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Tag Archives: Debt Consolidation

Why Debt Consolidation Isn’t the Answer to Your Money Problems

Why Debt Consolidation Isn’t the Answer to Your Money Problems

A common problem many people share is debt. If you are one of them, perhaps your debt comes from a home mortgage, business loan, auto loan, or student loan. Or, maybe it is a different loan altogether. Nevertheless, no matter where your debt comes from, there are different methods to dealing with it. My approach, for instance, is to work hard in order to pay off my debt as quickly as I can. But some people deal with it by asking for help from friends or relatives. If you are searching for ways to get out of debt you may have thought about debt consolidation as a possible solution. However, there are reasons why debt consolidation isn’t the answer to your money problems. What is Debt Consolidation? Debt consolidation is the process of getting one new loan for a higher dollar amount that allows you to pay off a bunch of smaller ones. Usually these debts are unsecured loans. The new loan may have better terms, a lower rate of interest, lower payments, or any combination of these. Why it Doesn’t Work One reason why debt consolidation isn’t the answer to your money problems is because the debt hasn’t really ...

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When Should You Consider a Debt Relief Program?

using debt consolidation

Households in the US carry an average of $7,400  in consumer debt. Whether indebtedness comes from having to use credit after loss of a job, a large medical bill, or from years of overspending, there comes a time when bills outpace income and something has to give. No one sets out to have crushing debt payments, but unfortunately that’s how many people end up. Sometimes those in debt need outside help to manage their situation, but when should you consider a debt relief programs? Can I Pay Off Debt on My Own? Before consulting a debt relief agency, determine if it’s possible to pay off balances on your own. Is there a way to cut expenses or increase income enough to make payments more manageable? Credit card companies may work with you by lowering interest rates or it may be possible to transfer high interest balances to zero interest promotions. Remember that promotional offers may charge a fee for balance transfers and there is usually a limited time period before interest rates go up. If you can’t pay off the balances in the allotted amount of time, or if your credit is not good enough to get interest rate reductions, it ...

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Take Control of Your Debt

Debt can have a debilitating effect on your finances as well as your personal life. There are a number of reasons individuals fall victim to the temptation of borrowing. Some take out loans as a way to fund their education, while others get caught in the habit of spending far above their means. Regardless of how you arrived in your situation, it’s crucial to take control of your financial future immediately. The first step should involve a careful analysis of your current finances. Once you know where you stand you can then take the necessary steps to establish a budget and then create a plan to pay back your creditors. So are you ready to step into the game? The experts at Consolidated Credit have created this helpful infographic to guide you along the way. It classifies each layer of debt and offers potential solutions that may accommodate your situation. Review each one carefully before contacting them and you’ll be well on your way to financial freedom.

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Can Money Management Help In Any Way With Debt Consolidation?

The following is a guest post. If you would like to submit a guest post, please read the policy and contact me. Money management – how does it count with regards to your consolidation program? Debt management helps you with better management and better usage of the credit cards, and any other forms of credit. Thus, this is also supposed to help you with paying down your debts with ease. Now, in addition to managing your money wisely, you can also opt for debt consolidation, for this is going to help you with paying down your debts even more easily. Money management and debt consolidation Managing your money wisely In order to be able to manage your money more wisely, it is important for you to: Determine the total income– It is important for you to determine the total income which you can make. This may help you with better money management. Follow a budget– A very important step towards money management is following a budget. Budgeting helps you to keep proper tab on your total income and also the expenses. This is also supposed to help you with saving money on the expense. In addition, this is also supposed to ...

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