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credit card debt

A Credit Card Lifestyle

January 21, 2016 by illinois

Many people, especially those with little to no credit, think that this may be the best way to establish and build credit. Use the credit card for simply everything, and you have a great credit score in no time, right?

Credit Card

[Read: Smart Credit Habits Worth Starting]

It doesn’t work quite that easily. Due to the way that banks and other credit businesses calculate your score, this is a way of life that requires actually more sacrifice, and discipline than paying your bills by check or in cash. But, in a few cases, this can actually have benefits.

The effect on my credit score

One of the fastest effects of using your credit card for everything is that your quickly rack up thousands of dollars in charges. This can be great, but ONLY if you are able to pay off your credit card in full. Carrying any balance forward will hurt your available credit, plus the extra fees and interest will impact your payment.

Making sure that you have enough credit available for this is the single most important factor in deciding to use this. All of your bills, miscellaneous expenses and ‘fun money’ should total no more than 30% of your credit.  And a lower percentage is even better. This will give you the cushion that is needed just in case of emergency.

If you aren’t quite at this level of credit, continue using your credit card, and paying off your entire balance on time. Eventually, you will be offered a rise in your credit limit, or a different card with more credit. Then with the newly- earned credit, you can move more towards this system, continuing to be aware of the 20 to 30 percent limit you should use of your available credit.

Other benefits

Purchase protection: items bought on a credit card have purchase protection, as well as a method to dispute transactions, and withhold payment. This is great if you buy something that breaks, or is damaged, and in some cases if it is stolen! With any other payment method, you have the money already gone, and a refund is the only solution.

If you have a hobby or business, using your credit card allows a very easy look at how much you are spending on each section of your life. If you rarely use cash or debit, you can see exactly where your money is going, and make any needed adjustments to your budget to make sure these expenses are covered.

With the rise of petty theft, not having cash is an advantage. Keeping small bills and change for the small necessities, and no more. But, this also requires that you have a way to protect your card, and are aware of the ways that credit card number theft is done.

For those that simply dislike paying bills, having auto-pay on as many bills as possible, and only having the one credit card bill to pay can be a real advantage. However, please remember that you cannot use one credit card to pay off the balance of another card. This has been a rule for years, and is a sensible one to avoid creating a cycle where the bills are out of control.

Before making the change

Look closely at your budget

Using your credit card for every expense is a great way to find hidden expenses, but also requires a mental shift. Just because you are using credit doesn’t mean that the bill won’t be here soon, and additional items on the card will affect your ability to pay the balance, which will affect your credit rating.

Look at the rewards

First, this is less benefit unless your credit card gives you rewards that you actually will use. If you are terrified of flying, earning thousands of miles in free airfare (that can only be used for travel) is not very useful for you personally. This should have been at least a minor consideration when you applied for the card in the first place, but if you have a card that offers rewards you don’t want, you may want to re-think using credit for everything until you can upgrade or switch cards.

Credit Card

One card only

This plan works if you only have one credit card, and use only that one. Look at where you go, and what your plans are: this will help you determine which card will be accepted at all of the places that you are likely to go.

Additional fees

This is something to be well aware of: some places pass along the credit card processing fee that their bank charges them. On top of this, some cards have a fee for each use, or a fee if the credit card purchase is under a certain dollar amount. For these, it may be best to use your checking account for these bills.

[Read: Secured Credit Cards: Your First Choice?]

Avoid the debit card

This will not help your credit: instead, it will take the money (and any fees) out of your bank accounts, leaving the possibility of running cash-short when it comes time to pay the bills.

Filed Under: Credit Card Tagged With: credit card debt, How to Use a Credit Card Wisely

The Most Credit Card Debt: The Top Ten States And How It Affects You

June 12, 2014 by illinois

Credit cards are confusing for the majority of consumers and have even led some people to bankruptcy. There’s no denying that an increasing number of Americans are using credit cards to address their everyday needs. However, the surprising truth is that most credit card debt is decreasing, even though more people are using credit cards more than ever.

This trend could either be due to people paying off amounts of their card balances or that people are charging less often and only on important things. This decrease in outstanding credit card debt is considerable, with a $27 decrease each year, and means lower interest rates for old and new users. But what does it mean for a state to have the least or most credit card debt?

Most Credit Card Debt

Ten States With the Most Credit Card Debt

In order, the states with the most credit card debt are:

  1. Alaska, with a grand average of $4,472 per consumer
  2. New Jersey ($4,431)
  3. Connecticut ($4,351)
  4. Maryland ($4, 214)
  5. Georgia ($4,192)
  6. Delaware ($4,165)
  7. District of Columbia ($4,115)
  8. Virginia ($4,068)
  9. Rhode Island ($4, 056) and
  10. Texas with $4, 047 in credit card debt per consumer.

 

But what do these numbers mean? Figuring out the debt average of a state is complex procedure and outstanding debt is only one aspect of that process. Even states that have a relatively high average credit balance can have low interest rates for their consumers if the difference between their balance and their state credit limit is far enough apart.

Another interesting thing to realize is that the majority of the states with the most credit card debt are located on the East Coast (with the exception of Alaska and Texas). Why is this so? Because East Coast locations not only have a higher population but also a higher cost of living. In these states, having a good credit score is instrumental in living comfortably.

However, this doesn’t necessarily mean that the states with the most credit card debt are poor. On the contrary, many of these high credit states are some of the wealthiest states in the nation when it comes to median income.

One of the most surprising statistics about the states with the most credit card debt is that they also have the best credit scores. While this can be attributed to a larger pool of credit card users, it’s also partly because of how credit cards function. Paying out a full balance in one transaction doesn’t affect a credit score significantly. However, paying on time (even if it’s the minimal amount) and keeping the debt-to-limit ratio low builds credit scores tremendously throughout the life of the loan. This means that more credit is given for low, continuous payments which is then spent, and more debt is accumulated.

Increasing State Averages and What They Mean

So, now that it’s understood how states with the most credit card debt can have reduced credit averages while having more credit card users, what about states that are increasing their averages of have high averages even with decreased debt?

Despite having an average consumer debt of $4,472, Alaska has actually reduced its state credit card debt by $200 since their total in 2012. This is largely due to new income medians being set in place, meaning that Alaskans don’t have to incur as much debt in order to get the things they need to live. In addition, as Alaska is becoming more populated there’s more difference between the state debt limit and the average consumer’s credit balance, as well as more credit card users.

On the other hand, Hawaii increased its debt significantly between the first quarter of 2013 and 2014. Their state credit debt jumped a shocking $49 per person, the highest spike of that time period. This is a result of a variety of variables, such as higher costs of living, unchanging income medians, and a decrease in tourism due to the subdued economic landscape of the United States.

Curiously, it can then be inferred that the state with the most amount of debt, Alaska, is actually in a better financial position than Hawaii, despite having more state debt because Alaska is steadily decreasing the amount of debt that they owe while Hawaii is rapidly increasing theirs and getting it closer to the state credit limit.

What Credit Card Debt Means To You

Having credit cards isn’t necessarily good or bad. Although having a large amount of debt is undesirable, it’s also an important tool for living comfortably in a credit-based state while still being within the confines of a constant income. The most important thing is to use common sense and moderation while keeping track of the purchases and total amount of debt that’s being incurred.

Filed Under: Credit Card, debt relief Tagged With: credit card debt, Credit Card Debt in USA, Most Credit Card Debt, States With Credit Card Debt

Controlling Your Personal Debt

June 4, 2014 by illinois

In this article, we discuss strategies that are helpful when controlling your personal debt as well as how you can achieve your financial goals. Additionally, we will also talk about how your personal debt can work for you.

Americans and Credit-Card Debt

An average American home with at least one credit card has as much as $15,950 in credit card debt. This is based on creditcards.com during the year 2012. It was also found that the average interest rates run in the mid to high teens.

Debt Can Be Good

If one is borrowing for a college or home, then this does make good sense. However, you need to make sure of one thing, which is that you do not borrow any more than you will be able to pay back. This can cause problems when controlling your personal debt so must be avoided. You can shop around for the best rates, until you are satisfied, as you will find it much easier when controlling your personal debt.

Debt Can Also Be Bad

Things that are quickly consumed such as vacations and meals should not be paid for using credit cards. This is a serious issue when controlling your personal debt, as you may not be able to pay off your entire monthly bill within a month or two. One can fall into debt very quick, which is why you need to avoid doing this. What you can do instead is put some cash aside every month and pay the bill in full. If you are in a situation where you really want something and find it is too pricey, then you can save for it for a few weeks or even months before purchasing it. This allows you to avoid interest charges and to pay the balance when it is due, and helps when controlling your personal debt.

Controlling Your Personal Debt

Handle Your Spending

Regardless of what people buy, they may end up paying thousands of dollars. One thing you must do is note down everywhere your money goes in a month. Once you have the list, you can analyze and cut down on the things you do not need. This is an effective method to controlling your personal debt. It allows you to start saving money that is left over, which you can use to decrease your debt much quicker.

Start Off With Debts That Have High Rates

If you wish to get yourself out of debt proficiently, you need to pay off the balance on loans and credit cards with the highest rate. If you start with paying off the ones with high interest, then you can easily move on to the next highest and remain motivated throughout the process, as there will be less each time. This is another effective strategy when controlling your personal debt.

Do Not Fall Into the Smallest Trap

If you only pay the minimum that is due on the bill of your credit cards, you will hardly cover the interest that you owe. This means it will take you years to pay off the balance, which means you will end up paying thousands of dollars more than what you were initially charged

Where Are You Borrowing?

You need to ensure you keep an accurate eye on where you are borrowing. You may find it appropriate to borrow 401k against your home in order to pay off debt. This; however, can be dangerous. Due to this, you may fall short of investing goals at retirement, or you may even lose your home.

Expect the Unexpected

You need to ensure you have an emergency fund with living expenses, as an emergency can arise unexpectedly. If you do not have an emergency fund in place, then an important task such as a damaged car or broken furnace will surely be an upset to your finances.

Don’t Hurry Paying Off Your Mortgage

If you have a couple of debts, then do not put your entire cash towards your mortgage. The interest rate for mortgage is usually very low when compared to other debts.

If You Need Help, Get It

If you are finding it difficult to manage your debt, you should seek help immediately and before it breaks your back. You will find a variety of counseling agencies that can assist you with consolidating your debt and help you manage your finances better.

It is important for consumers to be on a steady financial ground because if they are not, this could put the country at risk. The fact that Americans are not good savers, does not really help here, which is why people need to be making practical progress with savings. However, Americans have made little progress with debt repayment, but the savings remain the same and are the Achill heel of financial security.

There is still good news. This is that majority of Americans are aware of their dangerous, financial situation. A survey was carried out and showed that Americans are less relaxed about their levels of savings than they have been in a year. Generally, the sense of financial security has also fallen amongst Americans. Inappropriately, this somewhat effects rising economic inequality and quiet wages. However, it also raises awareness amongst Americans that they need to and should be doing better.

Filed Under: personal finance tips Tagged With: Controlling Personal Debt, Controlling Your Personal Debt, credit card debt, Mortgage Debt, Personal Debt

Secure Your Financial Future by Paying Off Your Credit Cards

December 27, 2013 by illinois

The number one financial problem that people face is credit card debt. When it is properly managed then it can help us even out our bill payments and pay unexpected bills. The problem is when we start to get behind and the repayments start to spiral out of control. It takes hard work and willingness to change but by creating a plan and making paying off your credit cards a priority you can become debt free and secure your financial future.

Paying Off Your Credit Cards

Signs Your Credit Card Debt Is Dangerous

Credit cards are very profitable for the institutions that offer them and so they make them easy to obtain and easy to increase spending limits even though some people default. It is up to us to use our credit cards properly or risk finding our debt levels at dangerous levels. Here are some signs that you need to take action about your credit card debt.

  • Paying the minimum amount an your credit card accounts
  • Not having any savings
  • Delaying paying bills because you do not have the money to pay them
  • Getting reminder calls about bills or late payments
  • Pay one credit card bill with another credit card

These are signs that your finances are under stress and that you need to take action before your finances are harmed and future options are taken away.

Get All of Your Information and Make a Plan

The best way to ensure your financial future and to start paying off your credit cards is to make a plan. The way to start planning is to gather all the information and yes, you will need to make a budget. A budget is not a punishment for getting into financial but a way to understand where all of your money goes from each paycheck and how much debt you actually owe. These are the building blocks that you can use to make a plan that allows you to reign in unnecessary spending and target debt in a useful way. Information that you will need to make your budget and list of debts includes:

  • Recent pay slips
  • Paid and outstanding bills
  • Credit card statements
  • Loan and mortgage documents
  • Bank statements
  • Overdue notices

When you have all of the documents then you can put together a list of debts and payments and a budget that lists your regular payments so you can see your financial position. This will help you to plan out how you can firstly get your debt under control and secondly how to start paying off your credit cards in a structured way.

The next step is to look at way s that you can increase your income or lower your spending so that you have the maximum amount of money available to reduce your debts. This takes real commitment because every step you take will mean more work or sacrificing something but remember that if you do not take action then you could face financial oblivion. Some simple ways that you can increase income and reduce expenses such as:

  • Doing more overtime at work
  • Taking a second part time job on the weekends
  • Cutting service such as satellite and cable
  • Eliminate morning coffees, snacks and expensive restaurants
  • Only make necessary purchases

The best way to reduce debt quickly is to choose either the smallest debt or the debt with the highest interest rate and then put every spare cent you have into reducing that while paying the minimum on your other debts. This will rapidly reduce the debt and when it is eliminated you will be able to devote that amount to the next debt in line.

One of the best ways to stay motivated is to give yourself a small reward every time you have been successful in making the next step in paying off your credit cards. This reinforces that you have done something good and helps you attack the next debt with renewed enthusiasm.

Other Ways to Help Ease Credit Card Debt

In some cases you might find yourself in a situation that needs stronger action. A good way to start is by contacting your credit card providers and discussing the situation with them. They may be able to give you an extension of time to pay for a short period or to reduce the interest rates that you are being charged.

Consolidation can be a great way to roll all or some of your debt into a single monthly payment. This can be done with a consolidation loan or by taking advantage of a low or no interest credit card balance transfer offer. These will give you the breathing space you need to begin paying off your credit cards.

If things have progressed to a stage where you are not able to obtain more credit and cannot make payments to cover all of your debts then seeing a debt specialist at a debt consolidation company may be helpful. They can negotiate a payment plan with your creditors on your behalf and help you to get your finances back on track.

Filed Under: Credit Card, debt relief Tagged With: credit card debt, Credit Cards, Paying Off Your Credit Cards

Getting a Credit Card with No Annual Fees

December 10, 2013 by illinois

It is possible to get credit cards with no annual fees and this is good news for the card user. But there are many cards that come with an annual fee and you need to be reassured that the fees that you are paying are going to be worth the facilities that the card will offer. There is little point paying for a card that’s benefits that you are entitled to revolve around travel and you don’t travel. It is the same with all types of cards that involve an annual fee that you check what services that you are paying for because you might find the same service on a credit card with no annual fees.

Credit Card with No Annual Fees

Check Out What They Are Offering

It is important that when you are looking for a credit card and you are considering applying for a card that has an annual fee that you carefully look at the options that are being offered. Are they something that you will use or will benefit you in some way?

You need to work out the costs involved, are the costs of the products that you are getting in return for your annual payment worth more money than your payment or less. If you could purchase the goods singularly then you might consider using a credit card with no annual fee, it will be cheaper and if you do need the products or services then you can buy them without the card.

To recap:

  • Check out the offers available
  • Check out the individual prices of the products they are offering

Claiming the Benefits

If you are looking at a credit card that has an annual fee, then it is possible that they are going to be entitled to certain benefits. But check out how you are able to claim the benefits before signing up. Many companies have these great schemes but the claiming process either takes too long or is too complicated and this can mean that many people are losing out on the benefits that they are entitled too.

Sometimes there are fees associated with claiming the bonuses or the points for the credit card and this can amount to being even further out of pocket. You might have to dig deep to find this information and if there is yet more to pay then you might be better off using a credit card with no annual fee.

If you are certain that the card that you have got is the right one for you, have you checked out the cards that offer you a no frills account and they don’t ask you to pay for this service. It might be just as good.

What You Can Get

It is possible that you are able to get some great deals from opening up new credit card accounts and this can mean that you can get added benefit from opening the account. But it is important that you aren’t just opening the account for the free deal, especially if you are not planning to use the card, too many credit card applications can harm your credit file.

If You Have Had the Card for Sometime

If you have had the card for some-time and you have seen the advantages and you like the card then it is possible to talk to the card provider and ask if they would consider reducing the annual fee.  They might consider the business that you are bringing and the benefit that they are giving you and this important. But if they refuse to give you a reduction in the annual fee it might be time to look for a credit card with no annual fees. It will mean that you can get the same great service without the extra charges each year. If you have the card for emergencies then it is not going to be used and you are going to be paying for a service that is not getting used to the full value. You are losing out because you are paying for a service that isn’t being used and this is going to be a drain on your budget, it would be better to have a credit card with no annual fees as a card for the emergency. It will be there when you need it and you will not be paying for services that you don’t need or use.

It can be possible to try out new cards and get the new deals it is just important that you are only apply for a new card no more than once a year at the most because it will have an effect on your credit file and it will affect the products that are going to be offered in the future and if you want the best products it is important that you conduct your credit file to your best ability.

Filed Under: Credit Card Tagged With: Credit Card, credit card debt, credit card use, Credit Card with No Annual Fees

How to Use a Credit Card Wisely

November 6, 2013 by illinois

The credit card has a poor reputation and while and is seen by some people as something almost evil. In reality it is just a piece of plastic and the person that has the credit card has control of how and when it is used. When you use a credit card wisely then it has many benefits that you can take advantage of to add convenience to your life and to always have source of simple to access credit available in emergencies. Used unwisely credit cards can become a financial millstone that drags down our ability to plan for the future.

How to Use a Credit Card Wisely

We have compiled some reasons to use a credit card and some reasons that you might stay away from a credit card. You can read through them and honestly look at yourself and your financial situation and then decide if you should use a credit card or avoid them to put yourself on the right footing to have a better financial future.

Reasons to Avoid Using a Credit Card

Here we have compiled some reasons why you might consider a credit card is not the best thing for your financial future. It is important to be honest with yourself so that you can make the right decision.

  • Do not budget and tend to spend when you have money and go without finances are tight.
  • Do not take your finances seriously and are happy to live from paycheck to paycheck.
  • Will purchase things spontaneously without considering the longer term.
  • Cannot commit to paying any credit card balances off by the end of the month.

The facts are that if you cannot take control of your spending and budget wisely, a credit card can become a burden because it allows you to buy things now and pay for them in the future. This makes it very easy to rack up large amounts of debt that then attract a high interest rate.

It is not uncommon for people that have credit cards to be completely unaware of how much they owe until they receive their monthly statement. Even then the most highlighted figure on most credit card bills is the minimum monthly payment. This amount is the minimum that you can pay and people naturally pay this amount. This is also the amount that is most advantageous to the credit card company because it keeps the debt earning the highest amount of interest for the longest time.

Reasons to Consider Using a Credit Card

  • Builds a credit history.
  • Tracks spending and allows you to look through your purchases making budgeting easier.
  • Has protection if it is lost or stolen unlike cash.
  • Is convenient to use.
  • May have special insurance, discount or bonus offers.
  • May offer extended warranties on purchased items.
  • May have a rewards program that uses points or cash back on purchases.
  • Allows you to charge back fraudulent, not received or not as described purchases.

The credit card is a tool and just like a hammer when used responsibly and wisely a credit card can help you build a strong financial future. Credit is a vital part of many people’s lives and having a good credit history can help to reduce borrowing costs when we are looking to buy a house or a car. This means keeping our credit file clean with no missed payments, no late charges and a strong record of paying back debt. Using a credit card and paying it off monthly allows you to make a single payment for all of your purchases and builds up this positive credit history.

When you use a credit card each purchase is recorded and is immediately available online. You can track your purchases and payments and see that you are staying within your budget. Unlike cash if your credit card is lost or stolen you can easily get a new card quickly without losing anything. Carrying large amounts of cash can be a nerve racking experience and with a credit card it gives you secure access to your funds without having to make yourself a target for robbery.

You can use a credit card just about anywhere today from a convenience store to a gas station and a restaurant to a grocery store. A quick swipe and the payment is made and by selecting the best credit card offer you can be rewarded for every purchase you make. There are cash back offers and point systems that allow you to earn simply by using your card.

Other cards have benefits such as extended warranties and insurance that covers certain purchases adding value. These are all great reasons to use a card if you were going to make the purchase anyway. The seller is paying a small fee for using the credit card system and you can take advantage of the financial institutions wanting you to use a credit card by maximizing the benefits and paying them off before interest is charged.

Filed Under: Credit Card Tagged With: Credit Card, credit card debt, Credit Card Usage, credit card use, How to Use a Credit Card Wisely

Credit Card Use Tips: How To Keep The Balance From Burying You

June 20, 2013 by illinois

Credit Card Use Tips How To Keep The Balance From Burying YouCredit cards have every potential to ruin you. If you are not careful in how you use it, you can end up like the millions of Americans who are currently battling their credit card debts. Things have gotten so bad that some baby boomers who are about to retire are quite sure that they will be carrying their credit card problems to retirement. So before you swipe your card, you may want to learn how you can use it without acquiring so much debt.

Believe it or not, there are people who own credit cards but are not in danger of declaring themselves bankrupt for it.

First of all, you have to put up some rules as to what you will use your cards for. It is not advisable to use it for daily purchases as you can rack up a certain amount at the end of the month. Keep it to emergencies or the expensive one time purchases if you want. But still, it has to be a well thought out restriction.

The next tip is to know the billing cycle of your card. This means knowing the cut off of your monthly expenses and the due date of your bill. We all know that all payments (or at least the minimum) must be paid before the due date. This is to avoid incurring late payment fees. It is the cut off date that is a bit more complicated. You have to time your purchase around the cut off date so that you can maximize the grace period. This is the period between your cut off and your due date. If you pay your purchase within the grace period, you only pay for the actual amount that you charged. No interest. The interest rate is only added when a balance is carried over a cut off date.

The cut off is the marker for the credit card company to compute your billing statement. Usually, your due date is 21 days after the cut off period. For instance, if your cutoff is January 31, purchases between January 1 to January 31 should be paid on February 21. So if you use your card on January 29, you have to pay for that before February 21. Otherwise, you get to be charged with interest. But if you wait a few day to make the purchase on February 1 or 2, you get to pay for that on March 21. That is more than a month of saving so you can pay for the balance in full before the interest kicks in.

That is the key to keep your cards from accumulating too much debt. That and the regulation on your expenses of course.

In case you have some credit card debts already, you may want to pay that off through debt management. This type of debt relief will keep you from using your cards while putting your balance on a structured payment plan. A debt counselor can help make your payments more simple and keep you on track towards debt freedom.

Filed Under: debt management, debt relief, personal finance tips Tagged With: credit card debt, credit card use, debt management, debt relief

Is Debt Consolidation All You Need?

March 22, 2013 by illinois

Debt has been part of civilization ever since it started. When barter was the still the accepted norm, people would owe items from other people in exchange of goods or services. When currency was introduced, a lot of credit tools were built around it to extend its purpose to people who cannot afford it at specific times but has the ability to pay sometime in the future. There is nothing wrong in incurring debts, the challenging part is making sure you are able to fulfill your financial obligations.

Is Debt Consolidation All You NeedThere are a couple of solutions you might want to consider if you are already in a financial bind with all your debt obligations. But what most people fail to realize is the fact that there are debt solutions that would work wonders even if you are not yet neck-deep in loan payments such as debt consolidation.

Being at the forefront of debt relief options, debt consolidation works best for people who are able to meet their minimum monthly debt payments. It is only at this circumstance are you able to maximize the advantages of debt consolidation. It is because this solution requires you to have the ability to meet monthly payments on all your debt obligations – if only needing a small reduction of the amount. Take note that the reduction is not on the total debt amount. It will only be stretched so as to distribute payments over a longer period – thus the lower monthly dues. If you are unable to settle even one of your loans monthly, consolidating your debts might not be a good idea.

This works best with unsecured loans like credit card bills. The idea is to merge all your payables under one account. Say for example you have three credit cards that you use for grocery, clothes and home improvement. Debt consolidation can basically mean transferring all three payables under one card. It would help if your choose the lowest interest rate among all your cards. Or it can be getting one but loan to pay off all of them and thus concentrating on only one credit account.

The idea is to combine all your debt under one card and make one interest payment instead of three. It frees you up on some extra dollars that you can also put into payment to save on interest payment and pay off the debt earlier as well. This is not just for credit cards but other loans as well such as medical bills and payday loans.

Debt consolidation can also include your house mortgage but it requires a lengthier process. If you have a stable income and confident that you can make your monthly payments including your mortgage, you can opt to take out a second mortgage on your home to pay off for all your debts including your mortgage.

The only set back in debt consolidation is you might have the false sense of security and belief you are paying less obligations. Although this might be true, this could lessen your vigor in making sure that you meet your obligations and even convince you that you can make unnecessary purchases again.

Debt consolidation offers a solution to your debt problem and if done correctly, could offer financial freedom a lot faster than you have initially thought of. It just requires discipline and hard work as you persevere in paying off your loans.

Filed Under: debt consolidation, debt consolidation loans Tagged With: credit card debt, debt consolidation, debt relief, get out of debt, unsecured loans

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