Bad to worse, I swear each day, the economic news just goes from bad to worse. This morning on CBC Radio, they were talking about how yet another factory was closing in Southern Ontario. The closure will result in the loss of 39 full time jobs. This is not good news. It’s pretty frightening actually, how up and down the economy is right now. I think that for most folks, a smart idea would be to make sure that your financial house was in order just in case something like that was to happen to you. Whether your job is secure or you think you may be laid off, it’s always a good idea to know exactly where you stand with your debt. Of course, if you have multiple loans and credit cards, the task of sorting out exactly what you owe may seem daunting. If you are having difficulty making even minimum payments on your debts, you may want to consider debt consolidation.
By consolidating your debts, you can save money and get out of debt in less time than it would take if you were paying things off individually. Bills.com has lots of information available to you about the different options which are available to consolidate your bills. I think that most folks think that the only option available to them is to pull all of their debts together and pay them off in a lump sum by borrowing against something like a home. This solution can work for some folks but there is another approach that is helpful for folks who may have unsecured consumer debt. Debt Settlement allows you to negotiate lower payments or interest rates with your various creditors. Not only could you avoid something like bankruptcy, but you can also lower the amount of debt you have.