How to Consolidate your Debt Without a Home

Many people have debt. This is no surprise. However many do not know how to consolidate their debt because they do not own a home. This article will discuss some of the options available to those that have no equity so speak of primarily because they do not own a home.
 


Transfer the Balance
If you have a lot of credit card debt and want to consolidate that debt, one of the best options is to shop around for credit cards that allow you to transfer the balances. Of course these credit cards will have to give you a lower interest rate for this to be worthwhile. This will allow you to lower your overall balance by making the same payments you were making before. A lot of these balance transfer deals will only last 6 months to a year. When the promotional period ends you will need to shop around for another credit card deal and continue this process until all of your credit card debt is down to a manageable number. Doing this should not hurt your credit score.

Balance Transfer Issues
If you do decide to transfer your balance from a credit card with a higher interest rate to one with a promotional lower interest rate there is one thing you must remember. Do not forget to make your payments. If you forget to make just one payment, the promotional period will most likely be terminated and you may find yourself with a higher interest rate then you had before the transfer. This could be an interest as high as 24 percent or higher. So keep this in mind when making the transfers.

Overall though, this is a great way to lower your debt as some of the offers include 0% interest for a year or more! You can't ask for a better deal then that when lowering your credit card debt by consolidating it into one nice monthly payment. The idea is to be patient with how much you can pay, while constantly doing research to find the best credit card for your monthly payments and credit score.

Other Options
If you do not have the option to transfer your balance to a lower interest rate, you may consider talking to a debt consolidation company. This company will consolidate all of your credit cards and loans for you so you can manage them into one monthly payment. This might hurt your credit score at first but will ultimately raise your score and get you out of debt, and this, of course is the overall goal.


 

Debt Consolidation Direct Recommended Products


Videos

Loading...
Debt Consolidation Headlines

Living with credit card debt (WPBN Traverse City)

Right now millions of Americans are living in credit card debt and in some cases a simple swipe of the card could take you years to pay off.

Read more...


Richfield Township consolidation should save jobs (The Flint Journal)

RICHFIELD TOWNSHIP, Michigan — Consolidation of facilities should help Bristol Steel & Conveyor Corp. preserve dozens of local jobs, a company official said. The business, which township Supervisor Jim Jacques said may be the biggest company in the township, is...

Read more...


Treasuries Fall, Eroding Biggest Weekly Gain Since 1987 Crash (Bloomberg)

Nov. 21 (Bloomberg) -- Treasuries fell and yields climbed from record lows as speculation Citigroup Inc. may sell part or all of itself prompted a rebound in global stocks, easing demand for the safety of U.S. government debt.

Read more...


Freedom Debt Relief Offers Answers, Clarity for Those Struggling With Debt (PRWeb via Yahoo! News)

Understand choices, questions to ask when seeking help

Read more...


PRESS RELEASE: Fitch: International Brewers To Slow De-Leveraging (Nasdaq)

Fitch Ratings-London-19 November 2008: Fitch Ratings says today that brewers who have taken on large amounts of debt during the recent wave of industry consolidation will now likely take more time to de-leverage than previously expected.

Read more...


Athens Township: ATA Prez.: Debt consolidation could eliminate VJSA upgrade impact (Morning Times)

The Athens Township Sewer Authority is currently looking to refinance a number of loans in its possession, which could ultimately eliminate any impact felt in the sewer rates of Athens Township customers by the mandated upgrade of the Valley Joint Sewer Plant, according to ATA President Dave Steiner.

Read more...



Sponsored Links

 

 

Site Navigation

Recommended