4 Steps to DIY Debt Reduction Services

It’s so easy to get into debt, like soul-crushing debt. I’ve been there and the average American household owes more than $50,000 in debt, not including mortgages.

Professional debt reduction services come with some very high costs and even higher risks. Most of these risks, you won’t be able to see until you’ve already committed to the service.

Read on to learn how to do your own debt reduction program to save thousands and avoid the risks in debt relief.

You first need to know what’s on your credit reports. Not only will we be working to reduce your debt with this process but we’re also going to work to increase your credit score.

1) Download your free credit reports or get your TransUnion report

2) List out your debts, monthly payments and interest rates

List your debt in order of interest rate, from highest to lowest. If you can find any extra money in your budget, you’ll want to make extra payments to the debts highest on your list.

A debt consolidation loan is one of my favorite debt relief tools. A consolidation loan means you take out one large loan to pay off your smaller debts.

3) Consolidate your debt to lower your payments

If you still cannot make your monthly payments even after looking at a consolidation loan then it might be time to consider debt negotiation.

4) Debt negotiation as a last resort

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