Credit Card Debt Loan Information – From Ask Bill

Question: My wife is an elementary school teacher and I am self-employed. I became officially self-employed earlier this year when I dropped the second of my two part-time jobs to work solely for myself. I've been building my business for two years, but have never had profits to claim on my tax returns. Now, I have some debt I would desperately love to consolidate. I couldn't do it with my bank because my old tax info is for jobs I no longer have and I have no profit history from self-employment. My wife's teaching income wasn't enough to make things work.

However, I have been bringing in enough money with my self-employment to pay the bills... and I'd definitely have more profits left over if I could simply consolidate my business and personal debt. Wells Fargo couldn't help me, are there some other places that could? What are my debt consolidation options?

Answer:
There are many debt consolidation options, including:
(i) Debt consolidation loans,
(ii) Credit counseling,
(iii) Debt negotiation, and
(iv) Bankruptcy.

Debt consolidation can benefit you in many ways: i) improving monthly cash flow, ii) reducing total payments, iii) providing tax deductible interest, and iv) maintaining your credit rating.

Based on your situation, it may be difficult for you to qualify for a debt consolidation loan, but it is still worth exploring with a few more companies.

Bills.com makes it easy for you to apply for a consolidation loan and compare offers by following this link: https://www.bills.com/mortgage/refinance/

Alternatively, a program like Debt Negotiation may lower your monthly payment, get you debt free fast, and save half of what you owe, but it could negatively impact your credit rating. If you are interested in Debt Negotiation, follow this link: https://www.bills.com/debthelp/debt/?rbc=ask+bill

One other option to consider is the "roll up" strategy. It is a simple but effective way to get out of credit card debt. Start by making only minimum payments on all of your cards, except for the one card with the highest interest rate. On the card with the highest interest rate, pay everything you can afford to pay each month on top of the minimum payment, until it is paid off. Then, keep paying the minimum payments on all of your cards, except for the second highest card - and put everything you can afford each month to that one, etc, etc. This simple strategy can wind up saving you thousands of dollars in interest and get you out of debt months, or even years sooner than continuing to pay your bills in a non-strategic manner.

These are a few of the considerations. If you would like more information, please visit our debt relief boot-camp.

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.

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