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5 Methods Toward Reducing Your Debt

Decreasing your debt is paramount to having a good credit rating as well as giving you peace of mind. You want to get out of debt, but not all debt reduction options may be beneficial. Let's take a look at five debt reduction options which may help you in your quest to get out of debt.

1. Consolidate Loans. Before declaring bankruptcy, consider pulling together all of your outstanding loans into one low monthly payment. Loan consolidators can help you come up with a plan to pay off all of your debt while maintaining your credit standing. Bankruptcy, unfortunately, ruins your credit rating while a consolidation loan may help you save it.

2. Your Life Insurance Policy. Your life insurance policy may have a cash value to it. Consider taking the cash from the policy and using it to pay off or lower your debt. Of course, your payout will be much lower upon your death; make sure your loved ones are adequately provided for when you have released this mortal coil.

3. Federal Loans. Government loan programs - local, state, and federal - may be available to you and at a rate much lower than what you currently pay your creditors. Check out loan programs, which you must pay back; as well as grants, which are gifts to you to see what your eligibility is.

4. Borrow From Your 401(k). If your company has contributory retirement plans such as a 401(k) or 403(b), you can take out a low interest rate loan and use the proceeds to pay off what you owe. You are borrowing from your retirement account so your loan must be paid back; if you do not pay it back you will incur IRS taxes and penalties. Still, the borrowing rates are quite reasonable.

5. Bankruptcy. The U.S. constitution gives Americans the right to discharge debt, and it is one option some must take in order to get creditors off of their backs. With medical expenses surging, gas prices hitting record high levels, and many other expenses increasing, bankruptcy may be your only choice to help protect your assets from overreaching creditors..

Obviously, some of these options have different consequences than others - like a ruined credit standing - still, when your back is to the wall your choices are extremely limited. Find your comfort level and choose an option that is right for you.

Matt Keegan is The Article Writer; you can view his work at http://www.thearticlewriter.com

In The News:

UK, France and Germany condemn Khashoggi killing
Sun, 21 Oct 2018 15:46:00 +0100
The UK, France and Germany have issued a joint statement condemning the killing of Jamal Khashoggi "in the strongest possible terms".

At least 22 dead as train overturns in Taiwan
Sun, 21 Oct 2018 12:08:00 +0100
At least 22 people have died and 171 are injured after a train derailed and overturned on a coastal railway in Taiwan.

Black woman racially abused on Ryanair flight
Sun, 21 Oct 2018 14:22:00 +0100
Ryanair has been criticised after footage emerged of a passenger racially abusing an elderly black woman sat next to him.

Rebels kill 13 and abduct 12 kids in Ebola-hit area
Sun, 21 Oct 2018 11:57:00 +0100
Congolese rebels have killed 13 civilians and abducted a dozen children in an area at the centre of the latest deadly Ebola outbreak.

Trump changes tone with Saudi Arabia over killing
Sun, 21 Oct 2018 08:23:00 +0100
Donald Trump has said he is "not satisfied" with Saudi Arabia's response to the death of Jamal Khashoggi.



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