Say goodbye to debt!
Thinking about debt can be a bit overwhelming. Especially when your debt is spread out among more than one different credit card and/or lender; each with their own due date, minimum payment and interest rate.
A good way to ease the stress is to consolidate. Get all of your debts into a single loan, or at least get all of your non-collateral items together in one loan. Collateral is any type of debt that is tied to a physical thing – like a mortgage or auto loan. Non-collateral loans are credit cards, personal loans, student loans; money without being linked to a physical item.
Debt consolidation is merging multiple debts into a single debt. Instead of making multiple payments on multiple different loans or credit cards. Move them into a single payment at a low interest rate. This strategy can decrease your total debt over time because you’ll pay less in interest fees.
Would another credit card really help?
Yes, if you use it properly with a disciplined approach! A low interest credit card, like MAC’s, can help save you money. There is no annual fee, and if you do have to carry a balance, the interest fees are much less than the national card companies.
If you have questions and want to talk to someone about your individual debt situation, contact us! We have certified financial counselors available to help figure if debt consolidation or something else is best.