This time a year, we often find ourselves realizing that in the spirit of generosity toward our family and friends we’ve spent more than we earn.
This is where one might consider debt consolidation. Consolidating bills is when you acquire a singular debt in order to pay off your various bills. By doing this, you combine all of your debts with their varying interest rates, into one balance with a single interest rate. So, if you have some bills that have higher interest rates, you can eliminate the compounding interest by consolidating into a lower or no interest rate. Another perk to consolidating is how it simplifies your life by having only one payment at one time of the month vs. having many payments at several times of the month.
Options for Consolidating
Be sure you factor in the cost of fees, find low rates and pick a short term loan. These tips will ensure that you don't end up spending more by consolidating.
Consolidating your debt is an opportunity to realize how important it is to live within your means and become more financially savvy in the process.
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Marianne Snygg, GRI, ABR, ASP
ERA Herman Group Real Estate
Colorado Springs and Monument Real Estate