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Debt consolditation

Novakingwai 2,136 259 February 21, 2016 at 07:25 AM
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Last Edited by Novakingwai February 21, 2016 at 07:41 AM
Looking to consolidate some debt. I have 2 credit cards which are at about $8,000 total right now and Paypal about $1,000. I was doing good, but every time I make some dents something happened. Just in January I had 4 new tires and some axle work on the front of the car, that was $800. Brought me right back up.

Was looking to have a lower interest rate and 1 payment instead of multiple. Also any way of cutting it down? My score right now from credit karma is 580 for one and about 610 from the other. I make about $1,600 a month after taxes.

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Quote from Novakingwai View Post :
Looking to consolidate some debt. I have 2 credit cards which are at about $8,000 total right now and Paypal about $1,000. I was doing good, but every time I make some dents something happened. Just in January I had 4 new tires and some axle work on the front of the car, that was $800. Brought me right back up.

Was looking to have a lower interest rate and 1 payment instead of multiple. Also any way of cutting it down? My score right now from credit karma is 580 for one and about 610 from the other. I make about $1,600 a month after taxes.

First off,try to set up a baby emergency fund of $1000 to cover for unexpected expenses like car repair. Secondly, You should be up to date with your car maintenance including when to replace your tires. That way, you can budget for them. Thirdly, have a monthly budget.

In order to give you an answer that will be more effective in achieving your long term goal, I would suggest to use everydollar dot com website to help you budget and plan an attack to decimate your debt.

With all that said, prior to CONsolidating your loans, I would first look at where I can cut back on unnecessary spending. This is where the budget comes to play. It'll show you exactly where your money is going.

Once you've figured out where your money is going, you can make a more informed decision on whether or not to CONsolidate your loans. The thing about consolidating loans is the additional front end fees that come with it. You'll need to compare your cc's current rates with the CONsolidation loan, and see if you're better off sticking with your current rates and just pay down your debt as fast as you can, like a gazelle with a focused intensity. Hope this helps.
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