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Budgeting for Debt and Bill Consolidation
Your budget can actually help you figure out how to use a debt consolidation loan to get financially stable. It's the sort of nuts and bolts information that makes it possible to get the job done. It's not necessary to be complicated to find our where you stand.
First, get all your bills and your last pay stub together. Now, on a yellow legal pad, create these columns: Category, Name of Lender, Balance, Over Due and Due Next Payment.
Now list every bill that you have. Each bill gets one line.
For categories, write "L" if it is necessary for living, "M" if it is monthly (can't do debt consolidation on) and "I" if it's unimportant for survival. Second, list the name of the lender. Third is your current balance. Fourth is the amount you are overdue, if any. Fifth, list the amount due on your next payment.
For example, one of your bills is $49.37 to Direct TV, with $11.01 overdue. So, its entry would look like this:
I--- DirectTV---$49.37---$11.01---$49.37 (Dashes used to separate the columns.)
Another example would be that you owe $715.80 to Countrywide and you are current (after all, it is your mortgage). So, its entry would look like this:
L---Countrywide---$715.80---$0---$715.80
But what about credit cards? If you owe Visa $2918, your next minimum payment is $33 and $18 is overdue, then your entry would be:
I---VISA---$2918---$18---$33
Finally, some bills fall into more than one category. That's okay. Just list all categories. For example, this month's Entergy bill is $217, and you are not overdue. So you write it like this:
L,M---Entergy---$217---$0---$217
Now total the three columns. This is your total amount of debt. Don't panic. Get out two highlighters and highlight the category marked "M". These bills are ongoing (new every month) and are not eligible for debt consolidation. Now rewrite your list without these bills.
The bills that don't have an "M" are eligible for debt consolidation. Add up your total amount of debt that could, possibly, be consolidated. Now, go to any mortgage calculator and enter your total amount of debt that could be consolidated, 30 years and 8% interest. This is a high figure for how much you would pay a month under debt consolidation. You will be surprised because, on average you will save a minimum of $300 a month.
A debt consolidation loan doesn't change the total balance of debt, just how much you are paying a month. Now, your budget has $300 or more, additional dollars in it. That can be food, gas and a few luxuries. Of course, the trick is to not get back into debt, but that is another discussion.
This debt consolidation trick doesn't only work for homeowners. There are debt consolidation loans available for non-homeowners, also. Those debt consolidation loans are a little higher on the interest rates, but still offer many of the same benefits as do the mortgage debt consolidation loans.
By using simple to read charts, you see how to manipulate your bills into something manageable. Once you start acting instead of reacting, your financial situation will improve. You'll know if you even need to make the choice of debt consolidation.
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