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Debt Consolidation


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Debt Elimination Loan Programs:

Homeowners have two options for eliminating credit card debt: home equity loans or refinancing their first mortgage.

Renters with decent credit can apply for an unsecured debt consolidation loan.

There are many advantages to using credit cards. People use credit cards for every type of purchase, large or small. Credit cards offer great convenience. However, credit cards will result in an artificial sense of financial security-at least until the statement arrives.

Last year, Americans spent over one trillion dollars by the use of credit cards. In addition, the average family has a credit card balance of $7,500, paying more than $1,200 in interest/year.

Wipe your debt out in 2007!
If you are a victim of credit card debt, don't worry. Detailed below are some common tips that will discipline your credit card use, helping you focus on getting out of debt and saving money for investing. We also suggest reading about how to get rid of credit card debt.

Things to avoid when paying credit card debt
Never use your 401k or any other type of investments to pay any credit card debt. By liquidating investments, you are not only losing the money's future potential, you are going to have to pay taxes on the money being withdrawn.

A Few Simple Steps for Eliminating Credit Card Debt:
1) Stop creating debt. Eliminate any pointless spending. Don't make purchases based on impulse. Once you eliminate credit card use, you will experience very positive results.
2) Keep records of your spending. Track every dollar on paper. Doing so will allow you to spot areas where spending can be reduced, or eliminated.
3) Set goals. Make plans on how much money you expect to spend every month, and how much you anticipate on saving.
4) Give it time. Getting out of debt will not happen overnight. Be enduring and make sure you stick to your goals.
5) Get professional help. Star Loan Services offers help and guidance for consumers looking to regain control of their finances. Learn more about the credit counseling services we offer.

Making changes to the way you live your life is not easy, but not impossible....
There is no easy way to eliminate credit card debt. However, there are things you can do that will help you from accumulating more credit card debt.

Get rid of cards you do not use. A good idea would also be to close any non-active accounts. Having extra cards will only lead to irresponsible spending.

Avoid pre-approval offers. These type of credit card offers probably arrive in your mail several times/week. If you are going to accept one of these pre-approval offers, make sure that you check out and compare the terms and rates with several different offers. Any applications that you are not interested in should be immediately shredded. People often throw away these offers without destroying them. This can lead to becoming a victim of identity theft.

Develop a budget. Not only is important to set some sort of spending plan, you must stick to it. Learn more about planning a budget.

And while you're utilizing your budget, don't forget to ...

Start saving and investing. Just because you have excessive credit card debt does not mean you can not start saving and investing money for your future. Even if you put $10 - 20 dollars a week to be invested, it is a start. Remember, you need to walk before you can run. Learn more about controlling debt so you can save.

Utilizing Credit Card Advances for Settling Debt
Effects of Credit Card Debit on Mortgages


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