How much can consolidating bills save


If you are considering asking a friend or family member for help with money, you should be willing to sit down with them, share your budget, debts, monthly payments and interest rates with them.Show them that you can afford to pay them back and how you plan to do that, including highlighting budget areas that you have already cut back or are willing to cut back.When you consolidate debt with a personal loan, you borrow money from a bank or credit union, use that money to pay off a number of smaller debts (credit cards, utilities, cell phone, etc) and then one consistent monthly payment to the bank or credit union.There are a lot of potential lenders, so you can shop around and see which offers the best terms.In this case, that’s only $150: still worth filling out the application.If you are interested in pursuing balance transfer debt consolidation, go online and shop for “low interest credit cards” or “zero percent credit cards.” You don’t need to wait for an offer to show up in your mailbox.That leaves them with a single monthly payment – the one that pays off the large sum they acquired.



It’s important to understand the pros and cons of each option.Finally, don’t ask for help from a friend or family member who is struggling financially.Consider the pros and cons of borrowing from family and friends.If you default on a personal loan, you won’t lose anything, unlike if you fail to make payments toward your car loan or mortgage, which are secured debts.

However, if you do default on a personal loan and your creditor sues you, a lien could be placed on your wages.

Borrowing from family and friends to consolidate your debt is the best option when you know someone who has the resources to help you, is willing to help you, and does not need a swift repayment.