We are best known for helping consumers increase their credit score. However, in many cases the reason why people have a low credit score is because they have too much debt. And, they don’t know how to pay it off or at least pay it down. Debt reduction is an important component to your credit score and overall financial fitness.
There are two ways generally someone can learn how to reduce their debt. One is to pay someone to do it for them. This is costly and doesn’t really teach the consumer how to do it themselves reducing their capability to maintain low debt in the future. The other is to learn how to do it yourself by using a program that walks you through it step by step.
Fortunately we provide our clients with an online program to help them reduce their obligations. By paying down their balances in relation to their limits or original loan balances it increases their credit score. And, they ultimately save thousands of dollars in interest.
Debt Reduction Simplified
This program simplifies the complexity of figuring out what debt to pay first, then next, etc.. You start by inputting your debt obligations including interest rates and pay off amounts. Then the program runs a report showing which debts to concentrate on paying down. Even if you can only add a small amount of money each month to paying the most expensive debt, it reduces the principal amount of that dramatically over time.
The most expensive debt is not necessarily the one with the highest balance. It may be the one that has the highest interest rate. The program identifies this for you and suggests how much more to pay on that debt.
Once that debt is paid down and ultimately paid off, it then suggest you take the entire payment amount you were applying to the first debt, and pay the next most expensive debt. This method can literally save you thousands of dollars, maybe tens of thousands of dollars.
For more information on our Debt Reduction program and how we can help you become more financially fit contact us by visiting us at https://eracreditservices.com/ or calling our office.
West Coast (619) 492-3040
East Coast (727) 222-0120