Did You Know That The Average American Household Has 13 Payment Cards — Including Credit Cards, Debit Cards, And Store Cards? Plus, There Are 1.3 Billion Payment Cards In Circulation In The United States Right Now. And, On Average, Americans Carry About $5,800 In Credit Card Debt Month To Month. If One Were To Make Only The Minimum Payment On That Debt Each Month, It Would Take 30 Years To Pay Off — Including An Additional $15,000 In Interest. Welcome To DebtConsolidationSite.com. We'll Provide You With Articles, Tips, And Tools That Will Help You Regain Control Of Your Credit. As
you explore this site, you'll discover...
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What Your Banker Won't Tell You About Debt Consolidation
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Hot: Which Is Better -- Consolidation Or Bankruptcy?
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How To Consolidate Without Damaging Your Credit Score
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Can You Really Get Credit After Using A Debt Service?
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Why a Debt Reduction Loan makes good financial sense
Author: Caitlin Crosain
There are many good reasons why a debt reduction loan makes good financial sense. Many people carry a number of credit cards with high balances and high interest rates. Making even the minimum required monthly payment can be difficult. Credit cards are very often the primary reason why people get into debt situations, which causes enormous stress.
If you are a home owner, with considerable equity in your home, but who also has large credit card debt with high interest rates, it might make better financial sense to use some of your home equity as collateral and apply for a debt reduction loan. In this way you can get rid of the credit cards and consolidate the debt into one monthly payment, usually carrying a far lower interest rate than high interest rate credit cards. Your new monthly payment will more than likely be lower and you have extra cash on a monthly basis to pay off other debt.
There are many reasons for applying for a debt reduction loan. You may need to make a much needed home improvement and don't have the spare cash to do so. With the funds from a debt reduction loan, you could carry out your home improvement, which in turn could add additional value to the selling price of your home. You may even have cash left over to pay off one or two credit cards.
Other reasons for a debt consolidation loan is often to pay for children's education, a son or daughter's wedding, or a family vacation. Most people don't have this sort of cash readily available and a debt reduction loan would give them the extra money required. It is important to make a very informed decision when using equity in your home. Your equity may be your retirement savings so you must balance all your options so that you come out ahead, financially. There is no point in using your home equity to pay off credit cards with very low interest rates. You will save nothing by doing so and you will be eroding your retirement savings through the equity in your home for no financial gain.
About the Author
©Copyright 2005. Caitlin Crosain is a successful writer and publisher of resource websites on how to Repair Bad Credit, qualify for Secured Credit Cards and Bad Credit Auto Loans and Personal Loans.
Article Keywords:
'Debt Consolidation'
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Recently, an interesting
email came across my desk. I'll paste it below.
Check it out...
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Dear Anthony-
HELP I am in over my head
and I obviously need help. I owe just over $12,000 on two credit
cards. I know in
the past you recommend debt consolidation. But, I have read about
of the SCAM artists out there. Is
there someone I can talk to that you recommend? -Dan, New York
There are a lot of things to watch out for when it comes to debt consolidation. I
have a company I wholeheartedly recommend to others in need of help. I
find them fair, easy, and they don’t use “high-pressure” tactics.
Press the link below to check them out now.
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