Part 4 shows you how to reduce debt and plan ahead

Tackling your debt will not only reduce stress in your life, it will increase the amount of money you have for saving and other planned expenses.

Many people feel as if they will never be out of debt, and are tempted by credit card offers with low introductory rates or an ad urging debt consolidation into one easy payment. If you feel like you’re on the debt treadmill with no way of getting off, you should know there is a better way.

Understand the costs of credit card debt:

If you had 3 credit cards with an average interest rate of 16% and a balance of $7,700.

What would happen if you made only minimum monthly payments?

It would take you 28 years and 2 months to pay it off.

On $7,700 you would pay $20,600 in interest for a total of $28,300!

Consider the following…You may be too deep in debt if:

Debt Consolidation

Perhaps you’ve heard ads encouraging you to consolidate all of your debts into one easy payment, telling you this is the way to get rid of your debt. Before you take that road, there are some important questions you should ask.

What’s the rate of a debt consolidation loan? It may only be one rate, but if it is higher than your other rates, that’s no bargain.

Is the interest rate adjustable? Perhaps it’s a good rate now, but where will it be in a year or two from now?

What is the term of the loan? How long will it take you to pay it off? Will it take longer to pay off than if you paid the individual debts on your own? If so, you’ll be paying more interest over the long term.

Are there prepayment penalties? If you’d like to pay off the loan early to save yourself some of the interest, will you have to pay a fee?

What are the terms and cost of the loan? Study them carefully, do they really benefit you?

Does it fix the problem or extend it? Are you locking yourself into a situation where you will be forced to pay more interest over a longer period of time, which would extend the debt?

Power Pay

There is a better way! Power Pay is a no-nonsense way to reduce your debt and your stress along with it.

When you power pay your debt away, you focus on paying down one debt at a time while making minimum payments on all the others.

Continue learning how to reduce debt

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

The National Industry Standards for Homeownership Education and Counseling are a set of guidelines for quality homeownership and counseling services. Industry professionals who adopt these standards can be trusted to provide consistent, high quality advice.
Click here to learn more.

Consolidated Credit Consulting Services, Inc. has been verified as the owner or operator of the Web site located at www.consolidatedcredit.org. Official records confirm Consolidated Credit Consulting Services, Inc. as a valid business. Call us today and see what we can do for you.

Consolidated Credit is a Certified ISO 9001 company, as verified through Bureau Veritas Certification.

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Consolidated Credit is proud to be an ANAB accredited member. Accreditation by a recognized and respected body such as ANAB ensures the impartiality and competence of our company. To see what we can do for you, give us a call.

U.S. Department of Housing and Urban Development - HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. Consolidated Credit is proud to be a member of HUD and also part of the Hope Now Alliance.

You can save!

With this amount of debt, you'd pay around $xx.xx on a DMP.

FREE Debt Consultation
VE Interactive