Whose credit hasn’t taken a hit over the past few years? The global economic crisis has had an effect on the finances of households everywhere. The real estate market has turned south as property values took a dip. Banks have tightened up their lending standards, making it far more difficult for borrowers to get access to capital at a time when they need it the most. Despite these issues, there are ways for you to manage your debt problems. We’ve compiled some suggestions for you: Below is a sponsored post from Debt Advisory.
Refinance your existing mortgage
You can refinance your old mortgage and get more favorable terms. Your credit score does not have to be perfect to qualify for an adverse credit mortgage loan – although you may not get the lowest rate possible, you can get at least a far more reasonable rate. Interest rates are near historic lows in the United Kingdom and you can reduce your monthly payments by shaving a substantial amount of interest from your existing loan.
Improve your credit score
You can boost your credit score by paying off your old bills. Bills that have gone into collections can be paid off by using a systematic approach to debt reduction: You can either use money gained from refinancing or allocate extra money each month to pay down old debts. Your credit score will improve as derogatory information drops off your credit – you won’t have to worry about phone calls and letters from creditors harassing you anymore.
Modify your current home loan
Anyone that is falling behind on their mortgage will need to make some changes immediately. After all, you don’t want to lose a home that you have been making payments on for years. Bankruptcy is the option of last resort and should only be undertaken when you have no other choices. It is possible to discuss the option with your existing lender a way to reduce the monthly repayments. You can try to do it yourself or hire a company to act on your behalf.
As you can see there are a number of tools available to individuals that can help with debt problems. All of these options are designed to keep you from insolvency. The key is to find the program that works the best for you and brings your bills down to a more manageable level. These options are a pretty good place to start. On top of this, working with a professional debt management company like the Debt Advisory Line can make this process considerably more effective. Get in touch with us now and we’ll gladly work out a solution tailored especially to your needs.
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