Sometimes all the money saving tips can’t keep you from that impulse shopping binge that throws your financial life into chaos. When that happens, the debt consolidation process might be your best way back from the brink.
So you backslide a little on your finances. Even your Frugal Grandma has had a lapse or two in the past. There is help though to get you back on track if you stray too far.
What is Debt Consolidation?
Debt consolidation through a peer loan is the easier path but doesn’t include the counseling service that some people may need.
Importance of Debt Consolidation
Debt consolidation, unlike debt settlement, is a good option if you have a steady income and can make the monthly payments without too much trouble.
What Debt Can Be Consolidated?
Any debt can be consolidated but there are some rules you want to follow to save as much money as possible.
Debt Consolidation vs Debt Settlement
Debt settlement is where you work with a settlement company to negotiate payments with your creditors.
Is it a good idea to consolidate your debt?
I would say just don’t get into debt in the first place but we all know that isn’t going to happen. Sometimes expenses just come up and you have to put them on high-interest credit cards.
Can I do debt consolidation myself?
The best part about a consolidation loan is that it’s so easy. You get the money deposited in your account and then write a check to pay off your debts.