Debt Consolidation

Individuals who may not be financial wizards can also do debt management. All it needs is a bit of resolution. First write down the number of debts and the amount of debts that you may have. For example you can have mortgage payments amounting to $500 per month, car loan payments for $200, payday loans of $100 and a credit card debt of $500.

This means that the total amount of debt owed or interest payments that you have to make is $1300. That's quite a figure. In any case there are two debts, which can be easily avoided. These are the payday loans and the credit card loans. Pay day loans are taken to tide over instant cash problems. However if you can balance a budget, then you will have no need for payday loans. Same is the case with credit card loans, only buy on credit that you can afford to pay back in full the next month, else wait till you have the ready cash to splurge.

Therefore these are two loans, which you can instantly pay off. These are the payday loan and the credit card debt. Thus take out your checkbook and sign a check for the payday loan. While you are at it, make a check for the credit card debt. Since credit card companies charge a hefty amount (the interest is compounded) therefore you can pay a huge amount. After this you are left with only $700 of debt.

For mortgage payments as well as car loan payments, you can ask the financial agency to adjust the interest rates. Lower interest rates can be negotiated with the bank. Therefore there is less out flow of funds. This means that precious dollars can be saved. Even if you are able to shave off $100 from your mortgage payments and car loan payment, it's a saving. This means that you have to pay $500 per month instead of $700.

Thus you see that from $1300, you will pay only $500 per month. This means that you are paying less than half of what you were paying originally. This way of successful debt management can go a long way in securing your financial future.

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