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I need consolidation inspiration
I decided to be pro-active with getting rid of my debt so took in upon myself to consolidate my debts. I got an unsecured loan (I don't have a house or anything to offer) and now my spending is worse than before.
The thing is that before I consolidated I was being so good... I was really strict with myself. I made a budget and was sticking to it. Since I got my loan I've been going back to my old ways, and my payment for my consolidated loan will be due soon which is worrying. I don't want to be in debt forever :(
try and remember why you did this in the first place
If you remember why you had to cosolidate in the first place you should remember that it was no fun and something you don't want to do again. You don't want to end up having to do this again anytime soon down the road. This is your chance to keep your debt under control. Be very strict with yourself all the time.
Consolidation
I'm not an expert, but from my own personal experience, I would advise against consolidating credit card debt with another credit card. Although the smaller cards were cleared up, I ended up with one credit card with a huge balance and even bigger payments and interest rates. I'm not sure it was a better trade-off.
I also decided that a
I also decided that a consolidating my debt would be the best idea for me. I haven’t found a loan yet but all the advice I've been getting has told me to watch out about getting lazy with debt consolidation.
Let me guess, you feel so relieved you don’t have constant calls from creditors that you've gone 'off the rails'? Maybe you need a chat with a debt councillor again to renew your inspiration to budget... just a thought..
Good advice Andy, I would
Good advice Andy, I would definitely recommend that Penny calls us for debt advice. When you consolidate a loan it can be like a breath of fresh air. The creditors stop calling and you only have one bill coming in, but unless you make changes in your spending habits you run the risk of increasing your debt. It's common for a lot of people to get complacent with their debt once they consolidate, as they know they have smaller interest rates. But your debt isn't going away. If you need more advice on consolidated loans, or any other debt solutions, call Debt Advice Trust.
Make changes in your spending habits
The debt consolidation relieves the initial debts and the pressure that they have brought with them. But to make changes in your spending habits is what is needed. The bad spending habits got you into this situation. The control over your spending is crucial after your debt consolidation. Most people go from using one credit card to using another. That is no solution for you.