Debt Consolidation - Loans
& Credit Card Bill - Debt Consolidation
Different Ways
To Consolidate
Debt
Too much
debt? Trouble keeping up? Behind or not paying at all? If you're
constantly worried about whether or not you can meet your monthly
obligations, the follow may help ease your financial burden:
Retirement
Accounts - Your employer may allow you loans from your 401(k),
but this should be used as an option of last resort. Downside-
interest is almost never deductible, and if you cant pay it back
within 5 years, the IRS with penalize you. If you quit your job your
employer can call the loan in full.
Transfer your credit card balance.- There's more than one credit card
issuer out there and it's an intensely competitive field. Shop
around. Chances are you will find a better deal on interest rates,
payback, late fees and penalties.
Life
Insurance - If you have whole life, you can borrow the cash
value of your policy. There's no time limit and you really don't
have to pay it back if you don't want to. The amount of the loan
will be deducted from the proceeds paid to your beneficiaries when
you pass on.
Friends
and Relatives - Not the best choice as it's a great way to
destroy a relationship, but still and option. Just get it all in
writing and make sure you pay them back as agreed.
Equity
Loans.- These can be used to consolidate other long and
short-term debt like credit cards into one lower monthly
payment and it may offer a tax deduction on a portion of the
interest. The downside is that you are converting short-term debt
into long-term debt and your house is used as collateral. Failure to
make your payments in a timely manner can cost you your home.
Consumer
Credit Counseling - This should be one of the first places you
look and offers the best way to pay off your debts. They work with
almost all creditors and help in lowering interest rates, waiver of
late fees and penalties resulting in a reduced monthly payment. Your
pay them, the credit counseling group, a fixed monthly fee which is
then remitted to your creditors in a pre-arranged payment program.
Renegotiation
- Your lender would rather renegotiate your loan than repossess
your home. They may say no, but it's worth a try. Ask if you
can stretch out the payments. Be upfront with them. You may be surprised
how receptive the are. They don't want to lose money and are likely
to work with you.
Just
Pay Off Your Debts - Quit spending more than you take in and pay
off what you already have. Tackle you high interest rate debts first
and work your way down. As each debt is paid off you are left with
fewer creditors and lower interest rate obligations. This is what we
call consolidation by elimination.
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Allied Debt Consolidation
3275 W Hillsboro Blvd -
Deerfield Beach, Fl 33442
All rights reserved. 1998 to present.
Not available in all areas.
Debt Consolidation - Loans & Credit Card Bill - Debt Consolidation
Last
Updated:
Monday, March 24, 2008
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