Debt Consolidation
By Archives on Feb 17, 2009 in Finance
With everything that is going on with our economy, it’s nice to know that there are some things that you can fall back on to help out financially. While my husband and I have been fortunate enough not to get laid off, my hours were cut at work, meaning that we have been having a bit of a tough time making sure that all of our bills are paid on time. We decided before things got too out of hand we would see what we could to do make sure that we stayed afloat and didn’t lose the house or have to file for bankruptcy.
The first thing we did was look into debt consolidation. We figured if we could pay off our credit cards and the two small personal loans that we have, one monthly payment would be much easier to handle. And we would be saving money by only dealing with one interest rate.
We’ve also gotten a payday loan a couple of times to help us while waiting for my husband’s paycheck. It’s nice to be able to pay our mortgage and car payment on their due dates even when there may not be enough money in the bank.
5 Comment(s)
By Josh on Mar 15, 2009 | Reply
Debt consolidation is very scary to me, probably only because I think I’d freak out if I saw my debt all together in one place every time I looked at it. It’s definitely a financial wake up call to face it all head on like that, well done!
By Riley on Mar 15, 2009 | Reply
Don’t you think, though, that sometimes you can play multiple interest rates to your advantage? Sometimes I wonder if I should open cards over and over to take advantage of their lower rate offers instead of keeping my one card.
By Madelyn on Mar 15, 2009 | Reply
Were you really close to bankruptcy? We came pretty close; we had to sell the house and move into a much smaller house. It actually turned into a really wonderful change for our family because we live on this nature walk, and it’s just beautiful. Blessing in disguise, right?
By Morgan on Mar 15, 2009 | Reply
Payday loans are a great option! I haven’t actually used one myself, but I know that there are a lot of people who have been able to stay afloat thanks to payday loans. Anything we can do to keep our heads above water right now, right? You’re lucky you both have your jobs.
By Avery on Mar 15, 2009 | Reply
Debt makes me nervous. Surely it isn’t a good idea to pay off debt with more debt, is it? Call me behind the times, but it seems to me that the very sense of comfort with debt that attitude engenders got us in trouble in the first place. Be careful! You’ve been very lucky so far.