Welcome to Reduce Debt Faster, a guide to helping everyone get out of debt as fast–and for as little money–as possible. This guide has been created because, now more than ever, millions of people are struggling with debt and are unsure of where to turn for help.
We all see the commercials and ads making promises that are clearly too good to be true, and we have all heard of people being ripped off by some of these shady companies. So, this site has been set up as a factual, knowledgeable resource for reliable information on the best ways to reduce your debt.
Debt Help and Credit Card Relief
These days, it seems as though banks, mortgage lenders, and credit card companies have gone to war with their own customers! Lenders are raising interest rates, slashing credit limits, and taking actions that actually hurt your credit score.
This in turn leads to even higher interest rates and can actually cause you to fall behind or default on your debts, even if nothing else has changed.
This of course hardly seems fair. Now, because of the new credit card law that has been passed and will take effect in 2010, banks are claiming that they must take action now to protect their profits.
Fortunately, this law will help all of us in the future as will not be at the mercy of lenders like we are now. However, if you have a balance with your cards right now, you will have to deal with these ridiculous actions in reducing credit card debt.
How to Reduce Your Debt
With all of this going on, it is important to get out of debt as quickly as possible, right now. But how can you do that? Check out these 5 ways to reduce debt first. If that catches your interest, poke around the site a little bit and find out more about the options that fit your situation.
After reviewing options to reduce your debt, be sure to check out these tips on getting a lower interest rate and lower monthly payments on your debt. Lowering your interest rate is a great way to get out of debt much faster and to save lots and lots of money.
Avoid Scams
When looking for help with your debt, it is important to be very cautious and to avoid being ripped off. Many companies make great promises that will get you really excited, but often these companies will simply take your money and leave you worse off.
If you are looking into an option such as debt settlement, be sure that you understand what you are getting into, and read up on the pros and cons of debt settlement. Many consumers have found themselves worse off after working with settlement companies.
Credit Counseling and Debt Management
Another popular option for debt help is credit counseling. Credit counselor can put you on a debt management plan that has the potential to be very helpful to certain consumers.
Still, choosing the wrong credit counseling agency can be potentially disastrous for many people. Some can also be quite expensive, while others have very reasonable fees.
Debt management through credit counseling, like any other debt reduction plan, is not a one size fits all solution. It can be the perfect answer for some people, but it can be totally wrong for others. It is important to know what the best option for your situation is.
Let Us Help You
If you need help reducing your debt, we are here to help you out. Have a look around the site and see if you can find the answers you are looking for. If you have questions or need advice on something you cannot find here, just leave a comment on any of the blog posts, and we will get back to you.
Latest News on Reducing Debt
If you carry any debt at all, then chances are you have noticed hundreds of advertisements for different debt reduction programs. Of course, most of these advertisements seem too good to be true and they often contain contradicting information.
Unfortunately, most of the advertisements usually are too good to be true. Still, if you need debt reduction help, there are legitimate ways to get the help you need. Let’s take a look at a few of your options to reduce debt, along with the pros and cons of each.
Debt Management Plans
A debt management plan is one form of debt reduction plan that is available through a credit counseling agency. This can be a good option for you if you have very high interest rates or are having trouble paying much more than the minimum payments on your credit cards. If you have fallen behind and have late fees or over limit fees, a debt management plan or DMP may be even more helpful. Continue reading…
For the second time, we are proud to be the host for this week’s carnival of debt reduction. This carnival is all about reducing your debt, so articles that were off topic and did not follow the submission guidelines may have been left out.
If you are looking for debt reduction help, have a look at the fantastic articles from these very talented personal finance bloggers. You’ll find inspirational personal stories of debt, as well as some great tips on how to create your own debt reduction plan from people who have already done it on their own.
Here are the best submissions from this week’s carnival. Continue reading…
Hundreds of thousands of people around the world struggle with credit card debt and are trying to find a path to become debt free. While some have the ability to pay off debt on their own, many others understandably need a little bit of help. According to personal finance “expert” Dave Ramsey, people who seek debt reduction help are wrong and lazy!
When I first read Ramsey’s comments, I was furious. In my opinion, his remarks were offensive, belittling, and even ignorant. Ramsey’s commentary likely discourages many people who do need help from ever seeking it, perhaps causing many to give up and continue living the debt trap. Continue reading…
For those of you looking to get credit card relief, you’ve come to the right place. Today, we are pointing you to several resources around the web that can help you on your journey to get relief from your debt. Have a look at these, and of course be sure to look around the entire site here as it is your number one source for getting out of debt!
Over at the Digerati Life, a great guest post talks about getting a financial education when you did not receive one in school or when you were younger. This brings up a very interesting point, as almost no one receives the financial education they need while growing up. Maybe that’s why the economy is where it is today…
At Get Rich Slowly, the writers continue to pump out great articles on personal finance and debt. Check out this article about how to use money as a tool. This will help you get a new perspective on how money can help you rather than being spent and thrown away frivolously. Continue reading…
If you are carrying credit card balances and other unsecured debt, one possible solution to reduce debt is consolidation. But you might not realize that you can consolidate your credit cards and other debt with several different methods.
Another important thing to realize is that the best option for someone else may not be best for you. This can all be incredibly confusing, so today I am going to try to break down your debt consolidation options and outline the pros and cons of each.
Your own financial situation will determine what options you have available. If you have very good credit, the first few options may be possible for you. If your credit needs a lot of work, check out the options towards the end of the article to see how you may be able to consolidate your credit cards. Continue reading…
