Getting yourself out of debt doesn't have to be as difficult as many people think and in many cases is simply a matter of reorganizing your finances to find where money is leaking out.
Credit card debt though should be avoided if possible and cut down as soon as possible. Student loans are also considered a good debt, as you are investing in your future for a possible better paying job in the future.
If you are a homeowner you can try to refinance your mortgage; this is possible even if your home is now worth less than what you owe on it. Check out the Making Home Affordable plan , a new government plan created to help borrowers in this situation. Giving a call to your mortgage lender is certainly a step in the right direction.
Most people might not know that you can simply call your credit card company to ask for a reduced interest rate. Depending on your situation, statistics has shown that this works about half the time, but it is still a good idea and definitely worth a try.
If your payments are beyond your current abilities to pay, it may be possible for you to negotiate a partial payment. It is always in your best interest to be open with your financiers rather than hoping that they forget about you.
Proper.com and other similar sites can be used to find cash loans but you need to remember that interest will be accrued.
Finding if you can transfer your credit card debt onto a low interest credit card can also help bring your debt down. Some companies are charging higher fees since more people are likely to lose their jobs this year than ever before, but it's still a plausible option. Paying less interest on your card means more goes to the principle.
Knowing the exact amount of debt you have is an important part of reducing this debt. Create a budget that you use each month to help you get on top of your finances. Do all the simple things like eating at home more and cutting down on frivolous spending.
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