100k Credit Card Debt

100k Credit Card Debt

100k credit card debt

How do you get out of 100k credit card debt fast? Well, the truth is that there are many ways you can go about getting out of credit debt fast, and some of them include debt consolidation and debt settlement. You may have heard of them already. But if you haven’t, here’s a brief run down on how they work and how you can benefit from them. But first… When you use debt consolidation or debt settlement to help you get out of credit card debt quickly, you basically take out a new loan in order to pay off all of your current debts. So instead of having to make payment after payment, you only have one payment to make each month. You start saving without even trying to! You also get a lower interest rate. And most lenders give you a couple of months grace before you have to start paying back the new loan. 

Debt settlement is similar to what we discussed above except it involves a negotiation process. It’s similar to consolidation, but instead of taking out a consolidation loan, you take out a settlement loan. Here’s how it works. You find a lender who is willing to give you a settlement, maybe even a better than the interest rate you are currently paying on your credit cards. Then you tell them that you will be paying the reduced amount plus a little extra each month until the full amount is paid off, and that you would like to negotiate a lower interest rate as well. The lender sees this as a win-win situation and is usually willing to negotiate a lower interest rate and less money overall to settle the account. After the negotiations are completed, the new terms will appear on your final credit card’s statement. Lenders love to settle accounts because they don’t have to pay a lot to the creditor and they get some of their money back. Your final credit card’s statement is also written in a nice language that the credit card company understands.

Options to eliminate 100k credit card debt

Debt settlement is often used by individuals with poor credit scores to get out from under high monthly credit card payments they just can’t keep up with. Once you’ve settled your account, you can then apply for a personal loan at a better interest rate than you had to pay on your credit cards. If your debt to income ratio is greater than 45%, you can also use the equity in your home to qualify for a home equity loan. The equity in your home will be used as collateral on your personal loan. If you are thinking of using a home equity loan or refinancing to reduce your credit card debt, be sure to find out if you will have to pay taxes on any of the interest you are saving. You may also want to talk to an accountant to find out how much you can expect to save each year with a refinancing or home equity loan. Be sure you understand all the terms of the refinancing or home equity loan before you sign anything. You’ll be glad you did when your taxes are lower and you have extra cash to spend.

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