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Cheap Debt Consolidation

If you're having a hard time making ends meet, debt consolidation can help. You can do this on your own, or you can hire a debt consolidation company to help you. Either way, you may be able to lower your interest rates and reduce the total amount due to your creditors.

A debt consolidation loan puts all of your debts together, so you only make one payment each month. It also stops those harassing creditor calls. And you won't have to file for bankruptcy, which can stay on your credit report for ten years.

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If you're having trouble with your mortgage, you may be able to refinance to a more manageable monthly payment and a lower interest rate. It may even be possible to get a home equity loan that you can use to pay off your other debts. Then you may be able to deduct the interest you pay on the home equity loan from your income taxes each year.

Credit card debt can get out of control faster than anything, especially when you are using it to pay your other bills. If you lose your job or have an unexpected medical expense, the situation can get even worse.

Many times, student loan debt can be deferred if you suddenly find yourself unemployed. The first thing you should do is consolidate your student loans in order to get the lowest possible interest rate. Then, check with your lender about whether deferment could apply to your loan.

Federal income tax survives even bankruptcy, so if you're in a situation where you owe taxes, you should do your best to work out a payment plan. Another non-dischargeable debt is child support. Keep these facts in mind when you're considering your available options.

The most important thing you can do is make up a budget and stick to it. If you have all of your monthly expenses written down, you'll be able to tell at a glance how much money you have left at the end of each month. Cutting out a few non-essential expenses can help you ensure that you'll be able to pay the ones you really can't live without (like electricity).

Just remember: you didn't get into debt overnight, and you can't get out of it overnight, either. So don't stress out about it; just take every day as it comes, stick to your budget, and watch your debt disappear a day at a time.