|
|
|
|
Debt Consolidation Plan - Your Way Out Of Debt
A debt consolidation plan be the solution to getting out of debt. Getting into debt has never been easier than it is in today's society. No one wants to wait until they've saved the money to buy the things they desire.
Even though a debt consolidation plan takes a little time, it can be an excellent way to consolidate your way out of debt. It's tough to know what to do when you see the offers to get you out of debt without the wait arriving daily in your mailbox.
The offers of low interest rates and incentives if you apply now for the loan or credit card. Unfortunately, once a few of these bills are coming in each month, they start to add up to a substantial sum which becomes difficult to pay.
With a debt consolidation plan it's possible to take all of these smaller debts you owe on credit cards and pay them off so that only one lower monthly bill is coming in each month.
One way of doing this is to take out a debt consolidation home equity loan. With this you release the equity you have on your home. This means that the difference between the value of your property and the amount outstanding on your home loan is the equity.
If there is more value then the existing home loan, you have positive equity which can be used to provide collateral to consolidate your debts. But make sure you do your homework before you put your home at risk by putting it as collateral to a loan.
You can't afford to miss any payments on this debt consolidation home loan, so make sure you afford to pay it within your budget. Make a list of everything you pay each month, including all household bills, insurances and
groceries.
Do not include the debts you are going to pay off with the consolidation loan. Then add on an amount for clothing, gifts, outings, entertainment, travel etc.
Take this amount and add a percentage for unexpected expenditure of say 10%. The total should then be taken from your monthly income. The remainder is the amount of income you have available to repay the consolidation loan.
Check out the various consolidation options available and choose the one with the best debt consolidation loan rate. However, make sure that this isn't a rate which is only the best in the short-term as this could affect your ability to pay later if the rate rises dramatically.
Remember this is not going to be a short term loan, and your home is at risk if you are unable to keep up the payments. Once you have chosen a debt consolidation plan that suits your needs, and are sure that you can comfortably afford it then make an appointment with the lending company.
If you want to improve your financial situation, a debt consolidation plan can take the stress out of your monthly bills.
Copyright © 2005 Credit Repair Facts.com All Rights Reserved.
About the Author
This article is supplied by http://www.credit-repair-facts.com where you will find credit information, debt elimination programs and informative articles that give you the knowledge to correct your own credit and credit report. For more credit related articles like these go to: http://www.credit-repair-facts.com/articles_1.html
|
|
|
|
|
| Debt consolidation calculator, debt calculator - MSN Money |
| Consolidating your debt in a single low-interest loan can save on interest payments and speed the process of paying off debts. This calculator will help you ... |
| moneycentral.msn.com |
|
| Your 3 worst debt consolidation moves - MSN Money |
| If you're up to your eyeballs, the fantasy of debt consolidation can suck you right in. Watch out for the slippery side of consolidation loans, ... |
| moneycentral.msn.com |
|
| DebtConsolidation.Com - 1-800-CUT BILLS® (1-800-288-2455). We Make ... |
| (1-800-DR. CREDIT, 1-800-372-7334). The leader in Debt Consolidation! Zero Percent 0%APR interest for Life! on your high interest/balance credit cards. |
| www.debtconsolidation.com |
|
| Debt Consolidation - Loans DIY Forums and Ranking chart - BBB Member |
| Is Debt Consolidation good for you ? Get FREE counseling from a BBB member company. Avoid bankruptcy, become debt free, deal with collection agencies and ... |
| www.debtconsolidationcare.com |
|
| Debt Consolidation Loans - Consolidate Debts |
| Debt Consolidation Connection offers FREE debt consolidation quotes to help you avoid bankruptcy and consolidate debts and loan payments. |
| www.debtconsolidationconnection.com |
|
| Consumer Credit Counseling and Debt Consolidation |
| National non-profit credit counseling agency offers financial education and debt consolidation. |
| www.consumercredit.com |
|
| Dangers of debt consolidation |
| Are you tempted to take out one big loan to pay off your various debts? Look closely before jumping into debt consolidation. It could cause as many, ... |
| www.bankrate.com |
|
| FREE QUOTE. Get your debt consolidation quote here from the ... |
| Are you in debt? ... If so we can help you consolidate. Great loans from leading companies; all standards of credit looked at with over 200 loan plans. ... |
| www.moneyweb.co.uk |
|
| E-LOAN: Debt Consolidation Loan, Consolidate & Pay Credit Card ... |
| E-LOAN offers a variety of debt consolidation loans to save you money, lower your payments, or reduce taxes. Search rates and apply online. |
| https: |
|
| Debt consolidation - Wikipedia, the free encyclopedia |
| Debt consolidation entails taking out one loan to pay off many others. ... Debt consolidation can simply be from a number of unsecured loans into another ... |
| en.wikipedia.org |
|
| Debt Consolidation - Loans, Debt Management, Consolidate loan ... |
| Get FREE Debt Consolidation advice to consolidate debt and loan payments. Avoid bankruptcy, become debt free and lower your payments. |
| www.mortgageloan.com |
|
| The Truth About Debt Consolidation |
| Find out why Dave Ramsey says debt consolidation is a dangerous way to try to get out of debt. |
| www.daveramsey.com |
|
| IVA debt advice | debt consolidation |
| IVA, Debt consolidation, bankruptcy and IVA advice free from the Debt Counsellors. |
| www.debtcounsellors.co.uk |
|
| debt consolidation credit counseling free credit reports you'll ... |
| Debt consolidation credit counseling giving free credit reports for credit repair and consumer credit counseling. Bill consolidation by utilizing low ... |
| www.creditinfocenter.com |
|
| bizjournals: Debt Consolidation - Consolidation Debt - Debt ... |
| Debt Consolidation - Information on consumer credit, bankruptcy, loans and debt consolidation from the Internet's leading source for national and regional ... |
| www.bizjournals.com |
|
| Debt Consolidation - Powerforum Plus+ Pro (www.hotboards.com) |
| Get the best debt consolidation program available online. Pay off all your old bills and get rid of debt for good. christian debt consolidation debt ... |
| www.hotboards.com |
|
| Powerforum Plus+ Pro (www.hotboards.com) |
| consolidation credit debt debt free info relief debt consolidation quote consolidation debt debt free info refinance relief consolidation debt search strong ... |
| www.hotboards.com |
|
| Debt Consolidation Loans |
| Debt Consolidation Loans helps consumers reduce their debt through low-rate home equity loans and second mortgages. |
| mybestdebtconsolidation.com |
|
| Federal Trade Commission |
| Self help, debt consolidation, credit counseling, bankruptcy. |
| www.ftc.gov |
|
| Federal Debt Consolidation Services - credit cards loans ... |
| A free online application for debt consolidation. Credit cards, medical bills, old debts and unsecured loans. |
| www.federaldebtservice.com |
|