Advertiser Disclosure
X

Advertiser Disclosure: We may have financial relationships with companies listed on our site. We may receive compensation for placement of sponsored products or services and this may affect our decision about who to promote and where to promote them. We make every effort to be authentic and accurate with every article we write.

10 Tips to Better Debt Consolidation

1. Document Debt—You can’t fix what you don’t see.

In order to consolidate debt you must first break it down by individual accounts. This includes any personal loan balances and payments, credit cards, doctor bills, payday loans, and student loans. It does not include any maintenance costs, such as those you incur while “maintaining” your life. These include food, utilities, insurances and dues you may pay to belong to a particular organization, such as a union. The reason these are not included in debt consolidation is because these are open-ended expenses that can never be paid off. While these are definitely costs you may be able to reduce or modify, they are not part of your debt consolidation plan.




This post may contain affiliate links. This means that I may receive a small commission (at no cost to you) if you subscribe or purchase something through the links provided. Not all items recommended on this site are affiliate links. You will never see me post a link to a product or service that I don’t use myself!