Becoming Debt Free - 3 Key Steps To Getting Out of Debt
Getting out of debt may seem like an impossible task, but it's easier than you think! Whether your balances total hundreds--or even thousands!--it's possible to get out of debt. It will take both time and money, and you'll have to do a little work to drop those balances to zero. But, in the end, it'll all pay off when you're debt free! Here's how to do it:
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- Competitive rates and no hidden fees
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Helpful Loan Tips:
- Apply with more than one company to compare offers.
- Study your options before committing to a debt program.
- Cut out small luxuries to pay down debt at the beginning of your debt reduction program.
Organize it!
Gather up all your debt statements. Take a piece of paper and list each account, the current balance, the current minimum payment and the current interest rate. Then organize your accounts, either from lowest balance to highest, or from highest interest rate to lowest. It's your choice, but many folks like to tackle the smallest debt first, because paying it off gives them a sense of accomplishment, which leads to more motivation to continue on the path of getting out of debt.
Pay it down!
Continue making the minimum payment on all your debts except the first one on your list. For that one, send a little extra money each month--whatever you can afford. In no time at all you'll see that balance equal zero! Then it's time to take the amount you were sending to that account and tack it onto the payment of the next account on the list. Keep this up, and your debt payments will snowball until you're totally debt free!
Consolidate it!
Can't keep track of all your accounts? Got too many debts to count? You might want to consider debt consolidation. Through a loan of your own (such as a Home Equity Loan), or a credit card transfer, or even a Debt Consolidation Company, you can consolidate your debt into one monthly bill. If you find that more manageable, it may help you get a handle on your finances.
Just remember: whether you choose to create a list of your accounts or consolidate your debt into one single account, you'll get it paid off faster if you always pay more than minimum each month.
Recommended Debt Consolidation Companies:
Top Recommended Companies To Refinance With:
(updated ):
Act Now! Lower your monthly mortgage payment!
- Competitive rates and no hidden fees
- Bad Credit OK
- New Purchases, Home Equity & Refinance
- One dedicated mortgage banker from first call to closing
- Quick Application with worthwhile results
If you are looking for a mortgage loan but have "less than perfect credit" this company has options for people with credit problems. Complete a short form and get one dedicated mortgage banker from first call to closing with a simple, straightforward process.
Mortgage rates are still low. Refinance & Lower Your Payment!
- Get Started on a Lower Payment Now!
- America's #1 Online Lender
- Save More and Spend Less!
- No Obligation and Free Expert Advice Another Great "bad-credit" Mortgage Company! QuickenLoans is also a competitive mortgage company for people with all types of credit including poor credit. Refinance or get new mortgage offers from this reputable Web based mortgage lender.
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