I have many friends and family members that are struggling with increasing debt. It has been a long struggle for many people at this time. Many of us have lived within our means only to find that our present rate of income has decreased. This decrease has caused our financial situation to deteriorate quickly. If you are one of those who have found yourself in a sticky situation due to falling income levels please read on.
The first step is to take the time to sit down and figure out all of the debt that you owe. This includes the credit cards, gas card, department store card, student loans, car loans, bike loan and boat loan. Make one column that shows the balance on the loans and one column that shows the interest rate on each loan.
The second step is to take a long hard look to see what items you can eliminate through sale. It is time to decide which items are necessary and which items are not. The boat and bike may need to be sold.
The third step is to total the amount owed on all of the remaining items. Once you have these items figured out your next step is to pursue a loan that allows you to pay off the items that you have deemed necessary at a lower interest rate than the combined interest rate you are presently paying.
A debt consolidation loan can be found in multiple ways. If the loan is small enough a family member may be interested in supplying the funds. In today's market someone would likely take the chance to make 5% in interest off of you if it allows you to get out of loans you pay 10% or higher. The 5% beats the present market.
You can also pursue a HELOC if you own a home. The home equity line of credit has become more difficult to obtain, but is still a viable option for many.
Unsecured loans may also be available depending on your present credit standing. If you are like many, you have barely made your payment and are on your last leg, but have not destroyed your credit rating yet.
I hope this article has inspired you to address credit items you do not need and to pursue loan consolidation as a means to an end involving debt consolidation.
Regards - JW
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