No one in life is perfect and making a simple mistake (that is not illegal of course) is something that can be resolved. As an adult we begin to understand the hardships that come with being in a financial situation. While we may have never intended on being behind in bills, or overspending at our favorite store, or even (which is usually the beginning cause in today’s economic situation) losing our job, a remedy at that moment seems better than waiting.
When it comes to rectifying and eliminating your debt, many individuals tend to suggest that you use a consolidation firm. However, that is not the case for everyone. If you are pretty savvy and responsible when it comes to financial situations, then you are halfway there.
Here are a few ways that you can consolidate your own debt without getting a third party involved.
Combine and Eliminate Regular Credit Cards
If you know that your debt (whether the majority or multiple) come from regular credit cards, then you should start with combining each individual debt together. The most important credit card to start paying down first is the lesser amount. Reason being is that the quicker you can start eliminating your smaller debt, the more trust you can obtain with your debtors and loan providers to start paying the bigger debt(s) off.
Re-Evaluate Store Credit Cards
Just like your regular credit cards, if you have multiple store credit cards, then you should pay your lowest debt off first. However, the one difference is, that typically individuals have one credit card per store. This means that if you have multiple, now you have to keep in communication with them all (unlike multiple credit cards with one bank). If need be, simply budget a specific amount to each card (50/50, 60/40. 25/25/25/25, etc.,).
Consolidate Your Loans
You can consolidate your loan debts almost in the same manner that a third party will do. Instead of technically consolidating them all together, you consolidate the way that you pay them. This could mean setting up automatic payments from your paycheck to pay something on all of your debts at once and pay minimally on some of your debts if possible while putting more down on others. Keeping in communication with your loan debtors Is crucial here to making this all work.
Hiring an outside company isn't necessary if you have the discipline it takes for Do It Yourself (DIY) Debt Consolidation. By negotiating directly with your creditors, making automatic payments a standard practice, and focusing on eliminating one debt at a time, you can become debt free withough paying anyone. Our team at North Dakota paystubs are experts at tips that work to help you get out of debt and live the life your hard work has earned you.
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