You can lower credit card debt through a variety of options. Consolidating your debt into one loan can help lower interest rates and monthly payments. If you need additional help, you can use a debt management or debt negotiation company. Both offer programs to reduce your debt, helping you to get a handle on your credit.
Consolidating Credit Card Debt
The goal of consolidating credit card debt is to lower your interest rates. With lower rates, more of your payment can go toward paying off your principal and getting you out of debt sooner. Closing accounts that are paid off will also help your credit score.
A home equity loan offers the best financial benefits. Not only will you find the lowest rates with this type of loan, but interest payments are tax deductible. Monthly payments can also be reduced by lengthening your loan terms.
Personal loans are also an option. With relatively low rates, debt can be quickly paid off. You can also transfer credit card balances to a new card that offers 0% financing.
Reducing Interest With A Debt Management Plan
Debt management plans handle your unsecured accounts and negotiate lower rates with...
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