Debt consolidation?
Cutie Pie asked:
The current economy is killing me. I’m self-employed, so that always has its ups and downs, but lately it’s all been down. My finances are in a mess and I don’t know what to do about it. Do you recommend consolidating my debts or trying to hold on a little longer to see if the economy picks up?
Edna
The current economy is killing me. I’m self-employed, so that always has its ups and downs, but lately it’s all been down. My finances are in a mess and I don’t know what to do about it. Do you recommend consolidating my debts or trying to hold on a little longer to see if the economy picks up?
Edna
Tags: Debt Consolidation, Economy, Ups And Downs
July 7th, 2009 at 9:35 am
Kathleen
Debt consolidation ALWAYS cost you more money.
You are self-employed, and lately it has been “all down”. Why is that? What are you doing to change that?
It won’t just “happen”. You need to drive it.
Business does not just “pick up”, you have to make it go up.
It is not the economy, it is what you are doing or not doing.
July 10th, 2009 at 7:04 am
Clara
if you keep on waiting , you suffer more of the economic contretemps.thus, you need to consolidate your debts.speak with bank manager and sell your ideas to him to get into business venture that is profitable even when the economy is depressed.you can still survive the economic crunch.
July 11th, 2009 at 9:10 am
Randy
What you do really depends on how bad your financial situation is. If you’re not in too much debt, but you’re struggling right now with paying your bills, talk to your creditors about making smaller monthly payments for 3 or 6 months.
If you’re in a lot of debt ($10,000 or more) then it might be to your benefit to consolidate. As some others here said, that might cost you more in the long run, so be sure you get plenty of information before agreeing to anything. Ask how/when your bills will be paid each month, how much the debt consolidation company charges, and what will be reported on your credit report due to the consolidation.
Good luck!