Debt Consolidation Refinance Loans - A Great Way To Lower Your Bills

Written by Carrie Reeder


For millions of homeowners, refinancing isrepparttar perfect way to consolidate debts. You can consolidate your debts, eliminate outrageous interest rates and fees, and make one low monthly payment. Credit cards, medical bills, and unsecured loans can all be combined into one monthly payment when you apply for a debt consolidation refinance loan. The time has never been better to apply due torepparttar 148139 current low interest rates being offered by mortgage lenders. Information and quotes are free and you can apply to several lenders with one simple online application.

Refinancing your home in order to consolidate debts has tax advantages as well as lowering your monthly payments. You can roll all your debts into one low monthly payment and receive tax deductions on your refinanced mortgage. A debt consolidation refinance can give you extra money each and every month, eliminate high interest rates on credit card debts and unsecured loans, and give you a fresh start on attaining your financial goals. If you have overdue bills that never seem to get paid off and you feel as if there is no end in sight torepparttar 148140 constant financial pressure and stress, a debt consolidation refinance loan isrepparttar 148141 perfect answer to your problems.

Information on a debt consolidation refinance loan is available to you immediately when you complete a short, simple online application. You'll be contacted by multiple lenders in as little as 24 hours who can give you expert advice on consolidating your high interest debts into one convenient, low monthly payment. The quotes are free and there will be no initial credit check. Simply reviewrepparttar 148142 offers and chooserepparttar 148143 lender that best suits your needs. You can avoid multiple inquiries on your credit report by applying to several lenders at once with one quick online application.

How to Reduce your Debt in 5 Easy Steps

Written by Chileshe Mwape


If you have incurred substantial personal debt, consider these options: budgeting, debt consolidation, credit counselling from a reputable organization and working with your creditors. You will need to choose a debt reduction method that will work best for you? The method you use will depend on your level of debt, how much spare money you have, your level of discipline, and how quickly you want to get out of debt.

1. REALISTIC BUDGETING

The first step towards taking control of your financial situation is to do a realistic assessment of your income and expenditure. Work out how much you earn (your total income) and write this figure down. Then total your expenses. This is how much you spend each month for rent, fuel, food, clothing, heating, water, electricity and other bills. The difference between your total income and your total expenses isrepparttar amount of money available to pay your creditors or lenders.

Decide if there are any monthly expenses that you can reduce or live without. Focus on lowering your expenses so that you can increase your income. You'll be amazed at how many things you can do without.

a) Debt Reduction Methods

Choose a debt reduction method that fits your situation and givesrepparttar 148134 maximum benefit. You could choose to focus on repaying debts that are most important to your credit rating or to maintaining your family's safety. Or you can start by paying off those debts withrepparttar 148135 highest interest rate thus reducingrepparttar 148136 total spent on interest charges and increasingrepparttar 148137 amount available to pay off debt.

Alternatively, you could focus on paying off bills withrepparttar 148138 lowest balances. Thenrepparttar 148139 money used for those payments can go to pay off other debts.

If your credit payments (excluding mortgages) exceed 15-20% of your take home pay, you can work with creditors to set up monthly instalments that are more in line with your income.

b) Credit Cards

Transfer your credit card debts (balance) to a card offering an introductory 0% interest rate for balance transfers. Make sure you keep uprepparttar 148140 repayments and then just before your 0% introductory offer is up, apply for another 0% card, transferrepparttar 148141 balance over before you starting paying interest Ė and repeat. With a good credit record, you could do this for years, moving your debt from one card to another until itís paid off.

3. DEBT CONSOLIDATION

This is when you use a new loan to pay off multiple debts. Your monthly payment will be lower because repayment is spread out over a longer period of time. This will usually eliminaterepparttar 148142 hassle of having multiple creditors, multiple bills, and multiple payments to make. It's very important not to take out any additional loans until your consolidation loan has been repaid. Borrowing against your home is a cheap way to raise money, but itís risky. If you canít makerepparttar 148143 payments - or if your payments are late - you could lose your home.

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