Managing Bills: Top 5 Tips About Debt Consolidation

Wednesday, October 25, 2017, 6:00 AM | Leave Comment

It’s easy to feel weighted down by outstanding debt if you have a balance that is difficult to pay each month.

By consolidating your debt, you’ll be able to escape this painful feeling and become more financially sound.

Here’s five tips to help you with the process of debt consolidation:

  1. Get Organized

    The first tip is to organize your bills and see where your money is flowing. Take each debt and write down your current interest rate. Call your lenders to see if they can drop your rate by a few percentage points.

    Also, obtain your current credit report to see your history of payments. This will also help you list all of your current debts.

  2. Utilize a New Credit Card

    Depending on the amount of debt that you have and its combined interest rate, you may want to consider consolidating your debt with a credit card.

    By putting the balance on a new credit card that has a lower interest rate, it would allow you to save on interest each month.

    You can take the money that you save and apply it towards your principal. However, you must have a good credit record to utilize this option.

  3. Personal Loan From A Bank

    Another option that may help you consolidate your debt is by taking a personal loan out from a credit union or bank. This requires you to have a credit profile that is excellent.

    To qualify for a low interest rate, you must have a history of paying on time each month. This ensures a bank that you are responsible with your bills.

    Banks only want to lend to people with low risk profiles.

  4. Debt Management Company

    Another way that you can consolidate your debt is by utilizing the services of a debt management company. They work with individuals who have had some challenges with their credit in the past.

    These companies will work with you to consolidate your debt at a lower interest rate. It’s best if you use a company that’s highly rated.

    You can find reviews of debt consolidation companies on websites like Top 10 Jungle.

  5. You Must Commit

    After choosing a debt consolidation plan that works best for you, it’s imperative that you commit to the plan. It will only work if you follow each step.

    Each month, manage your payments and see how you are progressing. By reviewing your progress and making payments on time each month, it will relieve that heavy weight of debt that’s been holding you down.

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