Loans are commonplace in our society, and most people will carry a variety of debts during their lifetime. Whether an auto loan or a credit card, debt has the same weight – a monthly bill you must pay back. While it's not always the easiest thing to do, your goal should be to repay your balance as quickly as possible. Doing so can positively affect both your financial and mental well-being.
Let’s be honest… saving money isn’t always as easy as it sounds. You create a monthly budget and do your best to follow it, but something always pops up to throw you off track. Plus, there are only so many ways to cut back your spending. Sure, you can switch cable providers or phone plans, but those savings are usually minimal. You want to save money… a sum of money you can actually see in your accounts.
Interest rates across the board continue to rise. It’s a wonderful scenario for savers with Money Market Accounts and Certificates of Deposit. Higher saving yields provide greater earning potential.
If you’re like most, you probably have multiple reoccurring debts that must be paid off. These debts can consist of student loans, personal loans, credit cards, medical bills, and car payments. It can be hard to pay off the debts separately because each debt has a different balance, payment period, and interest rate.
For those looking to take control of their outstanding debt, debt consolidation is a viable option. When deciding to consolidate, a person can take multiple bills and merge them into one account for one monthly payment at, hopefully, a lower interest rate. There’s also an added benefit of only managing one account per month instead of trying to keep up with multiple accounts.