So you’re thinking about consolidating your debt. You don’t know what to do, you want to get rid of it, and someone in your circle said “Why don’t you just consolidate it.”
Now here you are wondering what to do. Will consolidating your debt take all of your worries away. Not if you haven’t addressed the root of the debt and figured out exactly how you got here. If you don’t figure out how you got here in the first place, you will end up right back in the same situation.
Google defines debt consolidation as: Debt consolidation is a form of debt refinancing that entails taking out one loan to pay off many others. This commonly refers to a personal finance process of individuals addressing high consumer debt but occasionally refers to a country’s fiscal approach to corporate debt or Government debt.
Essentially if you choose to consolidate your debt, you are taking out a loan to pay off other loans. It sounds kind of crazy.
I was tired of paying the minimum balance on my own debt, and decided that I had to do something about it. I even created a debt challenge where I helped 10 people pay off $39,500 of debt in 11 weeks. I talk all about how to eliminate your debt fast in my upcoming debt book which launches on September 21,2016. Be sure to sign up here to be on the book list to receive a discount when the book launches.
Let’s not go another year dreading looking at our debt balances.