July 14, 2015

Debt Consolidation

Achieving financial fitness does not require a lot of workouts at the gym or even a lot of discipline. Debt consolidation is an easy and simply path to succeeding on the money diet. According to an article by goodhousekeeping.com, it is important to start with a plan when you want to get out of debt. By talking to a trained credit counselor at a reputable organization such as Christian Credit Counselors, you find out how to enroll in a Debt Management Plan. Your credit counselor does the work for you by contacting your creditors to lower the interest rate. Instead of paying on three, five, eight or more credit cards, you end up with just one monthly payment handled through Christian Credit Counselors. Contacting a credit counselor is not just about consolidating debt. It is also about learning how to keep out of debt for good just as you maintain your weight loss after a diet.

Plan of Budgeting attack

The goodhousekeeping.com article points out saving and dieting require a plan of attack. Another word for plan is budget, at least when it comes to personal finances. Different budgeting strategies work for different people, but the main principle is to live below your means. Also, make a list of all of your fixed expenses or bills as well as the variable expenses. In some cases, you start guessing how much you need for groceries or clothing, making adjustments along the way.

Manageable Financial goals

It does little good to set financial goals that are impossible to maintain. Although some people claim it helps keep them motivated, the truth is you are better off with goals you can actually manage. The great thing about debt consolidation is you agree only to a Debt Management Plan that is doable with an end goal or timeline in mind.

Financial Flexibility

When you consolidate debt, you typically end up paying less every month to meet your credit card debt obligations. With extra money, you can set aside at least 10 percent of your income for emergencies as well as spend some money when you need to pay for unexpected bills.

The Budgeting Buddy system

Another tip for a money diet is to find a dieting buddy to help keep you accountable. Your credit counselor is a great go-to person to talk to about budgeting, temptations to overspend and credit scores. A buddy system keeps most people on any kind of diet. Instead of depriving yourself, you can still spend money on the things that matter most to you.

After dieting, people step on the scale. With a money diet, you simply look at your savings balance, credit score and credit card debt. By consolidating debt, you know you are on the right path to a financially fit life. At Christian Credit Counselors, we help you come up with a realistic budget and consolidate debt to get out of debt 80 percent faster than other methods.

Do you want to know more about debt and how you can make smart financial decisions now that will help you secure a more prosperous financial future? Sign up for our newsletter for monthly money tips.

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