Pros and cons of consolidating loans internet dating crazy woman
Interest rates work against us when we are holding bad debts, such as auto loans, credit card debt, department store debt, small business loans, and even college debt.
No one sets out fresh out of college with aspirations and hopes of being dead broke at the end of their life!
Paying Down Debt The first major step a person must take toward gaining control of their personal finances is deciding to eliminate all personal debts. You simply have to be willing to cut expenses, which may mean less eating out, less entertainment, and fewer shopping trips each month, and then you direct this extra cash flow toward paying down your debts.
Now, the most powerful variable in the world of personal finances is interest rates.
That helps stop the bleeding: your interest costs disappear, and 100% of each payment goes towards reducing your loan balance.
Credit card balance transfers are most attractive when you know you will pay off debt quickly.