Over the past year, I have been making use of coordinating ribbon to accent my tabletop pieces, whether it's winding it around the handle of a napkin basket or tying it with a bow around [...]
As someone who has been in and out of debt, I am glad to have found Bills.com. This website covers the financial topics of mortgages, insurance, loans, credit scores, as well as bill and debt consolidation. For someone who is feeling overwhelmed . . . who is not knowledgeable in the details of managing finances, this website could be an extremely helpful resource.
For example, if you are interested in learning more about how to consolidate debt, this website explains that there are five different approaches to accomplishing this goal. I personally need to figure out a way to save money and pay off our debt simultaneously. With the state of the economy and my husband having been laid off a few years ago, I am extremely nervous that we do not have any substantial savings to fall back on should something like that happen again.
According to this website, I could look into debt management and credit counseling. There is also debt consolidation and debt settlement. A fifth option is to refinance our mortgage. As far as counseling goes, I went through that many years ago and found it to be quite helpful at the time. At the stage where I am now, I do not think it will help us as much. We are older and wiser now and have "trimmed the fat" almost completely. The only "luxury" we have is cable television and internet service. We do not stop at the drive-thru for coffee and we do not buy things that we will not use. As far as debt consolidation or debt settlement goes, we are afraid that we do not have the extra money to make settlements at the moment. On a similar note, I doubt anyone would give us a loan since we do not have any equity in our home while the housing market is in such a terrible state.
The best option for my husband and I would be to refinance our current mortgage. Since we have lost all the equity in our home because of the housing market's decline, this would be a smart step towards our goal of consolidating debt and having a little extra money to put aside for savings. This was something we had been considering, but now having read the information on this website, I am convinced it is the right thing to do.
What would be the right thing for you?
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4 Comments:
Also look in to debt settlement. You may be able to save a little more with it. Usually it's about 40 to 60 cents on the dollar for what you owe.
Really hard to give advice when you are in the same boat. My SO was injured last year and has been unemployed since then. He is no longer physically able to do the same type of work. We already have a really low rate mortgage so that is not an option for us. We are barely getting by on just my salary and some months it is horrible wondering who to pay first. I tell my kids all the time to get an education where you become an invaluable asset to a company.
Can I link you to some great bits of advice on debt management, debt consolidation and credit management?
Check these articles out:
"Credit Card Debt Consolidation Calculator: Find Out the Safest Way to Erase All Your Debts"
"Benefits of Credit Card Debt Relief And Credit Card Debt Management"
"Debt Management 101: 7 Key Rules every Consumer Should Know"
Sources:
Business Management Articles
Credit Management Articles
Everyone's situation is unique but, if you do as much research as you can and use debt consolidation articles and other tools you find as a general guide, you can customize it to fit your situation.
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