It has often been said that interest is the fifth wonder of the world.
It continues compounding and compounding, and it's not a good thing if you are the person paying the interest.
This means that you need to be doing everything in your power to get a lower interest rate if you truly want to make progress on your debts.
But how do you do that? The credit card companies raised your rates for a reason and they have no obligation to lower them again.
You aren't going to get any answers going that route, so it might be time to think about debt consolidation.
How do these consolidation companies work? They take all of your debts and they pay them off for you.
They then work with you to come up with rates on a new loan.
Though the rate that you get on your new loan will vary depending upon a number of factors, you can almost guarantee that it will be significantly lower than what you are paying right now.
This has many different advantages, not the least of which is being able to pay off the loan more quickly, since a majority of the money you are paying will go directly to the loan itself and not to lining the pockets of random credit card executives.
Another nice thing about combining your debts down into one low-interest debt is that it can help you focus.
Who has time to sit around and make charts to track your progress on a credit card debt? Chances are, you are just paying the debt and glancing at how much progress you have made.
You have no idea how long it will take to pay it off, and you are struggling in a big way with all of this.
With a consolidated loan, you will know exactly how many payments need to be made.
You will know that you are on the right track, which can make working hard and putting money towards it much easier over the long run.
Eventually this is something that you must consider, because you are wasting a ton of money each month with high interest.
Unless you are superman, you have no chance of paying off a bunch of different credit cards that clock in at 30%.
Go with consolidation and get something a bit more manageable, so that you can live in financial freedom one day.
It continues compounding and compounding, and it's not a good thing if you are the person paying the interest.
This means that you need to be doing everything in your power to get a lower interest rate if you truly want to make progress on your debts.
But how do you do that? The credit card companies raised your rates for a reason and they have no obligation to lower them again.
You aren't going to get any answers going that route, so it might be time to think about debt consolidation.
How do these consolidation companies work? They take all of your debts and they pay them off for you.
They then work with you to come up with rates on a new loan.
Though the rate that you get on your new loan will vary depending upon a number of factors, you can almost guarantee that it will be significantly lower than what you are paying right now.
This has many different advantages, not the least of which is being able to pay off the loan more quickly, since a majority of the money you are paying will go directly to the loan itself and not to lining the pockets of random credit card executives.
Another nice thing about combining your debts down into one low-interest debt is that it can help you focus.
Who has time to sit around and make charts to track your progress on a credit card debt? Chances are, you are just paying the debt and glancing at how much progress you have made.
You have no idea how long it will take to pay it off, and you are struggling in a big way with all of this.
With a consolidated loan, you will know exactly how many payments need to be made.
You will know that you are on the right track, which can make working hard and putting money towards it much easier over the long run.
Eventually this is something that you must consider, because you are wasting a ton of money each month with high interest.
Unless you are superman, you have no chance of paying off a bunch of different credit cards that clock in at 30%.
Go with consolidation and get something a bit more manageable, so that you can live in financial freedom one day.
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