Houston, Texas 7/26/2007 9:03:12 PM
News / Education

Debt Elimination By Negotiation Or Debt Consolidation

Debt elimination such as debt consolidation loans, credit card relief, debt negotiation advice and free self help are some of the debt elimination related articles at http://www.christianet.com/debtelimination/.

ChristiaNet.com (http://www.christianet.com), the world's largest Christian portal with twelve million monthly page loads, has just launched a directory of articles about debt elimination. "ChristiaNet is committed to providing readers with information that can prove beneficial when trying to find solutions to manage high end debt, says President, Bill Cooper." Some of the ways to tackle this dilemma is through debt consolidation loans, credit card relief, debt negotiation advice, and positive money management practices.  (http://www.christianet.com/debtelimination/)

Good money management includes sticking to a workable budget, paying down high interest debts first, paying more than just the monthly minimum payment on credit cards, and finally, eliminating the need to use credit cards altogether. A good place to start with debt elimination is by adopting positive money management practices. Cooper suggests, "When setting up a budget, try to allow extra funds to put towards paying off high interest accounts." Paying just a little extra over the minimum monthly payment on credit cards helps to payoff the principal faster.

Negotiating with creditors might be a positive way to acquire credit card relief. Debt elimination programs usually offer to lower interest rates, eliminate late charges, stop harassing phone calls from creditors, and reduce payoff balances. Readers should consider obtaining some debt negotiation advice before signing any contracts. It might be a possibility to negotiate with creditors without using a service by doing your own negotiating. Another possible reprieve is to actually ask lenders for a lower interest rate on credit cards. Research shows that competition in the industry might give consumers a little leverage with negotiations.

After negotiations seem to fail, it might be time to check into debt consolidation loans. It seems like it would be much easier to manage debt when going from 5 monthly payments to 1 monthly payment but a comparison should be done of the total savings in interest and principal. In other words, compare the difference between the new loan and existing loans to figure out if it is advantageous. The most popular methods for debt consolidation loans are through obtaining a second mortgage on a home or by using equity in a home. These are the most popular because most lenders require some kind of security or collateral before lending money.  For more information, visit: http://www.christianet.com/articles/

About ChristiaNet
ChristiaNet.com (http://www.christianet.com), the world's largest Christian portal with twelve million monthly page loads, receives around one million visitors per month and has 400,000 email subscribers who have access to an online shopping mall, job bank, Biblical and life application resources, free ecards, Christian blogs and friendship communities.