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The following article was published in our article directory on July 12, 2014.
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Pay Day: Debt Reduction by Pay-Off

Article Category: Advice

Author Name: Irene Immink

The major step to eliminate debt and repair your credit is to logically pay off existing debts first. In order to be successful, one must primarily accept and face the reality that all the debts accumulated over a number of years will not be extinguished immediately unless one suddenly gains unimaginable wealth by inheritance, donation or by winning. Thus, one may try several simple and realistic strategies to eliminate debt gradually. These strategies that may help repair your credit include the analytical approach, debt consolidation, asset disposal and conversion and negotiation.

Analytical Approach

To eliminate debt and repair your credit, the analytical approach may be used. This involves listing down all debts in order to analyze them. By doing this, it would be easier to prioritize payment according to length of period, amount of amortization or interest rate.

Ideally, experts suggest paying off debts with higher interest rates. This would most likely be personal loans or credit card loans. If one has no available cash, he might consider balance transfers to a card with a lower interest rate. This will enable him to pay a consistent average rate of 4 per cent instead of the usual whopping 13%. Notwithstanding the advantages of the strategy, one must nevertheless pay on time. Otherwise, the standard late fees and penalties apply including interest on the full balance from date of purchase. Moreover, he must pay above the minimum due, if not in full as minimum payments would have little or no effect at all in reducing the total balance owed since they are even barely sufficient to cover the interest.

Others would opt to pay debts with the highest amortization first in order to free up a large part of their income while others decide to completely extinguish the lowest amount first in order to fuel motivation to completely eliminate debt. Yet it does not matter which debt is settled first. The important thing is that the first is taken in order to repair your credit.

Debt Consolidation

Another alternative to eliminate debt and repair your credit would be debt consolidation, which entails combining all of them and paying them simultaneously by availing funds from a single source. This source may either be a close family member or a trusting friend or lending institutions which have lower interests and lower monthly payment schemes. This would enable one to drastically reduce the number of his debts for effective monitoring of monthly payments. Ideally, borrowing from a close family member or trusting friend would be a better option as they may be more open to charging much lower or no interest rates at all. In addition, they are more likely to be amenable to lending the entire amount one needs to settle his obligations unlike lending institutions which sometimes exclude other debts such as mortgages. Moreover, one must exercise greater caution in choosing reputable lending institutions in order to avoid scams and other fly-by-night companies. In any case, he should still ensure prompt payment to either source in order to avoid a bad credit rating or tarnished relationships.

Asset Disposal and Conversion

More than borrowing, using one's resources may still be the best option in order to completely eliminate debt. This is done by making use of assets-on-hand by disposing them or converting them in order to extinguish liabilities and repair your credit. For instance, you may sell your house, car, jewelry, furniture, appliances, gadgets and other personal effects in order to raise funds sufficient to cover all debts. Assets may also include life insurance policies with built up cash value and tax refund checks.

Negotiation

In any case, never underestimate the power of negotiation while struggling to find ways to eliminate debt and repair your credit. Some creditors may grant amnesties for interest and penalties upon full payment of the principal while others agree to lower interest rates. In other words, never give up without a fight. Little victories are always valuable and pleasant.

Keywords: Eliminate Debt, Repair Your Credit

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