Larry woke up the morning after he had signed the papers for his debt and bill consolidation in a panic.
He realized?much too late?that he had agreed to make monthly payments that were too large, and that the interest rate he had agreed to was really too high.
What could Larry have done to better prepare for his debt and bill consolidation?
Plan! It?s vital that before taking a step as large as consolidating your debts, that you know what to expect and exactly what you can afford to pay before ever making that first inquiry call.
Why not read our step-by-step plan outlined before so you don?t have the morning-after blues like Larry did?
The first step in your plan should be to know exactly what you owe. You can accomplish this by taking out all of your invoices and statements, and making a list of the total amount of debt you have.
This will be difficult because many times, people sugar-coat what they owe because they simply don?t want to have to face the true number.
Don?t be tempted to do this! Instead, get real and know that this is the first step to a debt free life!
Next, you should make a list of all the various interest rates you are paying, and put them in order from the highest on down. Take a close look at the lowest?is it low enough to consider that creditor for the holder of your debt and bill consolidation loan Now, you should create a personal monthly budget in order to determine what amount you can afford to pay on your consolidation loan.
Don?t skip this step.
In addition, don?t forget to figure in some form of entertainment in each month?even if it?s just renting a video. You may be enthusiastic now, but after months of only paying on your loan with no other outlet, you may begin to feel resentful and be tempted to miss a payment.
After you have a good idea how much you owe, what kind of interest rates you are paying, and how much you can realistically afford each month, you?ll want to start considering your options. The main types of debt consolidation loans are home equity, low interest credit rate loans, personal loans and working with a company that specializes in debt consolidation. You will likely be able to immediately eliminate some of these?for instance if you don?t own a home, you won?t qualify for a home equity loan. Carefully look at your remaining options, and do some research on them in order to determine which one is right for you.
Now that you?ve created a plan and intend to shop for just the right loan, you?ll be more likely to stick with it, and before long, you?ll find that your debt and bill consolidation loan is paid off!
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