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Debt Consolidation methods

Here are the tips for debt consolidation. And points to remember!

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Debt Consolidation methods

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  1. DEBT CONSOLIDATION IS NOT A BIG TASK IF DONE PROPERLY!!

  2. ❏ ❏ Most of the debt consolidation methods prefer people with good credit ❏ ❏ Though people with good credits need not consolidate debt ❏ ❏ People will only try to consolidate the debt when they have bad credit ❏ ❏ But you can still consolidate your debt even when you’ve bad credit using this 6 tips.

  3. 6 METHODS OF DEBT CONSOLIDATION 1. Never Hesitate To Negotiate 2. Be Friends With Your Cosigner 3. Try Any DCP(Debt Consolidation Program) 4. Be In Touch With Your Bank 5. Use Your Home Equity 6. Reduce Your Expenses

  4. NEVER HESITATE TO NEGOTIATE ❏ ❏ It is your goal to live a free life without stress and debt ❏ ❏ So ask your existing credit card company to lower your credit ❏ ❏ If yours is a reasonable score, most probably you can have low rate cards

  5. BE FRIENDS WITH YOUR COSIGNER ❏ ❏ Be ready with a cosigner to cooperate with you to borrow the loan ❏ ❏ A cosigner serves as an additional repayment source for the primary borrower ❏ ❏ If you are refused a loan, you may be able to get it with the help of a co-signer

  6. TRY ANY DCP(Debt Consolidation Program) ❏ ❏ A DCP involves turning all of your debt into one monthly payment ❏ ❏ This can be achieved through a credit counselling firm (they should be non-profit) ❏ ❏ A certified credit adviser then negotiates with your creditors to lower the credit rate

  7. BE IN TOUCH WITH YOUR BANK ❏ ❏ Communicate with your bank or credit organization about a personal term loan ❏ ❏ Term loans normally come with lower interest rates than most credit card rates

  8. USE YOUR HOME EQUITY ❏ ❏ Preferring a second mortgage to consolidate debt is a good option ❏ ❏ Be attentive to the fact that you will risk losing your home if you default on your mortgage ❏ ❏ Be sure your income will remain steady

  9. REDUCE YOUR EXPENSES ❏ ❏ Reduce your expenses in order to cooperate with debt consolidation services ❏ ❏ Once your debt is paid, you can enjoy the finer things with a peace of mind

  10. CONCLUSION ❏ ❏ To consolidate your debt, more than anything you should have a steady mind and determination for that ❏ ❏ Debt consolidation often fails because people continue to use credit to make ends meet ❏ ❏ So once you consolidate your debt, don’t incur any new debt

  11. THANK YOU!!

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