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Debt Payment
Find out about our easy and effective debt payment plan.
If you are seeking an affordable debt payment plan for your high monthly debt payments, you aren't alone. Unfortunately, missing even one monthly payment can have costly consequences. In what many consumers describe as a spiraling effect, one late payment too often quickly leads to a serious financial situation. To calculate what it will take to pay off your balance, use the calculators at www.moneymanagement.org/FinancialTools/.
Helpful debt payment plan tips from Money Management
- Communicate. A general rule with creditors: it is better to call them before they have to call you. At the first sign of financial trouble, call your creditors and tell them about your situation; ask them about a hardship program. Many lenders have debt payment plan programs in place to help people who are facing temporary set-backs.
- Consolidate. One option before deciding on your exact debt payment plan is to consolidate your loans. You may be able to obtain a consolidation loan if you have the three primary qualifications which are (1) the ability to repay the loan,(2) the credit background to verify your repayment record, and (3) the necessary collateral to guarantee repayment. If you do qualify, you may be able to lower your payments by obtaining a lower interest rate and lengthening the time you have to repay. However, before you go this route, remember that by dragging your payments out over time, you may actually be paying more in the long-run.
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