• Self Payment

    Author: Mock Webware

    The first option you should consider is repaying your debts on your own. It may seem like a daunting task, but it can be done. We recommend starting with a budget; figure out where your money is going each month and where you can cut back. Set limits for yourself. Cancel the gym membership you never use. Cancel your cable and get Netflix. Stop eating out. If possible, put yourself on a cash-only diet (no cards = no interest). Apply the money you save towards your debt. This is not an opportunity to buy something else. The longer you take to pay…

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  • Early Withdrawal from 401(k)

    Author: Mock Webware

    Many people are tempted to tap into their 401 (k) funds to pay off their debt, but before you drain your savings you need to know if you are eligible to withdraw and determine if the taxes and reduced funds are worth it. Perhaps the biggest drawback of early withdrawal is the penalties and interest you will have to pay. In addition to paying income tax (depending on your income bracket this could be as much as 37%), you will also pay a 10% early withdrawal penalty. If you want to pull out $20,000 and you make $40,000/year, you could end…

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  • Home Equity Line of Credit

    Author: Mock Webware

    If you own a home and have debt, you may consider using a home equity line of credit (HELOC) to pay off your debts with a lower interest rate. Because HELOCs are secured to an asset (your home), they typically offer lower interest rates. When you take out a HELOC, you open up a revolving line of credit from your mortgage lender where your home serves as collateral. Lenders will typically set your credit limit by taking a percent of your home's appraised value and subtracting the balance of your existing mortgage. While a HELOC may be a great choice for some,…

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  • Debt Consolidation

    Author: Mock Webware

    The term 'debt consolidation' has been used to described many different repayment options over the last couple years. When we say debt consolidation, we are referring to using a personal loan to pay off your existing credit cards (or other problem accounts) so that you only have one account you're paying each month. While the idea of a single monthly payment and a lower interest rate may seem quite appealing, there are a few things you should consider before jumping in. First, you should do the math on your cards and figure out how long it will take to pay them…

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  • Consumer Credit Counseling

    Author: Mock Webware

    If you are struggling to learn how to use and stick to a budget so you can get your debts paid on time each month, you may want to consider using a consumer credit counselor to help you get on track. The majority of consumer credit counseling agencies are nonprofits, and the FTC and NFCC suggest that you work with legitimate nonprofit credit counseling organizations. Nonprofits will offer their counseling services for free or at minimal charges. Depending on your situation, your counselor may recommend a debt management program, bankruptcy, a debt consolidation loan, or simply a better budget. To prepare for…

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  • Bankruptcy

    Author: Mock Webware

    Sometimes, there's no other option than to file bankruptcy. However, you should carefully consider the alternatives since bankruptcy can seriously impact your credit report, insurances, housing applications, employment opportunities, and more. In addition, bankruptcy will stay on your credit report for 10-years and you may have to continue disclosing it beyond that. That all being said, still, sometimes it's your only option. If you are considering bankruptcy as an alternative, you should speak with a competent bankruptcy attorney. Save Source is not a debt relief agency pursuant to the Bankruptcy Abuse and Consumer Protection Act of 2005, 11 U.S.C. § 101,…

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