Solving the issue of debt can seem like an impossibility. Teach yourself about debt consolidation options and concepts to ensure a promising financial tomorrow. Looking for debt consolidation program? Apply here http://www.newhorizon.org/Info/debtconsolidation.htm

1. How to Pay Your Debts Through
Debt Consolidation

2. Debt Consolidation
Solving the issue of debt can
seem like an impossibility.
Teach yourself about debt
consolidation options and
concepts to ensure a promising
financial tomorrow.

3. Be Debt Free With These Debt Consolidation Tips

4. Look Through FTC Regulations
Read about things like debt
relief and negotiation
companies to give you some
background you need to go
forward with the process of
debt consolidation.

5. Do Your Research
Don't borrow money from a
company you haven't researched
and especially from loan sharks.
Borrow money from someone with a
strong reputation, offers a fair
interest rate and has easily
understandable repayment
terms.

6. Consider which debts you want to
consolidate, and which debts you
want to keep out.
eg. It makes little sense to consolidate
loans with zero percent interest onto
higher interest loans.
Walk through each loan you currently
have with your lender to make sure
you are making smart decisions.
Consolidate

8. Debt Management Plans
Preferred method of debt consolidation.
Starts with credit counselling session.
Help you get a lower interest rate from
creditors and reduce or waive late fees to
help make your monthly payment
affordable.
You send one payment to the agency running
the DMP and they split it among all your
creditors.
Can possibly affect your credit score.

9. Secured vs. Unsecured Consolidation Loan
Choose between a secured or unsecured consolidation loan.
Secured Debt Consolidation Loan pros and cons:
+ Easier to obtain from a lender
+ Higher borrowing amount allotted
+ Lower interest rate
+ Possible tax deductible interest rate
– Longer repayment terms (higher cost in interest over time)
– Risk of losing assets

10. Secured vs. Unsecured Consolidation Loan
Unsecured Debt Consolidation pros and
cons:
+ No asset risk
+ Shorter repayment term (lower cost in interest over time)
– Harder to obtain from a lender (high risk borrower)
– Lower borrowing amount allotted
– Higher interest rate
– No tax benefit

11. Use a Lifeline
Loan from your life insurance to
help pay your debts.
Pay this money back so that
funeral expenses are covered.

12. Pay in Cash
Stop using your credit cards and pay in
cash.
Set aside a portion of your income to
pay down balances on your card.
When everything is paid be more
responsible on your credit usage so
you don’t get mired in debt again.

13. Do you have questions about
rebuilding your credit?
Join our Facebook group!
Feel free to ask your questions within the group!

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