Are you burdened with debt? If so, you are not alone. Millions of people have acquired excessive debts, and have little means to payoff balances. Fortunately, there are various programs available to help people become debt free in as little as five years. Reducing credit card debt can ease stress and worries. Here are a few tips on how to eliminate debts using the internet.

Apply for a Home Equity Loan or Mortgage Refinancing

Today, many mortgage lenders advertise their services online. Additionally, they offer quick and simple online applications and instant approvals. Because reducing debts is challenging, most people obtain a home equity loan or opt to refinance their existing mortgage.

Home equity loans are easy to qualify for, and you can expect funds in a few days. However, these loans are based on the amount of equity you have built in your home. Once the funds are received, the money can be used for repaying debts. Home equity loans are also practical for home improvements, paying college expenses, etc.

If applying for a mortgage refinancing, homeowners create a new mortgage. For the most part, homeowners choose the home equity option when the sole purpose is eliminating credit card debt. However, if you are also interested in obtaining a lower mortgage rate or fixed rate mortgage, refinancing is a good choice.

Apply for a Balance Transfer

Another method of consolidating and paying off debts involves transferring your balance to a low rate credit card. Balance transfers have sneaky stipulations. Thus, it is important to carefully read the terms of agreement before applying. Most balance transfers offer a low introductory rate of 0%. With this option, you do not pay interest for the first 6 or 12 months. This aspect is great for quickly reducing credit card balances.

Use an Online Debt Consolidation Service

Online debt consolidation services are proven to rapidly reduce debts. Moreover, those who join a debt consolidation service are not obligated to own a home. These services help people with all credit types and most do not charge a fee for their service. Debt consolidation services will contact your creditors and negotiate lower interest rates. Next, debts are consolidated into one loan, and you are placed on a repayment plan. Program lengths vary. On average, those who use debt consolidation services are debt free within five to ten years.

View our recommended online companies to help you with credit card debt elimination.

Also check out our information on low rate home equity loan lenders online, or view our list of recommended lenders for online mortgages.