Debt Consolidation Resources
Debt consolidation aims to combine debt from multiple creditors by taking out a single loan to pay them all, at a reduced interest rate with lower monthly payments.
This is typically done by consumers trying to eliminate numerous payments and budget easier.
There are many different avenues one can take to help eliminate debt from bankruptcy to consolidation, figuring out the best way to budget your finances for your family can be a daunting task.
Debt Consolidation Loans ~ Consolidate multiple loans into one monthly payment
Debt Settlement ~ Take steps to negotiate your repayment terms
Credit Counseling ~ Speak to qualified credit experts, learn debt reduction strategies, and more
*When you consolidate your credit card debt, you are taking out a new loan. You have to repay the new loan just like any other loan. … If you have multiple credit card accounts or loans, consolidation may be a way to simplify or lower payments. But, a debt consolidation loan does not erase your debt.
Simple tips to stay on budget once you have consolidated all your debt.
Set a budget that allows you to live within your means and stick to it: Take the time to sit down and write out all your bills, whats necessity and what is not. Focus on the necessity and work in the other as financially available.
Avoid impulse purchases: This one is the hardest for me as I am constantly seeing great deals and have this horrible feeling of what if I miss out. This is a big part of consumer debt in America. I had to retrain my brain to think, so what if I do. What good is it sitting on a shelf, just because it was a good deal.
Shop around for the lowest price before making a big purchase: this is the easiest one for me. I never make a big purchase without checking other sites, brands and deals. You will be surprised as how much you can save simply by checking a different site.
Pay off credit card balances each month to avoid extra interest charges.
Two of the most important tips to staying in budget would be to keep your finances organized and check your balances often, the second would be to set aside a certain percentage of your income into savings of some kind to help eliminate the need for emergency credit purchases.
I can be impulsive when it comes to shopping. LOL. Thank you for the tips!
Yes consolidating the debt and paying off it is most important thing. Thanks for sharing this tip.
It’s good to know there are places you can look for and thanks for sharing this informative post with us.
My husband and I have considered doing this. We definitely need help with getting rid of our debt.
Debt consolidation can be really helpful to a lot of people, especially these days when the pandemic has affected the livelihood of many people.
Having debt is never a fun thing. I’m always extremely careful when it comes to money. I always make sure I’ve got some in case anything were to ever happen too. We are in debt only because of a car loan and the house for now. Hopefully in ten years or so we’ll be completely debt free.
Debt consolidation is a beautiful concept. However, the tips shared is much more important as regards managing ones finances
Debt consolidation can be really helpful provided the interest rate is lower than the previous rates you had. It can make paying off debts easier.
Following these tips will def helps you to easily manage your debts. Thanks for sharing!
Sometimes debt consolidation tool can be a valid tool for our debts. We used some years ago and it was our best choice!
Thanks for the tips, I agree, especially if one have too much debts they should definitely avoid impulsive buying.
Thanks for the tips. And debt consolidation is so convenient for loaners.
I’m glad there are places and resources for people that need help with this!!
It is so important to be able to manage debt. It is nice to know that this is an option.
I worked so hard in my twenties to maintain good credit, but the worst of it is my student loans. I’ve gotten rid of the credit cards!
I am glad there are places that can help. I hate when I have debt and try to avoid it when I can.
We tend to follow a Dave Ramsey like plan. We snowball our debt. Knock out the little ones first and plow through the big ones by paying extra each month. Hope to be debt free soon!
Consolidating and paying off all your loans at a lower interest rate makes so much sense. It is conenient and should lower your monthly payment. A win win.