Monthly bills can be like roaches. You turn on the light every 30 days and they scatter as you try to stomp them.
Wouldn’t it be easier if you just had one roach to chase down?
The Best Way to Consolidate Debt: 3 Steps to Get Started
Before evaluating the best way to consolidate debt, do these 3 things:
- Know how much you owe. Pull a copy of your credit report and add up your total debt.
- Review your assets including your home, vehicles and other valuables. What do you have and what can you liquidate to pay off your debt.
- Review your credit score. How high or low is it and how impactful would it be if it fell.
Millions of consumers have said yes by consolidating debt into one payment. Simply put, they get enough money to pay off those scattering bills all at once. That leaves them with a single monthly payment – the one that pays off the large sum they acquired.
Which raises a couple of questions: How do I get that large lump sum that will allow me to consolidate my debt, and which is the best?
Here are your primary options for debt consolidation programs, each with its pros and cons.