Are you having a serious problem with debt? Does it feel as if you had a 1,000-lb. stone tied around your neck? Wouldn’t you like to achieve a better, debt-free lifestyle? If so, here are 8 good ways to deal with debt.
Get a loan
Many people have gotten their debt under control simply by getting a loan and paying off all their creditors. Depending on your circumstances, you could get either a secured or unsecured loan. Let’s say you owe $18,000. If you could borrow that much, you could use the money to pay off all your debts and end up with just one monthly payment that should be much less than the payments you’re making now.
Transfer your balances
Most credit card networks now offer 0% interest balance transfer cards. The way they work is that you transfer the balances on your high-interest credit cards to a new card where you pay no interest for the term of the promotional period, which is typically somewhere between six and 18 months. If you shop wisely, you should be able to find a card with a lower interest rate than your current cards – to save you even more money.
Get professional help
Is there a non-profit credit-counseling agency where you live? If not, you can easily find one online. In either case, you’ll have a counselor who will review your finances and help you develop a plan for becoming debt free.
Settle your debts
If you have good negotiating skills, you could contact your creditors and offer to settle your debts – if you have not made any payments for at least six months. You could offer to settle for 50% or even 40% of what you owe. You will need to convince your creditors that if they refuse to settle, you’ll file for bankruptcy. And you will need to have enough cash available to make the settlements.
Cut your spending
Try tracking your spending for a month then sit down and create a budget where you trim your spending by maybe $200 a month. You could then use this money to double up on your credit card payments until you became debt free. This will definitely require some sacrifices but just think how good it will feel when you’re rid of all those debts.
Find ways to earn more money
If you feel you can’t cut your spending enough to pay off your debts, you should be able to find ways to earn more money and use it to pay down your debts. Many people have earned extra income by taking on a part-time job, offering their services online or by selling items on eBay. If you think creatively, you should be able to come up with four, five or even more ideas for earning extra income you could use to pay down your debts.
You could have a chapter 7 bankruptcy for probably less than $500. This would discharge all your credit card debts, medical bills and personal loan debt to give you a fresh start. Do be aware that declaring bankruptcy will prevent you from buying a house or an automobile for several years and will stay in your credit record for 10 years.
Hire us to consolidate your debts
Our debt consolidation partners have years of experience helping people who are in trouble with debt. We are so sure they could help you become debt free in a reasonable amount of time that we offer a simple 100% satisfaction guarantee. Call our toll-free number today to learn about our guarantee and how we could consolidate your debts to help you achieve a better lifestyle.