Need help consolidating my bills

Because every person’s financial situation is unique, it is best to spend time examining each option and find the one that is right for you.

Here is a look at some of the good and bad sides of the seven debt consolidation options.

If not, try negotiating with your lender to lower both rates.

If you’ve been a good customer at that bank or credit union, they may take that into consideration and reduce your rates.

One thing to consider is that medical debt and utility bills don’t have interest rates attached to them.

It might not be wise to use money from a loan (which will accrue interest) to pay off a debt that does not accrue interest.

You don’t need a loan to eliminate credit card debt.

These plans are offered by nonprofit credit counseling agencies, like In Charge Debt Solutions, and do not use credit scores for eligibility.Make on-time monthly payments and you eliminate your credit card debt in 3-5 years.Banks, credit unions and online lenders offer personal loans to consolidate debt.Debt management is a form of nonprofit debt consolidation that will reduce your monthly payments and interest rates – all without a loan.Credit counselors work with your creditors and get you a single, fixed monthly payment that you can afford.

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