Debt Consolidation Solution For Non Home Owners
Debt consolidation with Home Equity Loans is undoubtedly an easier and lower-cost solution to consolidating your debt. Because you have equity to return, you can usually enjoy lower interest rates and better payment schemes.
This is certainly not the end of the world if you don’t have a house, there is another solution that is not a homeowner who wants to consolidate his debt.
Credit Card Balance Transfers
If you have a good credit rating, this solution is for you. You can contact your existing credit card company and ask for an interest rate quote if you transfer your other card balances to them. If your current credit status is good, you should be able to get better interest rates and terms to consolidate your debt.
Be sure to ask for a fixed interest rate and to transfer any fees if any. You should also compare rates for all credit card companies before you commit to one of them. Choose the one that is most comfortable for you.
Withdrawal from the Insurance Policy
What is the insurance policy for? This is to help you in times of crisis. If you bought a life insurance policy years ago, it’s time to borrow from your policy. The amount of the loan depends on your policy and of course the value of your policy.
Guaranteed Personal Loans
If you have valuables such as cars, jewelry and even electronics, you can try to get a secure personal loan at a local bank or financial institution. Using your valuables as collateral for your loan, you can get a measured loan amount depending on the market level of your collateral.
This option is most feasible if you have valuable property because the amount of your loan depends on your collateral.
Debt Settlement Company
With the help of third parties, they can help you negotiate with your creditors to reduce your debt by 50-70%. The disadvantage is you have to pay for their services and there are a lot of scams out there.
Be careful to check their cost structure and if there are hidden costs involved in the settlement process. You can also check the company’s reputation with your local Consumer Affairs or Better Business Bureau website.