When it comes to your monthly bills and expenses, there are a select few bills that you absolutely need to pay on time each month. Most people would agree that paying the rent and paying the electric bill are two extremely important expenses. People budget their money and do everything they can to make sure that these bills are paid every month to avoid eviction and loss of service.
As you live your life, you often find yourself taking on some credit card debt here and there that initially appears to be no problem. But as your need for credit increases, so does the monthly obligation to pay those bills. It does not take very long for rising interest rates and increased spending has created a financial crisis in a consumer’s household.
Rather than thinking that you must choose between paying the rent and paying your credit card bills, you need to understand that you do have options. There are debt relief companies that can help you analyze your debt and consolidate your credit card obligations into a single easy payment. But how does debt consolidation help you to pay the rent?
– Lower Interest Rates
A good debt consolidation plan will have a lower interest rate than your current credit card debt. For example, if you choose debt negotiation, then the debt experts will negotiate a lower interest rate with your creditors to help you get a lower payoff balance.
When your interest rate is lower, then your overall interest debt will drop which means that you owe less money in total. This also means that you can expect to have a lower monthly payment for your credit card debt. The extra money that a lower interest rate frees up can be applied towards paying your rent.
– Service Charges
When you have six or seven credit card accounts, then you possibly have six or seven sets of monthly service charges. The next time you get a credit card bill, read the breakdown of your payment and see exactly how much you are paying in service charges. When you add up all of your service charges for the month, it can come to hundreds of dollars you owe just for having those credit accounts open.
A debt consolidation program eliminates all of those credit card service charges. The hundreds of dollars you just saved by consolidating your credit debt can now be applied towards the monthly rent payment.
– Late Fees and Penalties
If you have a list of credit card payments you are making each month, then the chances are good that some of them are being paid late. Credit card companies add late fees and penalties to your account the day after your due date, and those charges can start to add up. The late fees will either increase your monthly minimum payments, or they will decrease the amount of your payment that gets applied to the account principal. Either way, you are literally throwing money away when you pay your credit card payments late.
A consolidation program eliminates late payments by making sure that you only have to make one payment each month that you can afford. You can plan that payment into your monthly budget, and make certain that it is paid on time. You will save the money that you used to spend on late payments and be able to apply it to the rent.
We want to help you make your monthly rent payments by working with you on a plan to consolidate your debt. We do not get you caught up in a loan or some other kind of financing product that does not address the debt itself. We negotiate with your creditors and attack your debt directly.
Let our financial experts explain the process to you and show you how we have helped countless others get their financial obligations under control. You should not allow credit card debt to affect your ability to keep a roof over your family’s head. We can help you take care of your credit card obligations and make sure that you have the money each month to make the landlord happy.