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How To Make Your Debt More Manageable
Total Articles: 2
If you think you are the only person who has piles of debt, think again. A 2015 survey done by Nerdwallet shows that the average American household owes $15,355 in credit card debt as well as debt for mortgages, auto loans, student loans, and more. And with most of that credit card debt split between multiple credit cards that have different interest rates (maybe even really high interest rates if you’ve missed a payment or two), it is hard to keep track of it all. Owing a lot of money can make it feel like you are shackled or imprisoned, but there are ways to manage your debt to get out of it a little easier. One great way to make your credit card debt more manageable is to consolidate it.
How does credit card debt consolidation work?
Essentially, debt consolidation works by taking paying off all your credit card debt and then giving you one loan to pay on rather than a bunch of different ones. This also allows you to have one interest rate for all of that debt. If you choose to go this route, you will save yourself a lot of time in paying bills and it makes it easier to pay down what you owe because you only owe to one company. It is much easier to focus on getting out of debt and getting your credit card debt under control when you are simply paying back one loan, and on top of that, you can close your credit card accounts at that time to try and prevent extra spending if you want, or you can leave them open for emergencies. It all depends on what is going to work best for you.
How much money should I owe before I consolidate?
Another question you might have is how much money you need to owe in order for it to be worth consolidating. It doesn’t really matter how much you owe. If you owe on multiple credit cards and are feeling stressed about finding a way to pay it all back, then you are definitely a candidate for debt consolidation. Even if you owe more than you think possible, talk to an expert and see what they can do for you and what is recommended based on the level of debt that you have.
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