If you are in debt problems, you are not alone. Statistic has shown that in our country on an average, people have eight credit cards and an average debt of $9340. High interest rate of 18-25% (mainly credit cards) is one of the reasons due to which debt has grown at a pace of 5% every year.
With an increase in debt problems across the whole nation, there is also a fast growth of debt consolidation companies and services surfacing. These companies usually offer easy solutions to help combat your debt problems but not without charges or fees.
If you are diligent enough, and know your financial health, you can consider consolidating your debt yourself and save your consolidation fees to repaying your debt.
To consolidate your debt yourself
You will need to negotiate with your creditors to lower your interest rate, and late payment fees which are usually the biggest barrier to clearing your debts. With that done, you will need to draft a budget plan and follow it diligently.
With that said, there are certainly more that that to consolidate your debts yourself. You can refer to this page to understand on how you can consolidate your debts:...
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