12 Feb, 2014

Debts still Piled up from Christmas Holiday? images (6)The thrill of the Christmas Holiday Season is well past. Are you still dating the debt you built up over the holiday season due to shopping, eating out, or maybe even a vacation. Its time to get serious about reducing or the elimination of your debt and here are some tips how:

Five Simple Steps To Pay Off or Eliminate Your Debt

  1. Keep it simple, Target one card first: Try making the minimum payment on all your cards but pay as much as you can to the card with the highest interest rate. Paying one card off fast can give you self satisfaction and keep you motivated to become debt free faster.
  2. Propose to Creditors to lower the interest rate on your card: In some cases creditors are willing to lower your rate of interest on your card. Even a percent or two can save you hundreds of dollars on annual bases.
  3. Transfer your balance to a lower rate card (cautiously): Transferring higher interest rated debt to a card or LOC with a lower rate and significantly reduce the interest you pay on debt. But be careful: You should transfer a balance only if you’re committed to paying off the debt within an introductory low-interest-rate window (which typically lasts 12 to 18 months after the first billing cycle closes) Be sure to commit to the relationship of debt reduction or debt repair.
  4. Debt Consolidation Loan: Using a secured debt consolidation loan or unsecured through your bank can consolidate into a lower payment. This can allow you to focus on paying off your debt gradually over a year or two.
  5. Home Equity Loan: If your debt is affecting your cash flow and you are looking for payment relief a home equity loan maybe an option for you. There are many different equity loan products out there at great home equity loan rates. Since these loans are based on equity it doesn’t matter if you have bad credit or low income. There is a product out there for most home owners. Call Today to Learn More!

Jeff DiLorenzo  The Mortgage Group Canada Inc. 1-877-744-3436

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