You may have heard of a potentially confusing term called “cash-out refinance” when searching for ways to get a handle on your debt. And yet the concept is fairly straight-forward: A cash-out refi, as it is also called, is when you replace the mortgage on your home with another mortgage that often includes better terms and rates. When you have equity in your home, you will be able to translate that equity into cash that can be used to pay off other debts. This way, you would pay just one bill – your monthly mortgage – instead of many different bills. Let’s take a closer look at this process:

debt relief program

Looking for a program that will help you get out of debt? Some of the programs in the market today are more likely to make money for a company than helping with your debt relief. Educate yourself about your options before choosing a path. There are four main types of debt relief programs that are available for you:

When it comes to debt relief, there’s good news and bad news. The good news is that many debt relief programs can substantially improve your credit score. The bad news is that many debt relief programs can also cause those precious numbers to go down. When you’ve got overwhelming debt, of course, you want to get those numbers as high as possible. Understanding what impacts your credit score and what you can do to help it will make it easier to find success in your quest for financial wellbeing.

Credit scores are some of the most important numbers attached to your financial status. Having a good credit score can help you get a good interest rate when you borrow money. Good scores can also get you better insurance premiums and better deals when you’re signing up with a new cell phone company or upgrading your cable package. FICO scores range from 300 to 850, and anything below 580 is considered fair or poor. Needless to say, fair or poor scores can cost you a lot.

Everything You Need to Know About Debt Relief

If you’re like so many Americans and have debt, you may feel like you’ll never dig your way out. But relief could be closer than you think. There are many little-known solutions that are available to help consumers get back on track financially and reduce the stressful burden that comes from debt. Learning more about debt relief programs and debt consolidation loans can help you find the answer to your worries once and for all.

It can sound too good to be true: You’re drowning in debt, your credit cards are maxed out, you’re behind on your bills and you don’t know where to turn. Then you hear about debt relief companies. These companies will tell you that they are able to negotiate with your creditors to create a solution that will allow you to pay off your debts over time. It could be the answer to all your problems – but if you don’t choose wisely, these companies can actually be just another problem. Finding a reputable debt relief company means looking past marketing tactics and understanding the bottom line. Here are a few tips to help: