Is Debt Consolidation Your Option ?

I started with $63,809 credit card debts in April this year. I bet your eyes rolled big and your jaw dropped when you saw this staggering amount of $63,809.

In disbelief ? I myself couldn’t believe I had so much credit card debts …;D It took me quite a while to fully accept the hard fact that I was loaded with $63,809 credit card debts.

To date, my credit card debts have dropped to $48,986. Little by little. Let me tell you – Getting into debts is very easy. Trust me ! BUT, getting out of debts is very difficult. No matter how difficult it is, it can be overcome.

It solely depends on you if you really want to pay off the credit card debts. WANT is not enough. You have to TAKE ACTION ! I had gone through some bad times where I I felt I couldn’t make it. I felt tired of working hard, paying off debts; working hard, paying off debts; working hard, paying off debts.

When I see that all my hard-earned money has been used to pay off my credit card debts, I feel helpless, depressed, and mad at myself. It was ME who dug the hole ! Ya.. serve me right !

Anyway, I managed to get over depressing very fast and I still do…;P First off, I used Debt Calculators to add up all the total debts I had. For your information, there are many and varieties of Debt Calculators provided free for you to use. Just follow the link of Debt Calculators.

I use Debt Consolidation Calculator to find out the interest charge I pay every month on certain debts, and the number of months it will take for me to get rid of the debts.

I also use Advanced Debt Consolidation Calculator II to find out the total monthly savings I will make when I choose to consolidate all of my high interest rate credit card debts into 1 single low Debt Consolidation Loan.

There are 5 types of debts including Mortgage Debts, Credit Card Debts, Auto Loans, Student Loans or Others. By entering the current principal balances owing, what interest rate I am paying as well as the monthly payment amount, and how many more months of payments are left.

Then, enter the debt consolidation loan information, the interest rate I will be paying on my loan, estimate of closing costs and expected tax rates as well as the loan term.

After that, click on the “Calculate New” button and I will see my savings and reductions in my monthly payments as well as any tax savings.

I strongly encourage you to make full use of the Internet: learn to use Debt Calculators; read tips and articles related to credit card debts, loans, getting out of debts, Debt Negotiation with creditors and so forth; join forums where are those who are in the same boat like you and me ..;P

Most important of all, you must understand that no one will eliminate your debts (credit card debts, student loans, auto loans) for you, but yourself. It’s as simple as that.