3 Tips to Consider If You Have a High Debt to Income Ratio
Here are 3 Tips to Consider If You Have a High Debt to Income Ratio. If you have hight debt and a low income. It doesn’t matter if you have good credit, you still may not be able to qualify for a consolidation loan. This can come as a shocking factor to some people. If you are considering a debt consolidation loan and would like to know how you can lower your debt so that you may qualify for a consolidation loan. These 3 factor will be able to help.
1) Get a side job to pay off some debts
This is the most obvious one. If you have a high debt to income ratio, find ways to make more money or take on part time work in order to pay off some of your debts and start chipping away at them.
Some ways to make extra cash are delivering food or groceries , doing odd jobs, or even buying and selling items on eBay. If you are looking for a part time job to help pay off debts, try babysitting your neighbor’s kids or walking dogs in the neighborhood.
If you can’t find any side gigs that will work with your schedule, think about making some changes in your budget so that you may be able to free up extra funds to pay off your debts and lower your debt to income ratio.
2) Use some stimulus money to pay off your debts
If you have some extra funds that are burning a hole in your pocket, take the money and apply it to one of your debts. Some people use this technique as an incentive to help them reach their debt payoff goal faster or even begin paying off their credit card balances on time each month. Applying stimulus money towards certain high interest rate items can really help you get ahead financially
3) Consider debt relief or debt settlement
If you’re at the point where your high debt is causing some major problems in your life, then consider a debt relief or settlement program. Debt relief and debt settlement programs have helped people get their debts resolved and start over again with new financial goals.
If you are at a place where you you need more help with you debts than a debt consolidation loan than debt settlement or debt relief may be the next thing you would want to look into.
Your best bet is to talk to a debt settlement specialist, like any of the professionals at Alleviate Financial Services.
We have programs available that will help you settle your debts—for less than you owe—and you may qualify for them.
Schedule a free consultation today for a risk-free debt assessment. The only thing you have to lose is your debt.