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Considering Drastic Measures To Reduce Your Debt

Financial-PinchIf you find that your debt is killing you, it’s time to make a change. Holding a high amount of debt can be a huge burden not only financially, but also emotionally. Take a step in the right direction and take some drastic measures to reduce your debt.

 

  1. Reduce your household expenses.

Take a look around. There are a number of ways to reduce your spending. Instead of the top of the line Internet and cable package, consider reducing it or getting rid of TV altogether and watching TV via the Internet. If you still have a landline phone, get rid of it and save the extra $10 to $15 each month. Skip the daily trips to the favorite local coffee shop and make it once-in-a-while special occasion.

 

  1. Pick up a part-time job.

You may consider getting a part-time job where you only work 10 to 20 hours per week. The extra income that you make can be put solely toward paying off any debt that you have. Even if you only make an extra $300 or $400 a month that can go a long way toward digging you out of debt.

 

  1. Consolidate debt.

If you are like the average American household with a credit card, you have several thousands of dollars in credit card debt. One of your best bets is to consolidate that debt into one new lower payment. If you own a vehicle that is paid for, you can use it to secure a title loan which you can use to pay off your debt. Embassy Loans of Florida, for example, is a title loan company that has helped thousands of customers borrow money. Car title loans do not require credit checks and can be processed very quickly.

 

  1. Move.

Your biggest expense, most likely, is a rent or house payment. While it’s a little easier if you are a renter, consider moving somewhere where your payment is reduced. If you currently rent an apartment for $1,000 a month, moving to a new one with a payment of $750 gives you an extra $250 each month to use toward paying down your debt.

 

  1. Sell some of your possessions.

You probably have a couple hundred dollars, maybe even thousands, just lying around your home. Have a yard sale or go online and sell some items on a site like eBay. Check Facebook online yard sales. Local people will form groups and sell belongings to others in their area.

 

There are a number of ways to generate some extra income or reduce the amount of your expenses. Where there is a will, there is a way to pay off your debt.

 



Embassy Loans is a leading provider of auto title loans since 2005

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Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

Monthly Interest Rates range from 1.5% to 2.5% (18% to 30% APR), with 15-18 Month Terms.

No Prepayment Penalties!

Embassy Loans uses “Title Loans” for advertisement purposes only and provides auto equity loans. Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

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Frequently Asked Questions

What is an Auto Equity Loan?

An auto equity loan, sometimes known as a car title loan or a car equity loan, is a type of loan that allows you to borrow money by using your vehicle as collateral. The loan is secured by your vehicle, meaning you agree to use the equity in your car to back the loan. 

What is an Unsecured Personal Loan

An unsecured personal loan is a loan that does not require collateral. Funds are provided based on your credit worthiness and your ability to repay. 

What Is the Credit Builder Program

The credit builder program is designed to help individuals establish or improve their credit score with the primary purpose of building a positive credit history through regular payments.

Can i have more than one Loan at a time?

Embassy Loans can only extend one loan at a time and it’s advisable to start with one and focus on making payments in a timely manner to prevent default.

What happens if I miss a payment?

Missing a payment can have negative consequences, including late fees, a drop in your credit score, and potential default on the loan. Consistent, on-time payments are crucial to benefit from the program.