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Preparing for Debt Consolidation
Before you consolidate debt, you should prepare. This will lower costs and help you make the most of your debt consolidation loan. Your first step should be to find someone to help you with a plant to consolidate debt. If you keep doing what you were doing, you will keep getting into debt.
A certified credit counselor from the National Foundation for Credit Counseling (little or no cost) or a Christian financial advisor from Crown Ministries (they're free) will help you with a personal plan to consolidate debt. This plan may or may not include debt consolidation but it will include budgeting and saving. Imagine not living paycheck-to-paycheck. It can happen to you.
Once you have a basic outline of what your expenses are it's time to hack-and-slash. This means to eliminate the bills that you don't need (you signed up for it when you weren't thinking) and payoff the little stuff. First, take a look at your monthly bills. Is there something you don't need? Like a newspaper subscription you don't read or yard service? If so, that can go!
You will be surprised how much you can eliminate by being very honest about the difference between want and need. Cable is a great example. For $50 a month or so you can get a great selection of entertainment. For $12 a month you get local channels. Not as much fun, but you get the major new shows and news. Use your creativity. If it can go, cut it. You can always add it back later. That's the hack part.
The slash part comes when you eliminate those little debts before you consolidate debt. You do not want to spend the next ten years paying for that fuzzy golf hat. So pay the minimums on the big debts while you payoff the small ones before you consolidate debt.
Once hack-and-slash is done, you should be left with your necessary bills and the medium and large debts. What is a medium debt? A medium debt is a debt that you could payoff in a year, with work. The dollar amount depends on your income and debt level. This is where you and your credit counselor have to make a decision before you consolidate debt.
Do you try to pay off the medium debts or include them with your debt consolidation? If you have only one, and your situation isn't desperate anymore, pay it off before you consolidate debt. If you have more than five, you should probably consider including them with your debt consolidation. If you have two to four, you and your credit counselor need to make a decision. Perhaps payoff one over a year, one at a time and include the rest when you consolidate debt.
When you are only left with large debts and necessary bills, you are ready for debt consolidation. Your certified credit counselor, who has been at your side so far, will walk you through the next stage to consolidate debt and put you on the road to financial freedom.
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