Debt Consolidation: When Should You Do It?

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Do you feel like you’re getting behind financially? Are the bills piling up and you’re low on cash? If you’re finding yourself in this situation, you might be wondering when debt consolidation is the answer. Before we answer this question though, it might be easier to discuss when one should not consolidate debt.

When is Debt Consolidation NOT the Answer?

If you currently have debt, but have enough income to make the minimum payments, it’s not time to consolidate. If you’ve consolidated before, and now you’re in the same boat again (of not being able to pay your bills), it’s not time to consolidate. If you’re out of work and do not have a sufficient income, consolidating will not help you. Your time would be better spent checking those “Wanted” ads. If your friends claim that they’re saving money by consolidating, don’t believe them and don’t consolidate your debt . . . → Read More: Debt Consolidation: When Should You Do It?