Making Debt Consolidation Work
Debt Consolidation can be a great way to dig yourself out of debt. Following the following tips can make your experience a bit easier and more rewarding.
The most important thing to keep in mind is that Debt Consolidation isn’t an overnight fix and will take time and patience to make it successful.
Hence the number one tip about how to make Debt Consolidation work:
1. Remain patient. For many of us wanting to repay our debt there is no quick or easy way to do it. The act of debt consolidation can be tedious and time consuming. Just remember to keep your efforts and your spirits up because at the end of it all your goal is to be as debt free as possible. The reward is well worth the wait.
2. If you are like many people you will want to see progress in your debt consolidation plan. If it is important to you to see quick results you may want to look at your lowest balanced credit card and pay that card off first. Not only will you have one account paid in full you will have more money available to pay towards your next lowest balanced credit card.
3. If saving the maximum amount of money through your debt consolidation plan is most important to you try paying off your highest interest rate credit cards first. This will help get your most expensive credit cards out of the way first.
4. Create your own debt consolidation progress tracking system. Microsoft Excel can be a great program to use for creating your own spreadsheets, graphs and progress charts.
5. Make the debt consolidation program go faster by cutting out unnecessary spending and taking that money and applying it towards your debt. This could be unnecessary spending such as cigarettes, vending machine candy bars, alcohol or other things that you regularly purchase but don’t in fact need.
6. If you are married try communicating about your debt consolidation action plan fairly frequently. Discussing your plan on a regular basis will help keep you and your spouse actively thinking about it and perhaps help you continue to identify areas in which you can save even more money.
7. Read money management books or literature while you are working through your debt consolidation plan. There are numerous free resources available online for you to use and learn from. Put yourself in the position to develop money management skills so you can possibly avoid future financial problems.
If you have any comments about how you have made debt consolidation work for you feel free to add comment our blog. We encourage our readers to actively share their tips and techniques in order to help others.
Debt Reduction Services is a non profit 501 c 3 Consumer Credit Counseling Organization that specializes in helping consumers live debt free through free credit counseling and an affordable Debt Consolidation program.
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