Get Out Of Credit Card Debt

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Credit card debt consolidation
Consolidating credit card debt is never easy. Too often people run up their debts without even realizing it until it is too late. If you are one of these people, don't feel bad or trapped, or that there is something wrong with you. Credit cards are the hardest bills to consolidate because the interest rates are so high. But not any more. We are here to help you get your monthly payments to a bear ... Read debt consolidation 1 article



Downside to debt consolidation
There's no doubt you'll have heard plenty about debt consolidation loans - our TV screens are full of adverts promising freedom from financial worry, and the internet is positively flooded with solicitations to lock in a low rate with a refinancing package.

If you're having difficulties keeping up with your bills and credit repayments, or even facing the prospect of recovery action on o... Read debt consolidation 1 article



Get Out Of Credit Card Debt
Reduce Your Spending

It's always best if you start by reducing your spending. Cut any unnecessary expenses for the time being while you build up your savings account so you can pay for emergencies or fund any opportunities that might come up. Pay off any new credit-card expenses every month in full. Reducing your spending now will pay off in the future. Making little sacrifices you can save hundreds of dollars and use them to put money aside for emergencies and for repaying your debt.

Avoid Minimum Payments

Always pay more than the minimum payments on your cards. Most minimum payments barely cover the interest on your balance. If you can only afford the minimum payments, start with the card that has the highest interest rate and pay just a few dollars more every month. Over time, gradually increase the amount until you pay it off completely.

Highest Rate or Lowest Balance

If you can't afford to pay more money on your highest interest rate credit card, choose the one with the smallest balance and use any extra cash that comes your way to pay it. When you pay that card off, take the amount you've been paying on it and add it to the account with the highest balance. Continue this until you dig yourself out of debt.

Request a Home Equity Loan

Take out a home equity loan to pay off credit card debt. The interest rate on home equity loans is usually much lower than credit card rates and it is also tax deductible. This can be an extremely effective repayment method if you are disciplined. Be careful not to abuse the use of this loan because defaulting on your home equity loan could trigger the lenders ability to repossess the property. These loans can be as easy to abuse as credit cards, so you might as well try to exercise some control on your spending.

Balance Transfer Technique

A less aggressive way to pay off your debt is to transfer your higher rate credit card balances to your lower-rate credit cards. This works until you run out of lower-interest opportunities and close your old accounts so you aren't tempted to use them again. A lower interest rate will always let you use a bigger proportion of your income for repaying your debt.

Transferring credit card balances should be done with caution. You can take advantage of 0% APR and 0% Balance transfer promotions but you need to make sure to meet the necessary requirements and don't exceed the promotional period. Otherwise, you can incur in more debt and fail to achieve your goal of reducing your credit card debt.

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Commercial Hard Money Loan

A commercial hard money loan is a non-conventional commercial real estate loan that is not made by a traditional bank. This type of commercial financing has been in use for over 50 years. Such loans usually have a first lien on commercial property. If a hard money loan has a secondary lien, it is known as mezzanine financing.

There are three financing options for most commercial real estate scenarios: traditional banks, intermediate lenders and hard money lenders. The primary rationale for a small business considering a commercial hard money loan is that traditional or intermediate commercial financing options are not viable.

In those situations where traditional banks and intermediate lenders both say "NO", it then makes good business sense to explore under what terms a hard money commercial loan might be available. Many viable small business projects can be funded ONLY via a hard money lender. Before accepting "NO" from the traditional banks and intermediate lenders as the "FINAL ANSWER", a prudent small business borrower should determine if a hard money lender will say "YES".

Commercial hard money loans are typically completed more quickly than a traditional commercial loan. Compared to traditional bank business loans, commercial hard money loans will generally involve a higher interest rate (prevailing range of prime rate plus 4-8% for typical scenarios), higher fees and shorter-term financing (one to three years). However, because many hard money loans offer interest only terms, the payments can be lower than a fully-amortized loan with a lower interest rate.

Three common commercial financing scenarios using hard money loans are described below.

COMMERCIAL HARD MONEY LOAN SCENARIO # 1: Low Credit Scores

Most traditional commercial loans have very strict standards for acceptable credit scores by the guarantors for a commercial real estate loan. Hard money loans are much more flexible and low credit scores are acceptable.

COMMERCIAL HARD MONEY LOAN SCENARIO # 2: Need to Obtain Commercial Financing Quickly

Traditional commercial loans will normally require several months to complete. Hard money loans can be obtained within a few days in some situations. This difference will be critical if commercial financing is required within a short time frame.

COMMERCIAL HARD MONEY LOAN SCENARIO # 3: Special Small Business Situations Not Easily Understood by Traditional Banks and Intermediate Lenders

Foreclosure
Bankruptcy
Special Purpose Properties
Tax Liens
Losses
Negative Net Worth
Less than one year in business
Environmental Requirements

For each of the three scenarios described above, a commercial hard money loan will involve shorter-term financing, higher fees and higher interest rates than a commercial loan from a traditional bank or an intermediate lender. However, the critical point which must not be overlooked is that for most situations covered by the three scenarios, commercial financing would be declined by either traditional banks or intermediate lenders. It is under these circumstances that a commercial hard money loan becomes a practical and viable solution for many small business owners.




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Get Out Of Credit Card Debt
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