How to Get Out of Debt

First approach is to come up with a tight budget or spending plan, then contact creditors to negotiate debt terms and payment arrangements. As an essential first debt solution step, most financial advisors will tell you to stop adding to your debt. That means putting away the credit cards to avoid the tempting buy now, pay later option.

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Debt Consolidation Overview

Debt consolidation simply means bundling together all of your debts, then taking out one loan to pay them off. This new loan should offer a lower interest rate and the convenience of a single payment. You should consider debt consolidation if you can’t pay your monthly bills, if you’re worried about losing your car or your home, or if you are being harassed by debt collectors.

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