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Don’t Shuffle Your Money Finance experts believe that debt consolidation can be a powerful method to becoming debt-free. If you do not commit to making a dent in your payment for the new loan, then the same problem exists but you just moved it into a new form.
It might be a good time to start tracking your finances if you haven’t already.
Whether or not you work with a debt relief service or not, debt consolidation is a good option.
There are other alternatives to debt consolidation and this should be used only as a last resort.
AYE works with communities, for example the Better Detroit Youth Movement to help youth understand the life skills of personal financial responsibility. 70% of Americans live ‘paycheck to paycheck’ which means little or no savings.
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However, if you use a few basic and proven strategies, you can reap a lot of benefits from loan consolidation: Consolidating Credit Cards This is a strategy that can dramatically improve your cash flow.
By rolling your numerous credit cards into one, you can simplify the monthly payment process since you will be paying only one instead of five or more.
A good strategy is also to roll the new account into a lower interest rate so you will not be adding more to your debt problem by paying for steep interest rates.