What options do I have to reduce my debt quickly without hurting my credit rating?
What options do I have to reduce my debt quickly without hurting my credit rating? I am not past due, but feel overwhelmed. How do I reduce my debts?
There are many forms of debt relief and ways to answer your question "How Do I Reduce My Debts?" including:
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:
- Monthly cash flow
- Total savings
- Interest deductibility
- Your credit rating
However, not all forms of debt consolidation are 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.
These are a few of the considerations. See the Bills.com article How to Reduce Debt Quickly & Effectively if speed is what you need. If you want more in-depth information about your options, read the Debt Solutions: Bills.com White Paper on Debt Solutions.
I hope this information helps you Find. Learn. Save.
Best,
Bill
Free up cash each month with Freedom Debt Relief
Ozzy S., Freedom client
“Right away, I had more money each month because of program costs so much less than what I was paying on my minimums.”
Actual client of Freedom Debt Relief. Client’s endorsement is a paid testimonial. Individual results are not typical and will vary.