Cobalt Advisors Won’t Help Eliminate Debt

Cobalt Advisors and Credit 9 have joined Saxton Associates and Hornet Partners in flooding the market with debt consolidation and personal loan offers in the mail. The problem is that the terms and conditions are at the very least confusing, and possibly even suspect. The interest rates are so low that you would have to have near-perfect credit to be approved for one of their offers. Best 2020 Reviews, the personal finance review site, has been following Carina Advisors (also known as Corey Advisors, Pennon Partners, Jayhawk Advisors, Clay Advisors, Colony Associates, and Pine Advisors, etc.).

No matter how deeply mired you are in heavy debt, there are certain steps that you can take to finally become debt-free. Many of these steps are straightforward. While some require a little effort, they are worth it in the long run since they will give you tremendous relief by paying off your debt much sooner. Sadly, many people under heavy debt are unaware or do not apply these steps to eliminate debt.

You can make use of the following tips to eliminate debt faster.

  • Pay Above the Minimum Amount to Eliminate Debt

If you pay the minimum amount only on your credit bills, then it can take you several years to pay off your debt – assuming you do not use your credit cards during this time.

You need to pay well above the minimum amount if you want to eliminate debt quickly. Whether it is student loans, personal loans or any other loan, you should pay well above the minimum amount to settle your debt faster.

However, you must first make sure that there are no prepayment penalties. If there are no such clauses, you should speed up the payments to eliminate debt quickly. Eliminating debt this way will save you a lot of money on interest.

  • Debt Snowball to Eliminate Debt

The debt snowball method is an effective technique that can help you eliminate debt faster. In this method, you arrange your debt, starting from the smallest to the biggest. You should prioritize payments for the smallest debt. Make minimum payments only for all other debt. Any excess amount that you are willing to pay should be directed towards the smallest debt.

Once you eliminate the smallest debt, you can do the same for the next smallest debt. Continue doing this till you pay off all of your loans.

The advantage of this method is that your motivation will improve as you start to eliminate debt quickly. With greater motivation and effort, it may not be too long before you are finally debt-free.

  • Side Hustle

While increasing payments sounds like a good idea, it may not be possible unless you get extra sources of income in the form of side gigs and hustles.

You can do something related to your skills or take up tasks that you think can be done easily. You can freelance or teach a language online to make some money on the side. You can also think about becoming a virtual assistant, mowing yards, providing home help or babysitting.

With so many freelancing sites to choose from, there is plenty of work available online that you can do to earn more money. You can eliminate debt more quickly with this extra income.

  • Budget

Besides earning more income, you will need to bring down your expenses drastically by following a bare-bones budget. This will leave you with more money that you can use to eliminate debt faster.

You will have to forego all unnecessary expenses and live a simple life to make it work. But the advantage of doing so is that you will eliminate debt faster and come into a position where you can pursue your desires once again. It might appear like an austere measure but you will have to give up eating outside, cable television, subscriptions that you can do without and other expenses. But even such drastic measures need not be boring. For instance, if you forego eating outside, you can make homemade meals. This will improve your culinary expertise and help you to eat healthier.

  • Sell What You Do Not Need to Eliminate Debt

Most of us have plenty of unnecessary items taking up space in our homes. Instead of letting them go to waste, you can sell them off to eliminate debt. What is the point in keeping something that you do not need you can sell it online for much needed money?

The tried and tested garage sale can provide you with funds and help you to clear up your home at the same time.

  • Seasonal Work

You can make a lot of money through seasonal work when it is available. Getting seasonal and similar part-time jobs can help you to eliminate debt quickly.

During the summer or winter months, businesses and homeowners are on the lookout for seasonal workers. In the springtime, for instance, you could help out on farms and greenhouses. During the summer months, you can work as a tour operator or landscaper. In short, there are plenty of part-time jobs available during all seasons. You just have to know which ones you are capable of doing well.

  • Lower Interest Rate

Negotiating for a lower interest rate is a great way to eliminate debt more quickly. It is far more common than what you might be thinking.

If you are finding it difficult to settle your credit card debt, for instance, you can negotiate with your credit card firm for a lower interest rate. Credit cards have very high interest rates and there is plenty of room to bring down these exorbitant rates. If you have a history of making minimum payments on time, then your credit card issuer might even approve your request.

Whether it is your credit card or any other loan that carries high interest, never hesitate to negotiate if it is making your life harder. The worst that can happen is a refusal.  It may be time to consider credit card refinancing vs debt consolidation.

  • Balance Transfer

If your credit card issuer is adamant, then you might think about a balance transfer as one of the best ways to consolidate debt. These credit cards are attractive for the debt encumbered since they often carry an 18-month introductory period with zero APR. Some credit cards also have zero fees on balance transfers.

If you have a credit card balance that accrues high interest, then you can shift the amount to your new balance transfer credit card. You will not have to pay interest during the zero APR period. But you must pay off this debt on time; otherwise, you will be slammed with high interest and penalties.

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