What Is the Best Way to Consolidate Bills?

Save
Next Video:
Why Are Internal Controls Important?....5

The best way to consolidate bills is to bring all bills to a bank and apply for a consolidation loan to pay off the amount owed in bills. Avoid getting back into debt after paying off a consolidation loan with advice from a registered financial consultant in this free video on money management.

Part of the Video Series: Money Management & Personal Finance
Promoted By Zergnet

Comments

Video Transcript

This is financial adviser Patrick Munro talking about the best way to consolidate bills. When you look at your overall bills and you are running a tight budget, there are many times that you can take your bills, put them all together, and based on your relationship that you have with your bank, you can take those bills over to the bank and they'll pay them off through a consolidated loan. Then, you have one obligation to pay your new bank for the past sum total of your bills. Normally, this payment would be less than the sum total of all the individual payments that you used to make on your various bills. The excess money that you save can be placed into an investment for your future. And then you have a better situation in being able to pay down your debt. The pitfall is, though, if you continue to use the credit cards that you eventually pay off, then they will grow into a larger situation going forward and you'll be back to where you started. In fact, you'll be even in worse shape. So you want to avoid that. This is financial adviser Patrick Munro talking about the best way to consolidate bills.

Featured

Related Searches

M
Is DIY in your DNA? Become part of our maker community.
Submit Your Work!