|Odds are good that if you create a financial plan
today, reduce your debt and begin saving regularly,
you may be able to live more comfortably, with less
worry and maybe even retire as a millionaire. Set
some realistic goals about how you would like to
live now and in the future. Begin learning about
how to manage your money better, and develop a financial
plan that will help you achieve your goals - even
if you're living paycheck to paycheck.
Debt consolidation...reduce your monthly
debt payments now
by Terry Till
Debt consolidation is frequently becoming a very familiar
term used in these consumer frenzy-spending times when
everything that is available to purchase is often presented
with the availability of a hire purchase agreement.
While the goods that we want are made more easily available
for us to purchase this way, we should also be aware of
the financial situation that this can place us in if taken
to an extreme degree.
When deciding to purchase an item with the assistance
of a loan or hire purchase agreement, it would be most
prudent to spend some time first going through your existing
finances and outgoings and see exactly what situation
this new purchase will place you in.
Compare the APR(Annual Percentage Rate) offered by the
shop or store with other available forms of credit such
as credit cards or bank loans etc. Many credit cards now
a days offer very competitive rates for new purchases,
even some can be found that offer a 0% rate of interest
which on an expensive purchase can make a substantial
saving and in turn reduce the monthly amounts repayable.
However, if you find that unfortunately you are in a situation
where you are having problems repaying your monthly loan
repayments or overall outgoings it is of the utmost importance
that you take immediate steps to correct this situation.
Take time to sit down and write a list of all your outgoing
monthly payments and prioritise these with the most urgent
cases at the top of the list. Also if possible try to
pay off excessively high percentage rated loans first
before the lesser percentage rated loans.
If you are unable to pay the agreed amounts to the loan
or credit companies contact them and explain your situation
and try to come to some agreement about paying a lesser
amount each month, you will find that many companies will
try to accommodate your request if at all possible.
If after taking these initial steps you find you are still
unable to meet your outgoing commitments it may be worth
looking into the possibility of consolidating your loans
and debts. Basically consolidating your debts means merely
finding a credit or loan provider who is willing to loan
you an amount, which is sufficient enough to pay off all
your present loans and debts and just make one monthly
payment over an agreed period of time. This period of
time to pay your new consolidated loan can be arranged
in order for you to get an overall less expensive monthly
About the Author
Copyright 2010 Terry Till
For further information and advice regarding loan and