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Credit Card Debt Consolidation Programs: A Complete Guide
Many of us have credit cards these days, and a great many people
find that making multiple monthly credit card payments a
struggle. If you are one of those in this situation, then you
may want to consider taking out a credit card debt...
Debt Consolidation 101
Debt consolidation occurs where one takes out a loan in order to pay off two or more existing debts. Consolidating existing unstructured debt into one personal loan may save on your monthly outgoings while, at the same time, offering a repayment...
Debt Consolidation Loan - Financial Savior?
It's the day you've been waiting for the last two weeks... payday and the only time when your face lights up and you actually go to the office with a lot of wonderful, dreamy thoughts in your head - such as how fast you'll be able to bolt out of the...
Do you need a debt consolidation loan?
If you are in financial difficulties due to debt or have built
up a variety of debts over time, a debt consolidation loan may
be for you. But before you take that route, you should consider
all the options.
However you got into debt -...
Unsecured Debt Consolidation Loan Helps In Managing Your Debts
Do you need freedom from all the hassles involved in dealing with your lenders and want to become debt free? If yes, then unsecured debt consolidation loan is the solution to all your troubles. I am sure by this time a question must have aroused in...
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Debt elimination & debt consolidation can work together
Debt elimination has always been my goal. But on this day, when
I received the bill for the sudden replacement of the clutch in
my car, the VISA bill and word that my daughter needed
orthodontics for her teeth, how was I ever going to realize my
debt elimination goals?
Does that sound familiar? It's totally frustrating. It's very
easy to log your spending and identify high interest credit
cards to pay off, but what happens when there is still more
month left when the money runs out?
In the case of our family, debt elimination was only possible
when debt consolidation was achieved by drawing on home equity
and refinancing the mortgage.
If we had not gone this route, trying to stay on top of huge
debt payments is a slippery slope that can very quickly become
serious financial stress.
Consider the fact that Americans are declaring bankruptcy at
record rates. One in every 100 families is affected by a
bankruptcy.
I was on this slope 10 years ago. One of the most insightful
moments of the process was preparing a written log for the
trustee of all of our spending for the 5 years leading up to
bankruptcy.
Skip ahead many years later and I am again juggling too many
payments and not enough money.
The problem is simple. Raising a family, repairing the house,
feeding everyone, takes a lot of surplus money. Even when
budgeted for. Sound familiar?
Our advisor mapped out a debt elimination plan that included
debt consolidation by refinancing our home mortgage.
The numbers were amazing. With record low interest rates, we
rolled in $40,000 of consumer debt into our mortgage. Our
mortgage payment stayed virtually the same, and we reduced
monthly cash flow going out the door to cover debt payments by
$900 per month.
I couldn't believe it. Was that possible? It was and it allowed
us to work on our debt elimination over a longer, more
manageable length of time.
There are pros and cons of course. The big advantage here is
that you are able to avoid bankruptcy. The danger is that with
the pressure
off, you will return to building up debt on your
credit cards etc.
Some points to consider:
1. You reduce the number of physical payments you make per month
from many to one (that's good)
2. You might be able to get a reduced interest rate by using
your house as the collateral (reduced rate: that's good, but
house as collateral: hmmm)
3. Typically your total monthly outlay will be lower (that's
good)
4. You only have to deal with a single creditor (that's good)
5. You might get some tax breaks out of the deal (that's good)
6. Your credit cards are cleaned, meaning that your free to
spend (not so good)
7. It'll take longer to pay off your debt (not so good)
8. You'll likely paying out more over the life of the loan; even
though you're making a lower payment, you're paying off the loan
over a much longer period of time (not good)
9. You can loose everything if you default on this loan, since
it's a secured loan (definitely not good)
To ensure this plan doesn't stray off course, some helpful ideas
may include closing your credit card accounts once they are paid
out.
Building a spending plan and tracking money that is coming in
and out is a great way to stay on top of the new cash picture.
Computer accounting programs that automatically download
transactions is extremely helpful.
In some cases, it is a great idea to get some help. For some
people, the problem of overspending is a psychological one.
Spending can become a habit that's as difficult to kick as
alcohol, drugs or gambling.
For our family, the key is not to return to our spending ways
after debt elimination through debt consolidation takes some of
the pressure off. That will be our focus.
About the author:
Debt-eliminationsite.com is a one-stop-shop website for those
facing debt issues. Multiple pages of resources, referrals and
tools. Expert advice on credit cards, loans and bankruptcy.
Financial planning to get out of debt.
http://www.debt-eliminationsite.com
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