Archive for the ‘Credit Card’ Category
The option of returning to their finances to a manageable level is to find a way to settle debts to creditors. The sooner be realistic, the more options you have to get rid of debt. If ignored, it will continue to get worse until the bankruptcy is the only option that count. There are three options:
1. Get a consolidation loan
One of the best ways to solve the problem is to solve serious debts through a debt consolidation loan. There are many consolidation loans in the market that can be applied to consolidate and pay off debt. But if you have damaged your credit score due to late payments by default, not be able to get a consolidation loan, unless you have a home with equity for a loan. Therefore, if you own a home, it is the best opportunity to secure a consolidation loan to get rid of debt. However, if your credit score is not seriously injured, you can find a unsecured consolidation loan, but not the best rate. Debt consolidation should be a better solution for debt relief.
Two. Pay your debt by snowball method
If you are in debt, the only way to get rid of it is going to be paying. There is a payment strategy called snowball method to help you pay faster. The payment method snowball works this way: first, it lists all the credit card balances and loans in descending order of highest interest rate to the most in the top of the list. Then pay the minimum payment for each bar the highest balance. It should dump as much money as possible in the one with the highest interest rate. Repeat the process until you pay everything. Then remove it from the list. Repeat the same process paying more money for debt in the top list. This is the most aggressive method to get rid of debt fast. Work focusing on debt higher interest rate and more. The snowball method not only helps you get rid of debt fast, but save on interest payment at the end. Read the rest of this entry »