My Experience With Debt Consolidation
A few years ago, I looked around my house and shook my head in disbelief. There, strewn about my place, lay the results of my horrible financial choices: a stereo system, flat-panel TV, 3 laptops (why does anyone need 3 laptops?), skis (I’ve never gone skiing) and a bunch of other silly purchases. Making matters worse, I didn’t buy them with cash. I put everything on my credit cards.
One of the dangers of financing everything is that the monthly payments creep up on you. One day, you’re making the payments with no problem. Before long, you’re barely making the minimum payments and wondering how you’re going to pay your mortgage. At least, that’s what happened to me. I was in financial trouble. So, I took the plunge, went online and found a debt consolidation counselor.
Breathing Room With A Plan
The first thing the counselor did was ask a few questions about my existing debt load. That gave her a bird’s-eye view of my outstanding debts and the minimum payments. Next, she set up a plan that allowed me to pay much lower payments than I had been paying. That was a lifesaver. It gave me a little breathing room. When you’re barely able to pay the minimums, that breathing room feel wonderful.
The debt consolidation plan also gave me a clear view of when I’d be able to completely pay off my debts. That was critical for me. It was depressing to keep paying my credit cards without having a clue about how long I’d have to do it. By consolidating my credit cards and other debts and making one monthly payment, I knew exactly when I’d be debt-free.
Living Debt Free
The debt consolidation program worked just like the counselor explained to me. I sent my payment each month and saw my aggregate debt load shrink. And like clockwork, I was able to pay it off. I’m completely out of debt today (besides my car payment, which will be paid off in a few months) and my credit cards have $0 balances.
It’s hard for me to describe the feeling. If you’ve never been in debt, you may not be able to relate. But, if you have credit cards with high balances, you know exactly what I’m talking about. Consolidating my debt helped me get back on my feet financially. Look into it. I think you’ll be pleasantly surprised.
