Tips for Managing Money: Simple Strategies to Set You on the Path Toward Financial Security

Debt is not something to be taken lightly. With interest rates on the rise and inflation expected to follow, many people are looking for ways to get out of debt. There are a number of options available, including consolidating your loans or applying for a loan with better terms. Our colleague Kevin O’ Neill can help you!

Different debt types call for different solutions. With credit card balances, a balance transfer may be the best option as interest rates are likely to remain high. For student loans, it can make sense to take out an income-based repayment plan if you need time to pay off your loan and do not have money coming in every month due to job loss or other factors. It’s important that you work with a professional who helps review all of your options so they understand which one will benefit you most while taking care of the problem at hand – getting rid of bad debt!

Some people wonder whether they should consolidate their debts with someone else when faced with higher interest rates than what they were originally charged by creditors on their loans. There is some debate as to whether this is a good idea, but it can be worth considering.

Debt consolidation loans might seem like an attractive option at first glance because they combine all your debts into one loan with monthly payments. However, these loans charge interest rates similar or even higher than credit card balances do on average – so if you’re just looking for more manageable monthly payments, there are better options out there! Learn about how refinancing works and why it’s often a much better choice then applying for new debt through consolidation.