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Credit card debt is surging at a record-high rate

Collection Industry News

Credit counseling agencies offer free or low-cost debt relief services to consumers who are struggling to manage their finances. A credit counselor may help you by: Analyzing your income, expenses and outstanding debts to create a budget. Debt consolidation loans are another popular way to pay off credit card balances.

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How to Repay Debt: 4 Options

Debt Guru

Before you create your plan, try calling your lenders to simply ask if they’re willing to work out a payment schedule that fits in with your plan. Reach out to a credit counseling agency. Your credit counselor will likely get you a lower minimum payment and lower interest rates. Make it consistent to make it stick.

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Determining Your Debt-to-Income Ratio

Debt Guru

Use the same formula that lenders rely on when evaluating a loan application. The result is a percentage that determines your creditworthiness – in short, if lenders believe you’ll be able to repay the loan. Keep in mind that your ratio typically excludes mortgage and student loans.

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Seven Ways to Get Out of Debt in 2022

Better Credit Blog

Debt is the amount of money you owe to a lender or creditor. Some examples of debt are mortgages, credit card dues, and personal loans. Although accruing lots of debt isn’t ideal, it may sometimes be unavoidable, such as mortgage payments or student loans. When this happens, your credit score drops.

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8 Ways to Consolidate Credit Card Debt 

Credit Corp

Credit Card Consolidation Loans A credit consolidation loan is a type of unsecured personal loan that comes with a set repayment period and fixed monthly payments. For a credit card consolidation loan to make sense, the interest rate needs to be lower than the interest rate for your credit cards.

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How to Get out of a Debt Spiral–11 Easy Things to Do [TODAY]

Credit Corp

When you can’t control your debt spiral on your own, you should contact credit counseling agencies first. They help cash-strapped credit cardholders to eradicate debts and establish a stable financial life. Credit counseling agencies offer this plan in exchange for a fee. Credit counselors are working in the debt industry.