I want to consolidate my debt I don’t hae a lot, like less than $5k but I keep hearing that it’s like a step above/below bankruptcy? should I just try to do it on my own.
Also what website can I go to where I can breakdown of income, expenses and then leftover amount if any INSTANTLY without having to wait for someone to get back tome?
I know some are saying do a budget but those websites go a step further and suggest how much I should be paying to get the debts paid off faster.
There are several ways to do this. There are several services that work on your behalf to negotiate the debt down and put you on plan to pay the remaining debt within (for example) 12 months, etc. but this option may only be for those with extreme cases. There will be a short term negative impact on your credit record but will it will improve "if" you successfully complete their program and pay the remaining debt down. www.bills.com is a reputable company that provides this service but do your research and make sure they have good standing with the Better Business Bureau and other consumer organizations.
In regards to your question of a place to breakdown monthly income expenses. Start by doing your own math: 1) how much do you make a month 2) list your monthly reoccuring expenses (e.g., rent/home, car, insurance, utilities, est. groceries, list an allowance for misc.) 3) do the simple math of of deducting all items in step #2 from step #1 this gives you an approximate of left over income but usually somewhere we all overlook some expenses 4) list your credit card debt(s) and estimated monthly "minimum payments" (note: never pay only the minimums or you will never get out of debt). 5) Compare the margin of home much income you have remaining from step #3 and that with the credit card debt in step #4. This will give you a general direction on how much you are able to pay. The debt consolidation companies will walk you through this.
hope this helps.
Are you struggling to pay your debts? Debt management companies are really designed for peope with large debts that they are struggling with and even then, you can negotiate lower payments with your creditors yourself. Debt management companies normally charge you a fee to do exactly the same thing. To pay your debts off more quickly, you should take those with the highest interest rates – credit cards for example – and pay as much as you can afford off them each month. You must know how much spare money you have?
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There are several ways to do this. There are several services that work on your behalf to negotiate the debt down and put you on plan to pay the remaining debt within (for example) 12 months, etc. but this option may only be for those with extreme cases. There will be a short term negative impact on your credit record but will it will improve "if" you successfully complete their program and pay the remaining debt down. http://www.bills.com is a reputable company that provides this service but do your research and make sure they have good standing with the Better Business Bureau and other consumer organizations.
In regards to your question of a place to breakdown monthly income expenses. Start by doing your own math: 1) how much do you make a month 2) list your monthly reoccuring expenses (e.g., rent/home, car, insurance, utilities, est. groceries, list an allowance for misc.) 3) do the simple math of of deducting all items in step #2 from step #1 this gives you an approximate of left over income but usually somewhere we all overlook some expenses 4) list your credit card debt(s) and estimated monthly "minimum payments" (note: never pay only the minimums or you will never get out of debt). 5) Compare the margin of home much income you have remaining from step #3 and that with the credit card debt in step #4. This will give you a general direction on how much you are able to pay. The debt consolidation companies will walk you through this.
hope this helps.
References :