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5 Methods Toward Reducing Your Debt
Decreasing your debt is paramount to having a good credit rating as well as giving you peace of mind. You want to get out of debt, but not all debt reduction options may be beneficial. Let's take a look at five debt reduction options which may help you in your quest to get out of debt.
1. Consolidate Loans. Before declaring bankruptcy, consider pulling together all of your outstanding loans into one low monthly payment. Loan consolidators can help you come up with a plan to pay off all of your debt while maintaining your credit standing. Bankruptcy, unfortunately, ruins your credit rating while a consolidation loan may help you save it.
2. Your Life Insurance Policy. Your life insurance policy may have a cash value to it. Consider taking the cash from the policy and using it to pay off or lower your debt. Of course, your payout will be much lower upon your death; make sure your loved ones are adequately provided for when you have released this mortal coil.
3. Federal Loans. Government loan programs - local, state, and federal - may be available to you and at a rate much lower than what you currently pay your creditors. Check out loan programs, which you must pay back; as well as grants, which are gifts to you to see what your eligibility is.
4. Borrow From Your 401(k). If your company has contributory retirement plans such as a 401(k) or 403(b), you can take out a low interest rate loan and use the proceeds to pay off what you owe. You are borrowing from your retirement account so your loan must be paid back; if you do not pay it back you will incur IRS taxes and penalties. Still, the borrowing rates are quite reasonable.
5. Bankruptcy. The U.S. constitution gives Americans the right to discharge debt, and it is one option some must take in order to get creditors off of their backs. With medical expenses surging, gas prices hitting record high levels, and many other expenses increasing, bankruptcy may be your only choice to help protect your assets from overreaching creditors..
Obviously, some of these options have different consequences than others - like a ruined credit standing - still, when your back is to the wall your choices are extremely limited. Find your comfort level and choose an option that is right for you.
Matt Keegan is The Article Writer; you can view his work at http://www.thearticlewriter.com
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Craving For Financial Freedom
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Start Small and Your Wealth Will Get Bigger
We've all heard the phrase, "You have to start somewhere." Nothing could be truer of creating wealth and prosperity in your life.
Life on a Debt Management Program
Signing up for a debt management program is easy; it's a matter of finding a company you feel comfortable with that is difficult. There should be no pressure added from the company you speak with, joining a DMP is your decision and you should feel like you are in a partnership with the company, meaning you both have control over your financial situation.
Budget the Luxuries First!
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Stop Debt Collectors
Can you stop debt collectors ? . .
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Want to know if your attitude towards your finances is helping you or damaging your future? Take this Quiz and find out..
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Your Secret Weapon... A Budget
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