Debt Free Christian

Debt Reduction

Effective debt reduction requires multiple areas of concentration depending upon your level of debt and your desire to reduce that debt. The strategy for debt reduction will also vary depending upon the type of debt you carry such as credit card debt vs. a home loan.

The different areas of debt reduction that are described briefly below include bill consolidation, debt consolidation loan, debt reduction help, credit card debt reduction, getting out of debt, and the debt snowball method of debt reduction. More detailed information on each of these categories can be found on the right side menu.

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Bill Consolidation

Bill consolidation is the process of taking multiple payments and either rolling them into a larger consolidated bill payment through a standard consolidation loan with a bank or using a bill consolidation company to achieve this process for you. Bill consolidation should not be the first step in a debt reduction plan. In most cases the negatives for this type of debt reduction strategy outweigh the positives that can be gained from it. Learn more about the pros and cons of a bill consolidation and when it makes sense to consider this option by clicking on the link for bill consolidation

Debt Consolidation Loan

Similar to a bill consolidation a debt consolidation loan is a lump sum of money that the borrower can use to pay off several smaller debts in order to simplify the monthly budget, reduce high interest payments, lower overall payment amount or all three. A typical debt consolidation loan would be a home equity loan that is used to pay off several credit cards or miscellaneous debt. A debt consolidation loan should be entered into carefully with a long term view of how the debt will be repaid. A consolidation loan does not get rid of any debt it just tranfers it. In order to achieve financial freedom the borrower will need to evaluate if this will help or hurt the overall strategy of debt reduction. To learn more about a debt consolidation loan or find out the difference between a secured vs. an unsecured loan when contemplating a debt consolidation loan simply click on the link for debt consolidation loan.

Debt Reduction Help

Try as you may there are circumstances that will require debt reduction help. There are several companies set up to provide counseling and assistance in this area. Services range from free advice and consultation to management of a overall debt reduction and consolidation solution. Carefully consider the company you enlist to give you debt reduction help. Find out if they are for profit or non-profit as that could make a difference in cost to you. Many organnizations such as Crown Financial at can recommend reputable companies to use for getting the debt reduction help you need. To find out more about getting help for reducing outstanding debt click on the link for debt reduction help.

Credit Card Debt Reduction

Probably the most common form of debt is credit card debt. In fact the avarage American carries more than $8,000 of debt on credit cards. Characterized by high interest rates and even higher fees, credit cards are one of the worst forms of debt and also one of the hardest to get rid of. Credit card debt reduction cannot happen overnight but there are ways to quickly reduce credit card debt and get back on the road to financial freedom. Credit card debt reduction is one important step in an overall debt reduction plan. To learn more about ways to decrease credit card debt including tips you can use to stop spending and start getting rid of credit card debt today click on the link for credit card debt reduction.

Getting Out of Debt

Getting out of debt requires a purpose and a plan. By purposing to reduce debt you are making a promise or a pledge to yourself to do what it takes to achieve your debt freedon goals. This is an important step in the psychology of this committment. Secondly there must be a plan to make this committment for getting out of debt happen. Make determined steps for implementing your plan for getting out of debt by writing up an action plan and sticking to it. For information about what should be included on your action plan as well as additional information on debt reduction click on the link for getting out of debt.

Debt Snowball

The debt snowball is a commonly known phrase for the debt rollover method of debt repayment. While some experts recommend paying off the highest interest rate first, the debt snowball method ignores interest rate altogether and goes after the smallest debt first. Once that small debt is paid off the money that was going toward that payment can be applied to the next largest bill as an "extra payment" which helps speed the payoff of that next larger bill. As each bill is paid off the freed up money is stacked on top of the next largest bill in order, thus creating a debt snowball of repayment. This method has proven to be simple and effective and is an excellent strategy for any debt reduction plan. To learn more about how to use this method click on the link for debt snowball.

A debt reduction plan is vital in an overall strategy for getting out of debt. Not having a plan for debt reduction is like taking a road trip without a map. By utilizing the creative resources in the debt reduction section of the site you should be able to decide on a debt reduction strategy that will work for you and put together an action plan to get started today - you can do it!