Last year was not very good to us financially. Because of the country’s economic status, our small business got affected and we were forced to close it for good. Putting aside money for emergencies had been so difficult and impossible. The worst thing is we were obliged to use again my husband’s credit cards…all three of them.
This year, we promised not to use the credit cards except for emergencies as we are having hard time now paying our monthly obligations. There are times we fall behind the due dates and the accumulated penalties make it more difficult for us. My husband is thinking of a debt consolidation to combine the existing balance on three credit cards to one manageable payment for lower interest rates and greater simplicity.
The whole debt consolidation thing is new to me but sounds very helpful. A manageable payment is what we need right now so I welcomed my husband’s idea, though we still need to learn more things about debt consolidation, to help us choose the method that is effective for our situation.
Just in time for our needs, I got into a debt consolidation company when I was browsing the net. It is a non-profit credit counseling organization dedicated to providing counseling services and financial education programs to individuals and families facing financial difficulties. They can help us consolidate our monthly credit card bills into one low payment. This will not only spare us from the troubles of credit cards but it will give us peace of mind as well.