Cutting back on spending helps, but there are a number of other options that most people aren't currently aware of. Continue reading to learn more...
According to a recent study, a shocking 8 in every 10 Americans are currently struggling with some form of debt. If you’re one of them, you know all too well the burden it can bring. Whether you fell behind on credit card payments, have student loans, had a large unexpected expense, or lost your job, it’s important not to beat yourself up; because getting into debt can happen to anyone.
The good news is, regardless of your type of debt, amount of debt, or even your credit score, there are a number of solutions out there that can help.
In this article we’ll walk you through the different ways to help you get out of debt....let's get started:
Step 1: Calculate Your Savings By Refinancing Your Debt
One of the easiest ways to get out of debt is to refinance your debt at a lower rate. Depending on the type of debt you have, you could be paying upwards of 15-20%.
By spending a few minutes to calculate your savings with LendingTree, you could refinance your debt at rates as low as 5.99%...and save thousands in the process. All for free. In case you haven’t heard, the Fed recently increased interest rates, and they are expected to keep rising even further. So if you want to get the lowest rate possible, you’ll want to act soon and lock in your rate.
In order to see how much you could be saving by doing this, just click here, select your type of debt, debt amount, and answer a few questions via their free tool. They'll help you calculate your savings and match you with the best options out there. It’s completely free and there are 100% no obligations to give it a try.
This is one of the most viable options and can result in huge savings, so make sure to give it a try before moving on to the other options.
LendingTree Personal Loans
Step 2: Pay 0% With Chase Slate
Here’s how it works:
Let’s say you have $5,000 in credit card debt and you’re paying an interest rate of 15-20% (an average rate). When you transfer your balance to Chase Slate, there's no transfer fee and you'll pay 0% interest for the first 15 months.
How does this help? Well, instead of making monthly payments that only go towards the interest, with Chase Slate, you can start chipping away at the actual debt. It’ll reduce your debt much faster and it’ll cost you far less money.
Chase Slate
Step 3: Get A Free Debt Analysis From CuraDebt
If you have poor credit/no credit, unfortunately you won’t likely be able to qualify for many of these other options. However, there are a number of companies that specialize in helping people exactly like you. These companies are called “Debt Relief” services and are for those with over $7,500 in debt and poor/no credit.
Debt Relief companies will study your situation and then provide you with your best options. This is their field of expertise, so you can bet they’ve seen your situation before, no matter who dire. CuraDebt, one of the leaders in the space, has helped over 20,000 people to date. They are a leader when it comes to experience, as they’ve helped out thousands; and they are also trustworthy having earned an A+ accreditation from the Better Business Bureau.
They are currently offering MyFinance readers a 100% free savings estimate and consultation, and it only takes a few seconds to sign up and immediately speak with an expert about your situation.
There is no commitment of any kind required to get your free debt analysis. You can click here to learn more, to see how they can help you.
CuraDebt Free Debt Analysis
Step 4: Cut Your Student Loan Debt In Half
For those currently struggling with student loan debt, we have great news:
It's now possible to save thousands and cut your student loan payments in half. Similar to how you can refinance your credit card debt, you can do the same with your student loans, and customers that use this free calculator end up saving an average of over $14K.
They've also removed the complexity out of what used to be a painful process. You can use their free calculator to see how much you can save in minutes, all from your computer or mobile device. Just check out their calculator here, click the compare rates button, and select the option with the lowest rate to learn more.
SoFi Refinance Your Student Loans
Step 5: Save Thousands By Refinancing Your Home
If you own a home and haven't yet taken advantage of the historically low refinance rates, you're probably spending way more than you should be on your mortgage. Even better, if you have other types of debt that you are paying high interest rates on, you can use the savings to pay off your higher interest debt.
LendingTree could help you refinance your mortgage at a significantly lower interest rate - I was able to lower my rate by around 1%, which on my $200K mortgage, saved me over $100/month and over $40,000 in total over the course of my loan!
You can use these free calculator to see how much you could save!
Calculate your savings
Current Loan Term (Fixed Rate):
Monthly Payment
Total Loan Amount
Current Loan
$1,297
$466,991
New Loan
$804
$289,377
Potential Savings
$493
Per Month$177,613
In InterestClick below to calculate your potential savings and speak with an expert for free.
LendingTree
Step 6: Check Your Credit Score For Free
When it comes to managing your debt, understanding your credit score is a critical component. For those with poor credit, this process will be much more difficult, as you might not qualify for certain loans, or be approved for a balance transfer card.
If you don't know your score, you can check it for free here. It is 100% free, and requires no credit card to sign up. Once you know your score, you'll be in a better position to selecting the best option to deal with your debt.
LendingTree Credit Check
How To Get Started
There is no timeline here because ultimately the quicker you take action, the sooner you'll be on your way to getting out of debt. I don’t know about you, but every day stressing about finances was a wasted day.One final thing I’ve learned: The biggest mistake I made for years was never really getting started. So don't let that happen to you... Take the following steps listed below and get started today!
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