7 Credit Consolidation Solutions To Help You Get Out Of Debt

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(No Transcript)
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7 Credit Consolidation Solutions To Help You Get
Out Of Debt
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1 Find Your Credit Card Interest Rate

• When youre drowning in debt, getting out of it
  can seem like an impossible feat. You might get
  discouraged when looking at the size of your debt
  and think that youll never pay it off, but the
  truth is that there are many credit consolidation
  solutions available to help you work your way out
  of debt and become financially stable again.
  These seven credit consolidation solutions can
  help you get out of debt so you can have the
  future youve always wanted!

A credit cards annual percentage rate (APR) is a
universal measure of interest rates. For example,
if you have a credit card with an APR of 18
percent, then youll pay 18 percent on any
purchases made on that card. In other words, a
1,000 balance on your credit card will cost you
180 in interest over one year if you dont pay
it off. To get out of debt as quickly as possible
and avoid paying high-interest rates, look for
low-interest credit cards or find another method
for managing your spending habits.
Here are some effective methods for lowering your
debt
Balance transfer The best way to lower your
debt is by transferring balances from
higher-interest credit cards onto a low-interest
card or 0 APR introductory offer.
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• Balance transfers can be tricky, though, so make
  sure you understand all of the terms before
  signing up for anything.
• Negotiate with creditors If youre already
  behind on payments, consider negotiating directly
  with creditors to work out more manageable
  payment plans that can help prevent future
  defaults.
• Set up automatic payments One easy way to
  ensure you always pay your bills on time is by
  setting up automatic payments through your bank
  account. You wont even need to think about it!
• Pay off highest-interest debts first It may
  seem counterintuitive, but many financial experts
  recommend paying off smaller debts first because
  they tend to carry higher interest rates than
  larger ones. This strategy allows you to tackle
  larger debts at a faster pace while saving money
  on interest charges along the way.
• Consider consolidating loans When you
  consolidate multiple loans into one loan, you
  only have to make one monthly payment instead of
  several. However, keep in mind that consolidation
  loans often come with their own set of fees and
  penalties.
• Stop using credit cards entirely Some people
  decide to stop using their credit cards
  altogether once theyve racked up thousands of
  dollars in debt. Although its not always
  practical, cutting up your plastic can save you
  hundreds or even thousands of dollars per year by
  eliminating late fees and interest charges.

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2 Look At Your Payment History

• When you apply for a credit consolidation
  solution, its important to make sure your
  payment history isnt littered with late payments
  or defaulted loans. Some companies will check
  your payment history (usually three years back)
  and, if it doesnt look great, they may charge
  you higher interest rates or refuse to help you
  at all. Getting out of debt is challenging enough
  without paying more than you need to. Credit
  score optimization should be a top priority when
  pursuing a credit consolidation plan learning
  how credit card balance transfers can be an easy
  way to do just that.

3 Use A Debt Calculator
Before you can decide which credit consolidation
solution works best for you, its important to
understand exactly how much debt you have, what
your interest rates are, and when your payments
are due. A debt calculator is a great tool for
doing just that. It can help identify if you have
any high-interest loans or credit cardsthose are
easier to tackle first. There are also free debt
calculators available online. This allows users
to input as much information as they want about
their loans, including details on monthly
payments and interest rates.
4 Make A Budget
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If youre anything like me, you might have a hard
time sticking to a budget because it usually
involves things I dont want to do. For example,
figuring out how much you owe and when your next
payment is due isnt fun at all. With that said,
making a budget isnt as painful as it sounds in
fact, if done right you can learn whats going on
with your money and learn how to allocate it more
effectively. A personal finance tool like Mint
can help by showing all your assets in one place
and giving you tips on how to spend smarter.
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5 Balance Transfer Zero Percent Offers

• A balance transfer zero percent offer can help
  you consolidate your high-interest credit card
  debt with a new credit card. Balance transfer
  zero percent offers to allow you to transfer
  high-interest balances from one or more credit
  cards onto a new card that charges 0 on balance
  transfers for anywhere from 12 months to 18
  months. As part of your deal, if you pay off your
  transferred balances in full within these time
  frames, there are no interest charges at all. The
  key is not only finding a long-term balance
  transfer zero percent offer but also putting in
  some effort so that you can pay off these debts
  before having to start paying the interest again.

6 Consider Getting A New Card
Filing for bankruptcy wont always be your best
option, so you need to consider it a last resort.
If your income is above average and you have a
lot of debt, you may have better options. Whether
or not filing bankruptcy is right for you, read
up on what it means so that you know whats going
on and how it will affect your life before making
any decisions. Its also important to discuss
bankruptcy with a financial advisor or lawyer who
can give specific advice based on your unique
circumstances. There are other alternatives to
bankruptcylike getting a new credit cardthat
could help you pay off debt more quickly.
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Here are some steps to take if you want to get
out of debt fast

• 1) Find out if you qualify for a balance transfer
  credit card.
• 2) Compare cards and choose one with an
  introductory 0 APR period.
• 3) Pay off as much as possible during your
  introductory period to avoid interest charges.
• 4) Transfer your balances from other cards onto
  your new 0 APR card while paying them down at
  least monthly until theyre paid in full.
• 5) After your introductory period ends, continue
  using your 0 APR card to pay off your remaining
  balances.
• 6) After all debts are paid off, keep using your
  card but make sure you never carry a balance
  again!
• Paying off debt quickly is a great way to make
  sure that your finances are under control and
  that youre on track for building wealth. If its
  been years since youve done a budget, or if you
  feel like your financial situation isnt where it
  should be, its time to make some changes. The
  key is recognizing that taking control of your
  money means taking actionso what will you do?

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7 Know When To File Bankruptcy

• While many people file for bankruptcy protection
  without a second thought, others try to avoid it
  at all costs. The most important thing you can do
  before filing for bankruptcy is to make sure you
  know when its time. Ideally, you should only
  file if your debts are high-interest or unsecured
  and if theyre preventing you from making ends
  meet each month. If thats not trueif your debt
  isnt high-interest or if its secured by
  collateralyou may be better off filing an
  unliquidated Chapter 13 bankruptcy instead. This
  type of petition helps lower your monthly
  expenses and gives you three to five years
  (depending on state laws) to pay back creditors
  in manageable installments.

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  92307
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  nsolidation-solutions-to-help-you-get-out-of-debt/