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Overwhelmed by Debt and Stressed Out? Follow These Tips For Help | Tips 8 to 16


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#9 Take out an equity loan or 2nd mortgage and pay off your debts
Consolidating your credit card debt, car payments, home improvements, etc into a second mortgage can help. Your interest rate should be lower for a mortgage and the interest is typically tax deductible.

Once you pay off your credit cards with the loan, don’t start spending again and creating new credit card balances.

#10 Don’t use your home’s equity like an ATM machine
Refinance to consolidate debts or lower your monthly payment, but don’t borrow against the house to buy “toys” and consumer goods that go down in value once you buy them.

#11 Borrow against your 401K
You may be able to borrow against your 401K at a lower interest to pay off higher interest rate debt.

#12 Do everything you can to prevent your debts from going to a collection agency
It is usually easier to negotiate with the original creditor. Avoid having an account turned over to a collection agency at any cost.

#13 Negotiate with your creditors
Yes, you can negotiate to pay a lessor amount on your balances. Now, there are certain steps you need to follow to do this. I recommend you follow the steps outlined in the great educational guides featured at the end of this article.

#14 Go through a Consumer Credit Counseling Service
You need to be careful to choose the right one. They are not all the same. Some are rip-offs. The credit guidance book, Good Credit is Sexy, I recommend below tells you how to identify the good ones.

#15 File bankruptcy
This should be your last resort. The bankruptcy laws recently changed making it harder to discharge your debts. You may end up filing for the type of bankrupty protection that puts you on a repayment plan but at least the monthly payment will be do-able for you.

#16 Invest in income producing real estate
Once you've got your debt under control, the next goal should be to generate income outside of your "working for a paycheck". Working for a paycheck is limiting. Job security is not what it used to be. Pension plans are not what they used to be, either. You won't be able to enjoy a comfortable retirement depending on Social Security.

Real estate can create both a constant income stream and appreciation in the value of the property that you can turn into real cash. While the housing bubble is popping in areas I call Bubbleville, there are Bargaintowns throughout the country where real estate values are increasing. You can buy property with very little money or find a money-partner.

There are a lot of strategies you can use to buy real estate with no credit and no money as well. And, if you can buy a property at a discount, all the better. You should get the help of a mentor to avoid costly mistakes and shorten the learning curve. Check out the Real Estate Investing Guide Section for expert help.

These excellent tips will help you get out of debt and relief the stress it creates in your life. I hope some of you will not only get out of debt but start transforming your lives beyond that goal with either your own home-based business or real estate investing. These two particular tips can open up a whole new world of opportunity to you to take control of your financial future. You'll enjoy a constant income stream that doesn't involve trading your time for a limited hourly wage or salary. Don't depend on Social Security or your pension plan to enjoy a comfortable retirement.

Best wishes in this endeavor!