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Easy Ways to Tackle Long-Term Debt

Too many Americans find themselves being defeated financially by a pattern of long-term debt. However, it is possible for individuals to fight back and put themselves on the road to financial freedom. If you find yourself living from paycheck to paycheck, stop the madness and take these steps to get your life back.

 

  1. Complete an inventory of your debts. List all of your debts and how much you owe. You may wish to create a spreadsheet to keep everything orderly. Include your mortgage, car payments, any student loans, and all of your credit card debts. List the monthly payment for each. By knowing what your debts are, you can begin to attack them and pay them off.

 

  1. Consider your loan reduction strategies. There are two things you can do. You can identify the loans that can be paid off the quickest and take care of them first. The second option is to start paying off those loans that carry the highest interest rates. With this option, you may not see results right away. If you need to feel some form of accomplishment, pay off those loans (like small credit card balances) that can be done quickly first.

 

  1. Mortgages and student loans. These types of debt are harder to attack because the payments run over much longer periods of time. Also, these types of debt are not necessarily bad. Student loans mean you have invested in yourself and your future. Owning a home offers you tax deductions on your interest payments. If you must, consider adding to your monthly payments or making extra payments over the course of a year, thereby accelerating the payoff.

 

  1. Consider a car title loan for debt consolidation. An auto title loan from Embassy Loans is easy to obtain and can be done so in as little as an hour. A borrower can consolidate several payments into one overall lower payment and pay off that debt much faster. Depending on the make and model of your car and how much is remaining on any car loans, you could borrow several thousand dollars which might allow you to pay off several smaller credit card balances. Car title loans are short-term loans that are typically paid off within a few months.

 

Make sure you understand your debt, your payments, and how much is owed first. Develop a plan of attack and proceed. Stick to your plan and eventually, you can become financially free.



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.