Debt Relief, Debt Repair, and Debt Reduction
The best solutions to find debt relief, repair your credit, improve your money management skills, and enjoy life without financial stress.
Everyone's financial situation is unique and things can get very confusing when you try to wade through the myriad debt reducing options available.
Here at Smart Debt Repair we cut through the confusing, often misleading information and help you can find your best debt solution. On this website, you will find simple, straightforward advice, and helpful articles on getting out of debt.
Once you dive into our pages and get smart you will be able to make clear informed financial decisions to reduce your debt, improve your money management skills, and take back control of your life.
"One day you're getting your first credit card and the next—you're swimming in debt."
Debt reduction is a very common goal, because unfortunately, so many of us have gotten into debt. It is a common mistake: for one reason or another, you’ve become overcommitted financially and you may be struggling to make ends meet. You may even find yourself in a situation where you are living paycheck to paycheck, or even worse—you have more bills to pay than you have income to pay them.
For many of us, our home is our single greatest asset. When it comes to gaining equity, investing in a home is a smart move. If you have found yourself with a lot of debt, it may be possible to refinance your mortgage and lower your interest rate and monthly payments.
This is one of the best debt reduction techniques you can use. Because many mortgages have 30-year terms, the amount of interest saved over the life of the loan can be significant. The money you save on interest on your monthly mortgage payment can be reinvested to pay down other debts.
Home Equity Loans
If you own your home and have some equity built up, another good option to explore is a home equity loan or home equity line of credit (HELOC).
By cashing out equity in your home, or by using a home equity loan as a debt consolidation loan, you can combine all debts into one payment as well as get a lower interest rate. In many cases, second mortgage loans have tax deductions as well.
Using a home equity loan for debt reduction is smart if you have a lot of equity in your home and can get a good interest rate.
If you don't own a home or have enough home equity for a loan or line of credit, then you may want to consider debt reduction in the form of either credit counseling services or a debt settlement agreement.
Each option will provide support and a plan for paying off your debt over a period of time. While these options have some benefits, you should only consider them if you have exhausted all other options. In some cases they can have a negative impact on your credit rating, at least for a period of time.
Student Loan Consolidation
Due to the high cost of a college education, most college students or their parents have to take out student loans.
If you have multiple student loans, you should consider consolidating all the loans and finding the lowest interest rate and best terms to lower the monthly payment.
Tax Debt Relief
If you have gotten into trouble with your taxes and are now dealing with the IRS, you may find relief by getting some assistance from tax debt relief experts.
They can help you deal with wage garnishment, removal of tax liens, and working out an agreement to settle payroll taxes, penalties and interest.
Most people realize they can get their credit reports, but sometimes don't realize it is a free service available annually. If you have mistakes on your credit report, it could be causing you to have a lower credit score, which in turn can impact your ability to get loans, and cause you to pay a higher interest rate than necessary.
Check your credit report at least once a year as part of a financial health check.
Learn More About Debt Reduction
Being in debt is a growing problem. Creditors have made it too easy for consumers to get in over their heads. And, given the poor economy, many are suffering under the stress of excessive debt compounded by high unemployment rates and other factors.
If you have too much debt, you're not alone. Don't despair or give up, there are plenty of things you can do to take control and create a plan to get out of debt.
Be sure to read the helpful articles on Smart Debt Repair to learn more about how to take control of your life, improve your financial outlook, and start the process to getting out of debt.
It's all too easy to get into debt over your head.
No one enjoys that feeling of stress, anxiety, and fear that can come from having a mountain of debt. Don't lose hope. Getting out of debt is never easy, but it is achievable with a solid plan, and some discipline.
Bankruptcy & Foreclosure
There are few things in life more stressful than losing your home or facing bankruptcy.
It brings up an array of bad feelings: fear, anxiety, feelings of failure. Rest assured that you are not the only one. Given the recent poor economy, unfortunately, many families have found themselves in this same dire situation.
Over time you will work yourself out of this situation, and you can get back on your feet again.
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If you're thinking about debt counseling, or hiring a debt management firm to help, make sure you understand your options.
There are pros and cons to each type of debt solution.
It doesn't have to be confusing. Just read the helpful pages on this website for more information.
Understanding your credit rating an important part of assessing your overall financial situation.
If your credit rating is still good, it may change the debt reduction option you choose.
If however, your credit rating is already ruined, you will likely be forced to choose a different route.
Just keep in mind that a credit rating can be repaired over time, even following a banktuptcy.
It's never too late to start working on a good credit rating. Get a free copy of your credit report each year so you can stay aware of your rating.