If you find yourself worrying about your debts, it is time to get help! Read on and learn how to get help with debt quick and know the different types of debt help you can take advantage of.
1. Credit card transfers:
Rate surfing is only useful if you can pay off all your outstanding debts within the low introductory rate time frame. For sure, by the time you have completely transferred your balance, the low introductory rate period is over. The best way to get this debt help is to talk to the bank representative and discuss the different options available for you and how you can actually take advantage of transferring your credit card balances from one company to their company.
2. Home equity loans:
Home equity loans are cheap, easy to obtain, and may even offer you a tax deduction for an interest portion of your loan. However, the disadvantage of home equity loans is that your house serves as the collateral. This can be a very useful strategy but when planning to get this debt help, you have to be aware of possible implications and consequences.
3. Life Insurance:
If you have life insurance, you can use it to borrow money against its value and use the money to pay your debts. There is no time limit and you don't have to pay it back; however, if you decide not to pay it back, the loan amount will be deducted from the benefits your beneficiaries will get.
4. Friends and family:
Most financial advisers would not advice you to borrow money from your friends and family because it is one of the easiest ways to destroy a good relationship. However, if you are plunged into debt and your only option is to borrow from your friends and family, wouldn't you take advantage of this option?
5. Credit Union:
Generally, credit unions have lower fees and interest rates on loans. If you are not a member of any credit union, check with your family members, employer, or organizations you belong to see if you are qualified and eligible to join one.
6. Non-profit credit counseling agency:
This should be your first stop when searching for a debt help. Experts in helping their clients get out debts work regularly with creditors to get the interest rates reduced and late fees waived. Instead of consolidating your debts, they will ask a fixed amount from you and they will do their best to use this amount to settle your debts with your creditors.
7. Renegotiate terms with your lender
Remember this, a lender prefer to renegotiate than to repossess whatever properties you have. They are after your cash and not your properties because it only means additional work for them and longer time to wait for cash. Do not be afraid to renegotiate because most lenders will certainly renegotiate!
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