To remove debts you might have incurred while away from your family, there are a few simple steps that will help you go over the debt consolidation procedures that you need to follow if you want to free yourself of debt forever. If you are just starting out with a clean house, here are a few things you need to do first, before you start consolidating your debts:
Find out if your credit rating is good – this can take a long time, especially if there is a history of bad debt accumulation. If you have no bad credit history, this will be an obstacle – you will have to improve your credit when you find a home. So do ask yourself if there is a way to consolidate both your personal and family debt before you get yourself a home.
Find ways to repay other people’s debts – most people will be discouraged from entering into a new agreement with another, so finding a way to repay a previous debt will be all the more rewarding. Many lenders will be more friendly towards you having found good deals to repay, and therefore offer to help as well.
Select the best credit card terms – all of them should have one or two stipulations about the rates of interest to be charged upon each transaction. These could very well be similar to the 0% to 5% APR offers in a credit card – but be careful and do ask questions, then you can do it yourself or do a search on internet.
Applying for a non-revolving credit card – you could also think of applying for an interest rate that will be in balance – balance between the card you want to own and the 0% interest rate that you have been given. You should study all possibilities before you apply, and in case this ever stops, when they start taking out a new credit card, but only after you have put up a new card before the end of the year.
What other credit card would be best for you?
If you were in the market to consolidate your debts or new credit cards for big credit card deals, then there could be many – however, if those credit cards are not a big selling point, then the best would be a consolidation card for your small budget, good for short term and long term use only – with no annual fee. In fact, the credit card companies are using all of their wealth to narrow down the selection of their potential customer and be selective only in this regard.
If consolidating your past debts has kept you out of credit card debt for a long time, consolidate all your credit card debt with a card that is very low monthly payments, and you may find that the credit card companies will not be so stingy. In addition you will find that most of the cards that are ‘not as cheap as you might think’ may not offer any kind of great deal, to help you get better rates on the future credit card.
If you are searching for a new credit card for consolidation purposes, then several will work even for just the present card, but some of them will definitely work for a couple of months to a year – if you can find them properly. These offer many important features, not just low interest rates. In many cases with a relatively smaller budget you could use these cards for your long term needs.
Some of the more popular cards are:
‘ Small business credit cards – these cards for small businesses are also ideal for consolidating all your debt and obtaining a small loan for your business – so there are many advantages to owning them.
The Most Popular Debt Consolidation Strategies
More than 200 million Americans have a debt at least $750 – $1000; approximately half of us never think about the other half! It was almost a century ago that people borrowed more – as a whole – and still more today. If you take the average American homeowner without fail, debt becomes the largest expense. Only debt can buy all Americans more freedom. Debt Consolidation has come a long way since the 1944 Code of Federal Regulations which went into effect in 1959. Using the Equal Credit Opportunity Act and other Federal laws today the Fair Credit Transactions Act prohibits the federal government from discriminating on the basis of sex, marital status, race, national origin, religion, sex, or age before making credit decisions.
So if you are looking at a loan to pay off a student loan with $750 taken out by a credit card, you might want to take a second look at all of the debt, how it got into the red flags that attended even before the law went into effect, and what went wrong.
Under the Equal Credit Opportunity Act a federal agency is required to investigate complaints of negative credit submitted to it, correct errors and notify the credit company of its findings, within 30 days of receiving a complaint.