Lowering Your Debt
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Lowering Your Debt

Even before applying for our consumer debt consolidation services, there are some easy things you can do to lower your debt right now. It's surprising how many people are unaware of these tips, so even if you think you know all the tricks, read on to see what you can do on your own to reduce debt:

  • Pay all your monthly bills on time. Sounds like an easy thing to do, but it can be a struggle if you have several payments due between paychecks. Companies make thousands every year from the $20-$50 later payment fees, but these fees are very avoidable. If you know you can't pay on time, try calling your creditor, they're often willing to extend your payment date.
  • Is the majority of your debt on credit cards? If your cards carry high interest rates, you may be able to get the rates lowered with just a simple call. In a 2002 research project, about half of people who called their creditor and asked for a lower interest rate on their card got their wish, by as much as 7%! Some creditors may be willing to make the reduction in order to keep your business.
  • If you're creditor is a little stingy and won't reduce your interest rate, apply for a new card with that offers balance transfer and a low interest rate. Often times you can find a new card that you can transfer your old balance to with no interest for a full year or even longer.
  • Take advantage of a home equity loan or refinance your mortgage. These types of loans are secured by your home, so you can typically get approved even if you have poor credit. The money you save on refinancing can be put directly toward your consumer debts.
  • Rein in your spending. If you've got more debt than you can handle, you should probably be curbing your expenses already. But if you haven't yet, chart out exactly how much income you have each month and where it's all going. If you can find 3-4 things you can do without each month, that's all extra money you can use to pay off debt.

If you still have questions check out our debt consolidation FAQ page.

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