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You and your wife are just entering your golden years, and you just can't wait to do all those things that you have been dreaming about for the last ten years. Problem is though that's not the only gold in your life. What about all those gold credit cards that you have maxed out? Now that you are retired you don't have enough income coming in to pay those extreme interest rates. It's a sure bet that the principal owing is going to be left to be handled by your estate because you can't ever seeing these debts getting cleared in your lifetime.
Perhaps you thought the best solution was to check out what you figured was some great debt consolidation loans offers from one of the local financial companies. You know the one where they would clear all your debts and you would only end up making one monthly payment? The problem is now you find yourself with your debt consolidated but still paying huge interest and its spread over many years.
You have 2 or 3 maxed out credit cards, a growing family with college aged kids on the horizon, your wife lost her part time job, and you are trying to make ends meet, and the creditors are non-stop phoning. That part might come to an end soon though, because the way it's going your phone service is probably going to get cut off because you are falling behind in the bill.
Your overall financial situation was so dire that you couldn't even qualify for debt consolidation loans so you are in the process of considering filing for bankruptcy. You may soon discover that this is not as easy as you think and it may not even include all of your debts. Debt consolidation loans are never the solution to becoming debt free and more often than not neither is bankruptcy.
You are a young fellow that has just spent the last several years enjoying your freedom. Perhaps you bought a few expensive items, did some hefty travelling, and maxed out all those credit cards you obtained so easily. Now you have inherited your parent's house and you are getting married next month. A whole whack of expenses all of a sudden just became a reality. Oh, and that great job you had? Well it just got reduced to a four day work week as a cutback.
You have inherited all of the equity that has built up in your parent's house so this would be a golden opportunity for you to use this a source for a home equity consolidated loan. Your way of thinking is your young and it won't take you long to build up the equity again once you get the home loan paid off. Unfortunately none of us know what the future holds and if something happens you cannot pay this debt, you have lost the only asset you had.
No matter whether you fit into any of these scenarios or not, if you are in any type of debt trouble you are not alone. There are thousands of people that fit these examples and many more in other types of debt situations. The other thing all these people have in common is they are looking for a way out.
Debt consolidations: Are only extending your financial misery over more years in a lower dose.
Credit card consolidations: Where a credit card company offers to pay out your higher interest rate cards and give you a lower rate. This is just exchanging who you are making the payments to.
Home equity debt consolidation loans: Are letting you take a major risk with the one asset you may only have left. At least with your unsecured debts there is nothing they can take off you.
Okay so you are thinking that the equity you have in your home is like having money in your savings account. So why in the world would you not use it and get these humongous credit card bills off your back? After all once you got rid of them, it will be a piece of cake to build that equity back up right?
It may be a great solution if it worked that way, but it doesn't and it won't, and here's why...
Yes, you will get those credit card collection hounds off your back. That's nice to know. However, don't think that the financier of the home equity debt consolidation loans is going to be any less ruthless if the unexpected comes up and you cannot repay the loan.
You will not be paying out those month huge interest rates. Well there's a savings, except your monthly payments back on your home equity consolidation loan will be lower. You can handle them, but they are going to drag out over a lot of years with a very substantial amount going to interest, because with your poor credit rating you aren't going to qualify for prime interest rates.
You have the peace of mind of knowing that you only have one debt payment instead of a whole lot of credit card payments. This doesn't seem like such a great trade off, when you consider you have lost the security of at least knowing that you had some good security behind you with the equity in your home.
You stand to lose a whole lot more by using debt consolidation loans and using your home equity as a means to achieve this.
First as mentioned you are no longer going to have the security of knowing that you at least still own the asset of your equity. You basically really own nothing now until you repay that debt. What happens if something unexpected comes up and you have to sell your big beautiful home because of health issues? Problem is the housing market is poor and you don't have any equity, so where are you going to get the down payment for another home?
What happens if you lose your source of income? Perhaps your business or your job and you can no longer make the payments? You are running a high risk of finding yourself looking for an apartment owner who is willing to rent to an unemployed individual, because you no longer have a home as it went into foreclosure.
This is a lot of devastation over several pieces of plastic money. It paints a pretty bleak picture. The whole debt problem that many of the people throughout the US face today is being caught up in false debt solutions such as debt consolidation loans, home equity consolidation loans, and even bankruptcy. All these false promise debt solutions lead to is debt pollution. Meaning they just entice people into going deeper into debt, still end up paying the same amount of interest, and over a much longer period of time.
Find someone that could negotiate those high credit card debts down to a substantially reduced interest rate or maybe even no interest at all?
Suppose there was a group of experts that you could rely on that were master debt solvers. How about access to Pros that knew how to get your debt under control, without you having to borrow one penny more to do it.
Imagine having a strong financial shoulder to lean on that could provide you all the guidance you need to get yourself in control of your debt and actually get you debt free. You were now going to live life without being afraid to answer the phone, or pick up the mail because of your creditors.
There is no having to plead to get debt consolidation loans as a solution because they are not a solution anyway, but you don't have to humble yourself trying.
Well it's not and you have the power to make it a reality at no risk to yourself and not by borrowing any money to accomplish it.
All you have to do is fill in our no risk no obligation form, and let our team of pro debt negotiators take the burden of debt off your shoulders, through a specifically designed debt resolution program specifically for you.
Go ahead! If you are looking for a debt free life it's waiting at the tip of your fingertips and the click of your mouse. Simply fill out the debt quote form above now and you have just taken control of your financial life once again.