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What Is The Best Way To Consolidate Unpaid Bills?

Author : Jennifer Quilter

Submitted : 2011-09-19 10:30:48    Word Count : 467    Popularity:   14

Tags:   consolidation loans, consolidate bills, debt consolidation

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When you have a lot of payments stacking up and you aren't sure how to get yourself out of the piling mess it can be hard figuring out what is the best way to consolidate bills. There are a lot of options out there and it's important to understand your situation and the pros and cons of things before you move forward.

The first thing to understand is that consolidation is just the act of getting a new form of financing and using it to pay off all of your debt, and then you have this one monthly payment to make each month on the new financing to get yourself out of debt. It's important to understand that this does not make your debt magically go away, it's just transferring it to this new financing and you will still have to pay it off, you'll just have one monthly payment to make now. And, hopefully, you'll manage to find a deal with a lower interest rate than the late fees and such you are paying with your bills now.

You may have heard that the best thing to do is get yourself a new credit card, maybe with a low introductory rate, and use this to consolidate your bills. This is not a good idea, for a long list of reasons. One of the big reasons is that even though you may get a great introductory rate, eventually that will go away, and if you haven't managed to pay it off before then you're going to be paying a very large interest rate later, which will just make your debt get bigger very quickly.

Instead of taking this risky route, it's much easier to get yourself a small loan and use this to pay off all of your bills, and then start paying off the new financing. Hopefully you'll be able to get yourself a lower interest rate than you're paying now, you'll have one payment to make each month, and you'll slowly but surely get yourself out of debt. This gives you a clear path without too many variables working against you.

Before you start any kind of plan to do anything with your finances it's always best to make sure you know your budget. Have a clear, laid out, written down budget that is realistic so that you know how much you can actually afford to pay for a monthly payment before you go and sign up for some new financing. This is key to any plan and is definitely the first step on a path for the best way to consolidate bills and move forward.

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Get the answers to your unsecured consolidation loans questions and finding the best deals for your situation at Unsecured Debt Consolidation.

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