If you are looking to consolidate several loans into one but do not own a home, there are options available for you. Although, home owners do have a slight advantage in that they are able to leverage their house as collateral. There are certain situations where you could possible use another asset for collateral but this article will outline a couple of ways for you to perform a debt consolidation without owning a home.
For starters, you could use a credit card to consolidate debt. With several companies offering somewhat low interest rates, start by applying for a card that has the lowest interest rate that you can find unless you already have one of course. Next, begin transferring the balances from the other cards to this new card. It is important that you do not use the card for consumer spending but use it only as a means to eliminate debt.
This next tip to consider does require a good credit score. If your credit has been damaged by poor borrowing habits and failure to keep up with the payments, then you will have trouble get this type of loan but consider looking into your local banks and credit unions for a personal consolidation loan. Each lending institution will have different requirements as far as collateral and terms and conditions go but this approach can also be a viable way to consolidate debt.
Finally, a third option would be to use professional debt counseling who happen to specialize in debt management. These companies can help renegotiate terms on your accounts and even reduce interest rates. There may be fees for this type of service so be sure to read the fine print. But the advantage here is that they will pay the companies for you in whatever terms they have worked out with the loan companies.
Trying to eliminate debt can be a struggle. Before trying any of these strategies, make sure that you have first gotten a grip on your spending. Borrowing more money will not solve anything if you are spending money that you don’t have.
Negotiate and Settle Your Debts – A Debt Settlement Strategy: Learn how to settle debts as low as 20 cents on the dollar
Considering debt settlement? Negotiate and Settle Your Debts guides you to an extremely inexpensive way to do your own negotiating and settling of credit card debt. Save thousands of dollars and improve the quality of your life with this very informative gem of a book. Contents are sample Debt Settlement letters , Instructions on the timelines, How and when to start negotiating with your creditors, What happens each month you go late, Credit Repair Letters, Information about the Statute of Limitations and FDCPA, Information about the IRS Debt Forgiveness laws including Insolvency. Recent debt settlement letters of the authors from Bank of America for 20 cents on the dollar show that the strategies in this book really work. These are easy to follow steps, which allow you to take back control of your financial future. Take action on your credit card debt today and discover the secrets the debt settlement companies and banks don’t want you to know!
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The Complete Idiot’s Guide to Getting Out of Debt
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Borrowing from Peter to pay Paul?
The American economy is dragging, with unemployment rates rising and consumer debt hitting $2.5 trillion. Many people are in deep and need help. Here, a Certified Financial Planner explains the mathematics of debt; strategies to deal with credit card, mortgage, student, and other loans; why debt consolidation and taking loans from a 401(k) can lead to problems; truths about bankruptcy; and how to use debt while eliminating it.
*Includes essential resources and websites, sample letters and forms, loan forgiveness programs, bankruptcy resources
*Author a Certified Financial Planner
*Covers every kind of debt, mortgages to credit cards to student loans
*National credit card debt is growing exponentially
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Money Girl’s Smart Moves to Deal with Your Debt
Do you want to attack that mounting pile of debt, but just don’t know where to start? Laura Adams, financial expert and host of the top-rated Money Girl podcast, is here to help. Getting out of debt might seem overwhelming, but it doesn’t have to be—no matter how much you owe. Laura has come up with a 10-step plan to guide you through the smart moves you need to get rid of your debt for good. She’ll first help you assess your own financial situation so you can create a doable, realistic plan. You’ll then learn which debts to pay down first, and you will get tips on negotiating with creditors and paying off bills faster. Because staying out of debt is just as important as getting out in the first place, Laura also tells you how to boost your credit score, cut costs, and save money, which will ensure you have a debt-free and happier future. This special e-book edition also includes a preview of Laura Adams new book, Money Girl’s Smart Moves to Grow Rich. Managing debt wisely
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