consolidate your debt
When you have so many loans, chances are making payments on different dates and amounts take much of your time. Having two or more credit cards, a home mortgage and auto loan makes things more complicated. It can happen that when one credit card has just been paid, in a day or two the next credit card payment is due. To make both ends meet, a cash advance from the paid credit card will be used to pay the next one due.
Without extra income, those payment problems can happen every month and amount to be paid will most likely grow bigger. If this is happening to you now, try to consolidate your debt. It will be a onetime loan to pay off all your debts.
Why consolidate?
Loans consolidation is one exception to the rule that says do not put all your eggs in one basket. Loans are eggs that are best put in just one basket. The main benefit here is just thinking of one loan to be paid. A consolidation outfit will pay off all your existing debts. This means all your loans will be rolled into one loan.
Should there be any problems in the future regarding this single loan, you will only be negotiating only with one creditor. Compare this to negotiating with several creditors and getting into different terms and conditions to resolve an issue.
How to consolidate
Make a summary of all your outstanding loans and debts. Get an updated statement of current balance from all financial institutions you owe money. Prepare a list of them all and the aggregate total of all the debts. Check on consolidation outfits; at least three of them to find out the best loan terms and conditions offered. Go for the best more particularly one that has the lowest interest rate and monthly payment.
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