A Guide to Finding Home Owner Loans

If you're in the process of trying to find home owner loans with a good interest rate and acceptable terms, you'll likely find that there are a variety of options available to you. As long as you have sufficient equity in your home to secure the home owner loans that you apply for, you're likely to be able to find a loan to meet your needs regardless of your credit rating.

The real key to finding good home owner loans is to take your time to research the various loan options available to you and to pick the loan that offers you both the best interest rate and the most agreeable loan terms for your money.

Below you'll find details on the best way to compare various home owner loans so as to find a better deal.

Comparing interest rates

The first thing that you'll need to do in order to compare home owner loans is get several different quotes for potential loans. You should check with a variety of lenders, including traditional banks, finance companies, and online lenders.

Once you've received a wide range of quotes, begin looking at the interest rates on each home owner loans offer. You may find that the traditional banks offer low rates in comparison to finance companies, or that online lenders offer slightly lower interest rates than some of their competition differences like these are the reason that it's a good idea to get several quotes before you start.

Narrow the total number of loan offers down to the top 3 or 4 loan quotes; it's from these potential home owner loans that you'll be deciding on the loan offer that you finally accept.
Comparing loan terms

After you've created your short list of potential home owner loans, it's time to decide on the best loan from the list.

Begin looking at the loan terms of each one in earnest factors such as the total monthly payment, the number of months that repayment is expected to last, and any options that are available for early repayment should be some of your top concerns.

Other factors that should influence your decision are whether or not the different loans have a fixed interest rate or whether the interest rate can fluctuate you should also make sure to note whether fixed-rate loans retain the same rate for the entire loan term, or whether the loan rate is only introductory and reverts to a higher rate after a certain period of time has passed.

Using criteria like this, you should be able to decide which of your loan offers will serve you best in the long run saving you time and money while making the loan process as simple as possible.
Once you've found your loan, go ahead and complete the application process so that you can move past your financial worries and fulfill your dreams.

Debt Elimination

Planning For Debt Elimination Without Surplus Cash

Previously we looked at using surplus cash each month to chip away at those outstanding loans, on our long road to debt elimination. But what can you do if there is no surplus cash every mo0nth?

So, you have examined your monthly outgoings, and there is nothing to cut out in the way of expenditure. Or you can make some savings, but it just brings your outgoings and income into balance each month, whereas before your outgoings were in excess of the income.

Well, at least you have made some progress by bringing income and expenditure into equilibrium. But where does that leave you in your debt elimination challenge? It is probably time to focus on those debts, and see what can be done to bring down the cost of those loans, and the monthly repayments. It may still be possible to plan for debt elimination in 5 years, especially with your newly developed anti debt mindset.

Taking out another loan will not, of course, bring instant debt elimination. However, it may be that a debt consolidation loan will give you a chance to structure your plan over a 3, 5 or 7 year period. With the right approach, this may be an excellent opportunity to improve your finances no end, resulting in debt elimination at the end of the loan period.

The key will be in whether you are able to reduce your total loan repayments, and whether you are then able to set aside those savings each month. Let us look at a simple example, of a consumer who has two credit cards and two other loans. He owes a total of $11300, and has a minimum monthly payment of $346. Let's say he is able to obtain a new consolidation loan at 10% annual interest, and would have repayments of $240 per month over 5 years, a saving of $106 per month, or $6360 over the 5 year period.

That is a significant amount to put away each month. Enough for a replacement second hand car? No need for any more loans? In which case, debt elimination, by our definition excluding the mortgage, could be achieved within that 5 year period.

There are, of course, millions of permutations of figures, so you will have to consider your own. But the principles are always the same. Living within your budget, planning ahead, and saving for any future purchases in cash. That's a simple formula.

All it needs to accomplish debt elimination is your new mindset; the mindset that does not want debt, borrowings, loans to be a part of your future life. The mindset that has patience in clearing the debt, and is able resist new purchases of optional items until the cash is available.

It is worth always remembering, if you cannot to afford to pay cash for something, then you cannot really afford it at all. The only exception is the house, where the investment potential and rent saving alter the financial viewpoint.

Once you have the cash-save mindset, you have all you need to clear unwieldy and expensive debt from your life, once and for all.

Debt Stacking - Fast Track Out of Debt

You go to the mail box and scan - a couple fliers (nah), your magazine subscription (yes!) and bills (groan). Every month the bills show up and as you sigh and take out your check book you wonder if you will ever be free.

Each month you pay the minimums and although you KNOW you've got a handle on it - you are not charging your credit card or accumulating new debts anymore - it seems that you will be paying the minimum fees forever.

Did you know that HOW you pay your debts can affect how soon you will finishing paying them off - even if you keep paying the same amount for debt every month? Of course you might be able to get a consolidation loan, but if you're not eligible or are not interested then there are several other things you can do.

It's not always the easiest to figure out the mathematics, but there are three steps to quicker debt relief - guaranteed.

STEP ONE - Create a list.

List your smallest debts first followed by your largest high-interest debts (credit card) and then your largest low-interest debts (Lines of credit and taxes).
Plan to pay the minimums on all debts with these goals in mind:

STEP TWO - Small bills first.

They may not be the highest interest, but every bill that you are paying some interest on means you are usually only paying minimal amounts on the principal. Multiple debts are also a sure way to bring your spirits down. Paying off small debts first is a quick way to start checking them off - and freeing your mind.

STEP THREE - Move the payments along.

When one debt is paid add the funds to the next debt. For example, say you're making $75 payments to a small debt. When the debt is cleared add the $75 to the next debt on your list. If the next debt had a minimum payment of $100, you will now pay $175 until it is paid off. When that one is finished, take the $175 and add it to the next payment and so on.

STEP FOUR - Save the cash!

Don't forget that when your debts are cleared you have set yourself up for a better financial future. The best way to take advantage of your new situation is to use all the money you were spending on debts and start investing or saving it every month.

With this strategy your debts will clear faster meaning you will pay less interest, you will see progress as you clear small debts first, and you will not be tempted to use the funds for personal use instead of debt repayment.

It is a worthwhile goal to get out of debt. Seeing that goal come sooner and teaching yourself discipline sets you up for a brighter financial future. You OWE yourself that!
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Debt Consolidation Makes Sense Only with Low Interest Rates

Credit that cannot be managed or is not being repaid requires debt consolidation. Debt consolidation offers borrowers with a chance to repay their high interest loans at low interest rate. You must be thinking, it sounds good, but how is it possible. How can high interest loans repaid at low interest.

This is how debt consolidation works it replaces multiple unsecured loans with single loan. As compared to several different loans, you obtain one single low interest rate loan. The single monthly payment on this loan is divided to repay the individual loans. This will also make your debt situation manageable. Debt consolidation should be accompanied with low interest rates; otherwise debt consolidation doesnt make any sense.

It is almost mandatory to find debt consolidation with low interest rate. Otherwise, it would mean financial mishap of the worst kind. You might end up paying more in the long run. Debt consolidation plan can have serious shortcomings to if the plan is not carefully structured.
Finding a good low interest debt consolidation is not always easy. However, an extensive research can certainly open ways to find one. First of all it is important to understand that your financial situation is unique, so what works for your neighbour might not work for you. Your debt consolidation plan will be as unique as your financial status.

While looking for debt consolidation, keep in mind why you are looking for debt consolidation. You are trying to cut off your monthly payment, looking for low interest rate, low fees and a loan term that does not stretch beyond a few years. A longer loan term with low monthly payments would mean paying more. A debt consolidation loan should not stretch beyond 3-5 years and maximum upto 10 years. There are numerous companies offering debt consolidation online. Settle on the company which offers low interest rate debt consolidation with least hassle.

A way to debt consolidation is through credit cards. This debt consolidation would not require you to place collateral, so it can be a good option. Good credit history would provide you with low interest rate. Ask your current creditor what interest rates would be offered, in case you transfer balances from other credit cards to theirs. A low rate that is fixed with no transfer fee would be ideal. Otherwise, shop for a new credit card. However, dont go overboard with your credit search. Numerous credit applications would have a negative impact on your credit report.

You can use equity in your house for debt consolidation at low interest. A 100% refinance would tap the equity in your house to repay loan and bills. Refinancing at low interest rate would mean getting rid of high interest rate loans with low monthly payment. Another way to tap on the equity is equity home loans. Home equity loan with fixed interest rate over a fixed period of time is an option. Also, you can take up home equity line of credit. Here you borrow upto a pre approved credit limit and borrow more if you still have money.

These loans are offered with low interest rate and good repayment options and have great deals. With home equity loans, however, there is always a risk of losing the property if you fail to repay.

A debt consolidation loan that is unsecured would not come with low interest rates. Since you are offering no security, they imply risk to the loan lender. A loan lender would try to minimize his risk with higher interest rate. But with good credit, you might find exactly what you need. Try to look for another way to debt consolidation if interest rates are high. Calculate the cost of the entire loan term, before you settle on a debt consolidation loan.

Money Management with a New Spouse

When a person marries someone with children, there can be some unexpected implications. Marrying into a full-fledged family can be a difficult transition for all, emotionally and financially; therefore, having a money management plan is a necessary part of marriage preparation.

As a married couple, children are your joint-responsibility even if they biologically belong to one spouse. Therefore, a couple may wish to open a joint bank account from which to pay for any expenses related to the kids. While a budget should be created well before the wedding date, a married man and woman should sit down together periodically and modify the budget, as necessary. The expenses should be reasonable, however; otherwise, one spouse may end up wishing that they had signed a prenuptial agreement.

If the parent collects child support, then this money should go into the joint household account. Alimony, on the other hand goes into the parent’s personal account. If contributing to the children’s expenses is an issue for the non-parent, perhaps the couple should receive premarital counseling. If the couple is already hitched, seeking marriage advice from a financial planner will help the husband and wife to settle any differences or misunderstandings.

Finding a Low Interest Debt Consolidation Loan

If you are in the market for a low interest debt consolidation loan, then you might think that you're out of luck. After all, aren't loans that consolidate your debt into a single monthly payment designed for people who have poor or bad credit?

What are the chances of someone like that getting a low interest debt consolidation loan? Depending on where you look for your loan and what collateral you offer, the chances might actually be quite good.

The keys to finding a low interest debt consolidation loan are knowing where to look for your loan and knowing what collateral to use for security.

With careful comparison of different lenders and a good value on your collateral, you stand a good chance of securing the low interest debt consolidation loan that you're looking for.

Interest and collateral

If you're just getting started on your loan search, you might not know what some of these terms mean. Interest is the amount that you're going to have to pay to the lender in addition to the amount that you borrow it's how the lender makes their money.

Ideally, you'll be able to secure a low interest debt consolidation loan, which means that you'll have less interest added onto your monthly payment and will have less to repay.

Collateral is property that you use to secure the loan, and is usually an automobile or real estate. If you don't repay your loan, then the lender can take possession of your collateral and sell it in order to get their money back.

Where to look for your loan
One of the big factors in getting a low interest debt consolidation loan is finding the right lender. Many of the lenders with big, flashy advertising are trying to draw in customers and charge high interest rates they should be considered only as a last resort.

Check with finance companies and small local banks first, especially during times when they're having any sort of customer appreciation days or a promotion of any kind. If they can't offer you a low interest debt consolidation loan, ask them if they can recommend another establishment in most cases, they'll be able to direct you to a place where you can get a pretty good deal.

The right collateral
Choosing the right collateral can be vital to securing a low interest debt consolidation loan. After all, it's your collateral that's guaranteeing the loan for the lender use it for all that it's worth. When applying for your low interest debt consolidation loan, ask for less than the total value of the collateral.

The greater the value of the collateral in relation to the asking amount, the more likely you'll be approved and charged a lower interest rate.

Shop around for quotes at several establishments before deciding on one use the same collateral and the same asking amount, and see who offers you the lowest interest and the best terms for your money.

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Managing your Money as a Couple

So what happens if you marry a spender, but you have been a saver your whole life?
A lot of couples run into this type of situation once they get married and their expenses are combined.

However it is manageable, you just need to set up a compromised budget.
Finances are noted as the number one conversations couples argue about in marriage and are also cited for the most divorces.

The last thing you want to do just after you get married is fight so figuring financial situations out beforehand will relieve any stress.

A budget is the best place to start.
This may prove to be difficult for the spender but it may also for the saver because you are going to have to meet somewhere in the middle.

Create your budget when you have time and both are at ease. Things will flow more smoothly.
Miscallaneious-10%Savings-10%Clothing/Dry Cleaning-5%Education/Misc-5%Food-10%Housing/Utilities/Taxes-30%Insurance-5%Medical/Dental-4%Recreation/Vacation/Gifts-6%Transportation-15%
This is just a guideline and you may find that you don’t take vacations and you can put money into other areas of your budget but this is just to get you started.

To look at your current spending now you’ll have to keep track of your expenses and any income.

Create three lists: current spending, spending percentages recommended, and actual budget. In the first column you’ll want to include the average spent for the last six months.
Total your monthly income in the second list, which is household income after state and federal income taxes and social security.

It may include salary, rent collected, interest gained, dividends received, income tax refunds, or other sources of money collected on a regular basis. Leave the last list empty for the time being.
To determine your overall spending pattern, take your net income and subtract it from your current spending.

Keep in mind that you will need to account for bills that don’t show up on a regular basis such as insurance premiums, retail credit, doctor and dentist bills, property and other state taxes, magazine subscriptions, etc.

Once you have your budget established, there may be a few pitfalls you fear running into, but then can be resolved.

The possibility of facing credit card debt. There may be times when you need to charge things, but set a goal for how much you plan to pay off each month and when you plan to pay it off completely.

Try beating that goal and pay it off before your estimated time frame runs out. Only have necessary credit cards as well, too many can get out of control too quickly.

Impulse buying. There will be times when you are shopping and you see something that you must have. Just don’t let it be a regular occurrence, and consider it a treat to yourself.
Thirty-day rule. If you see something you want but it won’t fit into this month’s budget, hold out. Give it thirty days and shop around in the meantime. You may find something less expensive or something better all together.

If you don’t happen to find something that compares and the item is still available the following month, then fit it into your budget accordingly.

"Comfort" spending. If you had a bad day at work and end up at the mall sifting through clothes, turn around and go home. Although it may make you feel better during the time, it will hurt your budget.

Relieve stress, or feeling depressed by other stress relievers you enjoy which may include, exercising or reading.

Gift giving. If you buy gifts for relatives and friends or special occasions get creative and think of something new to do. All gifts don’t have to be bought.

Make something or if you see something in a store that you like but its highly overpriced, buy the products that it consists of and make it yourself, such as gift baskets. You can buy your own items to put into a basket and decorate it yourself.

Vacations. Vacations don’t have to be in exclusive resorts. Take day trips or try something new like camping. Avoid souvenirs that you’ll never get any use out of, and when planning a trip consider all costs so you will know how much you have to save.

Your budget will be based on variable factors such as family size, geographical location, debt load, and sources of income.

Once the basics are covered, you then can get into your own interests and what you like to spend your discretionary income on but its important to keep in mind that this budget is based on both your incomes, and therefore you discretionary income should be spent on compromised items.

This budget will become routine in no time, as your spending habits may change but once you budget once, it will be easy to make changes and stick to a new one!

Life on a Debt Management Program

Signing up for a debt management program is easy; its a matter of finding a company you feel comfortable with that is difficult. There should be no pressure added from the company you speak with, joining a DMP is your decision and you should feel like you are in a partnership with the company, meaning you both have control over your financial situation. Below you will find information on debt management programs and what they offer.

First off, once you decide on a DMP your partnership will begin as soon as the company receives a client agreement. The counselor you speak with will become your personal counselor and they will send proposals to each of your creditors outlining your new repayment plan. However, not all creditors will process proposals immediately. It may take several weeks before the creditor notifies the counselor that the proposal has been accepted. Some creditors might request a higher payment than what was proposed, which in that case the counselor will notify you immediately.

Its the first few months that are crucial to ensure success on a Debt Management Program. You will find that some companys offer counseling throughout the first steps of the process to make certain that the proposals have been accepted and that you are receiving creditor benefits. A great aspect about having a personal counselor is that you should be able to:

* Change your payment method
* Notify them of creditors phone calls
* Report any errors on your statements
* Answers to all of your questions

If you want to earn special benefits like lower interest rates and waived late fees youll first need to be consistent with making your payments on time. Most creditors will start granting benefits upon acceptance of your proposals. However, some other creditors may take up to three consecutive payments before offering full benefits. Thats why it is important for you to carefully review your monthly creditor statements such as when benefits are granted to make sure they appear that month. You should also check each month to make sure that you are receiving credit for your payments made through the debt management company you chose to sign up with.

As most companies promise, the collection calls will stop. Yet, it may take up to three consecutive payments from the credit counseling company, before the calls stop completely. If a creditor happens to call, you should inform them that you are working with a credit counseling company to eliminate our debt. If they call again, notify your counselor and they will contact that creditor for you.

One thing that is crucial is to not make any additional charges on your credit cards once you have enrolled in a program. With most companies, if you do incur new charges, you are at risk of jeopardizing your acceptance into the program. Any additional charges could affect your payment schedule and your monthly payment amount because it affects your balance owed.
Usually credit-counseling companies will allow for you to pay several different ways. Some forms of payment are E-pay systems, which offers a convenient and secure way to make your payments. The payment is automatically deducted from your checking or savings account on the scheduled due date. This will ensure that your payment is received on time, every time. Another option available is if you choose to send your payment by cashiers check or money order. However it is important to send your payments in early enough to allow enough time to get there.

If you decide to sign up for a dept management program you should receive an estimate of the length of time it will take to complete your program. You should also get a breakdown of all the debts you owe, the amount owed to each creditor, the proposed payment to each creditor, and the anticipated number of months needed to pay off the debt. As your program continues, you should be able to contact a counselor to get an updated version of your repayment schedule. This will provide you with goals to shoot for each month as you see your debts decreasing.

So thats the process of a DMP, but one may still wonder, whats life like on a DMP. Well, your money isnt locked up, and you arent under house arrest where you cant go out and have fun still. Its up to you to decide how much money you need to set aside each month making sure you have enough to cover your costs, as well as cover any other costs you may have. To relieve stress, you should get out and do something you enjoy whether its simply going for a hike or hanging out with friends. There is plenty to do while being on a debt management program, which no one will know about unless you choose to tell them so because all your information is kept strictly confidential.

Debt Relief -- Why Most Programs Have A 75% Failure Rate

Debt consolidation, equity loans, credit counseling, debt management plans, even Chapter 13 bankruptcy it doesn't matter which of these debt programs you're talking about. They all suffer from one fatal flaw, the number one problem that causes most people to fail at eliminating their debts through these techniques.

Can you guess the problem?

It's probably not what you're thinking. It's not the fees, interest rates, or the quality of the companies behind these debt solutions. No, the number one problem with most debt programs is that they require FIXED monthly payments without exception. This major flaw is the main reason that very few people make it through a credit counseling program or a Chapter 13 bankruptcy plan.

Do you make exactly the same amount of money each and every month? If you are like most people, the answer is probably NO. It's easy to understand why. Salespeople, for instance, often experience ups and downs based on how much commission they earn from one month to the next. Seasonal workers experience boom and bust times depending on the time of the year (think retail workers getting lots of overtime around the holidays). Overtime hours come and go depending on company workloads. Part-time jobs may offer hours that vary widely from week to week. And so on.

Now, what about your expenses? Do you spend exactly the same amount of money each and every month? Sure, your mortgage or rent and your car payments are a set amount each month. But doesn't your utility bill go up and down depending on the weather? What about your phone bill? How much will you spend on car repairs over the next 6 months? Medical bills? Dental bills? Can you predict such variable expenses with any accuracy?
If you have lots of room in your budget, with money left over at the end of the month, then fluctuating income and expenses are probably not a major issue for you. However, if you are struggling to make ends meet, living from one paycheck to the next, then an unexpected expense can destroy your monthly budget.

People enter debt relief programs with the best of intentions. Take credit counseling, for example. You enter a program to get some help in bringing your credit card debts under control. The monthly payment of $500 sounds good. You're humming along just fine for a few months, then wham! The water heater blows up. Time to shell out $800 for a new one. Unless you like cold showers, you'll need to skip the $500 payment to the agency this month, and part of next month's payment as well. Where does that leave you with the credit counseling program? Back on the street, that's where. You simply CANNOT miss payments into that type of plan and expect anything but failure.

Or look at Chapter 13 bankruptcy, where the court requires you to pay a set monthly amount to your creditors over a 3-5 year period. Even before the drastic new law went into effect, 2 out of every 3 people failed at Chapter 13 bankruptcy. It will get much worse under the new law, because the court will set your monthly budget for you, based on what the IRS says it should be for your state and county. This is simply unrealistic, and once people realize how bad the new law is, they will run in the other direction from Chapter 13. (Forget about Chapter 7, where you wipe the debts away. The new law will make it very difficult to qualify for the old Chapter 7 fresh start.)
Again, the big problem with most debt relief programs is lack of flexibility. You cannot call your loan officer, the credit counseling agency, or the court trustee and say, "Hey, my kid broke his leg and I had to pay the hospital $500 to cover my insurance deductible, so I'll need to skip my debt payment this month." If you could, then these plans might have a chance of working. But such inflexible programs simply do not reflect the unpredictable nature of the average household budget.

So is there any debt program that does provide this flexibility? Yes. It's called debt settlement, or debt negotiation. It's certainly not for everyone. Debt settlement is an alternative to bankruptcy. It's not for people who can pay their bills in full without hardship. But it can be a real blessing for those seeking relief from a crushing debt burden.

The reason debt settlement is so flexible is simply because YOU control the cash. You build up money in a separate savings account until you have enough to make a reasonable offer to one or more of your creditors. Like any debt program, debt settlement has its downside and its risks, but no other program provides this level of flexibility. Because the monthly payment is going into a negotiation fund that you set up and control, a bad month simply means you have less money to settle with. If you can make it up later, that's great. If not, that's life. When you have enough to settle ONE account (usually between 35% and 50% of the balance owed), then you make an offer. If your creditor takes the deal, then you start building up funds to knock out the next debt, and so on. It's the only program out there that recognizes a basic reality: Your budget should set the pace for your debt elimination program. Not the other way around!

Again, debt settlement is not a magic bullet. It won't cure every debt problem. But if you need to skip a month, or adjust up or down a little to reflect what's going on in the real world, it doesn't mean the end of the program. It's truly a shame that the financial "experts" who have set up the bankruptcy rules, consolidation loan terms, credit counseling plans, and debt management programs haven't figured this out yet. If they would just recognize this fundamental problem, then the success rate on their programs would increase dramatically and they could stop misleading the public about what works and what doesn't in the world of debt relief.

Five Hot Tips To Get Out Of Debt Forever

The financial and psychological burden of being in debt causes us and our families continuous emotional stress. That stress eats away at the quality of our lives and leaves us feeling powerless, angry, depressed and helpless.
But there is a way out in fact, there are five simple and straightforward ways out of debt - and if you apply this five point plan to your life today you will have taken the first step on your personal road to debt free living for life.

1) Acquire No New Debt.
You have to make the commitment to yourself and your family that together you will take on no new forms of debt TODAY. Agree from this point forward that you will not take out a loan for a new car, you will not re-mortgage and cash in your equity to afford home improvements, you will refrain from filling in new credit or store card application forms and you will destroy all those credit and store cards you already have.
Break the pattern of living beyond your means TODAY.

2) Begin To Track Your Money.
Starting right now go and get the paper work for all of your regular bills, any loans, debts, credit card statements etc. and also the details of any income you receive each month from your job, any benefits you get or savings income - and put all of the paperwork on the table in front of you.
Step by step go through each one. List on a piece of paper what you have coming in each month and then list what you have going out each month for this one do it in two separate columnscolumn one should be your essential bills for every day living including your mortgage, electric, water, gas etc., and column two should be the amount of debt you have. Write down all of the money owed on each credit card, any loan amounts you have outstanding and also detail the minimum and required monthly amounts for each one.
Now you know exactly how much you have to live on, how much you have to pay out each month to live and exactly how much you have to find each month to pay debts.
Every month go through the same process once you have this whole five point plan in place you will notice that the amounts you owe will reduce each month and you will find it easier to afford your month to month essential living expenses. If you dont keep a track of what you spend it has been proven that you will spend up to 10% more than you can actually afford each month so your debt will grow and grow and grow exponentially forever unless you break the pattern TODAY.

3) Negotiate Better Interest Rates And Better Payment Terms.
Step 2 shouldve highlighted the amount you have in debt and the amount you have to pay out each month for each debt. Taking each debt at a time and include your mortgage in this look at the amount of interest you are paying on every single debt you have and also read contract small print to find out about any penalties you may incur if you pay back loans early.
Find out whether you can re-mortgage (for the same amount NOT to release equity) and take advantage of a lower interest rate and also the ability to pay off lump sums of your mortgage each year. Look at transferring credit cards to those offering lower interest rates and even 0% interest on balance transfers for a fixed period. DO NOT increase your credit limit, DO NOT use this as an excuse to add another credit card to your list! If you do find a company willing to take on your balance transfers cancel all other credit cards immediately you have paid them back. Now find out whether there are any LEGITIMATE loan companies offering lower interest rates than the companies you are already with and consider consolidating these other loans under one with a lower interest rate. Again, DO NOT use this as an excuse to take out yet another loan!
Once you have looked into any of the above ways for reducing your interest burden on your debt, if you are left with a number of credit cards or other debts that cannot be moved and thereby reduced, consider writing to your credit card company or loan company and asking about renegotiating the terms. If you dont ask you dont get! There is no guarantee that they will agree to lowering interest rates for you for a fixed period or agree to accepting a lower monthly amount if that is all you have worked out you can afford, but if you explain the situation youre in and the action youre taking they may be willing to help.

4) Create Your Debt Payment System.
Now you will have a complete picture of what has to be paid and to whom each month and exactly how much money you have to pay them. List each debt with the highest interest incurring one at the top all the way down to the lowest interest incurring one at the bottom. List the minimum amount you have to pay each month for each debt and ensure you pay it on time every month.without fail.
Any spare money you have left at the end of the month use it to pay off an extra slice of debt number one. When that is paid off move on to debt number two and so on and so forth until, in time you will have paid off every single debt you ever had!!!

5) Continue The Pattern For Life
Once you have paid off every single debt you ever had and you have resisted the urge to take on any new debts take the extra amount you have left over each month after paying off your living costs and put it awayput it in an interest bearing account and for the first time grow your money. Get a financial safety net behind you that will protect you for life from ever having to get into debt again as the result of a rainy day, an essential new car or a much deserved holiday. And get into the pattern of enjoying every single debt free dayforever.
Start on the road to debt free living today take control back!