3 Ways to Consolidate Debt on Your Own – 2023 Guide

Are you faced with debts on several credit cards? Yes, this may appear to be the end of the world, and you surely feel stressed about it, but there is something you can do about it. That’s right. We are talking about debt consolidation. In a nutshell, this will enable you to gather all the debts into a single monthly payment. This way, you won’t have to think about several deadlines, and you will also save a significant amount of money on interest rates. Here are some things you can do to achieve this goal.

1. Go over your expenses

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One of the main benefits of debt consolidation is that you have a determined moment in the future when you will pay it off. Naturally, you want to do this as soon as possible so you can go back to saving money for other expenses and investments. However, this is not possible if you keep on spending funds on unnecessary things. Due to this reason, you have to go over your monthly bills and eliminate those that aren’t absolutely essential. Then, you will be able to determine the sum of money you can put aside every month to pay off the debt.

2. Apply for a loan

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Yes, this is another method you can use, but you have to be careful about it. You need to get a loan with a low interest rate so you wouldn’t waste money on it. The main benefit of this loan is that it doesn’t only enable you to pay off the debt quickly, but also the monthly fees will be fixed. This way, you will be able to plan and organize your finances around it. When it comes to this loan, you need to investigate all the conditions thoroughly. Similarly, you have to explore the company you will collaborate with to ensure there won’t be any nasty surprises. Due to this reason, make sure to read the Credit9 Review meticulously and weigh all the pros and cons.
0% APR card

As you know, the main feature of this option is that there is no interest rate during the promo period. Depending on the company you choose, its duration can be anywhere from 12 to 18 months. If you are confident you can pay off the debt completely during this period, you should go with the balance transfer. When looking for the right 0% APR card, make sure to choose one that the promo period is in accordance with the health of your finances. Remember that your goal is to complete the payments before the promo period ends, so check if you can do that.

3. Borrow from friends or family

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Lastly, you can always turn to people close to you for help. Many people avoid doing this since it can prove to be a very bad decision. If you believe this loan won’t affect your relationship, you should go ahead with it. However, it is still a good idea to determine essential conditions. Even though these are not legally binding, they will provide you with a piece of mind, and everyone included will know what to expect.