Donna's FotoPage

By: Donna Jackson

[Recommend this Fotopage] | [Share this Fotopage]
[Archive]
Tuesday, 8-Nov-2011 21:00 Email | Share | | Bookmark
Would You Rather Consolidate Debt or Eliminate Debt Completely?

 
With the economic downturn that people have had to struggle with, many Americans who once had a manageable amount of credit card debt have now suddenly found that it has snowballed out of control. As many people have had to face reduced incomes, credit card companies have at the same time been raising interest rates. This is why it is not uncommon to see what was once a manageable amount of debt turn into a monster. It has left people wondering what their options are when it comes to eliminating their credit card debt.

One option people have turned to is debt consolidation. Debt consolidation is used to merge multiple bills and payments into one single monthly payment. This can be done in a number of ways. If people are looking for debt relief through debt consolidation, they can either turn to a company that provides credit card debt management services or debt settlement solutions. It is also possible to take matters into your own hands and try to work out a debt consolidation plan for yourself through a number of means.

One method of debt consolidation is to merge all of your credit card debts from multiple cards to a single card. Many credit card companies will offer a low introductory APR for new accounts that are providing them with a balance transfer. This is one way of obtaining some small bit of credit card debt relief. Instead of trying to manage several credit card debts, everything you owe will be in one place so you can slowly pay off credit card debt.

Not long ago, one method of doing this was through a home equity loan or refinance. Many people would use the equity in their homes in order to pay off credit card debts. This was great when home values were high and refinances were easy to come by, but with the collapse of the housing market and new rigid requirements, obtaining this kind of debt relief has become much harder to come by. There are also many risks involved when converting unsecured debt, such as credit card debt into secured debt with collateral. If you fail to make your payments, you risk losing your home.

Using debt consolidations to maintain better control over your finances is great and works for a lot of people, but when it comes down to it debt consolidation is simply a way of shifting debt around. While it is helpful when it comes to reducing debt, it does not completely eliminate debt.

Debt elimination programs that will erase debt you owe to credit card companies legally and safely overnight do exist. This is the best way to truly become debt free. These debt elimination programs do not simply reduce the amount of credit card debt you have, or negotiate debt settlements with credit card companies, but they truly eliminate debt once and for all.

If you need to eliminate your debt and not simply manage it, consider debt elimination as the viable and legal choice. Visit clear debt for more info, or call 561-282-9476 for more information.


[Archive]

© Pidgin Technologies Ltd. 2016

ns4008464.ip-198-27-69.net