When you have a mountain of debt, it is difficult to achieve the things you wish to do. There are many options out there to consolidate your debt. From credit card balances to operating room charges, here are a few ways to make those payments easier.
There are many non-profit groups that are able to assist you for a nominal monthly fee. They can negotiate with your creditors for lower monthly interest rates and payments. They might insist you to close your credit card accounts so you might want to keep that in mind when making a selection.
Balance Transfer Credit Card
Many credit card companies offer a balance transfer credit card often with introductory low interest. However, they might charge a small fee to do so and some places will not let you transfer from one of their cards to another.
Withdraw From Your IRA
If your employer offers a retirement fund for you to contribute to, this is another option for you to consider. You can withdraw the money without having the obligation of paying it back. You will be taking money set aside for your retirement though and you will taxed at the end of the year for it.
Another option to consolidate debt is a personal loan. While you might find one with an interest rate lower than your credit cards, you might be charged with an origination fee. Also, if your credit score is low the financial institution might deny you.
Borrow Against Your Car Or Home
If you have enough money paid down on your vehicle or home, you can ask your financial institution to refinance it then use the money to pay off you other debt. It will take longer for you to own your item outright and if you default, you will lose your car or home.