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Debt Elimination

How can you eliminate your debt load without resorting to extreme measures like declaring bankruptcy? It might seem that your debt load is so heavy that any debt elimination strategy won't do; in fact, you might feel like a miracle is the only thing that will get you out of the financial situation you are in. Think again. You need to plan your debt elimination strategy through proactive measures designed to reduce your debt efficiently and effectively. With a good debt elimination strategy, you don't ever have to find yourself in the same dire situation again.

Step 1 For Debt Elimination

Debt is just debt right? Wrong. There are certain kinds of debt that are more difficult to pay off and those are the ones that you want to deal with first. What's the worst kind of debt to have? Credit card debt. It's a high interest debt that can pester you for a lifetime, if you aren't careful. If you are bogged down with credit card debt, other kinds of debt, such as mortgages or even student loan debt shouldn't be priorities in your debt elimination plan. Mortgages are secured through collateral (the house you own) and student loans typically have much lower interest rates than most credit cards.

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Rather than worry about paying your mortgage off as quickly as possible, place any extra money you have each month on your credit card. Making more than the minimum payment on large credit card balances is the only way you will ever eliminate your credit card debt. Furthermore, another approach is to have your credit card interest rate lowered. Sounds impossible, but if you are valued customer who has made at least the minimum payment each month for years and still carries a significant balance, you should contact your credit card company and ask about transferring your balance onto a credit card with a lower interest rate. It can be done, so just ask!

Step 2: Manage the money you have more effectively
Bad spending habits are a major source of debt loads that stress consumers out and force them to look into debt management options. A good step in creating a debt elimination scheme to fit your lifestyle involves creating a budget and tracking all expenditures. If you were to write down each purchase you made in one month, you would quickly see where you are "wasting" money. By using surplus funds you uncover in your budget, you can make additional payments on any debts you have, particularly those with the highest interest and the shortest span.

Step 3: Understand your options If you don't have any extra cash to make anything more than minimum payments on your loans and find yourself with the same amount of debt or more each month, your debt elimination plan needs to include other options, such as debt consolidation and debt negotiation. In certain situations, an effective debt elimination plan must include more loans. Don't worry-you've heard that sometimes you need to spend money to make money? In the case of debt consolidation, you will save money by paying your creditors in full, using a debt consolidation loan, and then making amortized payments on that loan. Your monthly payment is lowered and you can feel relief from stress.

Speaking to a debt counselor will help you to understand your options more thoroughly. From educating you on better financial practices to advocating on your behalf to lower your debt principal, a debt management specialist is a good person to talk to as part of your debt elimination strategy.

Having issues with debt? Contact us here for a free debt consultation. We may be able to provide debt help.

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