How should i handle debt consolidation?

Answer by  malone (4817)

The very first thing you want to do is be careful. Research the company before you sign anything. Also, check out "Financial Peace" by Dave Ramsey for a plan to help you get out of debt without giving up 20% of your money to have someone else do it.

Answer by  AnitaJay (107)

The most important thing to do - is to get rid of anything that will allow you to re-establish, or add to, your debt. Make yourself accountable to someone else who will monitor your spending. Cut up your credit cards. Then get financial help through Consumer Credit Counseling.

Answer by  Jen (54)

Don't pay into it for the "convenience". Most of those places lump everything together and it ends up costing you more in the long run. Just pay on each separate bill one at a time. It would save you money and improve your credit quicker.

Answer by  debthelpguy (30)

The first step debt consolidation would be to consult a professional to find out if debt consolidation is your best option. The next step would be to find a reputable company to handle your case. Unfortunately there many debt relief companies that do not have the consumer's best interest in mind.

Answer by  ewilliamsuk (33)

List all your debts and what needs to be paid off, starting with debts with the highest interest charges first. These should be the priority to pay off so that consolidation is worthwhile. Chose from a consolidating loan which is secured against your property for a cheaper rate.