A Useful Debt Consolidation Resource

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?