Consolidate your debts and pay them back by saving money
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Nov 3, 2012

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Consolidate your debts and pay them back by saving money

If you have a number of credit cards, each of which have debts then it is time that you consider getting help with debt. The main problem with unsecured debts such as credit card debts is that they have a high rate of interest. This is the reason why once you are in debt you find it very difficult to get out of it because the interest rate payments keeps getting added to the principal amount and increasing the debt amount you have to pay back.


How can you get help with debt?

Help with debt can come in the form of credit card consolidation. In this kind of debt help your interest rate on the outstanding debts is reduced along with merging your multiple debts together. Credit card consolidation can be done by professional credit card debt Consolidation Company when you enroll in a consolidation program. You can also consolidate your debts on your own by taking out a secured loan and paying back your entire unsecured loans. Whichever way you choose to consolidate your debts, the end result will be the same. However, debt consolidation doesn't stop at this. You have to gather enough money to make the monthly payments to the consolidation company which will distribute it amongst your various creditors or make regular monthly payments on your secured loan.


How can you save money for debt consolidation?

There are a number of ways in which you can save money for debt consolidation. These are given below.

  • Use cash for purchase – If you use credit cards for purchasing then most of the times you can't keep a track of what you are spending. Also if an item catches your fancy you tend to buy it. However, if you carry only cash you won't be able to keep too much of it at any point of time and would thus avoid overspending. 
  • Save on fuel – Saving on cost of fuel can help you save quite some amount every month. You should use public transport or carpool for your everyday travelling instead of taking your car everywhere. 
  • Buy generic items – When you are buying groceries, especially cereals, milk, fruit juices and items of everyday use, you can buy generic brands instead of labeled ones. In most cases you won't even feel the difference.
  • Shop smartly – In order to reduce expenses on your clothes you should shop smartly. You can buy a few tops of plain solid colors and accessorize them with different scarves, jackets and belts so that you get a new look every time. 

The above tips can help you save money from your everyday expenses and help in getting out of debt.


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Ritesh Warke