oguevarra

I'm trying to pay off my bills. I have a few of them and my credit isn't the best. Been thinking about consolodating my bills, like going to a credit counselor or getting a loan through my credit union and paying off my bills that way. Do you guys have any suggestions.

Kevster

I was once in your situation and the Motley Fool's personal finance site can really help.

They have some excellent strategies for getting out of debt. I know - they worked for me and I'm debt free (except for my mortgage). I hope this helps you out!

Get out of Debt

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I think over again
My small adventures, my fears.
The small ones that seemed so big,
For all the vital things I had to get and to reach.

And yet there is only one great thing, the only thing:

To live to see the great day that dawns,
And the light that fills the world.

-old Inuit song

attgig

I'm in the process of getting out now.

http://www.gotapex.com/forums/showth...highlight=debt (donate money to me website...)

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zippyjuan

If you intend to use the loan to pay off more expensive debt, which it sounds like you do, then that can be a good thing. A trap some people get into is that after they get the consolidation loan, they continue spending and wind up deeper in debt. If you can qualify for a home equity loan, some of that may be deductable on your taxes which will save you more money.

Usually they recommend paying off your highest interest rate items first- not necessarily the largest balance- since that is actually costing you the most. It took you time to accumilate your debt and it will take time to get rid of it, but you are heading in the right direction.

Look at what spending habits you have- what you spend where. Would it help to cary less cash in your pocket or to leave the credit cards at home to limit impulse buying? As you pay off a credit card- cut it up until you only have one. That can also help you keep beter control of your spending. Remember to cancel the ones you cut up so that will eventually help improve your credit score. They like to see no more than a couple of cards which do get used and paid regularly. Too many cards (available credit) even if not used can reduce your rating.

The key is to live below your means and use the extra to pay off your debts and when they are gone to boost your savings so you have at least six months living expenses put away in case something bad happens. You are making a great step and by sticking to it you can get there! Good luck!

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