Are you saddled with debt? Is it all becoming too much for you? Debt consolidation may be a viable option to consider. Continue reading to find out how debt consolidation.
Check out your credit report. You need to fully understand how you got into this mess. This will keep you from treading down the poor financial path again once you’ve gotten your debt consolidation in order.
Get a copy of your credit report before embarking on the debt consolidationThe first step to taking care of your debt you have. Know how much you owe and to whom you owe it to. You can’t fix your finances if you aren’t aware of this.
Are you on life insurance policy?You can cash it in and pay off the debt. Talk to the insurance agent about what they can offer you. You can borrow back a part of your investment to pay off your debt.
Many will accept as much as 70% of the balance in a lump sum. This will not affect your credit score and rating.
You might be able to remove some money from your retirement fund or 401K. Only resort to this if you can afford to pay it back within five years.You will be required to pay taxes and penalty if you cannot.
Try finding a reputable consumer counselor in your area. These offices can help you manage your debt and merge all your multiple accounts into a single payment. Using a service won’t affect your credit as badly as other debt consolidation services.
Debt Consolidation Counselor
A good debt consolidation counselor should teach you a few things about financial management so you can do to get your finances managed the right way. Make sure to take their classes that are offered so that you get the financial education you may be lacking. If the debt consolidation counselor you are using …