Decreasing My Monthly Bills

Although I’m not a spendthrift, I feel as if I never have enough money in my bank account. Because I’m setting aside cash in order to buy a new home, I’m always searching for ways to decrease my monthly expenses. Fortunately, through my research, I’ve found some great, simple tips that provide substantial savings over time. For instance, I turn off my HVAC unit whenever I’m traveling. I also conserve gasoline by running all of my errands for the week on the same day. On this blog, I hope you will discover some easy, painless ways to lower your regular monthly bills. Enjoy!

4 Key Steps To Consolidating Your Way Out Of Debt

Finance & Money Blog

If you're a young person starting out with a lot of credit card debt, the idea of getting rid of it by consolidating is an appealing one. And for many, debt consolidation is a great debt relief tool. But there are a few key steps to follow in order to ensure that your consolidation truly helps your life.

Take Stock. The first step is to assess where your debt, income and expenses are really at. There are several reasons to take this step early. First, seeing it all together often cements your resolve to get out of debt. It also helps you to form an overall plan for not only getting rid of debt but also keeping yourself from falling back into it. Finally, only by gathering all your debt together can you determine exactly how much you need to consolidate and what interest rates you're paying. 

Assess the Debt's Time Frame. There are two extremes that may require a solution different than consolidation. One of these is if your debt is something you could realistically pay off in less than a year. If you could pay it off in a reasonably short time, it may be best to simply do so and avoid the extra costs of taking out a new consolidation loan. On the other hand, if your debt is so large that even with a single (lower interest) payment, you can't pay it off within about 5 years, you may need to consider declaring bankruptcy and starting over.

Avoid the Pitfalls. Once you decide to consolidate your debt, it's vital to avoid some of the most common mistakes that consumers make with this payoff method. By far, the biggest mistake many people make is racking up the debt again. You can avoid this by destroying any credit cards you pay off and closing some or all of them. And ensure you don't miss any payments by automating your consolidation loan payment. 

Research Your Options. Consolidation installment loans can be found in a variety of places -- both locally and through internet-based lenders. Start with local banks and credit unions, asking about the interest rates available, payment sizes, time frames and fees. Research reputable online banks as well, since these may offer lower rates. Another popular option for consolidating is finding a credit card with a 0% offer, then being certain to pay off the amount before the rate resets. 

By following these guidelines when considering a debt consolidation plan, you can help ensure that not only do you get rid of your past debt, but that you also set yourself up for a brighter future. 

For an installment loan, contact a company such as Las Vegas Finance


12 July 2016