DIY Debt Consolidation
Wednesday, October 28th, 2009 Subscribe To Our Feed
Debt consolidation – should you do it yourself?
Well, what I say is there are a lot of options for doing debt consolidation yourself, and the advantage of this is to bring a lot of small pieces into one piece. Because the biggest problem with the debt is obviously the interest, but people aren’t able to manage their multiple debts and I know this.
At one point in my life, I was 0,000 in debt. I had eighteen different debts and a lot of different people were calling me from all over. I was getting emails from different places. So as I was able to consolidate things into one different piece, it was a lot easier to manage.
What are the ways of doing it yourself? There are a couple of different options for debt consolidation.
You can go to your bank, take out a loan and put like four or five of your debts into one. If you’ve got four or five debts, let’s say, for 0 each on a 19.99 percent credit card, you can get a ,000 loan, even if the rate is the same and you only have to do one payment. You only have to worry about one payment at a time. So even if you don’t get a lower interest, I’d say it is worth it to do a debt consolidation in this manner.
You will find that many credit card companies offer free or low interest rates to do transfers from that credit card. I strongly suggest that you do this, not to take advantage of these companies, but to be able to collect all your debts into one place. It’s a lot easier to pay four or five loans at a time than it is to pay eighteen loans at a time.
Now you know that it’s possible to do debt consolidation yourself. For many people, they don’t need to receive external counseling once they can see all their debts in one place and look at everything in one place.
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