Health Insurance

Consolidate my debt

The question as to how to consolidate my debt must be haunting your mind if you are in quagmire of debts from various creditors. By Debt consolidation one means to merge all your debts into one so that it’s easy for you to manage payments. One can achieve this either by taking out a new loan altogether to pay off several small loans or by utilizing your equity. Let’s see how this can be achieved.

The first step that needs to be taken is to review your total amount of debts. Assess how much debt you have to pay, your total monthly payments, your interest rates etc. Then look out how much time you have in your hands to consolidate debt. Also look out for factors that may come in your way to consolidate your debt like will you miss minimum monthly payments that needs to be made, have you missed any payment, etc. Then the next part in answering your question as to how to consolidate my debt is to assess whether you own any property or something else in lieu of which you can apply for loan. This may range from owning any property, your health insurance, your retirement loan, your investments, any vehicle, etc. one can also try asking for help from friends and family. Also look whether you have a good credit record. The company that is willing to give you loan will look out for a credible credit record. If the answer to both the question is yes then you can go for the next step i.e. look out for the help of good counselors to advise you on the Nitti gritty of consolidating the debt.

Assess all the options by which you can consolidate your debt and apply for the accordingly. The steps to process your application may vary from the debt consolidation method that you have chosen. The whole application process may take anywhere from few days to few weeks. After your application is processed the last and the most important aspect is to stick with the monthly payments.

Also don’t take any more debts to purchase things. Make it a rule to buy things only if you have cash. By following this you will be able to get rid of your debts and secure a healthy, secure and a better future.

Consumer debt relief

Consumer debt relief is the forgiveness of debt by individuals, companies or may be countries. This freedom of debt relief can be given on either total debt amount or a part of it. It might be true that you are spending sleepless nights over how to pay off your debt. There are certain steps you need to follow for the same. The first thing that is required is your determination and self discipline. If you don’t follow it you will be back to square one. The first step that you have to take is to stop taking any more debt. Don’t use your credit card to pay off unnecessary stuff. Cancel all your recurring automatic payments at once like your monthly gym membership, payment of bill online, etc. If it’s necessary to provide a card no. then write the number of your debit card as there is no charge on the payments of debit cards.

The second step would be to contact your credit card company and other creditors and try to bargain with them for lower payments. If possible, haggle with them for lowering the interest rates. If you don’t possess required communication skills and confidence for the same then it would be best to hire services for a debt management company. At times even if they don’t reduce the rates they oblige by waiving off the late fees.
The next step in Consumer debt relief is to consolidate the debt of all your credit cards into one credit card by transferring the balances of all the credit card to the credit card that has the lowest annual percentage rate. For consolidating the debt you can also choose to apply for an unsecured personal loan with a comparatively lower rate of interest. This loan can be given against your investments, health insurance, mortgage etc. If none of this works then for Consumer debt relief you have to make just a bit above the required minimum monthly payment. The general rule in this case is paying around 2-3 % of the total amount due. Also from the amount that you save by making minimum payments open a saving account for the same. Then collect all your monthly bills and pay for credit card debt relief every month. Once you have achieved Consumer debt relief don’t cancel your credit cards but keep your card locked for any future contingencies.