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You can generate some additional income that can be directly allocated to reducing your debts. . Consolidate to Lower Interest Rates. Money is very cheap at the moment so it’s a great time to go to your bank/lender and ask for a cheaper rate. Avoid using debtconsolidators or “debt relief” companies.
Research by FICO shows that customers who entered collections exclusively as a consequence of the economic downturn, before going through the full debtrecovery cycle, had a dramatically different return to financial good (RtFG) of nine months, compared to the 2.5 As a result, lenders’ collections’ books are already growing.
DebtConsolidationConsolidating into a single amortized loan for businesses managing multiple debts can simplify payments and reduce overall costs. Understand Your Amortization Schedule Request an amortization schedule from your lender to see how each payment is allocated toward principal and interest.
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