If I told you there are very effective free debt consolidation available to you that can help set you on the path to becoming debt free, would you be willing to listen? Read on to discover how you can fix your finances on your own with a few simple strategies that you can put into action right now!
Free Debt Consolidation For Everyone
First off, let’s put the misconceptions to rest. Free debt consolidation options are available to everyone. Not all will work or be effective for each and every case, but at least one of these methods can be employed by you right now to help you set your finances straight! Free debt consolidation is simply a general term that describes consolidation and management solutions that can be utilized by you without having to pay a third party, such as a debt consolidation company.
Low Interest and Balance Transfer Credit Card Consolidation
The most common method for do-it-yourself debt management is the balance transfer credit card method. This is also typically the most accessible method for consolidating debt. Essentially you are taking your high interest debts (credit cards, loans, etc.) and transferring those debts to a single, high-balance, low interest credit card. To do this effectively, look for promotions that offer no or very low interest for promotional periods. Often you’ll find 0% for 6-12 months or 2.99-5.99% for 12-18months or longer. Some of these offers are available for new card accounts only so you will have to apply for the account. If this is the case you will, in most cases, need at least fair to good credit. But don’t get discouraged, there are often many offers available for existing card holders. Either call your credit card company or go online to your credit card account site and look for promotions.
Free Debt Consolidation Loans
I know that loans are technically not free as you are paying interest, but that is going to be the case regardless. Here we are talking about loans from your bank, or credit union, or even home equity loans if you are a homeowner. The important key is that we are not paying a debt consolidation company to do this work for us so it is technically free debt consolidation. It’s important to seek out products that fit your budget and situation. A debt consolidation loan can be used to pay off your balances and provide you with a single balance and single monthly payment, all at a lower interest. Make sure you do your homework and only apply for a loan once you know it is right for you.
Free Debt Consolidation Rule Number One
For your free debt consolidation efforts to pay off, The most important rule to follow here is to stop using those accounts as soon as the balance transfer completes. It is easy to fall into the trap of zeroing out your balance and then charging a little here and a little there because you know there is no big balance there anymore. The problem is this adds up fast, and eventually you are much worse off than you were before. So as soon as your balance transfers complete, or your loan pays out and you have paid off your debts, put the old cards away-far, far away!