Phoenix, AZ -- (SBWIRE) -- 05/13/2013 -- It happily shares it knowledge on this topic, including:
- IRA Loans
- Home Equity Loans
- Life Insurance Loans
- Debt Consolidation Loans
Loans against an IRA
Most folks don’t think of taking a loan against their IRA to eliminate debt, but this is just one of many loans to get out of debt. Because most established companies offer an IRA account when they hire someone, that person can borrow against it after a few years. He needs to contact his IRA administrator at work to fill out the application papers. Technically, he’s borrowing his own money, so if there’s any interest accrued during the life of the loan, it goes right back into his IRA account.
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Look at a Home Equity Loan
Home equity loans are great Get Out Of Debt Loans because they come from one’s own home. If a homeowner has lived in his house for several years, there’s equity in it that he can get hold of is he needs it. He should get in touch with the lien holder for his home to apply for such a loan. The longer he’s lived in his house, the more money he’ll be able to borrow, but he must have a good history with the lender. Home equity loans tend to have lower interest rates than other loans do, making them a good choice for a person.
Borrow from a Life Insurance Policy
It’s unlikely that someone would think to use his cash-valued life insurance policy as a source of Loans To Help Get Out of Debt, but it’s a good option. If someone has had the policy for several years, it has developed a cash value amount. This can be borrowed for debt repayment if necessary. Just contact the life insurance company to request this helpful loan. As with any loan, it does need to be repaid, but a schedule will be devised for that.
Debt merging loans are more commonly known as consolidation loans. They are particularly helpful loans to get out of debt because of their accessibility. Not only do banks and credit unions offer them, but non-bank-affiliated companies also do. Such businesses are a sort of last resort for those who have bad credit, but they’re a viable possibility for others, as well.
Credit-yogi.com is a no-cost website that unites folks who have questions relating to finance with experts in the field who can supply answers to them. For a free consultation, dial 866-964-9644.