Planning to consolidate your debt? You might be worried about what consolidation could do to your credit score. It’s common for many people to see their credit scores decline when they consolidate debt, at least in the beginning. As you pay down debt and reduce spending, you’ll probably see your score begin to climb.
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When you’re struggling to manage multiple debts, you might wonder if debt consolidation is a good fit for you. It works by combining your multiple payments, and due dates (not to mention the multiple logins you have for each payment) into one convenient monthly payment.
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Multiple debts lead to multiple accounts, interest rates, and payment due dates. Managing multiple debts can be difficult enough without the added stress of late or missed payments. If you feel like you’re drowning in debt, it may be time to consider debt consolidation.
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Almost everyone out there has some experience with a credit card. Unfortunately, some of us have been sucked into credit card companies’ business models of deception, luring customers into paying high interest rates and late fees. But while interest rates and late fees are key revenue sources for credit card companies, by and large, they’re not exactly predatory practices.
Summer isn’t for saving; it’s the season for spending. At least, that’s the message that many Americans relay when banks trot out their annual spending surveys.
When you’re focused on getting out of debt, most folks get caught up in the process and don’t think beyond achieving that goal. If this happened to you – don’t worry! It’s happened to almost everyone who’s successfully eliminated large credit card debts. But the fact is, if you are consistent and committed to paying off your debt, it will happen. So then what? If you don’t have a plan for what to do with your money once your debt is paid off, it can be all too easy to start a cycle of over-spending that will leave you where you started. Here are several things you need to do once your credit card debt is paid off.
The decision to get yourself out of debt is a life changer, if you are willing to make the necessary commitment that goes with that.
Getting out of debt involves more than just paying off a few credit cards. It means changing spending habits; learning to how to budget; knowing who and how much you owe; prioritizing debts; creating emergency and retirement funds; and knowing where to find help when you get off track.