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Understand debt
Debt consolidation reduces your
interest rates and monthly payments so you can get a better handle
on your credit. You can finance your consolidation through any of
a number of lending companies. Once your promissory note is signed,
pay off your accounts and focus on one monthly payment.
Financing A Consolidation
You have a number of ways to finance debt consolidation.
Secured loans offer the best rates. So cashing out your home equity
by refinancing or taking a second mortgage will give you the greatest
advantage.
For those without property, taking out a personal
loan can still get you a great rate. With online lenders, your application
for $10,000 or less can be approved the same day. It is also important
to shop lenders before accepting a financing offer. Online financing
quotes will help you find the best deal, saving you more on interest
charges.
Making It Work
Once you have your funds, pay off your accounts immediately.
Every day you delay, the more interest you are being charged. You
can either write a check to your creditor or wire money to them.
The next step is to close accounts that you don’t think you
will use. Unused accounts affect your credit score. Closing them
will not wipe out your past credit history with the account. But
it will reduce your open credit, which is a good thing for your
FICO score. This might also be a good time to evaluate your credit
card rates. High interest cards should be the first to go. Also
check to see if you can find better rates by opening a new card.
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