Debt Help Ideas

Debt Consolidation. You know what I mean. Taking all that unsecured debt and lumping it all together into one loan so you only have one payment and you think you will reduce debt cost. It seems so logical, so easy, so wonderful! We thought so too. Then we discovered the dark side of this option.

It’s just too easy to borrow more. Those paid off credit cards will be calling your name, begging you to use them. Needs will arise like you wouldn’t believe. Before you know it, your unsecured debt will have doubled and you will be miserable!

You’ll be a lot happier and a lot better off if you sit down and make serious plans for ways to reduce or eliminate debt safely and sanely, one bill at a time. I like the “reduce debt snowball” idea that many financial counselors, including Dave Ramsey, recommend. You start with the lowest bill and pay it off using any extra money you can. That’s where all the creative and practical ways to save money that you will find on this site will come in handy. For that matter, if you can start a home business earning money at home, you can also apply any extra money from that to your bill.

Pay as much as you can on that bill, not just the minimum. Once it’s paid off, take all the money you were paying towards it and add it to the payment you are sending for the next lowest bill. Before you know it, your unsecured debt will be gone, and you will have gotten so much closer to your goal to eliminate debt!

P.S. If you’re looking for extra help, you might check with one of the reputable Christian organizations that help people in debt. You’ll find my two favorites in the right column. Just click on the pictures for more info.