Low Interest Debt Consolidation Solutions

Question: I have approximately $30.000.00 of unsecured debt. I have refinanced my home just over one year ago and no longer have any equity. How can I consolidate this debt at a low interest rate one payment and get rid of the credit cards? I am currently in repayment with my creditors, but would like to have one payment to make freeing up some income for gas and groceries. I am only one month behind and my credit score is in the low 600's. What are my low interest debt consolidation solutions?

Answer:
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, by following this link: https://www.bills.com/mortgage/refinance/

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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