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Advice On Getting Out Of Debt And Solving Debt Problems

By Arlene Case

Even if you’re drowning in debt, you can still be debt free in a few years as long as you make the right choices. There are people out there with debts amounting up to thousands of dollars. Credit cards have extreme interest and fees, resulting to a very challenging balance reduction. Regardless of these facts, you can still get out of debt. Consider these realistic solutions to be on your way of becoming debt free.

Eliminate Debt with a Realistic Plan

If you’re drowning in debt, it’s probably because it piled up over the years. Don’t expect it to be gone just like that. There is an easy way out to get rid of debt, like claiming bankruptcy or trying debt settlement. But the downside is that these methods can damage your credit rating. Your best option is to be patient and create the best strategy.

If your credit card debt amounts up to $3000, figure out how much of it can you afford to pay each month. It’s not practical to payoff the balance within six months since you need to make at least $500 worth of payments each month. How about trying to pay it off within a period of 12 – 18 months instead? Make some sacrifices so that there’s a better chance for you to decrease, maybe even eliminate, your debt.

Facts About Debt Consolidation Loan

Debt consolidation loan is another option for eliminating debt. While it doesn’t erase your debt, it will get rid of credit card debt. You can use the money you’ve obtained from the loan to payoff your credit cards and other high interest loans. At a much lower rate, the debt consolidation lenders will be repaid by the borrowers. Basically, loans that consolidate debt can be repaid in two to five years.

Once your credit cards are fully paid, you’ll see an increase in your credit score. Just be careful not to make the same mistake twice when you choose debt consolidation. Don’t let your debts pile up again as it ruins the purpose of consolidation.

Other options for debt consolidation are home equity loans, credit card balance transfer, refinancing, or using a debt consolidation agency. Getting a lump sum of money is not part of the deal with using debt management agencies. Instead, your debts will be managed by the agency and they convince the creditors to lower the interest rates.

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Article Citation
MLA Style Citation:
Case, Arlene "Advice On Getting Out Of Debt And Solving Debt Problems." Advice On Getting Out Of Debt And Solving Debt Problems. 25 Aug. 2010. uberarticles.com. 30 Apr 2016 <http://uberarticles.com/finance/advice-on-getting-out-of-debt-and-solving-debt-problems/>.

APA Style Citation:
Case, A (2010, August 25). Advice On Getting Out Of Debt And Solving Debt Problems. Retrieved April 30, 2016, from http://uberarticles.com/finance/advice-on-getting-out-of-debt-and-solving-debt-problems/

Chicago Style Citation:
Case, Arlene "Advice On Getting Out Of Debt And Solving Debt Problems" uberarticles.com. http://uberarticles.com/finance/advice-on-getting-out-of-debt-and-solving-debt-problems/


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