Credit Card Consolidation HQ contains expert advice about debt consolidation and getting out of debt. All posts are written by Colin Townsend, who has become a respected voice after the recent economic recession, and the site is maintained by Eric Collier (Colin’s “right hand man.”)
If you’re having financial problems, Colin has revealed the 4 “paths” you can take to reduce your debt…
Credit Counseling. Credit counseling companies are in a lock for your business. Now is a good time to shop around to find the best plan out there. However, you will learn that most companies will charge exorbitant fees or do work for you that you can do yourself. (The key is finding good ones.) Government agencies and nonprofit firms can often provide credit counseling too. If you are in desperate need, you may be able to find a professional who can help you navigate through your debt dilemma.
Debt Consolidation Loan. You can now replace all of your high interest credit cards with a single, low interest rate credit card. Colin calls this “Total Credit Card Consolidation.” You should check to find out if a bank or other lending institution will give you a debt consolidation loan. Note: you may have to pay for an application fee, whereas with a credit card you would not.
Home Refinancing. Despite rising interest rates, refinancing your mortgage sometimes make sense and may allow for you to save $100 to $300 dollars every month on mortgage payments. With the money saved, you can use the extra cash to pay off higher interest debt (such as credit cards).
Cash Out. Instead of considering home refinancing, you may actually have enough equity in your home to “cash out” and completely pay off all of your debt. Most importantly, credit card debt is not tax deductible, but a home equity loan is (consult your tax advisor for more details). You can reduce your debt AND reduce your tax obligation by simplycashing out.
You have several viable solutions to help you reduce your debt. Learn all you can about each option and select the plan that is right for you by exploring Credit Card Consolidation HQ.
We look forward to seeing you around…
- Colin and Eric
