Should you consolidate your debt? It's definitely worth considering.
If you have a lot of debt, consolidating it—that is, replacing multiple loans with one single loan, usually in the form of a personal loan—can be a great way to get out from under your financial burden once and for all. But it isn’t right for everyone.
In a nutshell, debt consolidation involves replacing multiple types of debts with a single debt. Depending on how you consolidate, you could realize multiple benefits from having a single account.
When you have loans with multiple companies, it can be a challenge to keep track of your payments. They all have different due dates, terms, and late fees. Make a mistake with any one of them, and you can damage your credit.
If you’re looking for ways to go debt-free, chances are that you've heard of Dave Ramsey's “seven baby steps” approach to financial wellness. Baby step #1 is socking $1,000 away in savings, and then it's on to baby step #2 — paying down all your non-mortgage debt using the "debt snowball" method.
Needless to say, baby step #2 can take a while. The good news is that there's actually a way to speed up the process, but it involves bucking good old Dave's advice just a bit. Let us explain.
When the conversation turns to saving for retirement, do you suddenly clam up?
It can be embarrassing to admit that you’re in your 30s and you aren't on track with your retirement savings. But here's the good news: if you have even a little in your retirement account, you're actually ahead of a lot of people. Approximately half of Americans don’t have any retirement savings at all.
Want to improve your finances in the New Year? You aren’t alone. Financial resolutions are among the most common, with people resolving to get out of debt, save more money, and clean up their spending.
But “spend less” and “save more” may not cut it. Most people don’t keep their New Years resolutions—not from lack of willpower, but because they don’t have concrete ideas about how to keep them.
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