Especially in our youth most people have to work hard on Debt Consolidation. Sometimes we can do this ourselves, other times we need help.
How to Consolidate our Debts
Debt Consolidation is not a hard subject to understand.
You racked up debt.
Some of that debt is on Credit Cards, other are in loans.
Our issue is that we have typically more than 3 consumer Debt payments per month.
The shear quantity of payments each month leaves us without enough left to pay our hard bills.
What is Consumer Debt ?
Consumer debt is debt we have because we ‘wanted to buy stuff’..
Food and housing is definitely not included in this.
That fancy black friday TV, yes its consumer debt.
Your new living room furnature, yes its also consumer debt.
Even that new car you ‘need’, yup its consumer debt too.
Why are Debt Consolidation loans so popular ?
Because you start saving money each and every money.
You can then do one of two things.
Either keep paying the same amount on your Debt or Pocket the Savings.
Paying the same amount is the smartest choice because you pay off your debt faster.
It is rarely a matter of choice tho as we do not always have that extra money.
Pocketing the difference is a great choice when we need that money for other expenses.
Especially when that other expense is food.