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Lowering Your Monthly Payments Through Debt Consolidation
by Rebecca Game
A huge part of society needs debt relief from credit card debt. Finding this relief will be an effort on your part. While literally millions of consumers try to eliminate their debt, only a few achieve this major goal. Why? High interest rates, la

A huge part of society needs debt relief from credit card debt. Finding this relief will be an effort on your part. While literally millions of consumers try to eliminate their debt, only a few achieve this major goal. Why? High interest rates, late fees, too many credit cards and installment loans. Most can barely afford to make the minimum payments. With interest added monthly, this becomes a never ending cycle of financial pain and suffering.

You must lower your interest rates as a key to eliminating your debt. If your card is charged with debt that is above 50% of your card limit, your interest rate can go even higher than the original agreement unless you have an absolute fixed rate. Fortunately there are ways to lower your monthly payments.

One way is through consolidation. This solution has helped many get out of debt. Through consolidation you can get one loan to pay off all the other loans. You MUST apply the loan to paying off your other loans if you want to eliminate your debt. Some people get a consolidation loan, pay off only about half and don't realize that this only gets you further in debt. The goal here is to remove all the other payments. This is the only way you are going to see the light at the end of the financial tunnel.

If you have been keeping your payments current even with minimum payments, you have a good chance of getting a debt consolidation loan without too much trouble. If you have fallen behind on your payments, interest rates and late fees can spiral out of control. Don't let this happen. A bad credit score will make it much harder to obtain a debt consolidation loan.

Debt consolidation loans usually offer a reasonable interest rate. If you have collateral in the form of bank CDs or money market funds, even better. You can get a loan for a very low interest rate. A debt consolidation loan usually has a shorter loan term as well which will make it easier on you to get your debt paid off quicker.

When you need collateral, here are a few ideas. Collateral is any possession or property that the bank or financial institution considers valuable enough to loan to you money against your property. Property can come in the form of:

1. A vehicle less than 4 years old that is lien free
2. A savings account or CD, or money market fund
3. Equity in a home
4. A boat, motorcycle, or other type vehicle that is free from liens
5. Some fine furnishings or collectibles

Literally millions of home owners have a perfect way to consolidate their debts. You can eliminate those high interest rates and fees. You can have one low monthly payment instead. All of your loans including unsecured loans, medical bills, credit card bills, student loans, and more can be combined into one loan with just one monthly payment.

Right now the time is perfect for getting a low interest rate. Loan quotes and information are free and you can apply to several lenders at once through different programs using just one application. Then you choose the best lender from the one offering the lowest interest rate, the lowest lending fees, the shortest term, etc.

Take time to shop around for a lender. Remember that you are a customer and you represent a "profit" for that lending institution. You don't have to take the first offer. You want to look for the lowest rates, the quickest terms, and any fees they might be adding. Don't look like a beggar, look like a customer!

Rebecca Game is the founder of Digital Women ®,, an online community for women in business. She is a 30 year entrepreneur and dedicated to helping other women find business loans and business grants. Visit her site: Business Grants and Loans for Women

The site is not responsible for any content in it. E-mail: alldir[at]gmx[dot]com
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