I Want Out of Debt

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In our last post we looked at how you can use credit counseling to help get our of debt. In this post in the “Learning About Debt Solutions” series we are going to take a look at debt consolidation.

About Debt Consolidation

Debt consolidation is similar to the Debt Management Plan we discussed in the previous post about credit counseling in that you can combine your multiple payments under one new payment. A lot of times this new payment will have a better interest rate than some of your high interest credit cards. However, this requires taking out a new loan and generally is only available to those with at least decent credit. Sometimes these payments can take longer to amortize than your original debt even though the payments may be lower.

I was watching the weather report last week and was surprised to see ‘Weather Alert’ scroll across the bottom of the screen – surprised because I was sitting in front of my TV in a tank top and gym shorts. The anchorman was filming on location to demonstrate the ‘bad weather’. He donned a poofy parka as if he were standing in the armpit of Alaska. He held up a giant thermometer that hovered at 60 degrees and lamented about the ‘frigid’ weather.

Hey buddy – its 60 degrees. Residents in other states call this a heat wave.

In this economy, it’s easy to complain about our ‘sad, sad’ lives as Americans but compared to the rest of the world, we’re pretty darn fortunate. I didn’t get shot at, my house hasn’t been bombed, a tsunami didn’t harm my family, I was able to eat today (though probably too much), and I can worship as I please.

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