Debt Consolidation

Custom Search
 

Debt Consolidation
Debt Relief
Mortgage
Credit
Bankruptcy
What the Mail
Five Major Ways
Free Quick and
Free Quick and
Creating A Realistic
Hide That Car!
Dealing with 'Thing'itis
Should You Invest
The 5 Secrets
Mr. Cheapie's Frugal
Start Small and
Debt Collectors; And
Bankruptcy, Is It
Top Ten Reasons
What Is A
Is There Any
What Is A
Debt Collectors: Men
Personal Debt Reduction
Take Careful Consideration
Life After Debt
How To Get
Currency Trading Fee
What is Debt
Assess Your Financial
Why You Should
Debt Validation: Do
Bankruptcy: What You
Bankruptcy As An
Bankruptcy: Which
Bankruptcy Abuse
Bankruptcy Reform
Bankruptcy: Who
Taking The Plunge
Bankruptcy Interest Increases
Sitemap
Debt Consolidation
Debt Relief
Mortgage
Credit
Bankruptcy
 
5 Methods Toward Reducing Your Debt
by Matthew Keegan
Decreasing your debt is paramount to having a good credit rating as well as giving you peace of mind. You want to get out of debt, but not all debt reduction options may be beneficial. Let’s take a look at five debt reduction options which may hel

Decreasing your debt is paramount to having a good credit rating as well as giving you peace of mind. You want to get out of debt, but not all debt reduction options may be beneficial. Let’s take a look at five debt reduction options which may help you in your quest to get out of debt.

1. Consolidate Loans. Before declaring bankruptcy, consider pulling together all of your outstanding loans into one low monthly payment. Loan consolidators can help you come up with a plan to pay off all of your debt while maintaining your credit standing. Bankruptcy, unfortunately, ruins your credit rating while a consolidation loan may help you save it.

2. Your Life Insurance Policy. Your life insurance policy may have a cash value to it. Consider taking the cash from the policy and using it to pay off or lower your debt. Of course, your payout will be much lower upon your death; make sure your loved ones are adequately provided for when you have released this mortal coil.

3. Federal Loans. Government loan programs — local, state, and federal — may be available to you and at a rate much lower than what you currently pay your creditors. Check out loan programs, which you must pay back; as well as grants, which are gifts to you to see what your eligibility is.

4. Borrow From Your 401(k). If your company has contributory retirement plans such as a 401(k) or 403(b), you can take out a low interest rate loan and use the proceeds to pay off what you owe. You are borrowing from your retirement account so your loan must be paid back; if you do not pay it back you will incur IRS taxes and penalties. Still, the borrowing rates are quite reasonable.

5. Bankruptcy. The U.S. constitution gives Americans the right to discharge debt, and it is one option some must take in order to get creditors off of their backs. With medical expenses surging, gas prices hitting record high levels, and many other expenses increasing, bankruptcy may be your only choice to help protect your assets from overreaching creditors..

Obviously, some of these options have different consequences than others — like a ruined credit standing — still, when your back is to the wall your choices are extremely limited. Find your comfort level and choose an option that is right for you.

Matt Keegan is The Article Writer; you can view his work at http://www.thearticlewriter.com

 
The site is not responsible for any content in it. E-mail: alldir[at]gmx[dot]com
debt consolidation, home loan, mortgage, debt free, debt help, refinance, equity loan, unsecured, secured debt, bankruptcy, credit card , bad credit, payday, cash advance, cash settlement, line of credit, student loan, interest rate, borrow money, car loan, adverse credit, compensation, quote, credit score, consolidate debt Clyde town Posey township Leland Grove Elm City town Jefferson Bonneville County Momeyer town Cherokee Wellersburg borough Bethel village Newtown borough Dayton Cornish town Lumber Greenfield township Indian Creek village Atkinson town (pt.) Corrigan town West Liberty Sunflower town New Lisbon Columbia City city (pt.) Pacific Troy town Arcadia town Dickinson Waverly Avoca village Bethany Richland township USA UK Australia Canada Canada Guinea Colombia Uruguay Saint Lucia Dominica Albania Tristan da Cunha Tristan da Cunha Sudan Dumfriesshire Peeblesshire Buckinghamshire Staffordshire Lanarkshire Armagh Cumberland Ross-shire Middlesex Leicestershire Arizona (AZ) Pennsylvania (PA) American Samoa (AS) Iowa (IA) Palau (PW) New Hampshire (NH) Puerto Rico (PR) Virgin Islands (VI) Alaska (AK) New Jersey (NJ) Indiana (IN) Michigan (MI) Connecticut (CT) Northern Mariana Islands (MP) Nevada (NV) Nebraska (NE) Rhode Island (RI) Connecticut (CT) Alaska (AK) Hawaii (HI)