When we talk about debt consolidation, interest rate reduction, late payment fees, lower monthly payments, and better monthly repayment terms often comes into the picture.
Interest Rates make up of the biggest contribution to your debts and should be lowered as much as possible. Late payment fees penalties should be waived or review again. A lower monthly payment can help you live a normal life
All the above mention factors are important things to consider when you consolidate your debts. But if you ask me, the main thing to think about is your personal spending habit when you consolidate your debts.
Most people fall into cycle of debts because of their undisciplined spending habit. And if you dont get this right, you will not be able to get out of debts no matter how you consolidate your debts.
Frankly, if your monthly expenses exceed your monthly income, theres not way your can clear your debts. You will have to come out with a realistic budget plan to help you get started.
Analyze your expenses and income. Organized your expenses into needs and wants. Spent your money on needs and leave the wants for the last and only when you have the...
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