How to Pay Your Debts Through Debt Consolidation

Views:
 
     
 

Presentation Description

Solving the issue of debt can seem like an impossibility. Teach yourself about debt consolidation options and concepts to ensure a promising financial tomorrow. Looking for debt consolidation program? Apply here http://www.newhorizon.org/Info/debtconsolidation.htm

Comments

Presentation Transcript

slide 1:

How to Pay Your Debts Through Debt Consolidation

slide 2:

Debt Consolidation Solving the issue of debt can seem like an impossibility. Teach yourself about debt consolidation options and concepts to ensure a promising financial tomorrow.

slide 3:

Be Debt Free With These Debt Consolidation Tips

slide 4:

Look Through FTC Regulations Read about things like debt relief and negotiation companies to give you some background you need to go forward with the process of debt consolidation.

slide 5:

Do Your Research ● Dont borrow money from a company you havent researched and especially from loan sharks. ● Borrow money from someone with a strong reputation offers a fair interest rate and has easily understandable repayment terms.

slide 6:

● Consider which debts you want to consolidate and which debts you want to keep out. eg. It makes little sense to consolidate loans with zero percent interest onto higher interest loans. ● Walk through each loan you currently have with your lender to make sure you are making smart decisions. Consolidate

slide 8:

Debt Management Plans ● Preferred method of debt consolidation. ● Starts with credit counselling session. ● Help you get a lower interest rate from creditors and reduce or waive late fees to help make your monthly payment affordable. ● You send one payment to the agency running the DMP and they split it among all your creditors. ● Can possibly affect your credit score. ● Longer process and can take 3 to 5 years.

slide 9:

Secured vs. Unsecured Consolidation Loan ● Choose between a secured or unsecured consolidation loan. ● Secured Debt Consolidation Loan pros and cons: + Easier to obtain from a lender + Higher borrowing amount allotted + Lower interest rate + Possible tax deductible interest rate – Longer repayment terms higher cost in interest over time – Risk of losing assets

slide 10:

Secured vs. Unsecured Consolidation Loan ● Unsecured Debt Consolidation pros and cons: + No asset risk + Shorter repayment term lower cost in interest over time – Harder to obtain from a lender high risk borrower – Lower borrowing amount allotted – Higher interest rate – No tax benefit

slide 11:

Use a Lifeline ● Loan from your life insurance to help pay your debts. ● Pay this money back so that funeral expenses are covered.

slide 12:

Pay in Cash ● Stop using your credit cards and pay in cash. ● Set aside a portion of your income to pay down balances on your card. ● When everything is paid be more responsible on your credit usage so you don’t get mired in debt again.

slide 13:

Do you have questions about rebuilding your credit Join our Facebook group Feel free to ask your questions within the group

slide 14:

Join Our Other Social Media Communities NewHorizon.Org NewHorizon.Org

authorStream Live Help