Debt Elimination
DEBT ELIMINATION, that is the goal we want to help you achieve, so you can be debtfree. Having an excessive amount of debt is like having a ball and chain around your feet. Freeing ourselves from it gives the freedom to enjoy life more and to use our time and energy for more productive areas, instead of constantly having to worry about that our payments or how are we are going to pay them. Our number one concern when we think of debt elimination usually is to eliminate credit card debt, which for the majority, is the debt that get us into trouble or we unconsciously take on too much of it. Therefore, our efforts and thoughts should not center on how we got there, but to explore the methods available for debt elimination and return to financial freedom. Rest assured, there are solutions and we will look at them on this web site. You have to make determination to seek that goal and be debtfree and get rid of credit card debt. Obviously we also must make the commitment not to return to our old habits and get in debt again. Debt elimination is more a commitment to modify our behavior than the actual effort to achieve it. We look at the following ways to achieve debt elimination and eliminate credit card debt:
1. Debt Elimination through Debt Consolidation
2. Debt Elimination through Debt Settlement
3. Debt Elimination though Budget and Pay Down Plan.
These methods work to help you reach your objective of debt elimination. The method you choose depends on your circumstances(how much debt) and you financial condition(amount of income). It is advisable to seek professional advice no matter which program you choose and we give you the companies we feel can assist you in achieving your goal and be debtfree.
Debt Elimination
through Debt Consolidation
What is Debt Consolidation?
In is simply taking out a new loan that is used for debt elimination or eliminate credit card debt and other high interest unsecured debt.
Why consider doing this?
Debt Consolidation has several advantages and potential cost savings.
A clear advantage is that you would have the ease of paying one loan or payment a month instead of paying numerous payments, this makes it more convenient and less time consuming. It also reduces the chances you would miss or be late on a payment that which, may adversely affect your credit score.
The most important reason is that it can potentially save you considerable amount of Money. Credit card companies are charging very high interest rates on their customer’s outstanding balances and cash advances. There are many circumstances were it is close to 30% or more. The ideal would be to take all those credit card payments and combine them into one loan and pay one-third the interest or less. The interest rate would also be fixed so you would not be subject to further rate increases or not even be concerned that your monthly payment amount might change. The savings could possibly be substantial and you would be able to pay the loan faster.
Your credit and credit score could potentially improve because you would only make one payment a month. This would reduce the risk of missing or being late on a payment and as you pay your loan down, your income to debt ratio would improve. Thereby, helping improve your credit. This holds true as long as you did not take out a large amount of new debt.
There are three possible ways to consolidate your payments.
1) Home Equity Loan - This the easiest. fastest and the type of loan that will produce the greatest cost savings because of the current low rates on home loans. With this approach the proceeds from the home equity loan would be used to eliminate credit card and other unsecured debt. You would only have to make one monthly payment for the new home equity loan.
2) Unsecured Loan - If you have good credit, then this type of loan makes sense since you could negotiate a new personal unsecured loan that had at a lower interest rate than your current credit card rates. As with number 1 above you would pay off outstanding debt and have one monthly payment.
3) New Low Interest Rate Credit Card - This is the least favorable way, but it’s an option nonetheless. In this approach you would take out a new credit card that had 0% or low APR interest rate and roll all your unsecured debt into it. This would leave you with one payment on a low interest rate card. There are risk with this method. The new interest card company can increase your interest rate or annual fees. The new credit card law requires credit card company to give 45 day notice of this changes. However, this may not be sufficient time to find another solution or another solution may not be available.
Companies that Can help You Consolidate Your Debt.
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Number One Choice – Debt Consolidation Care
Debt Consolidation Care, is the “Internet’s first get-out-of-debt community” offers great advice that is free of charge, through their counselor analysis and their community of other people that just as yourself. That are looking for solutions and may be overburdened with debt. . Their website, DebtConsolidationCare.Com, offers free debt counseling, online debt consolidation help, company ranking chart, and forums where you can discuss your problems with other members that may have already been through or are going through the same situation. They have articles that provide good information on options that are available. One has a sample letters you can use to send creditors.
Debt Consolidation Care goes through the pros and cons of other options such as self-repayment plans, debt management, debt settlement, debt consolidation loans, bill consolidation and bankruptcy. They give you some insightful information to fit your own scenario to help you make a more informed decision. You can get advice on how to lower your monthly payments, reduce interest rates, waive late fees, eliminate collection calls, avoid bankruptcy, have only one monthly payment and become debtfree. They will give you the free debt counseling session and allow a debt consultant to help take some of the stress off of you with a strategic plan to get your credit back in order. Debt Consolidation Care is a unique debt assistance website that is a community based program, and offers free advice from experts.
Visit Debt Consolidation Care, Click Here! or Just fill in the form below and a counselor will contact you.
Who is Lowermybills.comLowermybills.com is part of Experian InteractiveSM and a premier, free online service for consumers to compare low rates on monthly bills and reduce the cost of living. Lowermybills.com is the one-stop destination that offers savings through relationships with more than 500 service providers across multiple categories.This is a great company that offers a variety of solutions that can help you get the debt relief you are seeking. We recommend them for debt consolidation and they will give you a FREE Consultation to determine all your options.
Lowermybills.com can help you with all your debt elimination needs, and you can visit their web site here
Debt Elimination
Debt Elimination
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