*This is a sponsored post which I will be compensated for*
Being on a limited income due to disability, illness, injury, covid related has taught me so many things. I have been living on my own since 2018 when my husband and I split up and I had to learn how to budget and let me tell you it was not easy. I am going to share with you how I am managing it.
The first thing I did was make a list of all my bills rent, vehicle, electricity, cable, heating oil like gas or propane. After I made a list of my monthly bills I was able to see what I had leftover if anything to use for oil changes, gas to drive around with, clothing/food, etc. But I have to tell you it is hard as I still came up short so I had to swallow my pride and go to local food pantries and be humbled to thank God I had food to place on the table to eat. I even had a friend lend me money to help out which is also hard as I am a strong, independent woman.
But before I was on my own I did file bankruptcy and
end up using debt consolidation and a great company I found online was Debt Consolidation.com the steps to doing so is
1. Check
your credit score a bad credit score (300 to 629 on the FICO scale) might not
disqualify you for all loans, but consumers with good to excellent credit
scores (690 to 850 FICO) are more likely to win approval and get a low-interest
rate.
2.
Make
a list of the debts you want to consolidate credit cards, store credit cards,
payday loans, and other high-interest debts and add up the total amount due.
You’ll want your debt consolidation loan amount to cover the sum of these debts.
Use the debt consolidation calculator below to see whether it makes sense
to consolidate. After you enter your debts, you will see typical rates from
lenders and any potential savings if you consolidated at a lower rate.
3.
Compare loan options shop for
a loan that’s right for you; online lenders, credit unions and banks all
provide personal loans for debt consolidation. Online lenders cater to
borrowers with all ranges of credit, although loans can be costly for those
with bad credit. Most online lenders let you pre-qualify so you can compare
personalized rates and terms with no impact on your credit score.
4.
Apply
for a loan when you’re ready to apply for the loan, gather documents such as
proof of identity, proof of address, and income verification. Take the time to
read the loan document’s fine print. Any extra fees, prepayment penalties, and
whether the lender reports payments to the credit bureaus can affect your
credit score as well as the total cost of the loan. If you don’t meet the
lender’s requirements, consider adding a co-signer with good credit to your
application. This can help you get a loan that you wouldn’t qualify for on your
own.
5.
Close
the loan and make a payment now that you’ve found and been approved for the
loan you want, there’s one important step left. If the lender offers direct
payment, it will disburse your loan proceeds among your creditors, paying off
your old debts. Check your accounts for a zero balance or call each creditor to
ensure the accounts are paid off. If the lender doesn't pay your creditors,
then you’ll repay each debt with the money that’s deposited into your bank
account. Do this right away to avoid additional interest on your old debts and
to eliminate the temptation to spend the loan money on something else.
No comments:
Post a Comment