto loans. In
short, we're overburdened as a society. With credit card minimum
payments having recently doubled and interest rates rising,
keeping a large amount of credit card debt is becoming more and
more unwise. Here are some tips for how you can begin to get
your finances in some sort of order. You may not be able to
eliminate your debt completely, but you may be able to
consolidate your debt somewhat.
*Move your money to other credit cards. This won't work if you
are already maxed out on all of your cards, but if you have room
elsewhere, you might want to move some of your debt to a card
with a lower interest rate. Alternatively, if it's possible, you
might want to take advantage of some low-interest "teaser" rates
offered by credit card companies for balance transfers to new
accounts. Be careful, though. These rates don't last long and
the fine print usually states that the rates can increase
substantially if you fail to make timely payments. Additionally,
new charges on the account may have higher rates that apply.
*Take out a home equity loan. Interest rates are rising on all
types of mortgages, but home equity loans are still cheaper than
credit card loans. Plus, the interest is tax deductible, at
least for now. Be aware that if you do this, you are offering
your home as collateral. If you fail to pay, you can lose your
house! Don't go this route unless you are sure you can pay your
bills on time.
*Loans from 401(K) plans. Many employers allow their employees
to borrow against their own 401(K) plans. You are, in effect,
borrowing from yourself at a favorable interest rate. This isn't
really all that good an idea, though. While you are borrowing at
a good rate, the money you have borrowed is no longer growing.
You can pay the money back in time, but you will never recoup
the increase in your retirement savings that you missed while
your loan was out. This option is usually a poor choice.
*Renegotiate with your lender. Lenders generally aren't
interested in renegotiating with customers that are paying their
bills on time, but if you are in arrears, you may be able to
improve the terms of your loan somewhat. Lenders would rather
accept less than full payment than get nothing at all. Be aware,
however, that if they lower the amount you owe, that money
waived may be treated by the Internal Revenue Service as taxable
income.
These are just a few options available to those with problem
debt. Others are available, as well. The main point is that
there are better choices than simply filing for bankruptcy, and
you would be wise to look into them.
About the author:
Talbert Williams offers debt consolidation referrals and
advice. For more information, articles, news, tools and valuable
resources on debt solutions, visit this site:
http://www.1debtfreedom.com
Article Keywords:
Debt Consolidation |
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A Quick Note
From The Publisher...
If you like the article above, you may be
interested in the following article which is also related to Debt Consolidation...
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Bad Credit Debt Consolidation Loans |
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Are you looking to consolidate credit card or other debt? Do you have bad credit history? There are many options available online nowadays to help you consolidate your debt. Whether you are wanting to consolidate credit card debt or other kinds of debt, it can be overwhelming searching online to find the best ones for your situation. Here is a short overview of what kind of debt services are available online. If you are looking for a loan to consolidate your debt, you will need to qualify for the loan, just like any other loan. If you have a home, you may be able to get an equity loan using your equity or even go over the appraised value of your home in order to get the financing you need. You may be able to qualify for an unsecured loan, which can consolidate your debt with one low monthly payment with no ties to any of your assets. There are other companies that will help you manage your debt without having to use another loan. These companies usually charge you a fee and then... |
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