Debt Elimination Loan

Debt elimination loan information can b found here. Live it, learn it. Find out if a debt elimination loan is for you.

Debt Elimination Loan

How can you practice debt elimination? Let us count the ways.....But seriously, if you're the type of person who has a lot of credit card debt (or other unsecured debt) and want it paid off immediately, and if you have collateral, a debt elimination loan might be for you.

How a Debt Elimination Loan Works

First, you find a lender. Then, if you have collateral, they give you a debt elimination loan. Then you pay off all your unsecured debts--credit card bills, medical bills...anything that doesn't have collateral attached to it.

Okay, you paid everything off. That was the fun part. Now you have one monthly loan payment instead, and it's significantly lower than the sum total of all your other debt payments combined were before because the interest rate is so much lower than what you were paying before. (Sometimes it's even in the single digits). Because of this, you'll be out of debt in about five years! This is significant considering it would have taken you 18 years or more if you continued to plod along just paying the required monthly minimums.

Facing a Debt Free Future

The smart thing to do would be to close the credit cards you paid off and not open new ones in their place. (Keep one around for emergencies.) Hopefully, you won't incur any more medical bills or any other debt. But if you do, try to pay it off in full each month. If you don't, you could end up in debt again, and you'd need another debt elimination loan. But at this point, you probably couldn't get one because you're using your collateral on the first debt elimination loan you got. And could you really afford all new minimums and your debt loan payment? If not, and if you miss payments on your debt elimination loan, you could lose your collateral. Then you'd need to research one of the other debt elimination programs. So you have a lot to lose if you don't "behave" with your credit once you get a debt consolidation loan. Do the right thing. Get a debt elimination loan, pay off those unsecured debts and behave. How else will you ever achieve total debt elimination? Get credit counseling if you need to. This will teach you how to budget so that you can live within your means, and you can avoid needing any kind of debt help ever again.

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