Lower Your Debt Payments, With Debt Consolidation

If your debt is over $10,000, you may wish to get a debt consolidation loan.  This is a long-term loan that pays off all your current debts, combining them all into the new loan.  You will lower your monthly debt payments significantly, because of the long term of the loan.  Of course, you can always pay off the loan early, once your financial picture improves.

The best type of debt consolidation loan is a home equity loan, because that normally has the lowest interest rate you can get (usually under 10%.)  Often, no application fees will be charged for a home equity line of credit.  If you don't have any home equity, you'll probably have to settle for a interest rate of 14% or higher.

Here are some other ways to consolidate debt:

• You can borrow against your 401(k) plan at a low interest rate.
• You may be able to borrow against your life insurance policy at a low rate.  Sometimes you can "cash in" the policy, or even sell it for 5% to 60% of its death-benefit value.
• EDebtConsolidation is a non-profit site that will put you in touch with a trained professional counselor, who will negotiate with your creditors to:
  
  
  • Consolidate your bills into one low monthly payment
  • Lower your monthly debt payments by 40-60%
  • Save thousands of dollars in interest and late charges
  • Improve your credit rating and end creditor harassment
  • Give you access to a free downloadable do-it-yourself kit, and help you decide whether bankruptcy may be the best alternative for you

Whichever method of debt consolidation you choose, it's essential to realize that you need to concentrate on paying off that loan if you want to get ahead.

	Lower Your Debt Payments, With Debt Consolidation   Time to complete:   10 minutes Money you'll spend:   $0 What you'll get:   Debt consolidation loan info  Step-by-step instructions:  Click here: EDebtConsolidation.com.  A new window will open with this page. Follow the online instructions. Further Reading: Personal Finance: Debt Consolidation Loans, an article at BankRate.com. Personal Finance Magazines, 90-day risk-free trials available Credit Card & Debt Management: A Step-By-Step How-To Guide For Organizing Debt & Saving Money On Interest Payments, a top-rated book about credit card debt reduction at Amazon.com.

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