There are several ways to reduce you debt and also to eventually eliminate it so that you can have a debt free life. The advantages of having a debt free life are many which include: you have more money to spend for your self and your family and you will not be under any stress and therefore enjoy a good health.

The road to a debt free life starts with “Debt Reduction”. The high debts that you may have will surely be affecting your peace of mind and also your health. Therefore, before you reach the stage where you have to file for bankruptcy, you should start the process of “Debt Reduction”.

In this article there are some ways to get your debt under control, which is the beginning of the road to your financial recovery.

1)    Talk to your Credit Card Companies

Take any help that your credit card company can offer to you. They will not forgive your loan for you because they are there do make a profit, however they will be willing to reduce the interest rate charged on your credit card. Suppose they are charging you an interest rate of twelve percent then try to negotiate it and bring it down to six percent. You may be wondering why the company should be willing to do this. The answer is, the credit card company does not want to lose all the money and therefore try to recover as much as possible or at least the principle amount back. Therefore, if the bank gets to know that you might default on the credit card then, they will offer a lower interest rate.

2)    Debt Consolidation Loan

By opting for this loan, all your debt will be put together in one account and then you will have to pay small monthly instalments to cover for it. The rate will be either fixed or variable, but low. This is one of the most efficient methods to get rid of your debt and also, enjoy a good standard of living while paying back you debt.

3)    Home Refinancing

This means that you refinance your existing loan with a new loan that has lower interest rate. This will reduce your monthly payments to a considerable extent thereby, allowing you with enough funds to pay for your other debt also. However, this option will be risking your home.

Debt Consolidation Loans can save you huge amounts of money that were going away for interest payments. It is also more convenient since you have to pay only once. This loan will help you pay off your debt much faster. However, before you apply for these loans you have to be sure to go through the fine prints of the offer. If you are not sure about it then, you should hire debt mediators to do this job for you. Make sure to choose the loan which offers you the lowest interest resulting in lower monthly payments each month.

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