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For all you debtors out there, in the last article we had discussed how one can use the Self Repayment method, the debt settlement method and the debt consolidation method, to reduce and pay off your debt.

These are some of the most popular ways to eliminate debt. In continuation of our exploring the 12 most popular ways, here are a few more:-

Debt Consolidation Loan

This is a way where if you are currently repaying multiple loans, you can have all your outstandings debts converted into a single loan with a lower rate of interest. The purpose is to reduce the monthly payments as either interest rates are lowered or the repayment period is extended. It also helps those who lack in financial discipline, to make sure that all loans are repaid and none are overlooked.

Credit Counseling

There are many credit counseling agencies which will help you to become completely debt free. They will help you work out payment plans with lower interest rates and fees for your current outstandings. They will analyze your income debt ratio and help you reduce your living expenses so that you can pay off the loans faster. Here you will make one monthly payment to the counseling party who will then disburse the amount to all the various loans that you have after deducting a small service charge. While using credit counselors does not usually hamper your credit rating, you no doubt, have to take extreme care in choosing the right agency.

Cash Out Refinance

Here you get to tap the equity of your home by refinancing your home and paying your outstanding bills. By refinancing at a lower interest rate or longer duration you end up paying a smaller amount each month with more left to spare. The advantage comes when you use what extra you have left over, to repay your loans faster. Ofcourse, before you consider refinancing it is important that you understand all the intricacies involved in detail for it is likely to be a complicated process.

Retirement Benefits

If you have a 401(k) plan or any other type of pension plan then most employer will allow you to borrow against your retirement account. It is better to borrow than to withdraw the money from you account as this will save you taxes and the 10% penalty. Also, if you don’t pay back the borrowed amount within 5 years the Internal Revenue Service will assess the taxes and penalties. Also, if you happen to lose you job then you would have to pay back the loan immediately and also pay taxes for premature withdrawal of money. Having said that, this type of loan offers lower rates of interest and is much easier to handle.

About the Author: Adam Heist is a freelance writer with many years of experience writing articles on g m c onilne related

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