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5 Simple Tips For Getting Out Of Debt In 2006!
Is credit card debt driving you crazy? Spent too much this
holiday season?
Well, you're definitely not alone. Credit card debt is a way of
life these days. Especially now, right after the holidays!
For many people, money gets REAL tight...
DDCF: Dissecting Debt Consolidation Firms
In accounting classes, debt consolidation still hasn’t made it to grade. The term “debt consolidation firm”, in that case, wouldn’t be found in any textbook. But in reality, debt consolidation is one of the most important things a person with...
Debt Consolidation Primer – Four Things You Can Do to Get Out of Debt
Problem debt is rampant throughout America. In addition to mortgages and auto loans, the average household in the U.S. has nearly $10,000 in credit card debt. As the major credit card companies have recently doubled their minimum payment...
Debt Management
At times of severe financial crisis Debt Management Plan (DMP) helps you to manage your funds and also protects you from the humiliation of debt struck conditions. The famous American author Washington Irving in ‘Wolfert’s Roost’ addressed...
Get Debt Free
If you once have been caught in the debt trap, how do you come out of it and be debt free? We are different and each of us has our own lifestyle and our own financial state, so the way to debt elimination is different from person to person. One plan...
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Debt Reduction Solutions
Finding solutions to reducing your debt takes some thinking and research on your part. You have some good choices available to you and we shall list these key debt reduction solutions for you right here:
1. Home Equity Loan or Home Equity Line of Credit. Your 21% charge card can be reduced to nearly 6% over night. How? By taking out a line of credit or equity loan against your home. Equity loans and lines of credit are available at low rates and banks are very willing to extend this service to you as your home is your collateral. Pay off all of your credit card debt with the loan and you will achieve debt reduction solutions immediately.
2. Replace high interest credit cards with low interest cards. Yes, in this day of low interest rates, many credit cards carry high interest rates. Ask your credit card issuer to reduce their rate closer to market rates. If they refuse to budge, consider applying for a low interest rate card from another provider. Transfer your balance to the provider offering the best rate.
3. Debt reduction solutions can be realized through the selling of other assets including: an
extra car, antiques, jewelry, extra property, renting out property, or liquidating some other assets. Check around your home and see if there is something that you owe that can be sold on eBay or locally at a yard sale. Take the proceeds from your sale and pay down your debt, starting with the biggest debt first.
4. If you do not owe a home, or the home you do own has negligible equity built up then you cannot get equity from your home. Still, depending on your income, you may be eligible for mortgage refinancing below market rates. Check with your bank or local housing authority to see if you qualify for a low or moderate income loan. The savings you realize through reduced mortgage payments may help you pay down your debt.
Finding debt reduction solutions that work for you is an important first step in eliminating debt. Make a plan and stick with it and you will soon be living a debt free/care free life.
About the Author
Mark Lambie is the founder of Fast Debt Settlement We provide a free service that matches you with debt consolidation specialists
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| www.worldbank.org |
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