How to Get Out of Debt – From Ask Bill - The Bills.com Blog

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How to Get Out of Debt – From Ask Bill

Friday, Apr 6, 2007

Question: How can someone get completely out of debt? How can someone raise there credit scores. I would just like to start fresh without any credit cards or loans at all.

Answer: Thank you for visiting Bills.com. Here is an answer to your debt question.

There are many forms of debt relief, including: i) debt consolidation loans, ii) credit counseling, iii) debt negotiation, and iv) bankruptcy.

In your case, the only solution that will not impair your credit profile is a debt consolidation loan.

Debt consolidation can benefit you in many ways: i) monthly cash flow, ii) total savings, iii) interest deductibility, and iv) your credit rating.

However, all forms of debt consolidation are not the same. You need to consider your specific situation, including
if you own or rent your home, your monthly debt to income ratio, and your credit rating. A program like a debt consolidation loan may lower your monthly payment, get you a lower rate than most credit cards, and the interest is tax deductible.

Alternatively, a program like negotiated debt settlement may lower your monthly payment, get you debt free fast, save
half of what you owe, but it could negatively impact your credit rating.

Bills.com makes it easy for you to apply for Mortgage Refinance .

I hope that this helps you, and you might also be intested in the content on our "How do I?" - "Where can I?" page, which is located at: http://www.bills.com/how-do-i/.

I hope the information provided helps you Find. Learn. Save.

Best,
Bill
www.bills.com/blog/

Also, make sure to get a free financial health check-up with Bills IQ!

User Comments

1. Posted by angelica on Tuesday 22nd May 2007 06:35

my husband and i really want a bill consolidation loan. but with our credit being terrible due to to many bills and some other stuff on there we don't qualify. a debt consolidation loan is our best option and a window of opportunity for us to get out of debt alot quicker...is there anyway, your company can help us?

2. Posted by Steven on Sunday 16th August 2009 16:53

The easiest way to get out of debt is to get on a budget, find out exactly what you owe and start paying off your debts from smallest to largest.

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Bill has answered all sorts of questions and has been able to provide those in need of financial guidance with helpful and valuable advice and information on their specific financial area of interest. If you need specific guidance on any of the above mentioned financial areas, feel free to Ask Bill your financial questions and get better informed. Also, make sure to get a free financial health check-up with Bills IQ!

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