Monday, September 08, 2008

Debt Consolidation Resources

With the cost of everything these days, it is harder and harder for families to take care of the basic necessities without going into debt. Or, in the case of a large percentage of American families, without going further into debt. Sometimes it just seems impossible to dig yourself out, doesn't it?

One option is to consolidate debt by rolling all the smaller amounts of debt into one larger loan, thereby only having one monthly payment instead of all those small ones. However, there are several options for consolidating your debt, and it can get confusing trying to figure out what is the best way to go. I know we did a lot of moving things around, from one credit card to another, usually wherever we could get a really low or no finance charge for a year. Another option is to refinance your house and roll all your debt into that loan. I think that is the best option, if you own your own house and have some equity built up. The thing to remember is, once you have all the credit cards paid off, do not build those balances back up again!

Other options for debt consolidation are credit counseling, a debt management program, debt negotiation, and debt settlement. Bills.com has information about all of these to help you figure out what is best for your situation. They will help you understand how each option can affect your credit rating, and provide tips and articles to help you get started in the right direction. They can even connect you with pre-screened debt consolidation providers.

Ask some questions, sign up for the Bills.com Newsletter, read some success stories, and start on your path to getting out of debt. Remember it took a while to build up that mountain of debt, and it will take time to tear it down and get rid of it, but with the resources at Bills.com you don't have to figure it all out by yourself.

1 comment:

  1. Everyone's situation is unique but, if you do as much research as you can and use debt consolidation articles and other tools you find as a general guide, you can customize it to fit your situation.

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