Debt Consolidation Case Study

Good Essays
The Difference Between Debt Elimination And Debt Consolidation
By Wolf Krammell
Oct 29, 2011
One of the first steps on the way to debt elimination is debt consolidation. Cut down the number of credit card, you have. Do not get new ones. Pay out the debt on the highest interest cards first, and then try to move your debt to one card with the lowest interest.

The way to debt elimination lies through analyzing, how much debt you have and where you have it. Sometimes, people have too many creditors with different interest rates. They get all confused about them. So, debt consolidation is a good idea. Bring your debt to one place with the lowest interest on it.

Debt consolidation is one of the things you can start with, when working on debt
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So, doing your debt consolidation, come up with a list of credit cards, you have. Find the ones with the least interest on them and consolidate the debt on them through balance transfer.

Doing your debt elimination, you should do debt consolidation and then see, how much you can actually pay on it. So, calculate your income and see, what you can really afford to pay on your debt.

Debt elimination and debt consolidation strategy tips

One of the essential tips on debt consolidation and debt elimination strategy is to keep your debt in one place with the lowest interest possible. This means, closing all your credit cards, but one or two. This also means knowing, what rates of interest you are paying on each of them.

Planning is the key in debt elimination strategy. Making debts is easier, cause it does not demand any planning. Getting out of debt and debt consolidation does. Make a first step and find out how much debt you have and how much interest you pay on it.

Turn for professional help, if you want to find out about the best debt consolidation and debt elimination strategy. But, before you hire a professional in this area, make sure to check up their reputation and
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