Get Rid of Your Debt in an Intelligent Manner

Get Rid of Your Debt in an Intelligent Manner

If you have loads of credit card debt then you must know that it can be quite difficult paying of your debt and you would agree that you might easily feel tempted to use your home equity for paying off the debt on your credit card. You could benefit with it as you could catch hold of lower rates of interest and it is tax deductible too which would further lower the cost of your loan.

It would be better that you undertake a thorough assessment of your debt and rank then in the order in which you would like to pay them off and then settle them. If there is a lot of debt then you need to get as low rate of interest as possible so that you can pay of your debt well in time and you could even transfer your balance to a lower card if you feel like.

You would even want to pay off you arrears and debts which you might lose to special financing rates. It would be better that you pay you debts on time if you would like to get your finances under control.

Via fool

Posted by: Gautam    Source