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Debt Consolidation

Debt Consolidation

Consolidation of debt simply means the putting together of your debts into one. It's just like when you hear that a business has made a consolidation. They take all their operations and bundle them into one main one. So when you consolidate debt you take all your debt and put it into one loan and pay only one repayment instead of hundreds of payments here and there.

Below is a compilation of all articles written and posted on MoneyBusiness regarding debt consolidation. Topics are listed from the most recent at the top going down to the oldest.

Financial Intelligence

Debt Consolidation (5)



Sometimes it can be the best option to consolidate your debt, however you need to make sure that by taking a consolidation loan you will not be putting your financial situation in even more jeopardy.

What do I mean putting your financial situation in jeopardy? When I was faced with bad debt, I was lucky enough to have a home so I had a mortgage. One of my options was to refinance my mortgage to pay off all my short term debts. When I looked at the effects of increasing my mortgage, which is essentially what happens when you refinance, I was going to end up with less disposable income for the already permanent bills I had to pay like food, electricity etc. So for me and my financial situation at the time, refinancing was not really a good idea.

How do I know all this? I lived through it and it was the story of my life, twice over. So I've been there, done that and got the t-shirt.

Good news! I am here to help you get through it and to begin the journey to financial freedom.


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