The Differences between Debt Reduction and Credit Card Consolidation
July 31st, 2009 - By admin - Posted in Debt ConsolidationUsing credit cards to consolidate your debts is not as effective as debt reduction. Credit cards often have high rates of interest, and will often lead you into deeper debts. In fact, credit cards are one of the leading causes that debtors seek out debt consolidation solutions. Debt reduction means that you are working to decrease your bills, not add or keep the bills in existence by using another source to pay off the debt. Therefore, instead of considering credit cards as a source for debt consolidation, you must find a way to reduce your debts.
Let’s say you owe money for your mortgage, car payments, insurance, utilities, and other bills that add up to $1200 per month. Now, is there a way we can reduce this amount? Absolutely, but can we find a mortgage that will refinance our loan and help us to combine our monthly bills into one payment? Yes. There are loans available that offer cash back, underpayment, and overpayment plans; as well as loans that will wrap your bills into one, combining the bills and adding them to your monthly installment.
Do not misinterpret this: your utilities are your responsibility, but for the most part, your car payment, mortgage, and any credit cards or other loans will be rolled into one monthly payment. Therefore, if you’re paying out of the $1200 up to $800 per month toward car payments and mortgage, you may find a lender who will reduce this amount to $600 more or less per month.
Furthermore, if you land a loan that offers cash back, you can use this money to payoff your debts. Finally, utilities can be reserved and grocery bills can be reduced. In addition, insurance coverage can also be reduced. Therefore, debt reduction is wiser than credit card debt consolidation in the long run.
15 Responses to “The Differences between Debt Reduction and Credit Card Consolidation”
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August 3rd, 2009 at 2:03 am
An interesting read - some good tips here
August 10th, 2009 at 5:50 am
According to me almost every one of us has one thing in common that is Credit Card Debt. Consolidation is the way to reduce this type of debt, consolidation is also having some merits and demerits let’s check out it, consolidation will help you to reduce your monthly payment, on the other hand it will benefit you by lowering the net interest rate. Demerits include after consolidating all this debt people become more relaxed, you have to provide some security like your car or home, on the other hand there will be no end of paying interest and payment, last but not the least they charge you 10% as there charges. So, after seeing all these points i think consolidation it’s not so good instead of this you can save money and pay your debt.
March 20th, 2010 at 5:55 am
Genealogists never die, they just loose their roots.
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