Debt Elimination Strategy That Can Lower Your Consumer Debt Payments

Are you searching for a debt elimination strategy that actually works but doesn’t leave you feeling like you’re living life like a miser? The majority of debt elimination strategy advice given tells you to create a budget and cut down on your spending.

While this might be great advice, it’s not always practical. Most people cringe at the idea of making a budget. They immediately conjure images of eating noodles every night and sitting in the dark so they don’t have to switch on the lights and use electricity.

These images aren’t what budgeting is about and they won’t help you to eliminate debt. What you need to think about is finding a way to reduce some of your biggest expenses.

Think about where your money goes each month. You should begin to notice that your credit card and consumer debt repayments eat up a large chunk of your income every pay period. If those payments were lower, would this make your financial situation a little easier? Here’s a quick debt elimination strategy that might help to put you back on track financially.

Step 1: Negotiate

When you consider that repayments on consumer debts are often a large drain on your finances, it makes sense to begin your debt elimination strategy by trying to reduce those payments. Call your lenders and ask them if they’re willing to negotiate for a lower interest rate or reduced fees.

Don’t be surprised if they’re initially reluctant to discuss rate eliminations with you. This is normal. Simply ask to be transfered to their retention department and speak to the representative there. All of the retention staff are hired solely to try and stop customers from leaving the bank.

Step 2: Consolidate

Add up how much you pay on your credit cards and personal loans each month. The total number might be a little scary, but it’s important you know the whole amount. You should also try to find out how much you’re being charged in interest on each of those accounts.

Then call a few different lenders and make some enquiries about consolidating some of these debts into a consolidation loan. This type of loan often carries a much lower interest rate than store cards or credit cards, so you’ll be saving money on interest charges immediately. You’ll also find your repayments should drop down to more manageable levels too.

Step 3: Payment Plans

If you’ve already fallen behind on your repayments, then call your creditors at once and discuss payment arrangements with them. Let them know you had a temporary patch of financial difficulty and you’re working to get back on track. Then look at ways to get those arrears back under control.

Step 4: Avoid Paying Minimum Payments

When your credit card statement arrives, it shows you the minimum payment due for that month. How many times have you paid only the amount the lender asked you to pay? By paying just the minimum amount, you’re barely covering the interest due and it will take you years to pay down that balance to zero.

Once you’ve managed to reduce your monthly payments by either negotiating or consolidating, you should immediately allocate some of the cash you have left over towards paying extra amounts onto your balances.

This basic debt elimination strategy should help you to make a start with your goals for getting rid of your debt burdens. As you begin to see some progress, you’ll find it easier to stay motivated and being looking for other ways to help lower your debts even faster.

Debt Elimination Services-Can They Help Me Get Out of Debt or Not

When you drowning in debt and you are looking for some form of debt relief you may need to search for some type of debt elimination service or services. Debt elimination services are very useful many times because they focus primarily reducing your unsecured debt and the interest. Many of these services are generally available, and basically exist to help the average buyer like yourself. However, the key with any debt elimination service is to find the one that fits your need and lifestyle.

Typically, most debt elimination services are non profit entities and work on some form of debt consolidation plan. They gather all your credit card bills and unsecured debt, and ball them up into one payment. Of course that’s after talking to the creditors to arrange a lower or no interest fee and payment. The great thing is many of these services they offer you are free.

By this point you can be thinking, “What’s the catch? Why would debt elimination services help me for free?

Here’s the kicker! Debt elimination companies are usually working for the credit card companies. It is in the best interest of the major card companies to pay back you credit card balances. Bankruptcies and judgment to the consumer provide nothing for these credit card companies. They notice that picking up some payment is much better than nothing. So with the help of these debt elimination services are prepared to lower your rates, even lower your bills to recoup some of their losses.

In all it’s ultimately a win-win situation for you. Also, bankruptcy is no longer a viable option for you.

You will be able to get out of debt much quicker, and paying way less in interest expense. Can you see how a debt elimination services can help you?

Some debt elimination services could also give you debt management counseling to help you stay out of debt. They will teach effective money habits that will keep out of debt? In the long run, these services will help you improve your credit and overall credit score.

Recently, there has been talk going around that enrolling in a debt elimination service will somehow harm your credit, and basically this isn’t true. Anyone who looks at your credit history will look at the fact that you are trying to get out of debt (regardless if you’re using debt elimination services) as an indicator of financial responsibility on your part. Also how can the elimination of debt, especially debt that’s unsecured be considered a bad thing?

So if your debt situation is serious, you’d be smart to think about debt elimination services. They are generally quite friendly and usually offer great customer service. They are often preferable to getting a consolidation loan ; since a consolidation loan doesn’t really cut the amount of debt you’ve got to pay in the final analysis, and will not stop your creditors from getting in touch with you.

The earlier you contact a debt elimination service, the earlier you can start to see your debt shrink instead of continuing to grow.

Eliminate Debt and Learn How To Become the Average American Millionaire

Not too long ago, a great majority of the Americans would have struggled hard to have a small dwelling of their own and a secure financial future, which many would have achieved too, to their utter delight. But  life in America today has taken a different turn, and a number of these proud and responsible  Americans are just hanging to remain afloat somehow.

When it come to their finances they are knee deep in a variety of loans, household expenses, children’s education, credit card default, just to name a few. Their current status is looming large on them, and their insecure future is  threatening to destroy their mental peace.

However, do you know that not all are suffering from this kind of “up against a stone wall situation”? There are still many people who are not  trying to rob Peter to pay Paul by doing a rigmarole with their finances.

Now you may think these people are just “money smart” as compared to others, or grew up with a silver spoon in their mouth.  However, it is time for you to stop moaning over your finances,  and get up and do something to repair the situation.

I have to agreed that when you were attending college,  no professor or instructor taught you how to make money and keep it,  But they did give you a hefty loan to pay back after you graduated.

So the big question is what can we do ?

It’s about that time you turned to Financial Destination, Inc and learn how to make big money without having to make any special sacrifices or curtailing expenses. This company does not advise you in managing your credit or money but definitely helps you to improve your credit score by leaps and bounds by showing you how to eliminate your debt, by consulting their team of counselors.

Also, would you want to know when exactly you would be totally loan-free and lead a peaceful debt free life? Log on to Average American Millionaire and learn how soon you can become debt-free. The system, with the help of CreditTrax and MoneyTrax and also WealthTrax programs, tells how exactly you can get your credit to a well-ticking state and also educates you as to how to handle your money and make more money in the best ways possible, so that you have enough to fall back on after retirement.

Interesting, isn’t it? Try it today and get rid of your financial worries.