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Do It Yourself Debt Consolidation

What’s the best type of debt consolidation? The kind you don’t have to pay for! Unfortunately, legitimate and free don’t usually go hand in hand when it comes to debt consolidation. If you’re looking for debt consolidation, you’ve probably got enough debt to worry about it, which is why you should consider doing it on your own rather than hiring someone to do it for you. Most of the services that debt consolidation companies offer can be done on your own anyways, so why not save the money? Besides, even the most experienced and skilled debt consolidation company can’t eliminate your debt unless you truly change your financial practices. Here’s how you can get started today:

Consolidate Your Debt in 5 Steps

  1. You’re first step to consolidating your debt and eventually becoming debt free should always be evaluating your current debt situation. It’s time to take an honest look at your debt and finances. Your credit report should contain almost all the information you need to know about your debt, get a copy for free online.
  2. Next you’ll want to do the same thing with your income. Find out exactly how much you’re making each month and where it’s all going. Remember to subtract everything that comes out of your income each month, like child support, loan payments, insurance, rent/mortgage, and other bills.
  3. Put together a plan as to which debts you want to pay off first, most people start off on the largest debt with the highest interest rate. Also try setting goals for yourself, such as getting a certain credit card paid off in three months.
  4. With your plan and goals set, your next step should be contacting all of your lenders. You may be surprised how willing they are to lower your interest rate or even eliminate some of your total debt, as long as your account hasn’t been sent to collections. If successful, you could find yourself debt free a lot sooner than expected!
  5. Finally, start paying off your debt! It may take awhile but it can be done with some commitment and hard work. Also be on the look out for the right offer, if you can transfer all of your debt to a lower interest rate card or loan it’s probably worth considering.

Additional Resources

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Debt Consolidation Tools
Learn the basics of debt consolidation, negotiaion, and debt management.
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Information about additional ways to lock down your finances while consolidating.
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Get back in control of your day-to-day spending with this handy budgeting guide.
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