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Should I Consolidate My Debts?

should I consolidateYou know you’re in financial trouble because you have too much debt. You also know debt consolidation may be able to help make the payments on your debt more manageable within the boundaries of your monthly finances. However, you also know there are other options available, and you want to make the right choices for your finances so you can find the best path forward.

Debt consolidation isn’t right for every financial situation, but it can provide the relief you need in certain circumstances. If you need help deciding if debt consolidation will work for your unique financial situation, we’re here to help! Call us at 1-800-320-9929 to speak with a certified credit counselor. He or she can assess your debts and budget in a free, confidential evaluation that can provide the answers you need. You can also get started online with a Free Debt Analysis.

Determining If You Need Debt Consolidation

Debt consolidation isn’t always the best option for your finances, so you need to make sure you’re in the right set of financial circumstances to make it beneficial. There are some easy questions you can ask yourself to determine if debt consolidation is really something you need in order to improve your financial situation.

  • Can you afford to make the monthly payments on all of your debts?
  • Could you work out a schedule in your budget to pay more than the minimum amounts owed on your credit cards to reduce debt on your own?
  • Can you pay off your debts in-full within the next 5 to 7 years?

If you answered no to any of the above questions, then you’re a good candidate for benefiting from consolidation. If you’re not sure how long it will take to pay off your debts, you can use a debt repayment calculator to help you determine how long it will take to pay off your credit cards in-full.

Deciding If You Can Use Debt Consolidation

Once you’ve determined if you can benefit from debt consolidation, the next step is to determine if you can actually qualify to use any debt consolidation option. You can use the following questions to help.

  • Do you have a steady source of income or any money available to pay off debt? If you have no income and no money available, you won’t have the funds necessary to pay back debt even within a debt consolidation plan.
  • Will reduced monthly payments on your debt actually improve your monthly finances? If reducing your debt payments still won’t fix problems with your budget then consolidating really won’t help your finances. Unless debt consolidation can provide relief for your budget and help you live within your means, it’s not really a viable solution.
  • What kinds of debts do you have? Only certain types of debt can be consolidated. Debt consolidation really only works for unsecured debts, such as credit cards, unpaid medical bills, and some payday loans and cash advances.
  • What is your credit rating? A few (not all) debt consolidation options require you to have a strong credit rating in order to qualify for interest rates low enough to provide the relief you need. If you have less than perfect credit, consider using a debt consolidation option that doesn’t require good credit, such as a debt management program.

If you still have questions or you need help evaluating your finances to determine which debt relief solution is right for you, we’re here to help. Call us at 1-800-320-9929 to speak with a certified credit counselor with a free, confidential debt consultation. If you prefer, get started online with a Free Debt Analysis.

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