If you have a number of different debts, you can take advantage of debt consolidation and combine them into one. Many people choose to consolidate debt because they feel it will be a lot more manageable to only have to make one monthly payment.
But that’s certainly not the only reason.Other people prefer to consolidate their debt because by doing so, they actually have a chance to save additional money.
Not only that, it’s a lot easier to pay off your debts quicker when you have consolidated all of them into one simple monthly payment. According to Consolidated Credit, experts helping you see whether consolidated credit is good or bad, “Debt consolidation opens a pathway to addressing the damaging impact of excessive credit utilization.”
Although there are many people taking advantage of the debt consolidation opportunity, some people will not benefit from it. Unfortunately, there are even people that end up in even worse shape after they consolidate.
Well, now that they have consolidated all of their debts, they often take out new credit cards. And because of their additional debt, they now have a difficult time keeping up with their payments.
On the other side of the coin, there’s good news as well. Many people that consolidate their debts finally get to take control of their finances. And this makes a world of difference in their lives.
How to Determine If You Need to Consolidate Your Debt
Before immediately beginning the debt consolidation process, there are actually a number of questions that you need to begin asking yourself. Based on your answers, you’ll be able to determine if debt consolidation is the right choice for you.
Do you seriously want to get out of debt?
If you are serious about getting free of debt, then debt consolidation is going to be a good option for you. On the other hand, if you are attempting to consolidate just because you want to lower your interest rates and nothing more, this might not be the best option for you. Before consolidating, you really need to reconfigure your lifestyle and think about making some positive, powerful changes.
Can you currently manage your debt?
To figure this out, take a look at a comparison between your income and debt. Some questions to consider include: Will you be able to realistically pay your debt off entirely within a period of five years? Is your current unsecured debt less than half of your total gross income?
If you answered yes to each one of these questions, then you should seriously consider consolidating your debt because it’s a good option for you.
Do you have uncontrollable debt?
On the other side of the spectrum, if you answered no to either of the questions mentioned above, then it will be nearly impossible to get out of debt within a five-year time frame unless you come into a large sum of money.
If you find yourself in this situation, first of all it’s nothing to be ashamed of. Many people run into debt issues, and it especially happens when we are young.
Second, instead of doing nothing about it and letting your credit get completely ruined, you should contact a debt counselor to find out about your options.
If things are really bad, it’s quite possible that you’ll have to file bankruptcy in order to get back on the right path.
But at the end of the day, you should meet with a credit counselor because they’ll help you come up with a budget, create a debt management plan, and help you work toward getting out of debt once and for all.
Debt consolidation is a good option if you meet the criteria mentioned above. If not, you should consider taking a different path instead.
Your Business Needs These 13 Digital Security Solutions – Here’s How To Get The Most Out Of Each
How would you characterize your organization’s digital security posture? If you’re not sure how to answer this question, or perhaps would prefer not to answer it at all, you’re not alone. Countless decision-makers, from uber-competent CTOs and CISOs to CEOs and COOs who couldn’t code…
Louisiana And Oklahoma Introduce Digital Identification To Prevent Fake ID Use
Digital ID in Louisiana Utilizing digital IDs has been a commonly broached topic for a while now. Although most states are only either deliberating their helpfulness or in the utmost initial stages, Louisiana has moved forward. The primary introduction of this technology was done back…
ScanGuard Review – Here is What You Should Know
Doesn’t it sound good and satisfying to have a goop-performing antivirus that is reliable enough? Yes, it is. For that reason, you need to be extra careful when you are in search of a good antivirus. Put all the necessary factors into consideration so that…
The Emerging Need for Social Media Security
By the time you’ve finished reading this sentence, nearly 700 passwords have been stolen from social media accounts across the world. Social media security breaches have the potential to cause up to $6 trillion in cybercrime damages by 2021, up from $3 billion in costs…
Which New Lorex Security Camera Is Right for Your Home?
Keeping your family and your possessions safe requires a proactive approach, and one way to protect what you care about is with a security camera system. Lorex Technology is well known for their security camera solutions, and their two newest products will change the way…
- 3D Printing
- App Dev
- Artificial Intelligence
- Arts and Entertainment
- Big Data
- Blockchain Tech
- Business Technology
- Car Technology
- Cloud Computing
- Cloud Storage
- Computer and Technology
- Conference Calling
- Coupons and Deals
- Cyber Security
- Dark Left 1
- Data Center
- Data Recovery
- Digital Arena
- Digital Marketing
- Edu Tech
- Email Marketing
- Google Glass
- Guides and Tutorials
- Health and Fitness
- Home Improvement
- Home Security
- Internet and Businesses Online
- Internet Marketing
- IT Careers
- Mobile Apps
- Mobile Security
- New Tech
- Online Shopping
- Project Management
- Reference and Education
- Reputation Management
- Sales & Marketing
- Shopping and Product reviews
- Small Business
- Social Media
- Tech Trends
- Technical Support
- Technology in Education
- Tips & Tricks
- Tips And Tricks
- Video Conferencing
- Virtual Reality
- Wearable Technology
- Web Design
- Web Development
- Web Hosting
Ticking The Box VS Going The Extra Mile: Is Automation Hurting The Customer Experience?
The modern small business has a significant amount of electronic communiqué to deal with day-in and day-out. Most likely, they’ll also have a website that’s a large part of their marketing presence. That standalone site and/or their social media presence can become either highly cost-effective…
How Reinvesting Profits Can Help Your Company To Grow
Making a profit is the obvious goal of any business. But what should you do with those profits once you’ve made them? Two immediate answers spring to mind: save or spend. There is a third option, however, which involves keeping your money moving while making…
How to Immediately Improve Your Online Security
While the internet might seem paradisiacal, danger lurks in the obscurity of it. Apart from outsourcing your IT needs to specialists like IT support companies in London, there are immediate measures you can take to ensure your online world is as secure as the home…
Everything You Need To Know About Cybersecurity In 2019
With long workdays and jam-packed weekends, it’s a godsend that we can do most of our shopping, social interaction, and many other day-to-day tasks from the convenience of our computers and mobile devices. The internet has been making our lives so much easier for the…
4 Reasons Why You Should Upgrade Your Cybersecurity Right Now
Decades have passed since the phenomenon called the internet, cybersecurity is still very much a threat to businesses and individual users alike. Considering how much money cybersecurity companies invest to bolster their solutions, you would think that cybersecurity threats would be a thing of the…
Why Small Businesses Need A Web Application Firewall
Today, cyber security is one of the primary concerns of small businesses and large tech companies alike. The threat landscape is ever-evolving, with increasingly sophisticated hackers racing to thwart cyber security experts as they build stronger lines of defense. On top of that, the numbers…