| |
Debt Reduction Solutions
By Mark Lambie
Finding solutions to reducing your debt takes some thinking
and research on your part. You have some good choices
available to you and we shall list these key debt reduction
solutions for you right here:
1. Home Equity Loan or Home Equity Line of Credit. Your
21% charge card can be reduced to nearly 6% over night.
How? By taking out a line of credit or equity loan against your
home. Equity loans and lines of credit are available at low
rates and banks are very willing to extend this service to you
as your home is your collateral. Pay off all of your credit card
debt with the loan and you will achieve debt reduction
solutions immediately.
2. Replace high interest credit cards with low interest cards.
Yes, in this day of low interest rates, many credit cards carry
high interest rates. Ask your credit card issuer to reduce their
rate closer to market rates. If they refuse to budge, consider
applying for a low interest rate card from another provider.
Transfer your balance to the provider offering the best rate.
3. Debt reduction solutions can be realized through the selling
of other assets including: an extra car, antiques, jewelry, extra
property, renting out property, or liquidating some other
assets. Check around your home and see if there is
something that you owe that can be sold on eBay or locally at
a yard sale. Take the proceeds from your sale and pay down
your debt, starting with the biggest debt first.
4. If you do not owe a home, or the home you do own has
negligible equity built up then you cannot get equity from your
home. Still, depending on your income, you may be eligible
for mortgage refinancing below market rates. Check with
your bank or local housing authority to see if you qualify for a
low or moderate income loan. The savings you realize through
reduced mortgage payments may help you pay down your
debt.
Finding debt reduction solutions that work for you is an
important first step in eliminating debt. Make a plan and stick
with it and you will soon be living a debt free/care free life.
About the Author
Mark Lambie is the founder of Fast Debt Settlement We provide a free service that matches you with debt consolidation specialists
Article Source: http://www.simplysearch4it.com/article/5238.html
| If you wish to add the above article to your website or newsletters then please include the "Article Source: http://www.simplysearch4it.com/article/5238.html" as shown above and make it hyperlinked. |
| |
|
