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Debt Reduction Summary

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Over the past week, I have discussed many ways to approach a do it yourself debt reduction and credit repair plan. A lot of your approach will depend on your situation, so I covered a variety of different angles. Consolidation loans are one of the options to consider when you have many creditors. These are particularly useful if your credit score is still good or if you have a lot of equity in your home. That way, not only can you often create one loan payment, you can often also reduce the interest you are paying. The key warning with … Continue reading →

DIY Debt Reduction

So, you have decided to reduce your debt by doing it yourself? Today, we will discuss a scenario where you have multiple creditors and you want to consolidate it in order to pay it all off. A consolidation loan can be a good idea if you have many different creditors. It allows you to re-focus all your efforts into one place, potentially allowing you to pay your debt off quicker with less effort on your part. Consolidation loans are good for those who are busy and have trouble with their credit reports due to disorganization. They are not always the … Continue reading →

Is Debt Consolidation a Good Idea?

Debt consolidation companies are a big business. Many are non-profit organizations that will help you pay off your debt. They will negotiate with your creditors to bring down the amount that you owe them. They will take a monthly payment from you and distribute it to all of your creditors. This will mean that you may save money over time, you will pay just one company, and eventually your debt will be paid off. This sounds like the perfect solution to many people. However, debt consolidation does have definite drawbacks. It does not look particularly good on your credit report … Continue reading →

Non-profit Financial Companies

Generally, when people hear that a company is a non-profit, they assume the organization is only for the benefit of others. Unfortunately, this is not always true. Many unscrupulous financial organizations realize that the perception of a non-profit is one of good and caring. Therefore, they will purposefully set up their organization as one, just to further swindle you. Of course, this does not mean that all non-profit financial companies are scams, just that you need to be as cautious even if the organization is a non-profit one. Certainly, the non-profit organization, Consumer Credit Counseling Services, is a fine example … Continue reading →

Five Tips to Paying off Credit Cards

Paying off a credit card can be a real pain. It seems to take forever! You make the payments every month like clockwork, yet somehow the balance doesn’t seem to decrease – or if it does, it’s only pennies at a time. Maybe the interest rate on your card is way too high, and it feels like you’ll be paying off the card for years to come. Here are five tips to help you pay the card off faster: 1. Call your credit card company and ask them for a lower interest rate. Depending upon your credit rating, you may … Continue reading →

5 Reasons to Payoff Your Loans Early

Many people often wonder why you should payoff your loans early. Often they look at loans as a time commitment and as long as you are making your monthly payments you really do not need to worry about the loans that you have taken out. Paying your loans off early can be a great benefit to you and your family. Here are five reasons to pay off your loans early. 1) You will save money on interest payments. For the average mortgage you end up paying at least as much in interest as you originally borrowed. You end up paying … Continue reading →