Debt Elimination

Debt elimination is not impossible to achieve. In fact, with the right debt elimination program, you can be debt free in five years or less!

Debt Elimination

Wouldn't it be nice if you could just eliminate your debt with the snap of your fingers? It doesn't happen that fast, but you can speed up the process with help from the right debt elimination program.

How Fast Can Debt Elimination Work?

If you're stuck paying just your monthly minimums on your credit card bills each month, it will take you anywhere from 18-20 years to get them paid off. Most of your payment goes towards interest and finance charges, and only a small fraction goes to the amount you actually charged in the first place. However, if you go online and search on the term debt elimination, you'll get pages and pages of companies who can help with various debt elimination programs. Most of these programs will have you out of debt in about five years.

How Do Debt Elimination Programs Work?

It depends on what kind of debt elimination program you choose. There are debt consolidation programs, debt consolidation loans, student loan debt consolidation and debt consolidation mortgages. The most common form of debt elimination is debt consolidation. This is a process in which a debt management counselor contacts your creditors to get you lower interest rates (especially compared to advances) and lower monthly payments. Then, instead of making several payments to your creditors each month, you only make one monthly payment to your debt consolidation company. They distribute your payments to your creditors, and you're out of debt within five years.

Another popular debt elimination tool is a debt consolidation loan. The major (and probably most obvious) difference here is that a loan is made to you by the debt consolidation company so you can pay off your creditors. Then you make a monthly loan payment to the debt consolidation company. The advantage is that the interest rate is so much lower that you'll have the loan paid off in five years. Other forms of debt consolidation loans are debt consolidation mortgages. This tool allows you to borrow from the equity in your house to pay off your debt, then you make one monthly payment that includes your regular mortgage payment as well as the added amount that you borrowed to pay off your credit cards.

If you have a lot of student loan debt, student loan debt consolidation may be for you. This tool combines your student loans into one at a much lower fixed rate, and your monthly payment is reduced by almost half.

How to Find Debt Elimination Help

To find the right debt elimination program for your situation, search the Internet. You'll find pages and pages of debt elimination companies, and many of them will have online forms you can complete and submit to help the debt counselors at these companies assess your financial situation accurately. They will then make recommendations about which debt elimination program suits you best. Compare their recommendations, then decide which program and company will be best for you. Before you know it, you'll go from being knee deep in debt to knee deep in savings.

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