Spring is a great time to cleanse your whole house, but why should you leave your finances untouched? It’s better to make sure that you can actually get things done than to waste another season worrying about all of the things that you don’t have. If you’re in debt, running away from the problem does absolutely nothing. You’re going to have to figure out how to fight back as soon as you can. This often means doing things that you might not have considered before. So while you’re looking at the first flowers of spring, why not check out debt consolidation?
Debt consolidation is exactly what it sounds like — it’s about taking all of your debts, combining them together (usually without interest), and paying one payment every single month to take care of them. Debt consolidation definitely works, but you have to make sure that you’re committed.
Committed? Absolutely. When you work with a debt consolidation company, they work their fees into your monthly payment. This means that you have to make all of your payments on time, or the agreement becomes null and void. If you’re trying to escape high credit card debt, guess what that means? You guessed it — it means that you’re going to be stuck paying all of your credit cards separately. Did you know that every time you miss a credit card payment, the company reserves the right to raise your interest rates? This means that sky high interest rates eat away at your monthly payments. This is why people spend so many years taking care of a minimum payment, only to find that they really haven’t eaten away at the debt at all. They’re just treading water instead of moving towards a debt free life. The rise of bankruptcy and despair from having to declare bankruptcy should be a lesson to everyone else — avoid it at all costs!
Now then, we warn about debt consolidation because it’s not automatic. You have to make sure all of your creditors actually agree to it. This is done primarily through negotiations between them and the debt consolidation company. If you’re not a natural negotiator, this is a blessing in disguise. You aren’t going to be shooting your own foot off trying to get things done. You can go about your everyday, normal life making your payments.
But it cannot be stressed enough — you have to make those payments. Failure to do so undoes everything that you’ve worked hard to build. This means that until those debts are paid, you’re going to have to make some big changes. This isn’t a bad thing, when you really think about it. You should cut your spending. You’ll find as time goes by that all of the things that you felt you had to have just aren’t as important as you thought they were. This is something that can put a smile on your face.
Getting creative about how you have a good time isn’t too difficult. Indeed, the Internet is filled with free stuff to do. This means that you might even be able to cut your cable subscription. Use that money to fund your savings account a little bit at a time. It’s been shown that when people actually have extra money in a savings account, the number of emergencies is actually reduced. That’s something worth celebrating, right?
You will find that building your life back is difficult, but not impossible. The last thing that you want to do is keep spending money when you’re trying to improve your life. There are undoubtedly things that you will have to spend money on, but there are also things that you can avoid. As long as you think about it in those terms, you just can’t go wrong.
Why not start your journey today? There are plenty of debt consolidation companies to choose from. If you have any questions, please don’t hesitate to reach out to those companies and ask. That’s their job to make you feel as comfortable as possible in order to move forward.
Ask yourself right now: am I tired of the way things are? Am I really making as much progress as I think I am on my finances? If the answers are both “yes” to the first one and “no” to the second one, then you owe it to yourself and your family to take steps to end the cycle of debt. Even though this isn’t going to be an overnight process, it is a process that’s worth checking out for yourself. Good luck!