When it comes to borrowing needs – there’s no one size that fits all. ![]() Lastly, if you end up with more cash on hand due to a lower monthly loan payment, you might consider applying some of it to further reduce the loan amount. Second, consider consolidating those higher-interest-rate debts into one loan with a lower interest rate.ĭebt consolidation loans can be a good way to help reduce the money you're spending on interest, because with a lower interest rate, more of the loan payment is applied towards paying the principal.Ĭonsolidating several debts into one loan can help give you an estimated end date as to when that debt will be paid off – which could lead to an improvement in your credit score, with one payment being made on time each month. So here are some steps you can take to help you tackle it.įirst off, review your outstanding debts.Īfter reviewing your budget, rank the debts in the order they should be paid off – the best order is to rank the higher-interest debts first to help you pay less interest. ![]() ![]() Debt… not your typical topic of conversation with friends or family.įor the most part, a lot of us like to avoid thinking of the topic altogether.īut what we can all agree on is that we would love to get rid of it – or at least pay it down faster.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |