Debts

Debts can make you crazy, so stop letting your debts overwhelm you. There's too much help available to let it get you down.

Debts

Are your debts bringing you down? Then take charge of your finances (and we don't mean "Charge it!") and get back in control.

No Longer Overwhelmed

If you're skating along, doing just fine but don't have much of a savings account, one unexpected expense can set you back. An expensive car repair or medical bills can put you in debt, and sometimes, that's just the beginning for some people. They see that $700 car repair on their credit card bill and just give up because it's too overwhelming. Then they start charging everything and soon they're addicted to spending, racking up high credit card debts all over town. Come on--it happens to everyone. But it's more extreme with some people than with others. Eventually they see the error of their ways and start feeling overwhelmed and suffocated by their debts.

If this sounds like you, stop worrying. You have a lot of options. There are lots of ways to deal with your debts, but doing it on your own will take you a lot longer than doing it with the help of a debt management company. They will go over your finances and tell you exactly which debt management program is right for you, based on your resources. Expect to learn about one or more of the following:

Debt consolidation loan - If you have collateral, you might qualify for this low interest loan that pays off your unsecured debts. And the loan can be paid off in full within five years.
Debt settlement - This is for people with access to a lot of cash. It shaves 60-80% off your total debt balance, but your creditors will want the remaining balance right away. (This isn't the best option for your credit.)
Debt consolidation mortgage - This option is for homeowners. It allows you to borrow the amount you owe from your mortgage company to pay off your outstanding debts. The amount is then added to your mortgage, so you get the same rate as your mortgage, plus you get to write off some of your mortgage interest on your taxes. And since you pay it off over the life of your mortgage, your monthly payment only goes up slightly.
Student loan debt consolidation - This is for people with $10,000 or more in outstanding student loan debt. It combines the outstanding loans, gives them a low interest rate and spreads the payment out over a greater number of years.
Basic debt consolidation - If you don't have any of the above qualifications, this is the best way for you to consolidate debts. A debt consolidation company will contact your creditors to get your interest rates reduced and maybe even get past fees removed. Your responsibility is to get the agreed-upon monthly payment to the debt consolidation company on time, and they'll distribute it to your creditors for you. And in five years, you'll be debt free!

All of these programs can help you get rid of your debts through lower interest rate, and most of them can get you out of debt in five years or so.

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