Is consolidating your bills a good idea
It’s easy to get intimidated and assume they won’t help you but don’t let that stop you!
Lenders are more willing to help than you can imagine because at the end of the day they would rather you pay your bills late or on a plan than not at all.
For example, your first instinct might be to say that you need to pay your mortgage before you worry about the credit cards. However, a lot of mortgage companies and banks are more flexible after the mortgage crisis. If not, then you certainly didn’t lose a thing by asking.
It may come as a surprise, but credit card companies are also very likely to work with you.
You can get charged late fees, your interest rates can go up, and/or you can lose your collateral.
Everything you owe is considered either secured or unsecured debt.
People have saved thousands by consolidating higher-interest debts using a single, personal loan, this will not negatively impact your credit.
Check Your Rate Now Another thing you’ll want to avoid is opening a new credit card or maxing out a current card to get ahead.
At that point you can start to think about where you have the most wiggle room.
If you default on debt, there are many things that can happen.