Don't Pay until....NOW?!

 "Buy Now, Pay Later" sounded great when you were merrily shopping for the holidays and collecting shiny new things that were just a signature away. Unfortunately "Later" is now here, and you may have a mailbox full of credit car d statements to prove it. Add those to your existing debts and you have the makings of a true holiday hangover. 

First, take a deep breath and gather all your statements. If you have some extra savings languishing in the bank at a hopelessly low interest rate, you'll want to consider using that money to eliminate as much credit card debt as possible, and that means making more than just the minimum monthly payments.

If you are trying to juggle a number of debts and recognize that you're in too deep, call me immediately to ask if debt consolidation would make sense in your situation. Credit card debt, car loans and personal lines of credit are all loans that can be combined into one secured loan, backed by the equity in your property, if you meet the lending requirements.

Debt consolidation basically means gathering all your debts together to create one loan, with one monthly payment obligation. Ideally, your high-interest rate. Do recognize, however, that while this system makes it easier for many people to manage their debt, it doesn't make the debts go away...it simply makes them easier to pay off, often by stretching out the payments for a longer period of time.