If you have impossibly high interest on those credit cards, then do cancel them. It doesn’t help to have open credit cards if the interest rate makes it nearly impossible for you to get the balance down. In fact, banks currently have hardship programs, where they will reduce your interest rate TO ZERO if you agree that they will cancel your cards. Yes, you wll take an immediate hit on your credit score, but that will quickly improve as you pay down your credit cards, which you can now do because you don’t have those usurious interest rates to pay.
If you decide to consolidate your debts, you should get organized as soon as you can. Make a list of all the different credit cards and loans you wish to consolidate. Once you do that, find your most recent billing statements and write down the exact balance you owe for each debt. Once you do this, add up all those balances to determine the total amount of outstanding debt you have. That number - the total amount of outstanding debt you're currently carrying - is what you'll need for a debt consolidation loan.
Without a proven track record of success, we simply wouldn't be in business. In fact, National Debt Relief only enrolls clients who have a strong chance of benefiting from our debt settlement program. We predicate our reputation on our ability to help consumers move past their debts and begin rebuilding their financial lives - not on our ability to enroll as many clients as possible or charge unnecessary fees.
The American Opportunity Tax Credit has been improved by the Tax Cuts & Job Act.  This is one of the more popular deductions for student loans that allows up to a $2,500 deduction for qualified education expenses for the first 4 years of higher education. The IRS data show that 9m Americans applied for this tax credit last year.  The Tax Cuts & Jobs Act has increased the allowable deduction period to five years instead of four, but the fifth year is at a reduced $1,250 deduction.  The deduction is calculated as being 100% of the expenses incurred up to the first $2,000, and after that it’s 25% of the next $2,000 for a max of $2,500.
* More on that note: it’s important not to be swayed by any firm’s claim they will “work faster than any other company.” The practice of spamming letters and notices to reporting agencies en masse is ill-advised, and is a sure-fire way to have your letters & disputes outright ignored. This is the case whether you’re doing your own credit repair, or having a company do it for you. Any legitimate credit repair firm will work methodically, yet at the quickest rate possible, to maximize reporting bureau response-rates.

Bankruptcy will damage your credit and may remain on your credit report for up to 10 years. It is nearly impossible to get a mortgage after declaring bankruptcy. You will lose all of your credit cards, some or all of your luxury possessions and any property that is not exempt from sale. Bankruptcy does not relieve student debt or eliminate obligations to pay alimony or child support.
When you find yourself with damaged credit, it’s important to catch your breath and begin laying the foundation for a brighter financial future. Testing your financial literacy and educating yourself are part of that. But the centerpiece of this effort should be your emergency fund. With money saved for a rainy day, you’ll be far less likely to miss payments and damage your credit if met by hefty emergency expenses.

Once you have your credit reports, read through them completely. If you have a long credit history, your credit reports might be several pages long. Try not to get overwhelmed by all the information you're reading. It's a lot to digest, especially if you're checking your credit report for the first time. Take your time and review your credit report over several days if you need to.


Qualified clients using Rocket Loans will see loan options for a 36 or 60 month term, and APR ranges from a minimum of 5.983% (rate with autopay discount) to a maximum of 29.99% (rate without autopay discount) depending upon their credit profile. An origination fee of 1% - 6% is charged for each loan. This fee is deducted from the balance before funds are disbursed to the client. For example, a 3 year $10,000 loan with an 8% interest rate and a 4% ($400) origination fee would have 36 scheduled monthly payments of $313.36 for an APR of 10.796% (rates assume autopay discount). Borrower must be a U.S. citizen or permanent U.S. resident alien at least 18 years of age (in Nebraska and Alabama a borrower must be at least 19 years of age). All loan applications are subject to credit review and approval and offered loan terms depend upon credit score, requested amount, requested loan term, credit usage, credit history and other factors. Not all borrowers receive the lowest interest rate. To qualify for the lowest rate, you must have excellent credit, meet certain conditions, and select autopay. Rates and Terms are subject to change at any time without notice.
Your loan funds are automatically deposited right into your bank account, which gives you the flexibility to choose which bills, credit cards, or loans you want to pay down. Depending on your bank, it may take a few days for the money to appear in your account after your loan is issued. Consolidating debt reduces the amount of bills to keep track of each month, and it can save you money if you lower your rate and avoid credit card fees.
The company has a variable origination fee — between 0.00% - 5.00% — depending on your loan’s APR. If you make a late payment, you’ll pay either a flat $15 fee, or 5% of your payment amount, depending on whichever is greater. If the company processes a personal check, that’s another $15. If your monthly payment is returned, it’s yet another $15 fee.
Many people choose to consolidate their debts using a credit card balance transfer; they transfer all their outstanding debts to a single, new credit card. Credit card companies know that there's a big market for balance transfers, so they often offer cards with very low interest rates just for this purpose. However, as a borrower, ensure you read the terms and conditions carefully before signing up for a balance transfer card; the rates offered are often introductory, and can rise substantially after the introductory period is over.
Lower monthly payment: A debt consolidation loan can help you avoid missed payments and defaulting on issuer agreements, even if you need to choose a longer term length. With a debt consolidation loan that lowers your monthly payments, but not your interest, you will pay more in total but have payments that are easier to handle. That way, you’re less likely to be subject to additional fees and penalty APRs that come with missing a payment.
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