Consolidate Debt On Your Own and Save a Fortune

When it comes to process of how to consolidate debt on your own, there are a few ways that this can be accomplished. The use of personal loans, mortgages or equity loans, or even credit cards are ways in which debt can be consolidated.

Consolidate Debt On Your Own Terms
While the use of personal loans and mortgages may require some assistance, the method of using your credit cards is a way in which you person can learn how to consolidate debt on your own. What you want to do is look for a credit card with a low interest rate and a balance high enough to cover all the bills that you want to pay off. Remember, credit cards can be used not only to pay off other credit cards, but can also be used to payoff other bills such as car loans or personal loans.

While this could be a good way of how to consolidate debt on your own, there are factors that you need to keep in mind when attempting this form of debt consolidation. First of all, figure out what your monthly payments are for any bills you want to consolidate and add them up. Secondly you need to get payoff amounts on all of the bills from the creditors you are interested in paying off as well.

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Your statements that show any balances that you currently owe will not reflect the actual payoff. Depending on how the interest is calculated and the amount and frequency of payments the actual payoff will be different than the balance on your statement.

When calling a creditor for a payoff always give a date as to when you want the payoff for, which should be the date when you expect them to receive the payment. This is crucial when you’re talking about how to consolidate debt on your own because if they receive the payment after the payoff date, there may still be a small balance due.

Any payoff received prior to the payoff you requested will result in a refund to you. After adding up the monthly payments you are paying now and have figured how much you need to consolidate, figure out what your new monthly payment will be after the consolidation.

This is easily done by simply knowing the terms of your credit card. For instance, many credit cards will have a 5 percent payback plan, meaning if your balance is $5000 your monthly payment will be 5 percent of that, or $250. In this case, if the monthly payments of the bills you are consolidating add up to more than $250 per month then this would be a good method of consolidation as you would now be paying less money while also having fewer creditors.

If You Consolidate Debt On Your Own Will You Save Money?
If this method of how to consolidate debt on your own isn't feasible, meaning you would pay more after the consolidation, then it would make sense to look for a consolidation loan by way of a personal or equity loan. One other benefit of learning how to consolidate debt on your own is the fact that you avoid all of the processing fees and additional charges levied by debt consolidation companies. Which means you are going to save you a ton of money!

Joel Marks has been helping people get out of debt and avoid both bankruptcy and foreclosure for over fifteen years. Utilizing savvy debt counseling, debt management programs, Federal laws and a team of attorneys, debt counselors and advisors, he has quietly assisted thousands come from under the heavy burden debt.

For more information on this topic or any other issue related to getting out of debt, living debt free, debt management, debt relief, the Fair Debt Collection Practices Act and stopping debt collectors in their tracks, please visit www.DebtErasure.com

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