Consolidating bills in
The solution requires you to roll up your sleeves, make a plan for your money, and take action! If you have a laundry list of credit cards with high balances, debt consolidation may offer you an opportunity to combine your debts into one simple monthly payment.Most of the time, after someone consolidates their debt, the debt grows back. They don’t have a game plan to pay cash and spend less.In other words, they haven’t established good money habits for staying out of debt and building wealth.
Let’s say you have ,000 in unsecured debt—think credit cards, car loans and medical bills.Here’s why you should skip debt consolidation and opt instead to follow a plan that helps you actually win with money: The debt consolidation loan interest rate is usually set at the discretion of the lender or creditor and depends on your past payment behavior and credit score.Even if you qualify for a loan with low interest, there’s no guarantee the rate will stay low.Some companies know holiday shoppers who don’t stick to a budget tend to overspend then panic when the bills start coming in.And other loan companies will hook you with a low interest rate then inflate the interest rate over time, leaving you with more debt! Your goal should be to get out of debt as fast as you can!
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So basically, your debt would go from $50,000 to $57,000–60,000.