4 Debt Solutions That Can Help You Get Out of Debt
Paying Yourself
Of course, one of the most common types of debt solutions is to actually repay the debt on your own. You may want to dig into your savings account or even take money out of your 401k to help you pay off this debt. While you may dislike having to use these methods, it is much better to get rid of the debt that is hanging over your head. No doubt using self repayment will take a great deal of self discipline, but it will be well worth it in the end.
In the long run, you are going to pay a lot more on your debt interest than you are going to make with your investments. So consider getting out of debt before building an investment portfolio. After all, what's the point of investing money that makes you 10% a year, if you are paying 21% interest on your credit card debt? Remember, there can be consequences for withdrawing your retirement money. Please be sure to consult a professional in this area, such as a financial advisor, before making this decision.
Try to Settle
Settlements are another solution to your debt that you may want to consider. Many times a debt counseling company or other mediating company can help you and the credit card company come to a settlement price. Usually the will give you a significant reduction on the amount of money you owe, and it may even be an up to 70% reduction, which is a large amount. This type of solution will require that you pay the settlement amount immediately, which may be a problem for some people.
Home Equity Loan
If you own your own home, this can be a great way to get rid of your debt. You can actually use the equity in your home to get a loan that will allow you to pay off your other debts. Usually this is a great idea because you will be able to get a lower rate of interest and then you will only have to worry about paying the home equity loan instead of all your other debts.
Credit Counseling
Another of the many debt solutions that are available to you is credit counseling. This solution requires that you work with a company that can help you get your finances in order so you can pay off your debt. They may be able to negotiate payments and interest rates, and they can help you create a budget so you can save money and have more money available to pay on your debts as well. While the company is not active in getting rid of your debt, they do help you to come up with a reasonable plan that can help you.
Getting out of debt is important to your financial future, and you want to do so as soon as you can. If you are having trouble getting rid of debt, you may want to consider using one of these debt solutions so that you can pay off your debt and be debt free in the future.
Related Tags: credit card debt, debt consolidation, debt management, debt relief, debt solutions, debt tips
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