SERIES: Restructuring Debt – Part Five

Welcome to the latest series at – Restructuring Debt

I am excited to embark on this series of posts because interest paid toward debt is one of the largest obstacles to gaining traction for one's own Debt Freedom March.

Of course, one way to eliminate the interest is to sell some stuff and become debt-free.  But I recognize that for some people, they have debt that they are going to have to focus on and just pay it off.  If this describes you, then I trust that this series helps you gain speed in your Debt Freedom March! 

Part One – Know What You Are Paying

Part Two – Lower The Interest Rates!

Part Three – Lower The Interest Rates! – Continued

Part Four – Lower The Interest Rates! – Continued 

There are many approaches one can take to lower their interest rates.  In Part Two, I covered the "negotiation" avenue.  In Part Three, we covered surfing the balances to zero-percent credit cards.  In Part Four, it was the debt consolidation option.  In Part Five, I will be covering the credit score option.

Credit Scores Matter!

I know.  I am brilliant.  But it matters so much when it comes to reducing the interest that lenders will charge on your existing debt (this is a no-new-debt zone!).  As your credit score improves, your credit card surfing and bill consolidation loan options will improve.

There is a company that actually specializes in consolidating loans for people with excellent credit.  I was told about this company by a banker friend who has been extremely impressed with the way this company is doing business.  It is called  It is actually stated on their web site that "Excellent and Substantial Credit Required".  No need to apply if you have trashed credit, but it looks like a good option for those who are looking restructure their debt and gain traction with their Debt Freedom March.

Of course, there are also companies that specialize in loans for people with horrible credit.  Payday loan joints, title loan sharks, pawn shops, and various other organizations provide loans that have HORRIFIC interest and should never be considered a viable option for someone who expects to gain traction on their Debt Freedom March.  I have yet to meet the first person who became debt free because of their rip-off payday loan.  I have met hundreds who have became completely hopeless because of their rip-off payday loan.

In the sixth and final installment of the Restructuring Debt series, I will be sharing my favorite way to restructure debt.

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  1. Otis on August 19, 2008 at 5:24 am

    Hi Joe! I’m sitting here with my brother in the Lord and we’re downloading some budgeting tools. I just wanted to say hi to you and, to anyone visiting this website, JOE SANGLE HELPED CHANGE OUR LIFE!!! Keep on truckin Joe!

  2. Joseph Sangl on August 19, 2008 at 5:49 am

    Sangl Says …

    Way to go Otis! That is what this crusade is all about – helping equip others to take their finances to the next level! When I see others teaching their friends and family this stuff – THAT really FIRES ME UP!

  3. chris on August 19, 2008 at 5:58 am

    Thankfully I am beyond the need to consolidate debt. But I still come here to learn so I can advise others.

    This is and has always been a wonderful resource.

    For those lurking through Joe’s pages, this is the real stuff. And even though I’ve never met Joe, I know in my heart he’s the Real McCoy.

  4. TurtleLover on August 19, 2008 at 10:33 am

    and a ditto to what Chris said !

  5. Judy on August 20, 2008 at 11:24 am

    Is this really okay? And how do you calculate your overall interest rate if you have more than one loan? Do you have a page or a resource to explain this? Thanks so much!

  6. Iris on November 7, 2008 at 7:59 pm

    My husband and I make about $80,000. a yr.
    We owe $49000.00 in credit debt.
    I can retire in 1-2 yrs., would it be ok to consolidate our debts into our home equity line of credit and pay once or two times a month? My husband the main bread winner makes wX as much as I do. We have more than enough insurance between the 2 of us to cover the debts and we plan to move to a less expensive area soon. Should we consolidate until I retire,since my husband has more more than we need in his retirement account?

    . Is

  7. felicia howard on February 14, 2012 at 12:27 pm

    i would like to pay off one of my debts in 1 year
    1st credit card balance is 6900.00 with 12.9% interest.(could not get it any lower for 9 months) The second is 4800.00 at 18.9 %(they won’t lower it either) My debt ratio is too high right now i don’t qualify for a better interest rate. My question. Which one do i pay off first

  8. Mark Riddle on October 7, 2012 at 4:32 pm

    Pay off smallest balance first. You are fortunate it is also the one with the highest rate.

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