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Millions of Americans live with ample debt, and they wonder how they can pay it off without taking out a new loan. For many Americans, the problem lies in not having the credit to apply for a loan to consolidate debt and bills. It’s a frustrating situation for those who haven’t the funds to pay down their debt, and it’s one many Americans know all too well. If you want to consolidate your debt and bills without taking out a loan, there are options. You can pay off your debts without requiring good credit or a new loan. There are even options for those who have debt, good credit, and still don’t want to take out a loan to pay their debts.

No Interest Credit Card

One way to avoid taking out a loan is to apply for a new credit card. If you have a good credit score, you can look into the various no-interest on balance transfer options available. Many card options allow consumers to transfer balances without paying interest on them for 12 to 15 months, but there are a few cards on the market that offer the same rates for as long as 18 months. There is one card that offers consumers a chance to transfer balances and pay no interest for as long as 21 months. Take this into consideration and see what you might get when you send in an application.

You must have good to excellent credit to apply for a card like this, and you must pay off the balance transfer before the 0% APR introductory period is over or interest does accrue. Your job is to pay off as much as you can as quickly as you can to help get out of debt quickly. Creating and sticking to a budget will help.

Debt Consolidation

It’s not the most ideal solution, but it’s an option if you haven’t good credit and you’re already making late payments or missing them all together. Debt consolidation companies can help you seek help in paying off your debts, and they can do it with ease. Your job is to contact a debt consolidation company and provide them with the amounts, creditors, and information of each debt you have.

The consolidation company then works with your creditors. Your job is to stop making payments to each creditor while the company discusses options with them. They work to settle each debt for less than is owed, and they work to make sure your repayment terms are acceptable. These creditors are under no obligation to work with any debt consolidation companies, but many will. Your only job from this point forward is to work with the company to follow the instructions given.

You’ll make a monthly payment to the debt consolidation company that’s put into an account so each creditor can be paid off when the account holds that much money. It’s a lengthy process that typically takes five years to complete, and it’s one you might consider when you’re down to your last hope.

Friends and Family

It’s still a loan, but it’s one that’s not nearly as devastating to your financial situation as a bank loan or debt consolidation. When you are desperate to pay off debt, you can ask for a loan from someone you love. They might give you the money and work out a repayment plan with you. They might not give you anything. It’s worth asking before you put your credit further in jeopardy. Friends and family might be willing to offer you a little financial help if it’s not much, but they might also be able to offer other help. They might know of a job that pays more you are an ideal candidate for. They might help you work through your debt by helping you create a budget.

Friends and family can help make you accountable for your actions, and that can help your finances tremendously. See what you can do in terms of your options. You do have options, and you can make sure you’re able to pay off your debt without taking out a loan.