Become Debt Free Fast! - Consolidating and Eliminating Credit Card Debt!

Eliminating credit card debt is rather complicated. You should start right away though as it may take a long time. By following this guide you will be able to stay on the right track and avoid making common financial mistakes that may make matters even worse.

Secured Consolidation loans
Getting a debt consolidation loan is the smartest way to go. Usually a debt consolidation loan requires you to offer some kind of collateral. This greatly reduces the risk involved for the lender and thus helps you getting lower interests and as a rule, considerable better conditions for the loan. On the other side, the use of collateral carries the risk of repossession which is a legal action that the lender can exercise against the property in order to get his money if you fail to meet the monthly payments.

Should you apply for a consolidation loan, bare in mind that you must avoid getting into more debt. This may be difficult as you may feel suddenly relieved by the fact that you now have only one monthly payment. Failing to realize that an increase in the number of outstanding loans will worsen your financial situation will inevitably lead you to bankruptcy and reduce your credit to nothing.

Sometimes you can put your car as collateral if there are not large sums of money involved or if your car has a high value. Otherwise if you are considering using your house as collateral, a home loan or a home equity loan are the smartest options.

Unsecured Consolidation Loans
If you can’t offer any collateral, it will be very difficult to obtain a debt consolidation loan. Unsecured consolidation loans are very rare; there is much risk involved for the lender in this kind of loans and thus the interest rates will be too high, the amount of money much lower and the loan length too.

However, don’t despair; there are ways you can improve your credit and get a loan at better conditions. You should start by reducing the amount of money you loose by paying extremely high interest rates. Many people pay thousands of dollars on interests all over the year and this could be easily avoided by searching for the right source of finance instead of accepting any credit card or loan offer that falls to your hands.

Transfer Credit Card Debt
If you can get a 0% rate credit card, do so and transfer as much credit card debt as you can. You should start with the highest interest card in order to substantially reduce the amount of money spent on cards interest. Do not be at ease paying the minimum sum required, you should make sacrifices and try to pay as much as possible. Never miss a payment and avoid paying late.

By this time you should have learned the lesson. You should refrain from getting into more debt once you get some relief by following this advice. Always build a budget and stick to it. And you should never rush in; always make conscious decisions whenever your financial health is involved.

What are the different kind of business funding programs are there?

Most people think of business funding as loans, but there are many ways to get operating capital for your business. For any of them you will have to do some of the basic footwork to create good business fundability such as obtaining vendor credit, getting a few business credit cards, and opening a business bank account. However, each source of business funds look at those things differently. You can find out how to build your company's credit within the Business Fundability System. When you are ready and need a source of cash for your business you should stop and think about what you need the money for, how your business fundability looks and if you can repay the money.

The reason for the last part is there are two types of business funds that do not require repayment, and a third that doesn't require repayment in the strictest terms. Bank Loans The obvious source of cash for your business is a straight loan from a bank. Getting a loan in your business' name isn't tricky, but it can be difficult if you aren't established. You will need very good business credit built up, have a reasonable source of income from your business to repay the loan plus interest. Grants have the huge advantage of offering businesses various amounts of capital without requiring repayment.

You won't have to pay back the initial loan or any form of interest. However, getting a grant can be quite frustrating. First you have to find the grant that applies to your specific situation. Then you have to generate a compelling grant proposal and convince the grant committee you deserve the money. Once you get the grant you're not done. You have to use the money exactly as you promise to according to the grant stipulations or according to your application. Some grants have other stipulations such as creation of a certain product or service. Some are given to provide working situations for minorities or other priorities according to the grant description and you must adhere to them. Venture Capitalists Getting money from a venture capitalist is another way to get money you do not technically have to pay back.

There are no loan payments, there is no interest, but you will have to give them a portion of ownership in your company and their share of the profits you eventually make. Many times a venture capitalist will be a silent partner, but at other times they may step in and take charge if your business isn't showing the productivity that is expected, or making profits the way it should. Personal Financing The final way of getting money for your business is to scrape it together yourself from outside jobs, or from friends and family. Depending on the source of this capital you may not have to pay it back. Other times you may be able to pay back the money as you can without worrying about being on time with a payment, and this type of capital may even be interest free if you get the money from your own work or from family members.