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Debt Relief In Plano Is Only The First Stage Of Financial Freedom

Financial freedom is a term that you come across quite often, but it can be confusing because it means different things to different people.If you are struggling with debt, then obtaining Debt Relief in Plano,Texas, is the first step. Rich people earn interest, and poor people pay interest. Most folks spend their days attempting to earn enough to pay their bills. Naturally, any high-interest debt is taking away money that could be saved and invested.



Debt Consolidation Loans and Financial Freedom

If the debt is preventing you from saving and investing, the first step is to resolve the debt to free up this money. If you are paying high-interest credit card debt and finding that your balances are not going down as fast as you would like, consider a Debt Consolidation Loan in Plano to pay off your credit card debt. If you have a high credit score and ample income, you will increase your chance of finding the best rate by shopping multiple lenders at once. If your credit is good but not perfect, you might still qualify but will increase your chance of finding a lender that will approve you if you shop multiple lenders at the same time. Use https://debtredemption.com/ to shop up to 25 lenders without affecting your credit score.  There is no fee to use this service.

Credit Counseling Programs

If you cannot qualify for a debt consolidation loan, then consider a credit counseling debt management program. Credit Counseling in Planowill give you one convenient monthly payment with your enrolled creditors and will usually lower credit card interest to 10% or less. This is a hardship program, so you will not be able to use your enrolled credit cards, but your focus should be getting out of debt and not obtaining more debt.

Debt Relief Programs

Debt Relief in Plano,Texas, can also be obtained with a debt settlement program. Rather than monthly payments going to your creditors, you will pay yourself into an FDIC insured special purpose savings account. As money accrues, negotiators will obtain forgiveness of some of your balances. This will give you a lower payment that can be less than half compared to making minimum payment in many cases and could resolve your debt in as little as 24 to 48 months. This is also a hardship program, so if you are not struggling to pay down your debts, this program is not recommended. If you want to save the most money possible without bankruptcy, this will often be the best option. 

More About Financial Freedom

Whatever method you chose to resolve your debt, the faster you can do so, the faster you can start investing and savings. Right now, you may be throwing away $1,000 a month or more to interest. Imagine investing $1,000 a month into a mutual fund with a 10% rate of return? In 15 years, you will have accumulated over $400,000 in debt. So look at “lost opportunity.” Not only how much your debt is costing you now, but how much will you lose out on future opportunities?

Lost Opportunity Without Debt Relief

Some people want to sail down the blue oceans on a personal yacht while sipping champagne and watching the sunset. Others just want to be able to retire comfortably. As mentioned above, the wealthy make interest work FOR them. The poor and middle class typically have interest working AGAINST them.Obtaining Debt Consolidation in Texas may be your first step to freeing up money to build wealth.

 

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