Tips on consolidating debt

Debt consolidation is the act of rolling high-interest debts, such as credit card bills or loans, into a single, lower-interest payment.This helps reduce your total debt amount and it is structured in a way to pay the debt off faster.This is an alternative to debt consolidation and it is commonly done by people with poor credit.Usually, the debt settlement is handled by a third-party company. They will negotiate on your behalf with your lending company.Similar to having a criminal history, no matter where you go, it seems to follow you around.Avoid bankruptcy by living below your means, and follow some of the ideas above to get out of debt.So instead of re organizing your debt, a direct way to pay them off is to simply sell some of the possessions you really don’t need.You might have to part with some of your favorite possessions to gain your financial freedom.

Remember the compound interest again, the shorter time frame you pay, the less interest rate.

I have heard of those harassing calls which threatens, scares or outright makes death threats all in the name of collecting debt.

A settlement eliminates the companies need to pay debt collectors to retrieve their money. It does not only leave a long lasting effect on our credit history, it also causes emotional distress.

Why don’t you sell that wedding ring or other sentimental things you have. When I checked my medical school loan to see how long it will take if I just paid the minimum payment, it was something ridiculous like 20 years. Credit card should not be used for purchase, unless you can pay it back in full before the due date.

My take is, if you are drowning, take whatever life boat you can grab. We make credit card payments immediately and our credit is top notch.