- May 6, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Seeking Help for Debt Issues
Hello, I am in desperate need of assistance. I am a 20-year-old individual who has been accumulating debts since the age of 16. The burden of these debts weighs heavily on my mind constantly. In addition to this financial stress, I am also a parent to a 3-year-old daughter and have poor credit. Unfortunately, I was never educated on the significance of maintaining good credit, and now I am facing the consequences of my ignorance.
## Exploring Debt Consolidation Options
I am considering debt consolidation as a possible solution to my financial woes. I am unsure of how easy it is to obtain and whether it is the right step for me to take. I am hoping to gather more information and guidance on the process of debt consolidation. It seems like merging all my various debts into one manageable payment plan could be the key to regaining financial stability.
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****** just grabbed a
https://www.moneytalks.co.nz/ its free, its good
There’s another name for credit – debt. But we don’t call credit card debt card for obvious reasons.
Debt consolidation sounds like a good idea – as long as the company providing the service is not dodgy to begin with.
I have not used them, but Money Sweetspot may be worth a look? They have partnership with BNZ.
https://www.moneysweetspot.co.nz/bnz
Good luck!
Well, there’s going to be a few questions asked regardless of who you ask to consolidate. How much debt? Whose it with and what is it for? Do you have any assets you own (cars, jewelry etc), do you have a stable and reliable income? If there’s credit card debt, you might to close accounts and provide proof that you’ve done so.
Debt consolidation can make things easier and less stressful. If you have a regular bank you use, perhaps it would be best to see what they can do.
See a budget advisor first , most cities have a free service. With your permission they can usually work on your behalf and get debts or weekly payments reduced so you don’t feel too overwhelmed.
To set expectations, I’ve seen people that would’ve really benefitted from debt consolidation simply turned down.
What sort of amounts are you talking, and how do they compare to your income? There are free services that can help but I’m not sure what the eligibility criteria are. If you took out unreasonable loans then the service may be able to get it cancelled under CoFI.
I see in another comment you have lots of little debts. That’s probably an advantage in clearing them up.
I had a similar problem and found the Dave Ramsey method worked for me, (he’s a bit religious but if look past that it makes some sense) some people on this sub don’t like it but I went with paying off the smallest first no matter the interest. You could also flip it and pay off the higher interest first, but either way listing the debts and eliminating them is the way forward.
Someone will come along with a better answer, but here’s what ChatGPT said…”Debt consolidation services can be tempting because they promise to simplify your payments, but they often come with fees and may not address the root cause of your financial struggles. Instead, consider creating a budget to track your expenses, prioritize paying off high-interest debts first, and explore options like negotiating with creditors or seeking financial counseling to develop better money management habits”
Short story is debt consolidation usually helps manage your weekly payment amount, but increases the total money you’ll have to pay off.
Look through your loan terms and work out which are the most expensive (fees and interest) and attack those first.