Debt consolidating personal finance


09-Feb-2017 17:56

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You may end up consolidating those debts, or maybe a windfall will come suddenly.Because of that uncertainty, look at the short term when repaying your debts and ignore possible future adjustments – it’ll make the planning easier and guide you down a path that, no matter what, is at the very least close to the best possible plan and often the best possible plan.Even though I spend tons of time at the computer, I still find this to be a good exercise to do with a few sheets of paper and a pen.Doing this little task by hand adds to the concreteness and importance of the exercise – and there’s really no math to do by hand here, either, so you don’t have to worry about needing calculation tools.Give the highest interest a big number 1 off to the left, the next highest a big 2, and so on.Don’t worry about which debt has the biggest balance – that doesn’t actually matter when figuring out which debt is the most important one to pay off.You should be able to get all of this information easily from the statements.

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With that top debt, throw everything you can at it. This is a great time to use the snowflaking strategy – whenever you come into a few extra dollars during the month, due to living cheap or a little unexpected windfall, immediately apply that cash to the top debt on your list.

If you’re spending more than you earn – and thus building up debt each month – you’ve got a much more serious problem to solve before you should start a debt repayment plan.

To get the ball rolling, you’re going to need a few items.

Now that you’ve ordered the debts, go to the debt marked with a 1.

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Is there any way you can reduce that interest rate?

Yes, I’m aware that situations can be constructed where it’s arguably better to worry about the adjustments early, but given the uncertainty of what may come and also the high level of confusion one adds to the discussion in order to shave off a few extra dollars, it’s not worth the speculation.