Debt relief

Once you have found out how much your home is now worth, it is time to apply for loan. During loan process you can bring your credit card statements as well as any other debts you may owe to table. Explain to loan officer your situation and ask that these debts also be included in Home Equity Loan. If your home has at least 40% equity in your property you should have no problem getting them dissolved into loan. There are many reputable lenders who will help you find right loan for you. The Home Equity Loan will restart 15 or 30-year clock from day one. Your payment may increase or decrease depending on how much debt you add or cash you take out of property.

Credit card consolidation

A low interest credit card is offered to borrower to include any outstanding credit and loan balances. The interest rate is a low fixed rate for a period of up to one year, upon year’s end it will resume at its normal rate. Upon acceptance and terms account should be closed once paid in full and payments be made directly to new credit card provider. Some people have been able to master paying off one credit card with another to keep debt revolving and interest rates low. Some people fail to close out previous creditors account and run them back up again as well.

All three of these options provide solid relief for debt and help them reconstruct and manage their debt better.