It’s good to have a powerful financial planning tool, but it’s of little use if you do not follow through. Worse still, you have the tool, but you don’t use it. Where is the problem? The root cause is in the “Mindset”.
Another way of debt relief is seeking credit counseling. You can sit down with a counselor and give him your detailed debt crisis. Then he will come up with a plan to help you achieve debt freedom which can be a big help for your financial future and eventually give you a plan to do away with that debt you are in right now in the end. The other is a debt management counselor who negotiates with your creditors to allow you to pay part of your debt but here your credit rating is every important.
Each month pay the minimum on all the card except for the one with the highest interest rate, after calculating how much you’ve paid on all the other card, make a payment to the card with the highest interest rate equal to $ 500 minus what you’ve paid to all the other cards. As times goes by, the balances in all cards will decrease, and the monthly payment will decrease accordingly, hence you’ll be paying off the first card, the one with the highest interest rate, in no time. Or at least fast enough.
Using the example above, let’s say that a debt consolidator negotiated a new blended interest rate of 12% on your ,000 loan for credit card consolidation Edmonton AB. If you continue to make a 0 payment every month, it will take you 21 years and 9 months to pay off your credit cards. You will pay ,488.92 in interest, in addition to the ,000 that you already owe. That’s a grand total of ,488.92.
One thing to remember is that debt consolidation doesn’t reduce the amount of money you owe – that will still be the same. But a lower interest rate, or a longer repayment term, can easily mean lower monthly payments. It also means you can pay off all your outstanding debts, which is the first step in repairing your credit. The defaults on you credit history will show up as having been paid, which is definitely in your favor.
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Sure as hell beats taking out a credit card debt consolidation – especially as the issuing company would charge you for taking out the loan and increase the amount you end up paying by lengthening the years t pay it all off.