When people can no longer cope with increasing levels of personal debt, often accrued over time by using several credit cards, one of the best ways to get out of this situation is by consolidating all of their existing debts into one monthly affordable sum. Usually, this is in the form of a lower costing loan. However, this is not always the best solution and, as with all financial matters, the most appropriate solution needs to be weighed up carefully against a persons own individual circumstances.
Depending on the level of debt which a person has accrued, sometimes it can be more productive to look to sell off other assets first before taking out a loan and to pay off the debts that way. Things like selling a car, for example or even considering downsizing your home might be viable options, i.e. selling your home and moving to a smaller place will release additional capital that can be used to pay off debts.
It may be that youre only making the minimum payments on your credit cards and can afford to pay off a bit more each month. If so, it makes sense to do that as the money you will save in the long term will lessen the impact of the credit card APR which will...
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